In our last market watch blog we looked at June numbers and what a great 2015 it was shaping up to be. With the June numbers in, the real estate news is great! According to RL Brown, “June was clearly the best housing month we have seen so far in the Phoenix housing market recovery.”
June’s Positive Real Estate News
June is typically the start of the slower summer season, however June 2015 has been a standout month. The number of new home closings is up 24% from June 2014 and 9% for 2015 so far. Taylor Morrison Homes and Meritage are the top builders contributing to those numbers. Other positive real estate news on this front is the amount of new home permit activity. While we can’t use the number of permits as an indication of sales, since some are speculative, this surge in planned building and sales is certainly a good sign.
In the resale market, numbers are up about 30% as compared to both this time in 2014 and year to date. Here’s a look at the basic real estate news resale numbers:
- 9,641 resales in Arizona
- 7,761 resales in Arizona – same time last year
- Almost 25% positive increase in resales compared to 2014
- 47,798 resales so far in 2015
- 42,902 resales at this time in 2014
- On track for over 10% increase in resales for 2015
Growth Should Continue
While this positive real estate news is exciting, it is important to remember that the market still has some recovering to do to get back to the sought-after 2003-2004 market. Still, experts expect to see the new housing and resale activity continue to increase over the next several months and years.