Phoenix-area New home permits jump 57 percent

    Permits taken out by home builders for new houses were up more than 57 percent in January compared to a year ago, according to a bellwether research report.house flipping

    RL Brown’s Housing Report for January shows builder took out 1,257 permits for new construction in Maricopa and Pinal counties last month. That is up 57.3 percent from January 2015, according to the Scottsdale real estate research firm.

    New home permits were up 114 percent in Pinal County.

    New home sales were also up in January by 18.9 percent from a year ago — 736 properties sold versus 619.

    RL Brown researchers also found existing home sales were up 11.6 percent compared to Jan. 2015 (5,945 homes sold versus 5,328).

    Home prices were down slightly compared to a year ago.

    The median price for an existing home was $201,500 down 1.7 percent from a year ago.

    The median price for a new home was $294,850 down 1.1 percent.

    RL Brown said some year-end discounts helped bring down the latter and more lower-priced homes hitting the Phoenix market helped dip resale prices slightly.

    By: Mike Sunnucks

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