Builder confidence remains strong in the West despite national averages
Builder confidence across the nation has slowed to receive a score of 25, according to the National Association of Home Builders/Wells Fargo Housing Market Index. Builder confidence can be a reliable indication of the overall market. When new construction is high, builders may be more optimistic about the housing industry.
"What we're seeing is essentially a pause in what had been a fairly rapid build-up in builder confidence that started last September," said NAHB Chief Economist David Crowe. "This is partly because interest expressed by buyers in the past few months has yet to translate into expected sales activity."
However, when broken up by region, confidence in the western United States remained steady at 32, and this figure is notably higher than in other areas of the nation. The median sales price of a home in the Phoenix market was $90,000, while the average listing price stood between $255,000 and $265,000 throughout late March. The combination of affordable housing prices, low mortgage rates and bloated inventory may prompt more homebuyers to comb the market. There are a large variety of homes available in the Phoenix metro area, so consider checking out new and resale properties on the MLS listings in Phoenix to find the best deal.