New Home Building Still Soaring

Metro Phoenix exceeding last year's record new homes sales pace...

The Arizona Republic reports that metro Phoenix's home-building market is rocketing toward another record, according to numbers released by RL Brown in his Phoenix Housing Market Letter. The numbers show that metro Phoenix is on pace to break last years records for both new home permits and resale numbers.

Larry Seay, chief financial officer for Scottsdale based Meritage homes says "we expect the Phoenix housing boom to go on for quite some time." The average price for new homes in metro Phoenix was $224,605 in June, a more than 23% jump over June 2004. More...