Posts Tagged ‘Arizona Real Estate’

New Home Sales Jump From Record Low

It is great to see the new home market get a break after it had suffered so much in the past few years. This is very promissing for the recovery of our real estate market.

“Sales of new homes surged 27 percent last month, bouncing off the previous month’s record low and blowing past expectations as better weather and government incentives boosted sales.

The Commerce Department said Friday that new home sales rose in March to a seasonally adjusted annual sales pace of 411,000. It was the strongest month since last July and the biggest monthly increase in 47 years.”

Full Story: http://www.npr.org/templates/story/story.php?storyId=126217213

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Seasonal residents, not rebate extension, lift Phoenix housing market

According to AZCentral.com, we are seeing a large number of seasonal buyers who are excited about our weather and prices.

“Homebuyers, especially seasonal residents from outside Arizona, appear to be regaining confidence in the Valley’s new-home market.  David Kitnick is one of several local builders who said the past two months have produced more sales than any comparable period in the past two years, something driven by out-of-state buyers.

“Other builders will tell you that over the last 60 days there’s been a firming of prices,” said Kitnick, founder of luxury-home builder Rosewood Homes in Scottsdale. “Prices have actually gone up in the past 60 days.”

While a handful of buyers have mentioned the tax rebate, he said, most said they are planning to keep their original homes in the Pacific Northwest, the Midwest or Canada and use the Arizona property as a winter getaway.

“Over the last 60 days, almost three-fourths of our homebuyers have been from out of state,” said Kitnick, who has subdivisions in Scottsdale, Goodyear and Peoria.”

Existing home sales at highest level since 2007

According to CNN Money, Sales activity rises more than expected in October, by 10.1%, to 6.1 million annual units.

“Existing home sales surged in October to the highest level in more than 2-1/2 years, according to a real estate industry report issued Monday.

The National Association of Realtors reported that existing home sales rose 10.1% last month to a seasonally adjusted annual rate of 6.1 million units, up from the downwardly revised rate of 5.54 million in September.

Sales activity is the highest since February 2007, when the annual rate was 6.55 million.”

Read Full Story:

http://money.cnn.com/2009/11/23/real_estate/existing_home_sales/index.htm