Higher prices, along with several other factors, are among the challenges to the recovery of metro Phoenix’s new-home market.
The median existing home price in the region is now $178,000, compared with the new-home median price of $301,904, according to RL Brown Reports.
The gap isn’t expected to shrink anytime soon, said real-estate analyst RL Brown during his annual housing forecast on Thursday.
Last year, 12,785 new-home permits were issued Valley-wide, up from 11,615 in 2012. But the figure was well below the 14,000 to 16,000 projected earlier last year for 2013.
Read more...‘Little progress’ seen in metro Phoenix's new-home building
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