#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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

1800 Heavenly Court Prescott, AZ 86305

$719,000

4 Beds

3 Baths

2,763 SqFt

Status Active

MLS # 6717935

Property Type Single Family Residence

Price Type --

Welcome to the picturesque Kingswood Estates. This home is located in the pines and just minutes from the wonderful Courthouse Square in downtown Prescott, AZ. Views of gorgeous trees out of every window and enjoy seeing Granite Mountain from your amazing deck or covered patio. The 4 bed, 3 bath, 2-story, 2763sf home offers living on main level with 3 bedrooms including 2 Primary Ensuites, both with large walk-in closets, and an additional bathroom for 3 bedrooms, 3 bathrooms total on the main floor. Bedroom 4 is on the lower level which also has an additional living space and tons of storage in the utility room. This is perfect for multi-generational living or with a few tweaks, possibly an income suite, there are endless possibilities. Plenty of parking, Private back patio to enjoy your morning coffee, evening glass of wine, or a fabulous weekend BBQ. This neighborhood is perfect for walking and enjoying the beautiful outdoors. Upgrades include ceramic plank tile flooring throughout main level, Exterior and Interior Painting, Refaced Kitchen Cabinets, Kitchen Backsplash and Kitchen Appliances. Welcome Home!

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14269 N 22nd Street Phoenix, AZ 85022

$719,000

4 Beds

3 Baths

2,222 SqFt

Status Active

MLS # 6728752

Property Type Single Family Residence

Price Type --

Exceptional Value in a Stunning Community! This home offers an ideal blend of charm and comfort, perfect for both first-time buyers and those looking to upgrade for a growing family. Enjoy breathtaking mountain views and a secluded backyard featuring a private pool and spa. The interior boasts striking tongue-and-groove wood vaulted ceilings, a master bedroom with a cozy sitting area, and three spacious closets. The remodeled master bath and full bath upstairs include a separate shower and tub for ultimate relaxation. Plus the roof is from 2019 with a 10 year transferable warranty. Entertain guests with ease thanks to the inviting fireplace and wet bar.

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17747 W Colter Street Litchfield Park, AZ 85340

$718,242

4 Beds

3.5 Baths

3,704 SqFt

Status Active

MLS # 6736158

Property Type Single Family Residence

Price Type --

MLS#6736158 Ready Now! The Hampton is a 2-story floor plan with 3,704 sq. ft., featuring 4 bedrooms, 3.5 bathrooms, a 3-car split garage, game room, primary suite retreat, study, dining area, and a courtyard. Welcome to your dream home. From relaxing in your private courtyard to the grand staircase in the foyer, this floor plan is designed for luxury. The spacious owner's suite has its own foyer leading to a primary bath with split vanities and a large walk-in closet. The primary suite retreat enhances your private haven. All bedrooms are upstairs, ensuring privacy from the active first level. This floor plan could be perfect for your next move. Structural options included: gourmet kitchen, garage service door, gas line to backyard. Design upgrades include: white cabinets, back mist granite tile.

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10341 W Rowel Road Peoria, AZ 85383

New

$718,000

3 Beds

2.5 Baths

2,252 SqFt

Status Active

MLS # 6781325

Property Type Single Family Residence

Price Type --

WOW! AMAZING property located on a private cul-de-sac and close to TSMC! Beautifully kept home with so much to love. Expansive 12' sliding doors across great room, open floor plan, custom iron front door. Kitchen includes slab granite countertops, GE Profile appliances, island w/ breakfast bar, 4' extension bay window & custom lighting. Primary suite has large glass shower w/ rain showerhead, dual granite vanities, and large walk-in. Home has a 3-car garage w/ 4' extension, epoxy flooring, H20 softener & built-ins, a 10' RV gate, and a lush backyard with large pergola w/ lighting, fountain, built-in 10' 6 burner BBQ island, & gas firepit

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2402 N 15th Street Phoenix, AZ 85006

$718,000

3 Beds

2 Baths

2,031 SqFt

Status Active

MLS # 6691706

Property Type Single Family Residence

Price Type --

Incredible opportunity to own this STUNNING remodeled gem in the coveted Coronado Historic District! This home was meticulously reimagined, almost brand new leaving only three walls standing from the original structure. With a permitted 500 sq. ft. addition, this 3 bd/2 bath home offers all new A/C, Roof, vaulted ceilings, Windows, new stucco, new block wall, spray foam insulation & more. Kitchen features beautiful new cabinets & quartz, island, walk in pantry, all new stainless steel appliances including refrigerator. Owners suite w/oversized walk in closet, makeup vanity area, quartz tops, lighting & more. Guest bath w/tile shower surrounds, lighting, etc. LVT flooring. New landscaping. Conveniently located near downtown, Phoenix Country Club, Phoenix Children's & St. Josephs Hospital.

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2249 W Daniel Road San Tan Valley, AZ 85144

$718,000

4 Beds

3 Baths

1,977 SqFt

Status Active

MLS # 6732343

Property Type Manufactured Home

Price Type --

Seller Installed new HVAC unit! This is a huge upgrade you will not have to worry about. This home and property are a great opportunity to own some great land in the San Tan Mountains. This property is 4.695 acres of GR zoning! It is situated in the quiet part of the San Tan Mountains.The property has a four bedroom three bath house. It has a split floor plan. Two of the bedrooms have a jack and jill bathroom. Both sides of the home have awnings. The front also provides a shaded carport. The Property has a detached workshop with a one car garage. Park and work on all your toys. There are two seperate storage sheds. This property also has horse corrals. You are able to make this property your own personal ranch. The property is situated close to shopping and dining areas of Queen Creek. Come see your next home and enjoy living with a lot of land and a lot of privacy. Professional photos coming soon.

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4816 E Amelia Avenue Phoenix, AZ 85018

$718,000

3 Beds

1 Bath

1,647 SqFt

Status Active

MLS # 6762940

Property Type Single Family Residence

Price Type --

Discover an incredible opportunity to craft your dream home on this prime lot in the heart of Arcadia ~ Perfectly situated close to restaurants, shops, the canal path, and more ~ this location offers unparalleled convenience and charm ~ Buyers have the option to either renovate the existing home or use the land as a blank canvas to create something entirely new! This property has the potential for an auxiliary dwelling unit (ADU).

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31854 N 132nd Avenue Peoria, AZ 85383

$717,900

5 Beds

3.5 Baths

2,933 SqFt

Status Active

MLS # 6766516

Property Type Single Family Residence

Price Type --

Welcome to this stunning home in the highly sought-after Vistancia community in Peoria! Surrounded by breathtaking desert landscapes, top-rated schools, and endless recreational options, Vistancia offers a lifestyle like no other. Located just down the road from boating, fishing, scuba diving, and camping at Lake Pleasant, this beautiful home with all-new interior carpeting sits on an oversized lot and features nearly 3,000 sqft of luxurious living space, with 5 spacious bedrooms, a den, and 3.5 bathrooms. The backyard is perfect for entertaining, with a pool, artificial turf, and plenty of room to relax. Enjoy access to not one, but two community centers, over 6 miles of lighted walking and hiking trails, and a 3-car garage with ample storage.

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3416 W Cocklebur Drive San Tan Valley, AZ 85144

Open House

$717,697

3 Beds

2.5 Baths

2,575 SqFt

Status Active

MLS # 6768925

Property Type Single Family Residence

Price Type --

Modern deluxe comfort. The Lillington's inviting covered entry and spacious foyer hallway flow into the expansive great room and casual dining area, revealing the desirable large covered patio beyond. The well-designed gourmet kitchen is enhanced by a large center island with breakfast bar, plenty of counter and cabinet space, and gigantic walk-in pantry. The stunning primary bedroom suite is highlighted by dual walk-in closets and deluxe primary bath with dual-sink vanity, large soaking tub, luxe shower, and private water closet. Sizable secondary bedrooms feature walk-in closets and shared bath with separate dual-sink vanity area. Additional highlights include a versatile office off the foyer, convenient powder room and drop zone, centrally located laundry, and additional storage.

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2485 Dillon Boulevard Chino Valley, AZ 86323

$715,378

3 Beds

2.5 Baths

2,144 SqFt

Status Active

MLS # 6776725

Property Type Single Family Residence

Price Type --

Nestled in a serene neighborhood, the stunning Orchard plan has it all. This single-story, three-bedroom, two-and-a-half bathroom home is the ideal size for any family that loves to travel the diverse geography of Arizona. This home boasts with plenty of sunshine and open space, offering both relaxation and perfect for entertaining. The grand RV garage that this property offers is perfect for storing your RV while you wait for your next outdoor adventure! Heritage Pointe offers 7 distinct floorplans, modern amenities, open-concept layouts with designer finishes. You won't want to miss out; plan a visit with us today.

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11815 S 207th Avenue Buckeye, AZ 85326

$715,000

4 Beds

2.5 Baths

2,440 SqFt

Status Active

MLS # 6770649

Property Type Single Family Residence

Price Type --

Ranch-style property nestled in the heart of Buckeye, AZ, offers a spacious one-acre lot perfect for hosting gatherings with family and friends.

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740 W Patrick Place San Tan Valley, AZ 85143

$715,000

4 Beds

2 Baths

2,331 SqFt

Status Active

MLS # 6769517

Property Type Single Family Residence

Price Type --

Incredible New Construction home on a massive 1 acre lot with a brand new Asphalt road. This new build with NO HOA includes a MASSIVE open Kitchen & living room with high-end Cabinets, White Quartz Countertops, 36'' Cooktop, Built-in Stainless Steel Microwave and double ovens, & upgraded flooring & bathroom tile. The upgrades continue with a stunning Master Bathroom with a built in Soaking Tub, Modern Shower, Beautiful Double Vanities, an oversized four car garage, & last but not least a massive back patio to watch the sunset on the San Tan Mountains. Buyer can select finishes, add landscaping, & add fencing. Estimated Completion date is April of 2025.

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