In December, new single-family home sales had their best month since 2008, with $514 million worth of sales, according to the W.P. Carey School of Business at Arizona State University greater Phoenix housing report.
Permits for new construction also attained their highest levels since 2008 with 16,768 permits issued in 2015, according to the report, which was written by Michael Orr at the Center for Real Estate theory and Practice.
“As 2016 starts, the market is in much better shape than it was at the start of 2015,” Orr said. “Every measure is looking better for sellers than it was in January 2015, except for the appreciation rate, which has eased slightly but remains about 10 times higher than the overall economy’s official rate of inflation, the Consumer Price Index.”
The Phoenix housing market has gained strength from February to July. There is still tight supply for homes prices below $250,000 and healthy demand for homes priced between $250,000 and $500,000, according to the report.
Last year was a good year for home developers in the valley. Orr’s report released the top developers ranked by closed revenue in 2015, with local developers Taylor Morrison and Meritage Homes ranking high on the list:
- Taylor Morrison – $318M (891 units)
- Pulte Homes – $286M (936 units)
- Meritage Homes – $278M (836 units)
- CalAtlantic Homes – $247M (648 units)
- Lennar – $179M (551 units)
- Shea Homes – $178M (511 units)
- Toll Brothers – $177M (234 units)
- K Hovnanian – $172M (468 units)
- Richmond American – $163M (520 units)
- Maracay – $154M (420 units)