Valley Home Market Continues Cooling Off Trend...

Valley home market continues cooling off trend, from the Phoenix Business Journal, reports that new home permits fell 24 percent in March 2006 from March 2005 numbers, according to the April issues of The Phoenix Housing Market Letter from RL Brown. For the first quarter of 2006, there were 12,868 single-family new home permits issues, down 16 percent from the first quarter of 2005. "The metro Phoenix housing market is returning to normal after an extraordinary year that allowed housing prices to rise much more rapidly than at any time in history," said Brown. Resales fell more than 25 percent in March from a year ago, and are down 16 percent for the first quarter compared to the first quarter of 2005. "There's no question that the Phoenix housing market of April 2006 is different from the market of the last year," Brown said. "It was clear that the 2005 pace was not sustainable."



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