New home sales in the Phoenix metro area were up 36% in October 2019 over that same month in 2018. In addition, single-family building permits in October 2019 were the most issued since July 2007.This means new home construction is finally catching up after years of below average building activity. New homes have on average not increased in price at the rate resales have since the Great Recession, so the price gap between the two has decreased. This makes new builds more affordable than ever, so don’t forget to include them in your next home search.
