The first day of spring brought news for homebuilders that in cities across the nation potential home buyers suddenly find themselves with a low inventory of available homes to choose from. On Wednesday, The New York Times reported that many homebuilders are scrambling to find construction workers and obtain permits to keep up with the spike in demand.
While many homebuilders may have been caught by surprise, Tempe-based Fulton Homes was not.
“We started construction of nearly 100 homes months ago in anticipation of this housing shortage,” Doug Fulton, CEO of Fulton Homes, said. “Fulton Homes currently has the most move-in-ready homes of any builder in the Phoenix market.”
According to the Times story, the National Association of Realtors reports that the raw number of homes for sale across the nation is at its lowest level since 1999.
In January, Fulton Homes sold 52 homes; in February that number jumped to 87. These numbers compare to 43 and 72 respectfully, a year ago. Closings for January were 57 and 61 in February, compared to 41 and 31 last year.
“We expect to see a continual rise in the number of new home buyers who are purchasing their first home or upgrading with a new Fulton Home, “said Fulton.
According to the Standard & Poor’s Case-Shiller index earlier this year, sales prices of homes in the Phoenix area surged 23 percent in 2012. Rising prices often parallel the rise in the number of people looking for new homes.