Phoenix new home sales on the rise

New home closings in metro Phoenix increased in December, as did the number of building permits pulled by home builders. That’s according to new data provided by Valley-based RL Brown Reports. There were 855 new home closings in December as compared with 653 a year ago, or a 31 percent increase. There were 492 residential building permits pulled as compared with 383 a year ago -- a 28 percent increase. By comparison, resales were down with 7,707 recorded in December as compared with 7,949 in December 2010. A wide price gap continues, however, between new homes and resales. For instance, the average sales price of a new home was $262,614 in December, while the average price of a resale was $164,502. The median sales price of a new home was $221,861, while the median price of an existing home was $117,000. “This is a real problem for the new housing market in this town and only a handful (of home builders) recognize it,” the report states.

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