Consumers Have Hit The " Price Wall "...

New home permits down 20% in Valley, from the East Valley Tribune, reports on local housing analyst RL Browns most recent Phoenix Housing Market Letter. It reports that new home permits fell to 3,729 in February, the lowest total in 24 months, and that resales dipped 11 percent to 7,774. RL Brown and Greg Burger, who compile statistics for the newsletter, said the numbers show consumers have hit the "price wall." "We're in an adjustment period and we anticipate the rest of the year will be relatively normal given normal conditions," Burger said. The median new home price rose to $268,232 in February. The good news is that RL Brown points to numbers that show 475 people move to Maricopa and Pinal Counties every day, a group that will require 190 to 215 dwellings every day, or between 68,000 and 78,000 a year!

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