#1 Answer to the Housing Shortage: New Construction

The biggest challenge to today’s housing market is the shortage of housing inventory for sale. A normal market would see a six-month supply of homes for sale. Currently, that number is below four months. This is the major reason home prices have continued to appreciate at higher levels than historic averages.

The good news is that builders are now starting to build more homes in lower price ranges.

Builder Confidence is Up

The Housing Market Index from the National Association of Home Builders (NAHB) reveals that builder confidence increased last month. HousingWire quoted NAHB Chief Economist Robert Dietz about the reason for the increase in confidence amongst builders.

“The HMI measure of future sales conditions reached its highest level since June 2005, a sign of growing consumer confidence in the new home market. Especially as existing home inventory remains tight, we can expect increased demand for new construction moving forward.”

Builders are Meeting the Needs of Today’s Purchaser

Builders are not only jumping into the market – they are doing a better job of matching current demand. The Wall Street Journal recently reported:

“In a shift, new households are overwhelmingly choosing to buy rather than rent. Some 854,000 new-owner households were formed during the first three months of the year, more than double the 365,000 new-renter households formed during the period, according to Census Bureau data.”

The WSJ article went on to say:

“Home builders are beginning to shift their focus away from luxury homes and toward homes at lower price points to cater to this burgeoning millennial clientele.”

The graph below compares 2016 to 2017 new construction sales by price point. As we can see, builders are slowly beginning to shift to prices more favorable to the first-time and non-luxury buyer.

#1 Answer to the Housing Shortage: New Construction | Simplifying The Market

Bottom Line

There is a drastic need for a larger supply of home inventory to meet the skyrocketing demand. Builders are finally doing their part to help rectify this situation.  If you are exploring the real estate market for a new build or a resale home, give me a call for more information – J.P. Cook – 602-320-4253.

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325 Montazona Trial Trail Sedona, AZ 86351

$775,000
3 Beds
2 Baths
2,700 SqFt
Status Active
MLS # 6735695
Property Type Single Family Residence
Price Type --
Priced significatly below current value so you can put your personal touches on it. Don;t miss out. New Roof, New HVAC system. Home is located within a HOA which does not allow Short Term Rentals. So pride of community is important to your neighbors. If you are looking for a quite neighborhood where you and your neighbors know one another this is it. With the emilimnation of Short Term Rentals who don't have to worry about weekly vistors raising He''ll every night during their vacation. Peace and quite and breathtaking views.

423 S Arroya Road Apache Junction, AZ 85119

$775,000
3 Beds
2 Baths
1,555 SqFt
Status Active
MLS # 6742946
Property Type Single Family Residence
Price Type --
Looking for storage? This property has a RV/Car Enthusiast/Storage garage that's bigger than your house by more than 2 times! Here it is!! This Massive, almost 4,100 sq ft metal semi-truck garage (originally) (55X74X24) A 16-foot electric door and 2-14-foot electric garage doors. Has a concrete slab in front that could accommodate 6 more vehicles AND it is already equipped with a mother-in-law option with septic/water and electric, just needs to be completed! Now, the house. Fully remodeled in 2017 to include new tile floors throughout, stainless appliances, cabinets, quartz countertops, showers/tubs and all fixtures, hardware and roof updating! Enclosed backyard with an inground spa, pond or could be a garden area, mature trees, citrus trees and 2 sets of double RV gates. Sitting in an unincorporated county island, across from State Trust land that allows for Sunrise and Sunset photos for miles with no interruption! In your back yard are the Superstition Mountains, see that Cougar on the mountain from your living room window! Want more details and a personal tour of this property?

21747 E Russet Road Queen Creek, AZ 85142

$775,000
4 Beds
3 Baths
2,614 SqFt
Status Active
MLS # 6741348
Property Type Single Family Residence
Price Type --
Contingent buyers fell through! Highly motivated sellers! Welcome to 21747 E Russet Rd, a stunning residence nestled in the heart of Queen Creek, AZ. This beautifully maintained and recently updated home offers a perfect blend of comfort, style, and modern living, making it an ideal choice for people seeking both convenience and tranquility. Home features vaulted ceilings, 8 ft interior doors, new interior and exterior paint, flooring, baseboards, hardware, RO water system, and so much more! Spacious Living Areas: Boasting 4 bedrooms and 3 bathrooms, and on office/den. This home provides ample space for living and entertaining guests. The open-concept floor plan seamlessly connects the living room, dining area, and kitchen, creating a warm and inviting atmosphere. Modern Kitchen.

18511 E Oak Hill Lane Queen Creek, AZ 85142

$775,000
5 Beds
4.5 Baths
3,745 SqFt
Status Active
MLS # 6741936
Property Type Single Family Residence
Price Type --
Discover the perfect blend of luxury and comfort in this stunning 5-bedroom, 4.5-bath home. With an inviting open floor plan, this residence features a spacious loft, ideal for relaxation or entertainment, and a dedicated den/office perfect for working from home. The gourmet kitchen opens to a bright and airy living area, leading to a covered patio where you can enjoy alfresco dining. Step outside to your private oasis, complete with travertine tile, updated heated pool and serene courtyard. The three-car garage provides ample storage. Nestled in a sought-after neighborhood, this home offers the ultimate in modern living. Welcome to your dream home!

4650 W Carla Vista Drive Chandler, AZ 85226

$775,000
4 Beds
2 Baths
2,536 SqFt
Status Active
MLS # 6742041
Property Type Single Family Residence
Price Type --
Priced WAY under 7.11.24 Appraisal. $83,396 in Upgrades-see Docs. New engineered floors 8.3.24 (2017 tile in KT, FRM & Bathrooms). Resort-like backyard 2023 w/ new pebble tech coating on pool w/ water features. Backyard grassy yard completely surrounded by greenery, Homes rarely on market - close to INTEL. Desert Park 2 minutes to lake, sports, & railroad park. Walk to Carrillo Park w/ its Hummingbird Sanctuary. HOA only $44/mo. Hi Vaulted 15 ft entry. Formal Dining Rm for 10. 2023 GAS stove high vaulted KT w. 2023 stainless steel appliances. Huge sunny Fam Rm w/ gas fireplace overlooking pool & greenery. Hi vaults in spacious MBR. Remodeled MBR Bath $15k w/ jacuzzi tub. Prized 3 car garage w/extra long stall. HVACs replaced 2021 (#1) & 2014 (#2).

15056 N 102nd Street Scottsdale, AZ 85255

$775,000
4 Beds
2.5 Baths
2,197 SqFt
Status Active
MLS # 6750993
Property Type Single Family Residence
Price Type --
Beautiful two-story home for sale! Fall in love with the desert landscaping and the sweet curb appeal. Discover a welcoming living/dining room, high vaulted ceilings, custom paint finishes, soft carpet in the right areas, fire sprinklers, and a cozy family room for intimate gatherings. The eat-in kitchen includes stainless steel appliances, maple cabinets, an island with a breakfast bar, and quartz counters. Upstairs, you'll find a bright loft with access to a balcony! Retreat to the main suite to find a bathroom boasting dual sinks, a glass enclosure shower with dual shower heads, and a walk-in closet. The backyard has a built-in BBQ, fire pit area, covered patio, shade trees, and grass area. This home is sure to sell fast!

4396 E Yellowstone Place Chandler, AZ 85249

$775,000
5 Beds
4 Baths
2,585 SqFt
Status Active
MLS # 6750343
Property Type Single Family Residence
Price Type --
If you are looking for a stunning home that perfectly combines quiet and relaxation with convenience, activities and amenities, then this is the home for you. Located on an oversized corner lot in the highly sought after gated community of Finisterra, this home is just blocks away from restaurants, golf, shopping and the area's best schools. Spend time in the community's lush green parks, or just stay home and enjoy one of the most breathtaking resort style backyards you will ever see. Your choices are endless. When you pull up to this home you will immediately notice its gorgeous curb appeal, highlighted by the beautiful pavered driveway and charming courtyard. Step through the custom iron front door into this popular casita floorplan and experience the upgrades, starting with the kitchen and its 42-inch white cabinetry, granite countertops, custom backsplash and stainless-steel appliances. The great room is large, inviting, open to the kitchen and features a dual slider which connects the great room to the private, pavered courtyard, effortlessly expanding your indoor/outdoor living experience. The downstairs master retreat is spacious, and the en-suite bathroom features an oversized custom tile walk-in shower, a dual vanity, and upgraded lighting and fixtures. Upstairs, you'll find a second master bedroom with its own en-suite bathroom and walk-in closet, providing comfort and privacy for family or guests. The casita, complete with its own bathroom and huge closet, provides the perfect getaway for guests, a home office or a home gym. The centerpiece of this home is undoubtedly the resort-style backyard. No expense has been spared in creating this outdoor oasis, featuring a travertine pool deck, a custom-built sunken BBQ area, a swim-up bar, multiple lounging spaces, and an exciting built-in water slide. Whether you love to entertain or simply enjoy spending time with family in a stunning outdoor setting, this backyard has it all. This home is more than just a place to liveit's a lifestyle. Don't miss your opportunity to experience it for yourself. Schedule your tour today!

1094 E Senate Circle Chandler, AZ 85225

$775,000
3 Beds
2 Baths
2,448 SqFt
Status Active
MLS # 6754343
Property Type Single Family Residence
Price Type --
Welcome to a full renovation close to Downtown Chandler. Walking through the new custom glass front door you are greeted by a vaulted ceiling complete with exposed wood beam. Double islands in the new kitchen are perfect for entertaining. This home was redesigned with family in mind. Lots of storage and a massive oversized primary walk in is a must see. 2024 renovation includes new; windows, stucco painted with smooth sand finish, custom steel casement doors front and back, Bedrosians flooring, all faucets and bath fixtures replaced, all bathroom tile work, block mailbox, paver patio, custom 24 x 14 pergola, electrical fixtures throughout, landscaping front and back compete with artificial turf. This turn key home is perfect for a family or investor.

14063 W Bronco Trail Surprise, AZ 85387

$775,000
4 Beds
3.5 Baths
3,125 SqFt
Status Active
MLS # 6756012
Property Type Single Family Residence
Price Type --
Your DREAM home is here in Rancho Mercado! Sits on a corner lot, this gorgeous 4-bed, 3.5-bath property will leave you in awe. Displaying a mature landscape & a split 3-car garage w/paver driveway. Home exudes elegance with modern light fixtures, designer palette, high ceilings, tons of natural light, plantation shutters, surround sound, and wood-look tile flooring. Perfect for gatherings, the open layout connects the large living area to a formal dining room for a fluid environment! Featuring a fireplace, dry bar w/wine fridge, a media niche, and multi-sliding doors to the back, this gem makes entertaining an absolute delight. The gourmet kitchen boasts quartz counters, a walk-in pantry, white shaker cabinetry, tile backsplash, a prep island, and SS appliances w/cooktop gas & wall ovens. Large main bedroom is a true retreat! It has a barn door that opens to the immaculate ensuite with a soaking tub, separate shower, dual sinks, & a walk-in closet. One secondary bedroom also includes its own private bathroom, ideal for the guests. Laundry room with a built-in desk & storage. But beyond the interiors, the fantastic backyard holds its own charm! With a covered patio, well-laid travertine, artificial turf, a fireplace, a built-in BBQ grill, and a sparkling pool, this space promises year-round enjoyment. Don't just dream itcome and live it! Removabale pool fence also included!

4422 N 75th Street Unit 4011 Scottsdale, AZ 85251

$775,000
2 Beds
2 Baths
1,072 SqFt
Status Active
MLS # 6766616
Property Type Apartment
Price Type --
Experience urban living at its finest in the highly desirable Old Town Scottsdale. This stunning 2-bedroom, 2-bath condo boasts breathtaking views from the kitchen, great room, and master suite through expansive floor-to-ceiling windows. The primary suite features a spacious bath with dual vanities, quartz countertops, and a custom-built walk-in closet, offering a luxurious retreat. Modern elegance flows throughout with quartz countertops in the kitchen and bathrooms, premium Bosch appliances, and sleek porcelain tile flooring. The building's top-tier amenities include a fully equipped weight room, a luxurious pool and spa area, and 24-hour concierge service, ensuring security and convenience. This exclusive condo offers an unparalleled lifestyle of luxury and sophistication in the

3010 E Desert Lane Phoenix, AZ 85042

$775,000
4 Beds
2.5 Baths
2,788 SqFt
Status Active
MLS # 6763730
Property Type Single Family Residence
Price Type --
Stunning home with mountain views! Welcome to your dream home in the sought-after Navarro Groves gated community! This beautiful corner lot property features a spacious, open floor plan designed for both comfort and entertainment. Step into the gourmet chef's kitchen, where culinary dreams come true! Equipped with stainless steel appliances, dual wall ovens, and abundant granite countertops, perfect for meal prep or hosting gatherings. The kitchen island provides extra space, and the chic white cabinets offer ample storage for all your cooking essentials. Flow seamlessly into the expansive great room, ideal for family gatherings or cozy nights in. The large, serene master suite ensures privacy and relaxation, ... while the well-sized secondary bedrooms are perfect for children or guests. Nice courtyard and three split car garages Unwind in your tranquil backyard while soaking in the stunning mountain views. Enjoy a spectacular backdrop of South Mountain Park & Preserve, offering captivating vista views with immediate access to an array of trail systems, trailheads, parks and recreation! Located just minutes from the I-10 Freeway, this home offers convenient access to Phoenix Sky Harbor International Airport and an extensive selection of golf courses, entertainment, dining, shopping and more! Enjoy the neighborhood greenbelts, ramada, and BBQ facilities. Don't miss the chance to make this exceptional property your home!

4112 S Chatham -- Mesa, AZ 85212

$775,000
6 Beds
4.5 Baths
5,261 SqFt
Status Active
MLS # 6768458
Property Type Single Family Residence
Price Type --
**PRICED TO SELL** Come see this beautiful oversized corner lot in the sought after location of 85212 Mesa! With 6 Bedrooms, 4.5 Baths and over 5,200 Sqft of living space, This home will leave you in awe! You're instantly greeted by a cozy front room with a gas fireplace for those perfect Arizona winters. Off the living room you have an oversized functional space to make into whatever your imagination desires. In addition to many living space features, this home sits on .37 of a Acre nestled against beautiful greenspace. The backyard boasts a beautiful resort style pool and hot tub surrounded by breathtaking desert landscape. This could all be yours! Come see this one today!!

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