Home builders are rolling out the Welcome mat again for first-time home buyers in the Phoenix metro area.
With a lack of available affordable homes keeping many would-be buyers on the sidelines, some builders are stepping up inventory to meet those demands.
Meritage Homes Corp., whose homes generally sell, on average, for just under $400,000, is among those turning the focus to the starter home market. At J.P. Morgan Chase & Co.’s recent Homebuilding & Building Products Conference in New York, Meritage announced plans to build more homes in the low $200,000s, according to the Wall Street Journal.
Reps from Ryland Group Inc. also projected at the conference that entry-level buyers, who currently account for 33% of its sales, could grow to…