Don't Fret Drop In New-Home Permits

The number of new home permits in the Northwest Valley and Southwest Valley fell from 2,106 to 1,495 in February.

But market experts say this is just the market getting back to normal after last year's frenzied market.

"The drop in permits is merely a blip on the radar," said Steven Kraut of Premier Properties. "The market is certainly not tanking; the builders were just overspeculative in the number of homes they produced."

Since the housing market is largely driven by population and job growth, the Phoenix metro area will continue to thrive.

This trend is especially true in the West Valley. With April around the corner, the market will stabilize even more, said Tom Traw with Traw & Associates. More...