Phoenix real estate: Lots of interest in land
Mike Orr, author of the monthly housing report issued through the W. P. Carey School of Business, said that developers were busy shopping for land in December. The 2,000 lots purchased were more than the number of new homes sold that month, and with only 300 active subdivisions in the market right now, the high interest in lots is understandable. Orr said the number of building permits issued was low, however, indicating that developers may be acquiring the lots to build on later, when housing prices are higher.
Mike Orr, author of the monthly housing report issued through the W. P. Carey School of Business, said that developers were busy shopping for land in December. The 2,000 lots purchased were more than the number of new homes sold that month, and with only 300 active subdivisions in the market right now, the high interest in lots is understandable. Orr said the number of building permits issued was low, however, indicating that developers may be acquiring the lots to build on later, when housing prices are higher. Report and data [podcast] January 10 analysis
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