As of the moment, we’re at 11,092 single-family detached homes here in Maricopa County. That’s essentially the same number we’ve seen for the past couple of months, give or take a couple hundred.
Also of interest, according to the folks at Ultimate New Homes, spec home inventory – new builds in some state of completion, ranging from framing to move in tomorrow, has risen by 40 percent or so to 978 units from 600 six months ago. Many spec homes come as a result of a buyer cancelling or otherwise being unable to complete the purchase. At the same time, builders tend to go ahead and build their own spec inventory for those who want to move more quickly.
To my eye, that means one of two things. Either sales of new homes are falling off, which seems doubtful given the continued torrid pace of the market, or builders are a rather optimistic and are taking chances of building additional spec homes.
Have a great weekend!