Phoenix housing market sees 13.1% rise in new home starts

Metrostudy has released the results of their 1Q18 survey of the Phoenix housing market, and it shows the best start to a new year for housing since the banner years of the early 2000’s. Some of the key findings include: Through 1Q18, Annual New Home Starts are up 13.1% YoY while Annual Closings are up 18.3% over 1Q17; Vacant Developed Lots (VDL) supply is in its 12th consecutive quarter of decline in the Phoenix market and is now about 56% of what it was at its peak in 2Q08; Developers are simply not able to deliver enough lots and builders not able to deliver the number of homes needed to satisfy demand, especially at the most affordable price points or highest demand locations.

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Source: AZ Big Media