By Kristena Hansen for Phoenix Business Journal
Shea Homes is slated to kick off construction on two Phoenix-area communities by year’s end, eventually delivering almost 250 new homes to the market at a time when demand for such new product is on the rise nationwide.
The Ridgeview and Hideaway neighborhoods — both located in the Johnson Ranch master community in the southeast Valley’s San Tan Valley — will be the sixth and seventh new communities that the home builder has opened in metro Phoenix this year.
The home-building industry has recently been resuscitated largely due to the nation’s shrinking inventory of existing homes, especially in Phoenix, which industry experts say has forced frustrated home buyers to the new-home market.
According to the latest U.S. Census Bureau figures, which were also released August 23rd, new-home sales nationwide in July climbed 3.6 percent from the previous month and surged about 25 percent from a year ago to a seasonally adjusted annual rate of 370,000 units. New-home inventory, on the other hand, fell to 142,000 units in July — the lowest-ever on record, according to the federal data.
In response, Shea is among many other home builders — such as New Jersey-based Hovnanian Enterprises Inc. and Maracay Homes in Scottsdale — that have recently been ramping up construction in high-demand areas, including Arizona, which comes after several years of being crippled by the economic downturn.
As for Shea’s Johnson Ranch communities, the Ridgeview neighborhood will eventually deliver 113 new homes to the market and Hideaway will offer 135 homes.
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