Especially Relative to Normal MLS Sales Which are WAY Down
Wow! I knew new home sales were strong in Phoenix but didn’t really realize how strong until I saw this.
For every 2 normal single-family homes sold in 2023 via the Phoenix MLS, there was 1 brand new single-family home sold, according to this data from The Cromford Report.
Normal MLS Sales
New Home Sales
And through February of this year, new home sales are running ABOVE last year.
New Home Sales through February each Year
Basically, new home prices are less sticky on the downside than resale homes.
New home builders can lower their prices with rate buy-downs, etc. without lowering their sticker prices.
New home sticker prices are more sticky on the downside but new home NET sale prices are less sticky on the downside.
Update on Arizona Senior Living Scandal at Heritage Village
From 4 Weeks ago.
Click on the graphs to go to the full-size, interactive versions.
Notice how very small changes in New Listings and Solds eventually cause HUGE changes in the number of houses For Sale and house Prices (see graph above).
This information can vary a lot in different parts of metro Phoenix. Your real estate agent can find the data for your specific city or zip code at The Cromford Report.
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