New home building in Tucson market expected to climb this year

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For Star subscribers: A combination of the continued housing shortage and recently announced business expansions is expected to keep homebuilders' interest high.

Gabriela Rico The Tucson area may be better positioned to weather the gloomy home-building news being seen across the country.

"The second half of 2023 might see an increase in permit activity as the fed rate increases slow or stop and interest rates settle in the 5% range," said Jim Daniel, a local housing analyst with R.L. Brown Reports."A huge thumbs up should be given to the Tucson homebuilders who shepherded their new home closings through the last half of 2022 to end up with a 2.15% increase year over year.

"Seemingly, buyers showed up regardless of the price or dramatically extended delivery date — little thought was given to the fact that a substantial portion of that demand was from investors, especially in the resale market," Daniel said."In fact, absent that investor-driven demand, the resale market would have looked substantially different, but few recognized that as long as that investor-speculator flow continued.

Big job announcements in the Tucson area, coupled with tight housing inventory will bode well for new construction of homes.

 

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