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New homes closing had their best month since 2008 with $514 million in sales of single-family homes. New construction permits were also at their highest level since May 2008 with a 12-month rolling average of 1,397 permits or an annual rate of 16,768, helping to end the year on a strong note for an industry that experienced fits and starts throughout 2014.
According to the latest housing report released from the W. P. Carey School of Business at Arizona State University, the Greater Phoenix housing market gained strength from February through July with tight supply below $250,000 and healthy demand for the mid-ranges between $250,000 and $500,000. The high-end luxury market also had an excellent first half but lost a lot of momentum in its upper ranges from August onwards. The rest of the market hesitated for a few months during the late summer and early fall but, at the end of the year, was regaining momentum again.
“As 2016 starts, the market is in much better shape than it was at the start of 2015,” said Michael Orr of the Center for Real Estate Theory and Practice and author of the report. “Every measure is looking better for sellers than it was in January 2015, except for the appreciation rate which has eased slightly but remains about 10 times higher than the overall economy’s official rate of inflation, the Consumer Price Index.”
The report also lists the top developers ranked by closed revenue for 2015. Locally based Taylor Morrison and Meritage Homes placed first and third, respectively.
Additional highlights from the December 2015 report:
For more about Orr’s work or to listen to his insights on the December report on a podcast, visit http://research.wpcarey.asu.edu/.
Additional information on demand, supply, pricing, foreclosure starts and completions, home sales, permits, purchasers and the rental market can be found on the complete report at www.wpcarey.asu.edu/realtyreports. The premium site includes statistics, charts, graphs and the ability to focus in on specific aspects of the market.