#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.

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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2426 E Alta Vista Road Phoenix, AZ 85042

$738,200

4 Beds

3.5 Baths

2,599 SqFt

Status Active

MLS # 6580917

Property Type Single Family Residence

Price Type --

Welcome home to the highly sought after Arbors Community (Firwood) floorplan. 4 bedrooms, 3.5 baths Plus a Den or 5th bedroom. Easy access with first floor Primary Bedroom and Den/5th bedroom, vaulted ceilings, 3 upper bedrooms, open concept. Designer features throughout the home, including a chef kitchen, upgraded tile and carpet. Energy-efficient, paver driveway, large covered patio with walkway, finished yard backing to the greenbelt. Easy access to freeways, downtown events and the airport

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4422 N 75th Street Unit 2003 Scottsdale, AZ 85251

$738,000

2 Beds

2 Baths

1,209 SqFt

Status Active

MLS # 6760275

Property Type Apartment

Price Type --

Stunning 2nd Floor Condo with Expansive Private Balcony at the Coveted ENVY Condominiums in the heart of Old Town Scottsdale. Experience the luxury of 24 hour front desk service and secured underground parking for two vehicles. This beautifully designed 2 bedroom, 2 bathroom condo features a spacious walk in closet and a cozy nook area with an additional closet, ideal for a home office. Enjoy contemporary decor with 5 inch wood flooring and shades throughout (blackout shades in the bedroom). The kitchen boasts Poggenpohl cabinetry, quartz countertops, and high end Bosch appliances, along with a washer and dryer for your convenience. Take advantage of exceptional amenities, including a 4000 sq ft state of the art fitness center, the exclusive Black Label Lounge, and a pool area featuring a heated infinity pool and spa, complete with a 200 inch TV! All of this is just a short walk from the vibrant offerings of Old Town Scottsdale. This condo is perfect for either a primary residence or a second home. ENVY Residences was designed with an emphasis on quality and luxury amenities, featuring durable steel and concrete construction that sets it apart. The facilities are impeccably maintained, and the full sized gym is truly impressiveyou have to see it to believe it! Old Town Scottsdale is one of the few truly walkable communities in the Phoenix area, rich in culture and nightlife. The property is conveniently located within walking distance to everything you need! The HOA covers all utilities except for electric and internet/cable. We know you will fall in love with this property. Please reach out for more information!

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60 Gunsight Hills Drive Sedona, AZ 86351

$738,000

2 Beds

2.5 Baths

1,758 SqFt

Status Active

MLS # 6765609

Property Type Single Family Residence

Price Type --

Welcome to your turnkey dream home in Sedona! This beautifully updated 2-bedroom, 2.5-bathroom gem is nestled in the heart of the Village of Oak Creek Country Club, offering breathtaking red rock views from every window. Step inside & be greeted by an abundance of natural light, new vinyl plank flooring, and a cozy double-sided fireplace that seamlessly connects the living spaces. The spacious kitchen boasts butcher block countertops, a newer refrigerator, dishwasher, & stove - perfect for the home chef. Two living areas provide ample space for relaxation and entertaining, while the large fenced yard invites you to enjoy the serene outdoors. Imagine waking up to stunning red rock vistas, spending your days exploring nearby hiking trails, & unwinding by the fireplace as the sun sets. This is more than just a home; it's an opportunity to experience the magic of Sedona in a truly exceptional setting.

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20078 W Campbell Avenue Buckeye, AZ 85396

$737,980

3 Beds

2.5 Baths

2,492 SqFt

Status Active

MLS # 6754489

Property Type Single Family Residence

Price Type --

The Ascent features 10' ceilings, 3 Bedrooms, Super laundry room, Game Room, 2 1/2 Bathrooms with an open Great Room design! Your home is LEED certified, including open-cell spray foam exterior walls and cathedral ceiling open-cell foam, plus the Rheia HVAC system combined to create a comfortable living space and a bonus of saving on your energy costs! Your Kitchen will have beautiful quartz countertops, stunning white painted cabinets, as well as Stainless Steel Kitchen appliances. Your floors will have a gorgeous 7X48'' LVP throughout and plush carpet in the bedrooms. Take a step outside to your very impressive, oversized covered patio and private backyard! This home in Award-Winning ''Verrado'' is a must see! Ready NOW! Mailing address for this house is Litchfield Park, 85340

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26702 W Sierra Pinta Drive Buckeye, AZ 85396

$737,777

2 Beds

2 Baths

2,023 SqFt

Status Active

MLS # 6657937

Property Type Single Family Residence

Price Type --

A MILLION DOLLAR VIEW WITH A HOUSE THROWN IN! THIS ONE OF A KIND HOME W/4 FT GARAGE EXT FEATURES $124,000 IN BUILDER UPGRADES & OVER $135,000 IN SELLER UPGRADES! Fabulous open concept floor plan offering Sweeping golf course and mountain views. Gathering space showcases a full wet bar & media wall w/fireplace. Highly upgraded Lux kitchen layout w/huge kitchen island/seating. The master en-suite is complete with bay window offering panoramic views, spa tile surround shower, & large walk-in closet. Den/flex room has french doors & custom murphy bed. An inviting 2nd bedroom w/adjacent bath for guests. The utility room has upper/lower cabinets & office niche. Enjoy outdoor living on your covered patio overlooking your beautiful water feature, fire pit, outdoor kitchen and stellar views!

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5471 N 83rd Drive Glendale, AZ 85305

$736,300

4 Beds

2.5 Baths

2,210 SqFt

Status Active

MLS # 6741008

Property Type Single Family Residence

Price Type --

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22435 W Bobwhite Way Wittmann, AZ 85361

$735,000

3 Beds

2.5 Baths

2,526 SqFt

Status Active

MLS # 6661398

Property Type Single Family Residence

Price Type --

FINAL OPPORUNITY! FINANCE INCENTIVES RATE BUYDOWN! JUST UNDER ONE-ACRE! NEW HOME, October move in! 2526sqft single level home, 3-bedroom, Flex, 2.5 bath. 3 car tandem plus attached RV garage 15x52 w/ 10X10 at rear of RV garage. Spacious open kitchen, 42'' cabinets, quartz countertops, extended kitchen island, gourmet stainless steel appliances, large owner's suite with impressive walk-In shower all tile and more! Privacy, privacy, privacy! Surprise Estates features quality new homes on just under one-acre homesite with attached RV garage, bring all your toys!! Pristine desert surroundings make Surprise Estates the ultimate sanctuary. We are located just outside the city of Surprise, with quick access to major freeways and less than 30 minutes from Lake Pleasant

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2922 W Amber Sun Drive Phoenix, AZ 85085

$735,000

3 Beds

2.5 Baths

2,582 SqFt

Status Active

MLS # 6780337

Property Type Single Family Residence

Price Type --

Welcome to this immaculate single story home nestled within the exceptional gated community of Stoneledge! This home boasts no internal steps and is surrounded by convenient access to biking, hiking trails, and parks. The sought after Medina model offers a flexible 3 bedroom plus den, 2.5 bath layout, complete with a split floor plan and a jack and jill bathroom. Inside, you'll love the elegant wood look tile flooring, a whole home soft water system, and a stunning kitchen equipped with a stainless steel double oven with a gas cooktop, granite countertops, a large island, a walk-in pantry, and designer light fixtures. The open great room floor plan is ideal for gatherings, featuring double slider doors that fill the space with natural light and create a seamless transition to the private backyard. Retreat to the spacious primary suite, offering a spa like bathroom with separate sinks, a soaking tub, and walk-in shower. A tandem 3 car garage provides ample room for storage or recreational gear, and includes an EV charger. Step into a serene backyard oasis, featuring a hot tub, a generously sized covered patio, garden beds, a custom paved outdoor living space, and lush landscaping, perfect for relaxing or entertaining. The home's prime North Phoenix location is unbeatable, with close proximity to TSMC, USAA, I-17 and 303 Freeway access, Lake Pleasant, The Shops at Norterra, Mountainside Fitness, Fry's Marketplace, Sprouts, Harkins Theaters Norterra 14, Mellow Mushroom, Texas Roadhouse, The Stillery, Carlos O'Briens, choices of public, private or charter schools, and a variety of new restaurants and shopping options on the horizon. This home combines comfort, style, and convenience in one of North Phoenix's most desirable areas!

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41522 N Bay Hill Way Anthem, AZ 85086

$735,000

3 Beds

3 Baths

2,454 SqFt

Status Active

MLS # 6771941

Property Type Single Family Residence

Price Type --

Wonderfully updated home in Anthem Country Club. Popular Peregrine floor plan with a casita, located on a corner lot with an open area wash behind the home. In 2020, the owners did a major remodel in the kitchen and great room with new flooring, all new appliances and new granite countertops. Removed pony wall and opened up the area for great entertaining space! New lighting and entertainment wall with fireplace!Absolutely stunning! Entire back yard was also redone with pool and spa resurfacing, added water feature and fire pots, new pool heater, bbq island redone and new cool decking installed. Stone walkways on both sides of the home. Ramada in back yard for total relaxation and additional covered space. The front courtyard is spectacular and a great spot for your morning... coffee. People love this floor plan as it is open and inviting! The home has 2 bedrooms and 2 baths and a full bath casita! The casita has a separate entrance from the courtyard, but also direct interior access as well! Perfect spot for guests OR perfect spot for office, art studio, or fitness room! Welcome home and welcome to Anthem Country Club! Two 18 hole championship golf courses, 2 clubhouses with restaurants, bars, swimming pools, workout facilities, tennis, pickle ball and bocce ball! And, you have access to all of the amenities in Parkside including water park, sand volleyball, pickleball, skate park, catch and release fishing ponds, basketball, rock climbing wall, tennis and more!! Truly a one of kind community!

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19080 E Oriole Way Queen Creek, AZ 85142

$735,000

6 Beds

4.5 Baths

4,083 SqFt

Status Active

MLS # 6692444

Property Type Single Family Residence

Price Type --

Nestled within the serene Cortina neighborhood of Queen Creek, discover this captivating residence. Boasting a convenient RV gate and proximity to esteemed schools, parks, dining options, and more, this home offers a lifestyle of ease and accessibility. Step inside to find a thoughtfully designed floor plan featuring a first-floor junior suite, a second-level loft, and an executive office, all bathed in natural light. Ascend to the upper level to retreat to the spacious primary suite, complete with a private balcony overlooking scenic views. With an expansive 4-car garage, this home effortlessly caters to your needs. Outside,the backyard beckons with its grass landscape and covered patio, perfect for outdoor relaxation and recreation.

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1435 E Artemis Trail Queen Creek, AZ 85140

$735,000

2 Beds

2.5 Baths

2,143 SqFt

Status Active

MLS # 6703629

Property Type Single Family Residence

Price Type --

Nestled within a canvas of architectural elegance, this Positano model is TURN-KEY READY! By turn-key ready, EVERYTHING you see in the home may be purchased to stay at close. It features a serene courtyard entry, two luxurious primary suites with lavish ensuites, and a chef's kitchen with a gas stove. Outside, a picturesque pergola offers privacy and tranquility among hedged trees and blooming citrus, providing a haven for relaxation and culinary inspiration. Every detail invites you to savor life's finest moments in this artistic haven of beauty and comfort. Buyer has the option to purchase FULLY FURNISHED with a separate bill of sale.

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18256 N 75th Avenue Glendale, AZ 85308

$735,000

3 Beds

3 Baths

2,896 SqFt

Status Active

MLS # 6738094

Property Type Single Family Residence

Price Type --

Discover this inviting home on a nearly half-acre lot in the coveted Hidden Manor neighborhood! With plenty of space for creative updates, this property is a blank canvas ready for your personal touch. Enjoy the expansive pool and exclusive shared access to a tennis court, perfect for active lifestyles and community fun. Hidden Manor offers a welcoming atmosphere and a strong community spirit. Don't miss this opportunity! Additional photos available!

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