Catherine’s blog also had these bullets on the Arizona new home market in 2007.
New home sales in 2007 ““ 38,308, down 24 percent from 2006
New home permits in 2007 ““ 31,172, down 27 percent from last year
Median new home price January 2008 – $241,000 down 12 percent from last year.
Resales in 2007 ““ 58,417, down from 35 percent from 2006
Speculative built homes sitting unsold ““ 6,000
New home sales down 24 percent but new home permit down only 27 percent even though there is a 15 percent (6,000) overhang of supply.
Arizona homebuilders are ever so gingerly, considering, possibly, making a sideward glance toward maybe cutting into the overhang of unsold supply of new homes.
It’s way too little, way too late for Engle Homes.