According to a report, the Phoenix housing market is enjoying its most successful period since the early 2000s.
The study shows through the first quarter, new home starts are up 13 percent, while closings are up 18 percent year to date. It predicts there will be approximately 20,000 home starts in 2018. Additionally, the supply of vacant developed lots is in its 12th consecutive quarter of decline in the market.
The only worrisome aspect of the study: Developers are simply not able to deliver enough lots, and builders are not able to deliver the number of homes needed to satisfy demand.
– Paris Davis, Washington Federal