#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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8823 W Wagon Wheel Drive Glendale, AZ 85305

$709,000

5 Beds

4 Baths

3,841 SqFt

Status Active

MLS # 6773169

Property Type Single Family Residence

Price Type --

Just minutes from Westgate entertainment district is everything you've been looking for! This 5 bedroom home in Rover Park showcases an excellent curb appeal, a 3 car garage, and a paver driveway/entryway. The impeccable interior boasts a highly desirable open layout with tall ceilings, plush carpet, ceramic tile flooring, contemporary light fixtures/ceiling fans, and a front room ideal for a formal dining or living room. The sophisticated chef's kitchen features ample white cabinets, contrasting black hardware & granite counters, a waterfall island with breakfast bar, and high-end SS appliances that include a gas cooktop & a double wall oven. Multigenerational suite on the main level with its own private living and bedroom space. The large loft upstairs is a perfect game/TV room spot. The oversized owner's suite hosts an attached den/sitting room and an immaculate ensuite bathroom with a large dual vanity, a soaking tub, a step-in shower, and a walk-in closet. The expansive backyard offers a blank canvas with endless potential to be a desert oasis, with room for a pool that'll make it an entertainer's dream. Great location! Steps away from one of the many community playgrounds, close to schools, main roads, and the Westgate entertainment district. Hurry, a deal like this won't last!

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3448 N Boulder Canyon Circle Mesa, AZ 85207

$709,000

3 Beds

2 Baths

2,325 SqFt

Status Active

MLS # 6696321

Property Type Single Family Residence

Price Type --

This is your slice of paradise nestled on a beautifully landscaped culdesac with only 1 neighbor for backyard privacy. Stunning single level home with 3 BRs and an exercise/office room that has AC/heat & closet with outside & garage access. Popular Desert Willow model has an eat in kitchen with an extensive addition of cabinets, breakfast bar peninsula overlooking a large great room. Soaring ceilings. Huge primary suite with direct access to the backyard/pool. 2 generous sized guest rooms. All new wood look tile, carpet and baseboards in 2023. New outside paint in 2024. Easy care yard with new irrigation lines in front & back. Backyard built in barbecue, sun patio, covered patio, flagstone decking around a sparkling heated play pool with peaceful waterfall. Beautiful desert landscaping.

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20669 E Via Del Jardin -- Queen Creek, AZ 85142

$707,598

4 Beds

3 Baths

2,309 SqFt

Status Active

MLS # 6762140

Property Type Single Family Residence

Price Type --

MLS#6762140 December Completion! The Cambridge at Ellsworth Landmark is a spacious single-story floor plan offering 2,309 sq. ft. of living space, including 4 bedrooms, 3 bathrooms, a 3-car tandem garage, and a dedicated study. A welcoming porch leads into the home, where the foyer guides you down a hall with secondary bedrooms and two full bathrooms on one side, and the study and laundry room on the other. The heart of the home features a gourmet kitchen with an upgraded gas double oven, soft-close cabinetry, quartz countertops, and a stainless steel refrigerator, seamlessly flowing into the great room and dining area. This space extends to an outdoor living area, perfect for entertaining guests. Structural options include: side by side stainless steel refrigerator, paver front porch, garage service door, gas double oven, super shower at primary bathroom, tray ceiling at foyer and gathering room, tankless water heater, upgraded insulation, pre plumb for future utility sink, and gas line for future outdoor kitchen.

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573 E Citrus Hollow Way Queen Creek, AZ 85140

$707,228

2 Beds

2 Baths

1,928 SqFt

Status Active

MLS # 6567505

Property Type Single Family Residence

Price Type --

Indulge in the epitome of refined living with this exquisite 2 bed, den, 2 bath home, boasting over 1,900 sq. ft. of luxury and elegance. From the moment you step inside you'll notice this Nice plan has detail found throughout. The heart of the home is a culinary enthusiast's dream - a gourmet kitchen that exudes sophistication with its pristine white cabinets and an impressive array of high-end stainless steel appliances. Whether you're whipping up a quick breakfast or preparing a lavish feast, this kitchen is sure to inspire your inner chef. The thoughtfully upgraded baths elevate your daily routine to a spa-like experience, featuring tasteful finishes and modern fixtures. Imagine unwinding in the serene ambiance of your master bath after a long day. This home is ready for you!

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2515 N 10th Street Phoenix, AZ 85006

$707,000

3 Beds

3 Baths

1,900 SqFt

Status Active

MLS # 6755891

Property Type Single Family Residence

Price Type --

Welcome to one of the most desired neighborhoods in phx. Two houses: One historic Spanish style home with Carriage Casita in back. Walking distance to restaurants, parks, and quick access to highways, Phoenix International Airport and all downtown has to offer (chase field, Footprint Center, bars, etc.), yet nestled in a quiet historic neighborhood with tons of character. Thoughfully remodeled to maintain the historic charm. Main house is 2bdrm 1 bath w/ 2 great patios and separate yard. Carriage house is a one bedroom, 1.5 baths with additional office space and private yard. Rent carriage house, air bnb or keep as additional guest house. $1900 of proven additional long term rental income for back carriage house. Potentially $2,500-$2700 mo. If you chose to

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21656 E Roundup Way Queen Creek, AZ 85142

$706,995

4 Beds

3 Baths

2,980 SqFt

Status Active

MLS # 6735845

Property Type Single Family Residence

Price Type --

Welcome to Light Sky Ranch and the Pearce plan that boasts a smartly designed layout. The main floor features a spacious great room and an eye-catching gourmet kitchen with a gas cooktop, 42'' upper cabinet and quartz counter tops, a built-in pantry, an extensive center island and adjacent dining room with covered patio access. A first floor bedroom and full bathroom add a separate space for guests or office use and a mudroom provide added convenience. The second floor offers a laundry room, a large loft and three bedrooms, including a relaxing primary suite with a private bath and expansive walk-in closet. In addition to a 2-car garage, you'll also love the possibilities that come with a 40' attached RV garage! Options include the gourmet kitchen feature and deluxe master bathroom upgrades. With additional amenities like a tankless water heater for efficiency and a charming paver driveway, this home harmoniously blends convenience and sophistication

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21777 S 197th Street Queen Creek, AZ 85142

Open House

$706,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6693019

Property Type Single Family Residence

Price Type --

Welcome to West Park Estates! This open Cassandra home features 3 bedrooms, 2 and a half bathrooms as well as an oversized study. The kitchen has been fully upgraded and allows a luxurious view from the multi slide door to the rear covered patio. You will find upgraded interior selections throughout- Outside, you will discover a 3 car garage with an RV gate. All homes located within this community are single story. Home is currently under construction.

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22657 E Happy Road Queen Creek, AZ 85142

$706,889

4 Beds

3.5 Baths

3,077 SqFt

Status Active

MLS # 6733054

Property Type Single Family Residence

Price Type --

This is a brand new Quick Start Home under construction in Queen Creek, with a Desert Modern Elevation. The Mint plan includes 4 bedrooms, 3.5 baths, 4 car garage. Gourmet Kitchen appliances that include a gas cooktop with a built-in oven/microwave and dishwasher. Move-in anticipated for October/November. Included in the Emerald Collection are 10 foot ceilings, 8 foot interior doors and paver driveway and paver courtyard. Please ask about our special financing incentives with Mattamy Home Funding.

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44533 N 44th Drive Phoenix, AZ 85087

Open House

$706,122

4 Beds

2.5 Baths

2,745 SqFt

Status Active

MLS # 6723527

Property Type Single Family Residence

Price Type --

This gorgeous split foor plan with entry courtyard boasts 4 bedrooms/2.5 baths. Gorgeous grey plank flooring with white cabinets, modern backsplash and quartz countertops. Open floor plan with retreat and flex room. Ready for move in. Must see!!

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2967 E Cherry Hill Drive Gilbert, AZ 85298

$705,990

5 Beds

3.5 Baths

2,938 SqFt

Status Active

MLS # 6746041

Property Type Single Family Residence

Price Type --

This two-story home features an open floor plan with an 8-ft. entry door and 9-ft. first floor ceilings. The spacious great room opens to a charming covered back patio, perfect for entertaining. The kitchen boasts a large center island, quartz countertops, a gorgeous tile backslash, and sleek KitchenAid® appliances. The first level includes an open den, powder room and bedroom with full bath. Moving upstairs, the spacious loft is the perfect spot for family movie nights. The primary suite boasts an expansive closet, and the primary bath features a walk-in shower, extended dual-sink vanity, and two linen closets. Please note: The photos displayed are of a model home and may not represent the actual property. Please verify specific features and details.

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13567 W Steed Ridge Road Peoria, AZ 85383

Open House

$705,982

4 Beds

3.5 Baths

2,952 SqFt

Status Active

MLS # 6738906

Property Type Single Family Residence

Price Type --

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5816 E Rose Garden Lane Phoenix, AZ 85054

$705,970

3 Beds

2.5 Baths

2,120 SqFt

Status Active

MLS # 6725430

Property Type Townhouse

Price Type --

IGNORE DAYS ON MARKET HOMES ARE ALMOST DONE PICTURES COMING SOON! Nestled in the hustle and bustle of the gorgeous community of Talinn at Desert Ridge you will find a charming floorplan welcoming a family ready to start their next journey. This 3 bed 2.5 bath with a den and a loft gives you more than enough space to grow! Having quartz countertops, white cabinets and wood-like tile helps keeps the home trending every year! Make this home your home in September when we finish construction, don't wait as this will go fast.

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