For Star subscribers: Homebuilders have been able to sell the spec homes that were started during the home price run-up by adding less frills, among other things.
Gabriela Rico Tucson’s housing market is expected to stabilize in 2023 as concerns over rising interest rates were met with creativity by homebuilders.
“It’s probably too early to expect a permit recovery, and most market disciples recognize that until that unsold-permitted housing inventory reaches completion and finds buyers, there should be little expectation on the part of market observers for a substantive change in the level of permit activity,” he said.
“The Tucson market has been actively and aggressively involved in rebalancing its production efforts to its demand as demonstrated by recorded closings,” he said. “To have failed to accomplish this rebalancing over the last several months would have created a market disaster of stunning proportions.”
The National Association of Realtors notes there has been some relief in the supply-chain issues that have been a concern since the second half of 2020. Multifamily developments or communities of single-family homes that are only for renters has grown as a result of the uncertainty in the new housing market.
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