#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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3131 N Central Avenue Unit 5018 Phoenix, AZ 85012

$705,917

2 Beds

2 Baths

1,419 SqFt

Status Active

MLS # 6568565

Property Type Apartment

Price Type --

*Construction completed* 5% buyer incentive! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom+ den condo is one of the larger two bedroom floor plans and offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Spacious balcony to capture the amazing views while outside as well. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

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23148 E Carriage Way Queen Creek, AZ 85142

$705,615

5 Beds

4 Baths

2,767 SqFt

Status Active

MLS # 6701318

Property Type Single Family Residence

Price Type --

BRIGHT GREAT ROOM, LOFT PLAN WITH MASTER DOWN, 5-BEDROOM, BEAUTIFUL FINISHES! SPA SHOWER IN MASTER, UPGRADED CABINETS, GRANITE KITCHEN TOPS W/ TILE BACKSPLASH, GOURMET KITCHEN LAYOUT, UPGRADED VANITIES IN BATHS, PLANK TILE FLOORING EVERYWHERE, EXCEPT BEDROOMS AND LOFT. ALL THIS, IN THE NEW PREMIER MASTER PLAN COMMUNITY, IN QUEEN CREEK, FEATURING A 22 ACRE LAKE. THIS IS THE CENTERPIECE OF THE COMMUNITY. KAYAKING AND CANOEING, AQUATIC CENTER WITH LAP AND SPORT POOL SPLASH PAD, BOCCE BALL, PICKLE BALL, BOARDWALKS AND RAMADAS THROUGHOUT AND MUCH MORE.. THE HOME INCULDES 2'' FAUX WOOD BLINDS, CEILING FANS, TANKLESS WATER HEATER+++ KATHERINE MECHAM BARNEY SCHOOL IN THE COMMUNITY.

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27824 N 256th Avenue Wittmann, AZ 85361

$705,000

4 Beds

3 Baths

2,571 SqFt

Status Active

MLS # 6777584

Property Type Single Family Residence

Price Type --

Beautiful 4Bd/3Ba home. Modern white exterior paint and gorgeous low maintenance desert front landscaping. Tile throughout house with quartz countertop. Large open floor plan with plenty of cabinets and kitchen island. 50 solar panels on roof with lots of space on 1 acre lot for activities and horse corral in backyard. 220 volt at back SW corner block wall fencing with power along whole block wall. 17-foot RV gate on side.

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7537 N 83rd Drive Glendale, AZ 85305

$705,000

4 Beds

3.5 Baths

3,240 SqFt

Status Active

MLS # 6752114

Property Type Single Family Residence

Price Type --

Stunning single story home that's located in a gated community, Orangewood Ranch! Spacious home offers, 4 bedrooms plus activity room, 3.5 bathrooms, and an open den. Designer finishes throughout such as 42'' cabinets, upgraded flooring, stainless steel appliances, and granite countertops and fresh paint throughout. The open concept floor plan has a natural feel, with 10 ft ceilings and 8 ft tall doors. An entertainer's dream with a luxury 15 ft multi slide glass door in the living room leading to the patio for indoor-outdoor living. The oversized lot provides plenty of room for your imagination with lots of space to build a pool. Great location close to entertainment and shopping including Cardinals Stadium, WestGate, Desert Dimond, and ParkWest.

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24815 N 106th Drive Peoria, AZ 85383

$705,000

4 Beds

3 Baths

2,725 SqFt

Status Active Under Contract

MLS # 6736237

Property Type Single Family Residence

Price Type --

A beautiful 4 bed, 3 bath residence in Tierra Del Rio is now on the market! Nestled on a premium cul-de-sac corner lot and featuring a 3 car tandem garage, low-care front yard, and an RV gate, it's sure to be the home for you! SOLAR for savings. Discover a spacious open floor plan w/elegant wood-look flooring, dazzling light fixtures, and trending palette throughout. The chef's kitchen is comprised of espresso cabinetry w/crown moulding, a pantry, granite counters, stylish backsplash, stainless steel appliances, and an island complete w/a breakfast bar. Upstairs you'll find a cozy loft w/soft carpet, where you can spend a relaxing Sunday afternoon! The primary bedroom boasts a walk-in closet and a private ensuite w/dual sinks. Don't forget about the cozy open den, ideal for a lounge area. Finally, the expansive backyard includes a covered patio, natural turf, pavers, a lovely pergola, and a fenced pool! What are you waiting for? Act now!

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3798 E Latham Court Gilbert, AZ 85297

Open House

$705,000

4 Beds

3 Baths

3,070 SqFt

Status Active

MLS # 6661352

Property Type Single Family Residence

Price Type --

Final Price Reduction! Former Model Home, Original Owner, Pride of Ownership, Look No Further! Located on a Cul De Sac Street with N/S Exposure in the Wonderful Community of Coronado Ranch. This Property includes many upgrades including Granite Countertops, 2 Fireplaces, Upgraded Flooring, Stair Railing, Cabinets, Tile, Fixtures, Vaulted Ceilings, Paint, Large Master Bedroom with Walk in Closet, Kitchen with Walk in Pantry, Breakfast Nook, Dining Room, Family Room, French Doors, Surround Sound, Window Treatments and so many more. Home has Oversized 3 Car Garage and Courtyard with plenty of room for parking or for the kids to play. Outstanding Opportunity to Own this Wonderful Home!

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121 E Virgo Place Chandler, AZ 85249

$704,900

4 Beds

2 Baths

1,922 SqFt

Status Active Under Contract

MLS # 6776105

Property Type Single Family Residence

Price Type --

This home is situated on a premium corner lot in the highly desired Asher Pointe community! As you enter, you'll be warmly welcomed by the modern open floor plan graced with abundant natural light making it a hosts delight. The Spotless kitchen boasts a large entertaining/prep island with a breakfast bar, gleaming SS appliances, a pantry, recessed & pendant lighting, plenty of cabinets, subway tile backsplash, and stunning quartz counters. Split floor plan allows space between the primary and guest bedrooms. The Romantic main retreat will impress you with a plush carpet, beautiful decor upgrades, ensuite with dual sinks, and a custom walk-in closet. Transitioning to the outdoors, the serene backyard w/covered patio, Turf area and a sparking pool that heats & cools! Make this Gem yours!

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10789 W Yearling Road Peoria, AZ 85383

$704,900

5 Beds

4 Baths

2,909 SqFt

Status Active

MLS # 6718312

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Peoria! This stunning 2,909 square foot residence offers a perfect blend of elegance and functionality. Step inside to be greeted by soaring vaulted ceilings, tile floors, and beautiful granite countertops, enhancing the spacious and modern feel of this home. With five generously sized bedrooms, an office, and a loft, there is plenty of room for everyone. Including a secondary bedroom and full bath on the ground floor, perfect for guests! Outside, the backyard oasis features a sparkling pool and low-maintenance artificial turf, ideal for relaxation and entertaining. The property also boasts solar panels, making it both eco-friendly and cost-efficient. Backing up to a serene wash and with only one neighboring house, this home offers exceptional privacy. paved covered patio or hangout on the grass lawn before cooling off in the large pool that includes a basketball hoop for lots fun! This home also includes leased solar. This property is also a short drive from plenty of restaurants, activities, grocery stores, shopping and golf courses. This property will go fast!

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21715 E Bonanza Way Queen Creek, AZ 85142

Open House

$702,995

3 Beds

3 Baths

2,630 SqFt

Status Active

MLS # 6706593

Property Type Single Family Residence

Price Type --

Welcome to Light Sky Ranch! Ease and elegant design blend beautifully in the ranch-style Pomona plan. An inviting great room is at the heart of the open layout, adjacent to a dining nook and a kitchen showcasing a gourmet kitchen, large pantry and a center island. The impressive owner's suite offers a walk-in closet and a private bath with double vanities and an elegant walk-in shower. An additional bedroom with a full bath, and a central study. An extensive Guest Suitewith a private entrance rounds out the floor plan. Outside, a covered patio, a 2-car garage and a 1-car side-turn garage offers ample storage for vehicles, outdoor gear, and more. With amenities such as a tankless water heater for efficiency and a charming paver driveway, this home seamlessly blends convenience with sophistication

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21665 E Roundup Way Queen Creek, AZ 85142

$701,995

3 Beds

2.5 Baths

2,890 SqFt

Status Active

MLS # 6702773

Property Type Single Family Residence

Price Type --

Welcome to Light Sky Ranch and the Pearce plan boasts a smartly designed layout, with the main floor featuring a spacious great room and an eye-catching kitchen with a built-in pantry, center island and adjacent dining room with covered patio access. A powder room, flex room with storage space 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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13528 W Phacelia Lane Peoria, AZ 85383

$701,412

3 Beds

2.5 Baths

2,668 SqFt

Status Active

MLS # 6740310

Property Type Single Family Residence

Price Type --

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1114 W Meseto Avenue Mesa, AZ 85210

Open House

$701,000

4 Beds

2 Baths

2,408 SqFt

Status Active

MLS # 6693275

Property Type Single Family Residence

Price Type --

Prime location! New water heater 2024. Beautiful Pool! 3 car garage, 2408 Sqft, 4 Bed 2 bath in a prime location! This energy efficient 4 bedroom home! Lovely façade, mature landscape, and gated courtyard. Enter through the custom double doors to a welcoming living room, formal dining room, and a large family room complemented by a floor to ceiling brick fireplace. Inviting foyer, archways, tile and carpet flooring, plantation shutters, designer paint, and vaulted ceilings are attributes and can't be left unsaid. The kitchen provides stainless steel appliances, granite counters, a bay window, plenty of cabinets and cupboards with crown molding, and a peninsula that adds to the counter space. Bright main retreat will impress you with outdoor access, a private ensuite with upgraded shower! Continue onto the wonderful backyard featuring a covered patio, pergola, storage shed, and a refreshing pool perfect for warm summer days. This beauty is the one you're looking for!

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