New-home market dips in Phoenix, Valley still in nation's top 5

New-home market dips in Phoenix, Valley still in nation's top 5
from the Arizona Republic, reports that home building in metropolitan Phoenix continues to stumble, with permits dropping 23 percent from last year. But it's not all bad news as we remain among the nation's leading housing markets. Phoenix ranks No. 4 among the top five new-home markets nationwide, according to the latest building permit data from the U.S. Census Bureau. New York takes the lead, followed by Houston and Dallas. Valley housing analyst RL Brown highlighted the ranking in his latest newsletter, the Phoenix Housing Market Letter, which provides monthly new-home building and sales data. Brown said the traditionally strong Phoenix market retains potential even though builders have suffered some damage. "If you're a home builder, you want to be where the action is," he said.

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