#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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3935 E Whitton Avenue Phoenix, AZ 85018

$699,000

3 Beds

2 Baths

1,635 SqFt

Status Active

MLS # 6715984

Property Type Single Family Residence

Price Type --

Three bedroom, two bath in Citrus Acres/Arcadia Lite; close to Scottsdale restaurants & shops! Awesome location!! Recently remodeled kitchen & living area. Skylight adds some nice natural light. Spacious bonus room is great for families. House has been well maintained and is ready to sell - come check it out!

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6010 W Arroyo Way Pine, AZ 85544

$699,000

4 Beds

3 Baths

2,571 SqFt

Status Active

MLS # 6707766

Property Type Single Family Residence

Price Type --

Welcome home to this stunning 4 bedroom 3 bath retreat nestled on a peaceful cul-de-sac and backing to the National Forest. Enjoy views of the Rim while relaxing on either of the two completely new decks. From the family room views of the Rim provide a picturesque backdrop to your everyday life. Throughout the house windows give way to nothing but views of the trees and forest. With easy access to the Bearfoot Trail, this is the perfect home for nature lovers and outdoor enthusiasts. This beautiful home is situated on 1.16 acres to provide ample tranquility and privacy. Gourmet kitchen features custom cabinetry, gas stove & granite countertops. Separate dining space provides plenty of space to gather family & friends. Home is being sold furnished so you can move right in and begin enjoying the tranquility and solitude of mountain living.

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7175 E Aloe Vera Drive Scottsdale, AZ 85266

$699,000

2 Beds

2 Baths

1,671 SqFt

Status Active

MLS # 6722114

Property Type Single Family Residence

Price Type --

Premium cul-de-sac lot offers privacy and views of desert open space. Resort style amenities including: Clubhouse, Dining, Fitness Center, Pool, Tennis Courts, Pickleball and Desert Pavilion (Community Center. Spacious Great Room floor plan with 2 Bedrooms, Den/Office, Gas Fireplace and 2 Bathrooms. Kitchen features stainless steel appliances and granite countertops. Primary suite is complemented by a walk-in closet, dual vanities, granite countertops and separate shower and tub. Secondary bedroom with walk-in closet and granite countertops in 2nd bathroom. Laundry room with cabinets. Interior and exterior of the home was painted in June of 2024. Energy saving home with Solar Panels.

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1958 E Duke Drive Tempe, AZ 85283

$699,000

7 Beds

3 Baths

2,153 SqFt

Status Active

MLS # 6720237

Property Type Single Family Residence

Price Type --

Just Reduced! Situated in a prime and convenient area of South Tempe, this solid 7 bedroom, 3 bath home has a rich history as an elderly care facility. It features a comprehensive sprinkler system and was previously licensed to accommodate up to 10 residents, with current zoning allowing for 5. The property is thoughtfully designed for accessibility, including ramps and wheelchair-friendly access to all bathrooms and doorways. With two air conditioning units and a favorable north-south exposure, the home offers a great business opportunity. This care facility holds tremendous potential for continued use, a vacation rental or other possibilities. Sold ''as is'' by a motivated seller, this property is open for drive-by viewings.

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8020 N 72nd Place Scottsdale, AZ 85258

$699,000

2 Beds

2 Baths

2,581 SqFt

Status Active

MLS # 6722733

Property Type Single Family Residence

Price Type --

What a Location! Enjoy Scottsdale pool home or perfect vacation home with front private courtyard nestled between highly desired McCormick Ranch, Gainey Ranch & Paradise Valley near resort hotels, restaurants, golf, shopping & more. 2/2 + large loft. Spacious 2,581sf, soaring ceilings & lots of natural light! 2,295sf on 1st level + 286sf bonus loft (separate AC & skylights). Use loft as optional 3rd bedroom + armoire or office, exercise or craft room. Adjacent to McCormick Ranch entrance & golf courses, hiking/biking trails & lakes. Enjoy unique home with character & prestige for much less than others in area due to $699/mo land lease (.001 X Purchase Price). Several quotes available for personal renovations.

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15817 W Bonitos Drive Goodyear, AZ 85395

$699,000

4 Beds

3.5 Baths

2,875 SqFt

Status Active

MLS # 6723677

Property Type Single Family Residence

Price Type --

Gorgeous single level, 4 bedroom, 3 car garage TW Lewis home located in a gated community with an ensuite guest quarters and a heated pool! Great floorplan with a courtyard entry, primary bedroom split from the secondary bedrooms, 4th bedroom has it's own bath. Nice sized back yard w/travertine pavers, large covered patio, spa, firepit, covered & HEATED pool! Kitchen features maple 42'' staggered cabinets, granite, stainless steel appliances including 5 burner gas range. Additional features: HVAC's new 2021 shutters t/o, cabinets in laundry room, Tesla Charger in garage, upgraded light fixtures, 3rd garage set up as a full gym that can convey to the buyer. Primary bedroom large w/ exit to backyard, tiled garden tub, walk in shower & dual sinks. Home was only used as 2nd home approx 8 week

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730 E Mckinley Street Phoenix, AZ 85006

$699,000

3 Beds

2.5 Baths

1,411 SqFt

Status Active

MLS # 6730749

Property Type Single Family Residence

Price Type --

LET'S GO !!! ALL THE CHARM AND CHARACTER WITH MANY MODERN UPGRADES . HUGE RENTAL POTENTIAL !!! HIGH CEILINGS, OPEN CONCEPT KITCHEN, SEPARATE MASTER SUITE, 2 ADDITIONAL BEDROOMS WITH SHARED BATHROOM AND A TV ROOM WITH HALF BATH PLUS STACKED WASHER/DRYER. WRAP AROUND BACK PATIO DECK AND FRONT PORCH PLUS CARPORT AND MATURE LANDSCAPE.

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7413 E Taylor Street Scottsdale, AZ 85257

$699,000

4 Beds

3 Baths

1,443 SqFt

Status Active

MLS # 6732614

Property Type Single Family Residence

Price Type --

NO HOA!!! Impeccably renovated 4 bedroom, 3 bathroom home where modern elegance meets comfort. Every detail of this residence has been thoughtfully upgraded, from the wood-look tile flooring to the tastefully designed bathrooms and kitchen, The open-concept layout creates a seamless flow between the living spaces, perfect for both daily living. The backyard is an entertainer's paradise featuring a pool and a putting green, perfect for leisure and gatherings. Located in a highly desirable neighborhood, close to Old Town Scottsdale, ASU, parks, shopping, dining, and Phoenix Sky Harbor Airport. Don't miss the opportunity to make this stunning property yours!

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120 E Rio Salado Parkway Unit 101 Tempe, AZ 85281

$699,000

2 Beds

2 Baths

1,742 SqFt

Status Active

MLS # 6732987

Property Type Apartment

Price Type --

Experience concierge, resort style living on the waterfront! This Gorgeous, renovated smart home sits poolside with a 300 sq' private, walk out patio with direct, gated access exclusive only to ground floor units. Tile flooring throughout with the warmth of the wood plank look. Chef's kitchen with stainless steel smart appliances w/ quartz island. $10k automatic Hunter Douglas smart blinds. The split floor plan features an oversized master with a large sitting area. HOA covers all luxury amenities, water, gas, electric, 2 reserved underground parking spaces as well as private locked storage. Owners can enjoy all outdoor amenities in Edgewater and next door at Bridgeview. 120 East is located in the heart of downtown Tempe next to Tempe Beach Park, Tempe Marketplace, ASU and Mill Avenu

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1277 S Hunter Creek Drive Payson, AZ 85541

$699,000

3 Beds

2 Baths

1,828 SqFt

Status Active

MLS # 6737973

Property Type Single Family Residence

Price Type --

Come to the cabin! This half log sided home is nestled in the gated Hunter Creek subdivision, located in the Christopher Creek area about 25 miles east of Payson. This home has lots of windows letting in the perfect amount of natural light. Watch lots of wildlife from the comfort of your porch, this home boarders USNF. At about 6000 feet in elevation you will enjoy the cool summers and mild winters!

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2608 N 80th Place Scottsdale, AZ 85257

$699,000

3 Beds

2 Baths

2,000 SqFt

Status Active

MLS # 6740585

Property Type Single Family Residence

Price Type --

*SCOTTSDALE HOME WITH THREE BEDROOMS, TWO BATHROOMS, 2 CAR GARAGE SPARKLING POOL! *Floorplan also includes spacious Living Room, Family Room, Laundry Room and Bonus Room! NEW luxury plank flooring, all NEW Interior & Exterior Paint including NEW baseboards *UPGRADED Electrical panel with 125 amp subpanel and GFCI protection outlets added *NEW hot water heater *UPDATED KITCHEN includes newer cabinets, counters, lighting and fixtures *BATHROOMS are updated and are in great shape *ROOF & AIR CONDITIONING replaced in recent years * *THREE SLIDING glass doors to covered patio and pool (from family room, and two bedrooms) *DUAL PANE WINDOWS *Large dedicated laundry/utility room and BONUS ROOM with vented heating and cooling *Very nice curb appeal with grass lawn, cypress trees & mature citrus * *BACKYARD IS GREAT FOR ENTERTAINING and features covered patio, sparkling pool and mature lawn and flowering bushes and plants *Close to OLD TOWN SCOTTSDALE, Fashion Square Mall, Waterfront, Botanical Gardens, Restaurants and Sports Venues, Golf, Biking, Hiking and MUCH MORE!

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919 W Sherri Drive Gilbert, AZ 85233

$699,000

5 Beds

3 Baths

3,034 SqFt

Status Active

MLS # 6747630

Property Type Single Family Residence

Price Type --

Located in the beautiful Islands subdivision in Gilbert with walking access to lakes and walking trails. With 5 bedrooms/3 bathrooms/3 car garage/one of the largest lots in the subdivision/pool/& a huge driveway! Walk into this beautiful home with the soaring ceilings and grand style staircase to the upper floor. Updated paint throughout the house, newer windows all the way through, newer plank style flooring throughout the lower level, ACs recently serviced and updated. Updated kitchen with granite counter tops and SS appliances. Enjoy the great room with additional family room. Large bedrooms & updated bathrooms throughout. Enjoy the large entertainment style back yard! BRING ALL OFFRERS!!! Very hard to find this sqft at this price, recent sales at 740k, 770k, and at 800k,

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