#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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4590 Fletcher Court Wickenburg, AZ 85390

$720,000

2 Beds

2.5 Baths

2,109 SqFt

Status Active Under Contract

MLS # 6738238

Property Type Single Family Residence

Price Type --

You have to see this Home! This highly desirable Brasada model located in the Premier Golf Community of Wickenburg Ranch is packed with impressive upgrades & designer features. This luxurious home is an entertainers dream. Positioned high on a cul-de-sac lot with breathtaking views. You will enjoy the Mountain View's from every room of this home! Easy care landscape leaves you time to do all the fun activities that WR has to offer. Beautiful gourmet kitchen with a serving pantry is just the beginning. It all starts with a grand entry leading you to the great room with a glass wall of doors that opens to the outdoor living space. The outdoor area features electric shades that will enclose this area completely. Remote controlled window treatments continue throughout home. The additional living space includes a Den, an office space off of the kitchen, huge laundry area with additional storage, a custom built primary closet & stunning spa-like bath. The garage offers built in storage & is climate controlled with a mini split A/C. You will also enjoy the whole house water filtration system, upgraded appliances, incredible granite countertops and designer lighting throughout out this gorgeous home.

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3342 E Mercer Lane Phoenix, AZ 85028

$720,000

4 Beds

2 Baths

2,001 SqFt

Status Active

MLS # 6729601

Property Type Single Family Residence

Price Type --

Beautiful block home near Phoenix Mtn Preserve with pool ready for your family. Corner lot with spacious backyard. Open living area with roman shades, custom wood valance and lots of natural light. New porcelain wood-look tile flooring throughout. White kitchen cabinets with soft close doors, quartz countertop, cobalt under-mount sink, black stainless appliances. Master bath has a custom tiled shower with glass door, solid surface counter. Dual pane windows throughout. Backyard has a large covered patio, big open area with synthetic grass. Quiet neighborhood but close to 51, retail, dining and entertainment. Seller is a licensed Realtor in State of Arizona - Owner Agent.

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9389 E Corrine Drive Scottsdale, AZ 85260

$720,000

3 Beds

2 Baths

1,780 SqFt

Status Active

MLS # 6746133

Property Type Single Family Residence

Price Type --

Experience unparalleled luxury in this meticulously remodeled 3-bedroom, 2-bathroom home nestled in Scottsdale's most sought-after neighborhood on a massive cul-de-sac lot. Every inch of this residence exudes elegance and modern sophistication. The kitchen is a true showpiece, featuring pristine white shaker cabinetry and sleek quartz countertops that create a perfect setting for culinary creativity and entertaining guests. The spa-like bathrooms are designed with indulgence in mind, offering expansive walk-in showers and exquisite attention to every detail. The allure of this home extends outdoors, where you'll find a spacious front courtyard adorned with lush greenery and mature landscaping—ideal for peaceful mornings or evening relaxation. Step into your private backyard oasis, complete with a serene spa where you can unwind and rejuvenate in utter tranquility. This home seamlessly blends style, comfort, and functionality, making it an ideal choice whether you're searching for your forever home or a wise investment. I'm excited to introduce you to this Scottsdale gem that truly has it all. Don't miss your chance to make it yours!

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1431 S Wayne Drive Chandler, AZ 85286

$720,000

4 Beds

3 Baths

2,669 SqFt

Status Active

MLS # 6753818

Property Type Single Family Residence

Price Type --

The search is finally over! Take a look at this gorgeous 4 bed, 3 bath residence showcasing spacious 3-car garage in Arizona Estates! Inside, you will find a bright living/dining area featuring bountiful natural light, soothing palette, wood-look floors, & recessed lighting. The stunning kitchen boasts a plethora of white shaker cabinets, stylish light fixtures, granite counters/backsplash, black SS appliances, a walk-in pantry, & a peninsula with a breakfast bar. Fabulous loft is perfect for an entertainment area! Main bedroom enjoys a lavish ensuite with dual sinks, soaking tub, & a walk-in closet. Spend relaxing afternoons in the wonderful backyard with extended seating area, green grass, & endless blue skies. You must see it! Owned Solar! The search is finally over! Take a look at this gorgeous 4 bed, 3 bath residence showcasing spacious 3-car garage in Arizona Estates! Inside, you will find a bright living/dining area featuring bountiful natural light, soothing palette, wood-look floors, & recessed lighting. The stunning kitchen boasts a plethora of white shaker cabinets, stylish light fixtures, granite counters/backsplash, black SS appliances, a walk-in pantry, & a peninsula with a breakfast bar. Fabulous loft is perfect for an entertainment area! Main bedroom enjoys a lavish ensuite with dual sinks, soaking tub, & a walk-in closet. Spend relaxing afternoons in the wonderful backyard with extended seating area, green grass, & endless blue skies. You must see it! Owned Solar!1

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20476 N 88th Lane Peoria, AZ 85382

$720,000

6 Beds

3.5 Baths

3,590 SqFt

Status Active

MLS # 6674708

Property Type Single Family Residence

Price Type --

Stunning, updated home in North Peoria! This home sits on a huge lot and features neutral paint, new carpet, and bright and open main living area. The kitchen has beautiful granite counters, tiled backsplash, and stainless steel appliances. The main level features one bedroom and the primary suite which has a huge closet, and highly upgraded en-suite bath with granite counters, dual sinks, and tiled walk-in shower. The second level features a spacious loft, and four other secondary bedrooms. The backyard has a sparkling pool, spa, double gate, large covered patio, fireplace, and grassy area. Located in a convenient location close to great schools, parks, shopping, and restaurants.

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16112 E Carmel Drive Fountain Hills, AZ 85268

$720,000

3 Beds

2 Baths

1,817 SqFt

Status Active

MLS # 6768968

Property Type Single Family Residence

Price Type --

STUNNING VIEWS!!! This fully renovated home offers the perfect blend of luxury and comfort. Inside, you'll find an open-concept living space with brand new features like AC, cabinets, stainless steel appliances, and a cozy fireplace. Step outside to your private pool oasis, complete with a new patio deck. High-quality finishes throughout, including tile and marble floors, quartz countertops, and new doors and windows, create a sophisticated and inviting atmosphere. This energy-efficient home is not only beautiful but also practical. Enjoy the convenience of a new 2-car garage with epoxy floors and a freshly painted interior. With a stunning pergola adding a touch of elegance, this move-in-ready masterpiece is a must-see.

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20750 N 87th Street Unit 2011 Scottsdale, AZ 85255

$720,000

3 Beds

2 Baths

1,825 SqFt

Status Active

MLS # 6772543

Property Type Townhouse

Price Type --

Luxury living at Encore at Grayhawk. This property features a spacious open floor plan with a large kitchen with stainless steel appliances and a breakfast bar, all open to a great room with gas fireplace, large windows and an exit to a spacious north facing balcony with mountain views, and featuring a separate dining room ideal for entertaining. The split floor plan offers the primary suite privacy and boast mountain views, balcony access, a large walk-in closet and well appointed full bath. The fantastic location is just steps from golf, dining, shopping, hiking, and events. This gated community offers resort amenities such as pool, spa and fitness room so you can enjoy a relaxing lifestyle.

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4858 E Shady Glen Avenue Scottsdale, AZ 85254

$720,000

3 Beds

2.5 Baths

1,832 SqFt

Status Active Under Contract

MLS # 6764373

Property Type Single Family Residence

Price Type --

This gorgeous Arabella home features 3 bedrooms, 2.5 bathrooms, and a 2-car garage. The stunning great room offers a seamless flow between living & dining areas. The gourmet kitchen boasts high-end stainless steel appliances, quartz countertops, RO system, a stylish tile backsplash, gorgeous wood cabinetry, and a breakfast bar. The main bedroom includes an ensuite bathroom with dual sinks, upgraded marble countertops, glass wall shower, a walk-in closet, and convenient access to the adjacent laundry room. Outdoor features of this home include a well shaded north facing covered patio accompanied by a low maintenance heat resistant turf backyard perfect for your pets.

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49011 N 7th Avenue New River, AZ 85087

$720,000

6 Beds

3 Baths

2,758 SqFt

Status Active

MLS # 6735916

Property Type Single Family Residence

Price Type --

Looking for income potential? 2 distinct residences, both offering private patios and unlimited space. Or...keep your family/parents/kids close! If you've grown tired of looking at all the same territorial style homes, this is your beautiful chunk of turquoise in that boring desert of houses! Homesteaders, are you looking for that vintage, farm house style that is also multigenerational? Your search is over! Perfectly situated on a little over an acre of land, everything about this home was made with great thought to detail for optimal space usage while capturing phenomenal mountain views. Main home, 1727 sq ft, is three bedrooms, 1.75 bathrooms, wood flooring in living room, dining, office & hall, large laundry/mud room/pantry plus private entrance gym or bonus room. Permitted Second residence, 1032 sq ft, is three bedrooms, 3/4 bath with custom walk-in shower. Chevron Butcher Block counter, stained concrete floors finish the farm house theme. Both homes are equipped with an RO system. Parking will be a breeze with all the designated parking areas for your family/friend gatherings. All of the extras that make both of these homes both classic and cowboy chic! From the covered patios to the free standing deck and outdoor BBQ & bar area,every detail was designed to embrace your gatherings. Privacy fenced storage areas, 3 sheds, works shop and a huge 34X24 garage completes this rare find. Lush desert landscaping for easy maintenance, No HOA's so bring those toys and horses. Get out the city and embrace peace and endless star gazing again, Welcome Home!

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1533 W Flower Circle Phoenix, AZ 85015

$719,995

3 Beds

3.5 Baths

2,375 SqFt

Status Active

MLS # 6749592

Property Type Single Family Residence

Price Type --

Fall in love with the highly sought after ICONIC ''inner circle'' of the North Encanto Historical district. This beautiful 40's ranch style home has been remodeled from the inside out! This charming property gives you a 3 bed 3.5 bath, two living spaces and a garage. The spacious backyard is perfect for outdoor activities. The property also includes 2 carport spaces. Make this historical house your new home.

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11035 E Ulysses Avenue Mesa, AZ 85212

Open House

$719,995

4 Beds

2.5 Baths

2,980 SqFt

Status Active

MLS # 6708132

Property Type Single Family Residence

Price Type --

This wonderful two-story 4 bedroom, 2.5 bath upgraded quick move-in home is designed beautifully with tile flooring and upgraded carpet, upgraded kitchen cabinetry, countertop & KitchenAid appliances. Additional upgraded cabinetry with soft close and dovetail construction added throughout the home, plus more. The laundry room is located on the second floor along with the primary bedroom, 3 secondary bedrooms and a loft space big enough to entertain the whole family. This home is a must see and wont last long. This is your opportunity to experience Toll Brothers Luxury at the right price.

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7669 W Tether Trail Peoria, AZ 85383

$719,990

3 Beds

2.5 Baths

2,197 SqFt

Status Active

MLS # 6749324

Property Type Single Family Residence

Price Type --

Welcome to Ashton Woods newest community in Peoria -The Sanctuary at Aloravita. This 2,197 Ruby floorplan features a Spanish style elevation and includes 3 bedrooms, 2.5 baths, a den, plus an RV garage. The impressive kitchen island is perfect for family and friends to gather as it opens to the home's great room for easy entertaining. The kitchen includes stainless steel appliances with a gas cooktop, large undermount sink, under cabinet hood, beautiful painted shaker style cabinets with crown molding, quartz countertops, kitchen backsplash, and large pantry. The great room offers a 4 panel center sliding glass door so you can step out into your covered patio to enjoy indoor/outdoor living in your backyard with friends and family. Other features include, 8' interior doors, 6x36 wood plank style floor tile, upgraded carpet/pad, a soft-water loop, and much more! This home also includes an RV garage, perfect for an RV or a car enthusiast! Great location close to dining, freeways, parks, and entertainment!

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