Phoenix has become a hub of whirlwind activity within the residential real estate market, and as houses are scooped up by smart investors or individuals who'd like to take advantage of hot deals, the inventory of available Phoenix homes is dwindling at a rapid rate. As a result, builders are rushing to develop new construction plans that will add to the pool of available Phoenix real estate for sale. According to a recent report released by Arizona State University, residential construction permits increased by 87% since last July; new Phoenix home sales were up 58% during that same time period.

Builder confidence is well-founded, since foot traffic through model homes has indicated that consumers are ready to embrace living in a new housing development. Although economists have raised concerns about a dwindling pool of available lots within the metro Phoenix area, along with an increase in costs of building materials, the increase in housing demand is a positive boost to the Phoenix economy.Phoenix Home Builder Confidence Increases

Home builder confidence has proven to be a boon to the job market since construction jobs are now filling the help-wanted sections of most local newspapers and online ads. Home builder confidence has reached its highest level since 2006, and the National Association of Home Builders/Wells Fargo Housing Market Index showed that builder confidence for new homes increased this September for the fifth consecutive month. The report also concluded that the builder confidence index is up to 40, which is a significant three-point increase from when it reached its lowest point not too long ago after the housing crisis.

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