#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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28225 N Crook Court Rio Verde, AZ 85263

$698,500

2 Beds

2 Baths

1,543 SqFt

Status Active

MLS # 6764582

Property Type Single Family Residence

Price Type --

Discover the epitome of luxurious living with this stunning 2-bedroom, 2-bathroom residence nestled in the prestigious TRILOGY AT VERDE RIVER community. Boasting breathtaking PANORAMIC VIEWS of the iconic FOUR PEAKS, this home is a true haven for those seeking a perfect blend of sophistication and natural beauty. As you step inside, you'll be captivated by the meticulous attention to detail and numerous upgrades that adorn this residence. The gourmet kitchen is a chef's delight, featuring top-of-the-line GE Monogram appliances, upgraded cabinets, and an expansive island with quartz counters. The kitchen seamlessly flows into the living space, creating an open and inviting atmosphere. Enhancing the indoor-outdoor living experience, the 15' multi-sliding patio doors lead to a private outdoor oasis with an awe-inspiring mountain view. Situated on an elevated lot with only 1 neighbor, this home offers a sense of tranquility and seclusion. Luxury extends to the bedrooms, where plantation shutters and remote-controlled shades provide an extra layer of comfort and style. The master bedroom features an en-suite bathroom with modern fixtures and finishes. Beyond the confines of the home, Trilogy at Verde River invites you to indulge in resort-style living. This exclusive community offers a range of amenities, including golf, tennis, pickleball, a lap pool, a resort pool, a hot tub, and fine and casual dining options. Immerse yourself in the active lifestyle that Trilogy at Verde River has to offer while relishing the serene beauty of the surrounding landscape. Don't miss the opportunity to make this exquisite residence with unparalleled views your own. Experience the pinnacle of desert living in this meticulously crafted home in the heart of a resort-style community.

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1653 S Navajo Way Chandler, AZ 85286

$698,500

4 Beds

3 Baths

2,321 SqFt

Status Active

MLS # 6748523

Property Type Single Family Residence

Price Type --

Beautiful, well cared for home located in a highly desired Chandler community, near Intel and just minutes away from 202 and 101 Highways. In district for Top Rated Chandler Unified School District schools. The home sits on HUGE lot (9,927sqft) & has newly refinished pool and deck (2017) w/ gorgeous waterfall, green grass, & trees to provide shade. Front yard has mature Chinese Elm tree that adds greenery & shade to the low maintenance, desert landscaped front yard. Inside is a upgraded split floor plan. Master bedroom has walk in closet, separate shower & tub, and dual sinks. Great sized bedrooms, one offering a convenient en suite. Tile throughout except carpet in bedrooms. Open floor plan, large kitchen with Island and granite tile countertops. MANY IMPROVEMENTS recently done. Pool Remodel with new pool filter, pool deck and additional concrete 2017, Window Shade screens 2018, New Carrier 16 SEER 5 ton A/C with new duct work and additional return 2018, b-Hyve Irrigation timer 2019, Replace DE Pool Filters 2021, New Garage Doors 2020, Exterior paint 2021, New Rheem hot water heater 2022, New dishwasher & microwave 2023, BRAND NEW ROOF (entire roof with transferrable 10 year warranty) 2024

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7322 S Briarwood Lane Gilbert, AZ 85298

$698,000

6 Beds

4 Baths

2,625 SqFt

Status Active

MLS # 6748833

Property Type Single Family Residence

Price Type --

Stunning 6 bed, 4 bath home in Gilbert, AZ! Built in 2023, this modern gem boasts upgraded stainless steel KitchenAid stainless steel appliances, LG front-loading washer/dryer, and a beautifully designed backyard with luxury pavers and artificial grass-perfect for entertaining or relaxing. Located by the San Tan Mountain, you'll enjoy quick access to hiking trails, parks, and Gilbert's vibrant dining and shopping options. With modern finishes and energy-efficient upgrades, this home offers both style and functionality. **OPEN TO OFFERS** **Includes 9 year limited home warranty from KB Homes**

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7041 W Knox Road Chandler, AZ 85226

$698,000

4 Beds

3 Baths

1,904 SqFt

Status Active

MLS # 6779188

Property Type Single Family Residence

Price Type --

Escape to your own private oasis in this stunning 4 bedroom, 3 bathroom home nestled on one of the largest lots in the gated community of Rhythm! This sprawling 5,100 sq ft haven offers the perfect blend of space and tranquility. Imagine entertaining friends and family in the spacious open-concept living area, complete with a gourmet kitchen featuring upgraded appliances, a breakfast bar, and ample counter space. Retreat to your luxurious master suite with a walk-in closet and a spa-like bathroom with a standalone shower and dual sinks. Enjoy peace and quiet throughout the home thanks to superior soundproofing with upgraded 6'' exterior walls. With brand new carpet and fresh paint, this home is move-in ready and waiting for you! Plus, you'll love the oversized two-car garage. There are many amazing community amenities, including a heated pool, basketball court, and a fully-equipped gym in the community center. All of this in a fantastic location near restaurants, shopping, I-10, and Loop 202. Don't miss out on this incredible opportunity to experience the Rhythm lifestyle!

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5745 N 13th Street Phoenix, AZ 85014

$698,000

4 Beds

2 Baths

1,860 SqFt

Status Active

MLS # 6773346

Property Type Single Family Residence

Price Type --

This charming and cozy retreat is nestled in a vibrant neighborhood, walking distance to wonderful coffee shops, boutiques and restaurants. This home lives larger than expected with two spacious living rooms and an open kitchen. The expansive backyard is a serene oasis, perfect for a morning cup of coffee or a gathering with friends. AC Unit replaces in 2022 - Large Free standing shed included.

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1448 N Overlook Drive Dewey, AZ 86327

$698,000

4 Beds

3 Baths

3,686 SqFt

Status Active

MLS # 6775131

Property Type Single Family Residence

Price Type --

Beautiful Custom Home in Prescott Country Club with Spectacular Views! Private Cul-de-Sac Location! 4BR/3BA/2 Car Garage, 3686 SqFt. Courtyard Garden with Walkway to Double Door Entry Leads to Light and Bright Great Room and Family Room w/High Ceilings, Skylight and Large Picture Windows with Amazing Views! Kitchen and Informal Dining Area Include Electric Cooktop, Induction Oven, Whirlpool Refrigerator, Corian Countertops and Access to Private Patio w/Trex Decking and Pergola Overhang. Primary BR/Bath Features High Ceilings, Lighted Ceiling Fan, Walk In Closet and Sliding Door w/Access to Private Patio. Lower Level Features In Law Suite Including One Bedroom, Kitchenette, Craft Room, Workshop and Large Open Area for Entertaining or Game Room. New A/C, Solar Owned.

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5816 E Montara Place Mesa, AZ 85215

$698,000

3 Beds

2 Baths

1,913 SqFt

Status Active

MLS # 6750031

Property Type Single Family Residence

Price Type --

CURRENTLY UNDER CONSTRUCTION. Beautful new home underway. Spacious floor plan with an oversize 2 car garage with an extra golf kart garage. Stunning elevation. See pictures for more details.

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724 E Gemini Place Chandler, AZ 85249

$698,000

4 Beds

3 Baths

2,932 SqFt

Status Active

MLS # 6763157

Property Type Single Family Residence

Price Type --

Located near a golf course! SOLAR owned. Come see this gorgeous 4-bedroom, 3-bathroom home with a refreshing pool. Lots of curb appeal with a 3-car garage, mature landscaping, and a welcoming entrance into the home. Discover the inviting formal living room with an optional den/office space with beautiful tile flooring throughout the home. Check out the desirable great room designed for entertaining, enhanced with interior built-in shelves, and a beautiful gas fireplace for casual evenings with the family. The large kitchen includes a breakfast bar, granite counters, plenty of cabinetry, recessed lighting, SS appliances, double wall ovens, and a pantry closet. Don't forget about the dining area with great views of the pool. The main bedroom includes an ensuite bathroom, with dual sinks, a separate shower & tub, a vanity, and a walk-in closet. The remaining bedrooms are spacious with nice size closets. There are two additional hall bathrooms that are shared. Laundry inside with lots of storage. Washer & dryer will convey. Roof installed (2020). HVAC installed (2020). Water softener installed (2022). Water heater installed (2022). The backyard boosts of a covered patio, a fully fenced sparkling pool, a wood burning fireplace, a grassy area with a side yard. Make this gem your today!

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344 W Calle De Caballos -- Tempe, AZ 85284

$698,000

3 Beds

2 Baths

1,870 SqFt

Status Active Under Contract

MLS # 6752559

Property Type Single Family Residence

Price Type --

LOCATION, TEMPE, 1 LEVEL, UPDATED & MOVE-IN READY! Gorgeous HOME situated on a Corner N/S Exp. lot featuring 3 Beds, 2 Bths, DEN w/Barn Doors & Murphy Bed w/ Bookshelf, 3 CAR EXTENDED LENGTH GARAGE, RV GATE & POOL. Add'l features incl; Formal Living/Dining, Lrg. Open Concept Eat-in Kitchen/Family Rm. Kitchen Upgrades incl; 42'' White Cabinetry w/Quartz & Cambria Countertops, Custom Backsplash, Lrg. Island w/Custom Lighting, Stainless Steel Appliances and Cabinet Hardware. Additional upgrades incl; NEW ENERGY EFF. WINDOWS, NEW Interior Paint, New Carpet, 2.5'' Cordless Blinds, Wood Plank Tile, Upgraded Door Hardware, Fans, Lighting, Lrg. Baseboards, Spa like Custom Shower Surrounds & Frameless Glass Enclosure in Mstr., Ext. incl; Pool, Lrg. Covered Patio, & Grass area. Main Sewer Line replaced w/10year transferable warranty. The list goes on...Check document section for list of upgrades. 1% FREE RATE BUYDOWN FOR 1st 12 Mos. w/PREFERRED LENDER, CRAIG CUSICK, Fairway Mtg. Ask for more details.

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7674 W Tether Trail Peoria, AZ 85383

$697,990

3 Beds

2.5 Baths

2,197 SqFt

Status Active

MLS # 6747485

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 Modern Desert style elevation and includes 3 bedrooms, 2.5 baths, a den, plus 4-car super 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! For the car enthusiasts out there, this home includes 4-car super garage. Great location close to dining, freeways, parks, and entertainment!

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523 E Pasaro Drive Phoenix, AZ 85085

$697,890

3 Beds

2 Baths

1,758 SqFt

Status Active

MLS # 6700654

Property Type Single Family Residence

Price Type --

Nestled in the scenic landscape of North Phoenix, this inviting 3-bedroom, 2-bathroom home embodies modern comfort and desert charm. Beyond the gated entry, discover a sanctuary boasting upgraded appliances and a versatile den, ideal for work or relaxation. The heart of the home is a spacious living area, seamlessly flowing into a sleek kitchen adorned with top-tier amenities. Step outside to a private oasis, complete with a sparkling pool enveloped by low-maintenance turf, perfect for entertaining or basking in the sun. Embrace the tranquility of the Sonoran Desert from the comfort of your own backyard, with miles of hiking trails nearby, offering endless opportunities for outdoor adventures and breathtaking views. Experience a harmonious blend of luxury and nature in this desert haven, where every day feels like a retreat.

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578 E Las Puertas Lane Queen Creek, AZ 85140

$697,520

2 Beds

2.5 Baths

2,180 SqFt

Status Active

MLS # 6600560

Property Type Single Family Residence

Price Type --

Welcome to the extraordinary Genova plan - a showcase of luxury and thoughtful design. Step inside and be greeted by a sprawling and functional layout, featuring a huge gourmet kitchen that offers convenience and ample storage. This home is designed with your comfort in mind, ensuring that every aspect complements your lifestyle. Every inch of this residence has been meticulously upgraded.....from high-end fixtures to premium materials, no detail has been spared. A few upgrades include the expanded guest room, gourmet gas appliances and all landscaping included. Book your tour today and start living the good life at Encanterra!

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