Arizona has first new-home auction, an article from The Arizona Republic, reports that Arizona's first new-home live auction was held on Sunday, where first-time home buyers, retirees, families and investors went head to head to snatch up discounted properties in Buckeye and Flagstaff. At the auction, 37 homes in the Verrado and Flagstaff Ranch communities were sold in less than two hours. Auctioneer Dean Cullum said to the attendees, "You are the marketplace. You are going to determine what the homes are worth." Several homes sold for about $100,000 less than the previous asking price. Rhett Winchell, president of Kennedy Wilson auctions, said that around the country, new-home auctions are becoming more popular as builders seek to unload empty homes. He said he'd expect others in Arizona soon if the market slump continues. "It's what buyers are waiting for and what sellers need to do," Winchell said.