January 8 – We have just got a chance to study the affidavits that were filed in Maricopa County during December and they paint a much rosier picture of the housing market than we get from examining the ARMLS data. Why is this?
- new home sales are holding up far better than re-sales
- new home prices are gaining strength which is not reflected in MLS data since most new home sales are not in the MLS database
December’s new home sales (single-family and condo / townhouse) totaled 1,544 which is up 10% from December 2017, while re-sales totaled 6,624, down 11% from a year earlier.
The median sales price of a new home in December was $349,990, up 6.6% from a year earlier
The median sales price of a re-sale home in December was $256,000, up 5.6% from December 2017.
This data suggests buyers are increasingly being attracted to new homes rather than the limited choice available for re-sale. They took 19% of the market in December 2018 while only managing 16% in December 2017.
Source: Cromford Report