Arizona Real Estate Notebook

Catherine’s blog also had these bullets on the Arizona new home market in 2007.

New home sales in 2007 – 38,308, down 24 percent from 2006

New home permits in 2007 – 31,172, down 27 percent from last year

Median new home price January 2008 – $241,000 down 12 percent from last year.

Resales in 2007 – 58,417, down from 35 percent from 2006

Speculative built homes sitting unsold – 6,000

New home sales down 24 percent but new home permit down only 27 percent even though there is a 15 percent (6,000) overhang of supply.

Arizona homebuilders are ever so gingerly, considering, possibly, making a sideward glance toward maybe cutting into the overhang of unsold supply of new homes.

It’s way too little, way too late for Engle Homes.