#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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7228 E Buena Terra Way Scottsdale, AZ 85250

$690,000

2 Beds

2 Baths

1,620 SqFt

Status Active

MLS # 6756177

Property Type Townhouse

Price Type --

Discover the charm of this newly UPDATED, single-level townhome featuring spacious rooms & a 2 car garage, perfect for a second home retreat or year-round living. Step into a modern oasis with BRAND-NEW kitchen cabinets, counters, fixtures, lighting, a NEW AC unit, new carpeting throughout & more. The family room is a cozy haven with its wood-burning fireplace & vaulted ceiling, creating an inviting & open atmosphere. Spend your evenings unwinding on the private covered patio w/beautiful outdoor lighting to add to the ambiance. This GATED community features nice amenities: heated pool, spa, & tennis court. Centrally located near UPSCALE shopping, FINE dining, & SCENIC outdoor recreation paths, find your dream lifestyle here! Can be purchased FURNISHED w/ separate bill of sale.

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4321 E Desert Sky Court Cave Creek, AZ 85331

$690,000

4 Beds

3 Baths

2,412 SqFt

Status Active

MLS # 6776147

Property Type Single Family Residence

Price Type --

Beautiful family home (or rental) in gated community of Dove Valley Ranch. Enjoy the private resort style backyard backing to a wash, covered patio, sparkling pool with water fall and hot tub. Interior features wood laminate flooring, carpeting in 2 bedrooms. Stone Creek built in desks & Murphy bed for your home office. Granite kitchen counters, stainless steel appliances & beautiful chandeliers, vaulted ceilings with beautiful CROWN MOLDING in all the right places. Enjoy golf in the public golf courses of Dove Valley Ranch. Leased SOLAR PANELS. Built in garage cabinets. New Water heater 2022. equipment on built in desks is for the solar panel.

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2608 E Elk Run Court Payson, AZ 85541

$690,000

2 Beds

3 Baths

1,484 SqFt

Status Active

MLS # 6773123

Property Type Single Family Residence

Price Type --

Single Level, NO STEPS !! Built In 2013 ,FULLY FURNISHED Two Split Master Suites Both With Stunning Views Of The Forest. Open Great Room Floor Plan With Vaulted Ceilings And A Stone Fireplace. The Rear Yard Backs To A 10 Acre Park Setting Of Tall Ponderosa Pine Trees And Lush Green Grass All Maintained By The Golf Club Owner. Scraped Hickory Wood Floors In The Great Room Along With 8 Ft. Tall Stained Knotty Alder Doors Thru Out & Matching Knotty Alder Cabinetry Give This Home A Feeling Of Rustic Elegance. Granite Tops, Ceramic Tile Walk In Showers And Large Walk In Closets In The 2 Master Suites Provide You With All The Comforts You Expect. A Powder Room For Your Guests And A Walk In Utility Room Provide Great Fashion & Function. The Attached 2 + Car Garage Has Room For Your Golf Cart . Additional Storage Needs Are Provided By Way Of The Pull Down Attic Stair System With A Large Plywood Floor Storage Space . Walking Distance To The 1st Tee , Golf Practice Facility , Clubhouse Dining & Lounge. Low Maintenance Exterior Concrete Siding. Extremely Well Insulated Walls, Ceilings And Windows Help Keep Utility Bills Affordable. Words Cannot Properly Describe This Offering, Please Come See For Yourself!

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13051 W Big Oak Street Peoria, AZ 85383

$690,000

2 Beds

2 Baths

2,193 SqFt

Status Active

MLS # 6777668

Property Type Single Family Residence

Price Type --

Check out this barely lived in home, nestled on a serene, mountainside, cul-de-sac street, in the 55+ community of Trilogy at Vistancia. Charming stone accents grace the exterior, adding character and elegance. The welcoming private courtyard beckons for you to grab a cup of coffee or glass of wine and enjoy the beautiful weather the fall and winter bring to Arizona. The bright and open floorplan seamlessly connects the living room, dining room and kitchen. The large den doubles as a 3rd bedroom with a queen size Murphy Bed, office wing and small library with double doors for your guest's privacy. 2.5 car garage, and beautiful backyard complete this stunning home. Recently updated with new lighting, newer carpet in bedrooms and tankless water heater and new AC units in 2019 & 2020.

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1925 Crossroads -- Prescott, AZ 86305

$690,000

3 Beds

2 Baths

1,950 SqFt

Status Active

MLS # 6779040

Property Type Single Family Residence

Price Type --

Experience unparalleled beauty and privacy in this custom-remodeled 3 Bedroom/2 Bath Forest Trails retreat, where nature's artistry surrounds you. Nestled among majestic boulders and lush, mature landscaping, this corner-lot sanctuary is bathed in natural light from expansive windows, creating a warm, inviting ambiance in every room. Several updates throughout ensure modern comfort such as stainless appliances, TREX decking, AC, Security System, Anderson Vinyl Windows, & newer interior & exterior paint, while connecting you to the tranquil outdoors. Embrace the unique fusion of luxury and nature—your private oasis awaits, a perfect balance of serene seclusion and striking beauty.

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30605 N 25th Drive Phoenix, AZ 85085

$690,000

4 Beds

3 Baths

2,118 SqFt

Status Active Under Contract

MLS # 6772704

Property Type Single Family Residence

Price Type --

This exceptional single-level home is situated on a prime lot with stunning mountain views. Offering 4 spacious bedrooms, an office, and 3 bathrooms, this residence is the epitome of luxury living. The backyard boasts a PebbleTec pool with a water feature, a travertine patio, and a built-in BBQ, ideal for entertaining. Builder upgrades include a 3-panel sliding door, custom kitchen cabinetry, walk-in showers in both the guest and primary baths, and a well-appointed laundry room. Additional features include an EV charger in the garage, a water softener, and more. A perfect blend of elegance and comfort.

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16205 W Berkeley Road Goodyear, AZ 85395

$690,000

4 Beds

3 Baths

3,063 SqFt

Status Active

MLS # 6732622

Property Type Single Family Residence

Price Type --

Nestled in a tranquil neighborhood, this exquisite 4-bedroom, 3-bathroom property sits on a generous 9,100 sq ft lot. Enjoy ample space with large bedrooms and beautifully designed bathrooms. Whip up culinary delights in your spacious gourmet kitchen featuring double ovens, granite countertops, a gas cooktop, and a convenient kitchen island. Relax in the cozy family room or get some work done in the versatile office/den. Host gatherings in style with a charming courtyard and plenty of outdoor space for entertainment. Designed for maximum privacy and comfort, the split floor plan ensures everyone has their own space. This home combines comfort with functionality to meet all your needs.

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2504 S Betty Street Gilbert, AZ 85295

$690,000

5 Beds

4 Baths

2,402 SqFt

Status Active

MLS # 6741043

Property Type Single Family Residence

Price Type --

Fantastic opportunity! Discover this charming residence, adorned with elegant stone accents and a meticulously maintained front yard. You're welcomed by a great room with high ceilings, a soothing palette, blinds for privacy, wood-look flooring, and a cozy fireplace. The kitchen features quartz counters, grey shaker cabinets with crown moulding, a subway tile backsplash, pendant/recessed lighting, SS appliances, a pantry, and an island with a breakfast bar. The loft offers a versatile space for an office or entertainment room. Retreat to the main bedroom, complete with plush carpeting, balcony access for refreshing outdoor moments, an ensuite with dual sinks, and a walk-in closet. The backyard boasts a covered patio, stylish pavers, and a putting green for golf enthusiasts. Casita/ Solar!

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3784 E Wisteria Drive Chandler, AZ 85286

$690,000

3 Beds

2 Baths

2,106 SqFt

Status Active

MLS # 6747042

Property Type Single Family Residence

Price Type --

Step into a world of luxury with this better-than-new 3-bedroom, 2-bathroom masterpiece located in one of Chandler's most coveted neighborhoods. From the moment you enter, you'll be captivated by the modern elegance and thoughtful design that defines this home. The heart of this residence is its stunning kitchen, a true culinary haven. Adorned with custom cabinetry and polished granite countertops, this space is both a chef's dream and an entertainer's delight. The kitchen seamlessly flows into the expansive great room, where a sophisticated fireplace serves as the perfect focal point for cozy Arizona winter nights. Designed with privacy and comfort in mind, the split floor plan features a master suite that is nothing short of spectacular. Indulge in the spa-like master bathroom, complete with a spacious walk-in shower, a chic makeup vanity, and a walk-in closet that will leave you in awe. The beauty of this home extends to the outdoors, where a massive sliding door in the great room leads to your private oasis. Enjoy Arizona's beautiful weather in your pebbletec pool, surrounded by low-maintenance turf, making this backyard as functional as it is beautiful. This home also boasts a rare 3-car tandem garage, offering ample space for your vehicles, storage, or even a home gym. Whether you're looking for your forever home or a savvy investment, this Chandler gem seamlessly blends style, comfort, and practicality. Don't miss the opportunity to make this exceptional property your own!

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7769 Emily Way Flagstaff, AZ 86004

$690,000

3 Beds

2 Baths

2,053 SqFt

Status Active

MLS # 6746120

Property Type Single Family Residence

Price Type --

MILLION DOLLAR UNOBSTRUCTED VIEWS! Welcome to this sprawling 2.5 acre lot featuring animal facilities, raised garden beds, and more! This property has been meticulously cared for and boasts new exterior and interior paint. The 4-car garage is perfect for a workshop or car enthusiasts alike. The home features 3 bedroom and TWO bonus rooms. The living space offers large windows that frame the San Francisco Peaks. Doney Park is known for its expansive landscapes, this area offers a unique blend of country living with proximity to the amenities of Flagstaff. Residents here. enjoy stunning views of the San Francisco Peaks, access to outdoor activities like hiking, biking, and horseback riding.

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3651 E Donato Drive Gilbert, AZ 85298

$690,000

6 Beds

5 Baths

3,575 SqFt

Status Active

MLS # 6751629

Property Type Single Family Residence

Price Type --

A spacious 6-bedroom, 5-bath home with 10' flat ceilings is located on a quiet street near Bridges Elementary School. This two-story residence offers a perfect blend of style and comfort. The main floor includes a guest suite with a private bath, another bedroom and bath, a formal dining room, and a gourmet kitchen featuring granite countertops, an island, and a large pantry. The bright family room with high ceilings opens to a low-maintenance backyard with a covered patio. Upstairs, the master suite features a walk-in closet, dual sinks, and a soaking tub. Four additional bedrooms, including two with a Jack and Jill bath, along with a loft and laundry room, complete the upper level. Ample storage, a built-in desk area, and a well-designed layout make this home move-in ready!

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14052 N 58th Street Scottsdale, AZ 85254

$690,000

3 Beds

2 Baths

1,408 SqFt

Status Active

MLS # 6760918

Property Type Single Family Residence

Price Type --

MOTIVATED seller offers this recently updated and customized home on an oversized lot backing and siding to maintained washes. Interior of home is light and bright with an open kitchen with large breakfast bar that opens to a great rm floorplan. Granite counters in kitchen and baths, tons of recessed lighting, solar tubes and plank flooring thru-out. Outside offers classy wrap around covered patios with auto shades plus a separate patio with private hot tub! An amazing cooled and heated 345 sq ft 3rd car garage or workshop w/casita potential is accessible thru a breezeway to main house. Rv gate w/electric opener for your toys plus two customized storage sheds. See document section for more update/upgrade information. No expense spared evident throughout this special home!

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