What cooling market? New home demand ticks up in metro Phoenix

Posted at 8:57 AM, Dec 07, 2021
and last updated 2021-12-07 10:57:38-05

PHOENIX — New home demand is on an uptick in metro Phoenix, according to new report by Zonda market research firm.

Demand was up 7% in mid-November compared with mid-October, according to Zonda's latest housing report.

Within the past 30 days, Zonda tracked a total of 1,783 signed new home sale contracts.

Compared to the past few years, demand in mid-November was down 29% from a year ago, but up 4% compared to two years ago when it was a more normal market environment, said Steven Hensley, advisory manager for Zonda.

"This is notable as there are 21% fewer actively selling subdivisions now than compared to the same period two years ago," he said. "This means builders are actually selling more homes on average per subdivision than two years ago, and suggests demand is still healthy even after considerable new home appreciation."

Read more of this story from the Business Journal.