Asked by Mr.P, Arizona • Fri Aug 31, 2007
New-home sales inch up in July
The East Valley Tribune reports that sales of Valley new homes in July rose 4.7 percent from June with 3,128 new home sales, according to the latest Phoenix Housing Market Letter by analyst RL Brown. Overall, there were nearly 8,600 new and existing home sales in the Valley in July. That's not even close to the heights of 2005, but its "a huge amount of sales for housing in a month", Brown said. Today's market is similar to the early 2000's before the boom, and builders and sellers weren't complaining then, Brown said. "My gut feeling is that we have more rocks in the road," but the basic elements of a successful market still exists in the Valley-- good job and population growth," he said. Building permits were down in July with 2,560 permits pulled, compared with 3,490 in June and 3,601 in July 2006. The median price for a new Valley home stood at $257,000. Brown says that the existing home market continues to be the biggest hurdle facing builders.
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