Excerpt from: Greater Phoenix trends and statistics
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| September 18, 2008 | | Greater Phoenix new home sales continue to decline. |
New home construction, on a national basis, fell to a 17 year low according to a report by the U.S Commerce Department. August data indicated the "slowest pace since January 1991.
Sales of new homes in Greater Phoenix continued to decline as well. Many of the construction supply companies are hurting as well: reporting much lower sales.
New Home Sales in Greater Phoenix
1,115 August 2008
1,342 July 2008
1,341 January 2008
2,422 August 2007
3,313 August 2006
3,855 August 2005
This decline in construction is a result of lower sales. It's a good thing that less new homes are being built. The last thing we need now is more inventory. There is plenty of resale home, new home and slightly used home inventory to more than satisfy the current demand.
(New home sales data from The Cromford Report)
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