Builders, buyers and investors are more bullish on new homes because of the extreme shortage of existing homes for sale in metro Phoenix and other surrounding areas. Year to date sales of existing homes are 3,459 with an active inventory of 7,685 homes. That means if there were no new listings the existing inventory would be sold in 2.2 months. A normal seller/buyer market is approximately 6 months.
A repeat of the overbuilding fiasco of 2006 ( 60,000 new homes valley wide ) which was based on very speculative demand is not on the drawing board.
Additionally, buyers today are consumers with a down payment a real mortgage and for the most part plan to live in the home.
New home construction in 2019 was about 22,000 and about 23,000 homes are expected to be constructed this year. The current anticipated numbers are low because of a lack of new home lots available, higher construction costs and a labor shortage.
Please contact me for information on all new home subdivisions. Builders have spec homes for immediate occupancy or if your plans are to move in the near future, a new build takes on average 8 months for completion. I can set up a portal for you to explore subdivisions all over the valley.