Phoenix-area homebuilding jumps 57% from 2023’s slow pace
Homebuilding across metro Phoenix has jumped from last year’s tepid pace, despite higher interest rates.
Permits to build new houses are up almost 57% through May, compared to the same five months in 2023, according to housing research firm RL Brown Reports.
Despite higher demand, new house prices in the Phoenix area are basically flat. The median new home costs about $475,000 in May, up less than 1% from May 2023.