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.
Filling the Demand for New Home Construction
According to the Tucson Association of Realtors, there is less than a three-month supply of homes under $350,000. Flagstaff is no exception with a 9% lower inventory this year than last. The lack of homes cannot be resolved by homeowners placing their house on the market. The only solution to the problem is to increase inventory through new builds. Until the supply and demand for homes begin to match pace, home prices in Arizona will continue to rise.
Residential Construction Companies in Arizona
As the population in the state steadily increases, residential construction companies in Arizona, like Pride Development and Construction, are working to increase the inventory to accommodate the limited housing opportunities.
As a custom home builder, we will create your dream home to meet your specifications while ensuring it is of the highest quality for safety and efficiency. With your satisfaction and your home’s overall condition, value, and integrity our focus, we are ready to serve you.
If you need a new home in Arizona, contact Pride Development and Construction today. We’ll turn your dream into a reality.