Valley home builder Shea Homes' sales jump 68 percent - East Valley Tribune: Business

Valley home builder Shea Homes' sales jump 68 percent

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Posted: Wednesday, September 12, 2012 9:27 am

Shea Homes Arizona saw August sales jump 68 percent over the same month a year ago, the company said in a news release this week. Already, the company has sold more homes in the first eight months of the year than it did in all of 2011.

“With seven new home communities opened since January, Shea is averaging eight home sales per week compared to the five home sales per week in 2010 and 2011,” the release states.

The news follows recent reports about increases in new home building across the East Valley, especially in Gilbert.

“We have seen a nominal increase in the amount of visitors to our communities, yet our sales are up nearly 70 percent from last summer,” said Ken Peterson, vice president of sales and marketing for Shea Homes. “We think a couple things are taking place: First, more people are becoming eligible to get loans again after going through foreclosures or short sales, and second, the resale inventory is so low right now that people are getting frustrated by bidding wars.”

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