As realtors and potential homebuyers struggle with low inventory, residential construction companies in Arizona are filling the demand with new builds. Prior to the recession in 2006, there was more inventory than buyers, leading to half of new builds left empty as the economy collapsed. Home prices dropped in record numbers as a result.
Now, over 10 years later, home prices are at an all-time high due to a shortage of homes on the market. In fact, in Tucson alone, the market has grown by 4% annually. To help with the home shortage, contractors for new home construction are picking up the pieces.