By Angela Gonzales | Phoenix Business Journal
Local analysts see a bright future for the Phoenix housing market, as August turned out to be a solid month for new home construction.
In August, homebuilders closed 2,107 sales, up 9.11% from the same month a year earlier. They pulled 2,537 permits in August, up 25.28% from the same month last year, according to the latest report by RL Brown Housing Market Reports.
But some clouds also are gathering on the pricing front, which may or may not have an impact on future month’s performances, said RL Brown, publisher of the housing report.
He expects new home closings to remain robust for the next several months, driven by a combination of a shortage of resale listings, low mortgage rates and the robust regional economy.
If mortgage rates stay in the near-record low range and consumer confidence remains high in the region, Brown said 2020 could end better than everyone had been forecasting when the coronavirus pandemic hit.
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