By Angela Gonzales | Phoenix Business Journal
For the past eight months, homebuilders in the Valley have experienced lower demand for new homes than the previous year. But that streak has been broken.
From mid-May through mid-June, new home sales shot up 16% year over year, said Jim Belfiore, founder of Phoenix-based Belfiore Real Estate Consulting and author of KnowledgeBase Current & Future Market Insights reports. That’s typically a time of year when demand softens.
New home sales also jumped by 16% through mid-June from a month earlier. By contrast, two months ago, from mid-March to mid-April, sales were down 18% for metro Phoenix homebuilders, Belfiore said, continuing a streak that had been in effect since last fall.