PHOENIX — New-home orders in the Grand Canyon State are on the decline according to one local real estate development company.
Speaking to the Phoenix Business Journal, Meritage Homes, which is based in Scottsdale, saw a big drop in orders across Arizona during the first quarter.
The decline, estimated at 28 percent, is reportedly the most the company has witnessed in any of the states it operates in, which includes California, Colorado and Nevada.
“In Phoenix and Arizona in general we probably increased incentives in the neighborhood of $10,000 to $15,000 on average,” CEO Steve Hilton told BizJournals.com. “And (that) may impact our margins here by about 3 percent.”
While demand is apparently down, Meritage has still raised its price per new-home order by eight percent this year, an increase from $336,000 to $364,000.
- The bride's guide to feeling your best on your wedding day
- Deciding when you need knee surgery
- Celebrating Fourth of July is much cooler in these AZ towns
- Top ten road trip bathrooms in America
- Six things causing a pain in your neck
- 5 things to make your summer move easier
- Three elements of a strong timeshare exit guarantee
- Stretches and exercises for carpal tunnel syndrome
- The best Major League ballparks have their own personality
- Comparing the best regular seasons: The '96 Bulls and '16 Warriors
- 3 Arizona road trips and the vehicles to get you there
- Colon cancer is preventable. Check these signs and symptoms to stay healthy.
- 6 of the biggest skin cancer myths
- Affordable small home makeover ideas
- Locals helping locals: 6 success stories you need to know about
- Sunscreen facts that could save your life
- 6 energy saving hacks for your home
- 5 tips for choosing a company to end your timeshare
- Overlooked water tips to save you money
- 5 of the most adored gentlemen in professional sports today
- The real danger of sitting at your desk
- Most surprising NBA playoff performances of the last 40 years
- 11 classic baseball movies you must see again
- Finally getting rid of fat: 3 methods that actually work
- 4 reasons cancer survivors should focus on food
- 5 spring cleaning spots everyone forgets
- 5 reasons to look forward to watching the D-backs this season
- Common virus attributed to spike in head and neck cancers
- 5 signs it’s time to end your timeshare ownership
- 3 most overlooked ways to keep your home healthy