Gabriela Rico Amid an ongoing housing shortage, homebuilders in Tucson are tapping the brakes on new homes as concerns about rising interest rates, construction and labor costs weigh on affordability.
“I was surprised to see the June numbers,” said David Godlewski, president of the Southern Arizona Home Builders Association. “Interest rates and what’s happening to people’s 401Ks is causing buyers to pause.” He believes the heightened caution is an offset to the bright-eyed optimism of just a few months ago.
“They know the entry-level buyers are the ones hit the hardest,” Daniel said. “They’re tapping the brakes to figure out ways to make the product more affordable.”
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