Reports show improvement in Arizona housing market

ARIZONA -- Two new reports show slow improvement is being made in the East Valley's new and existing home markets.

Last month, new home construction permits reached 1,018 across the Valley, the highest total in the last six months, according to the latest Phoenix Housing Market Letter by analyst RL Brown.

"That's the best news we've had for some time," he said. "We've seen a steady climb of permits, and that's good news, and we've come a long way from the 248 permits we saw in February. That tells us the speculative inventory (of new homes) is coming under control, and that means that future sales of new homes, future orders, will have to be built. That's the stimulus that we've been looking for."

The ongoing rise in new home construction permits will lead to increased hiring in construction trades, Brown said.