#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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21672 E Roundup Way Queen Creek, AZ 85142

$681,995

4 Beds

3 Baths

2,630 SqFt

Status Active

MLS # 6720899

Property Type Single Family Residence

Price Type --

This Pomona plan is on a generous sized lot with a South facing front in central Queen Creek. The smart floorplan is a 4 bedroom, 3 full bath, 3 car garage with 8' tall garage doors. Interior finishes include 10' ceilings, Gourmet Kitchen appliances with a gas cooktop and a 36'' vent hood, HUGE shower with a rain shower head in the Primary Bathroom, expansive sliding glass door system from the Great Room to the large covered patio, and much more! Awesome location close to Queen Creek Marketplace, the brand new Costco and Fry's, and all that Queen Creek has to offer.

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21813 S 197th Street Queen Creek, AZ 85142

Open House

$681,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6694344

Property Type Single Family Residence

Price Type --

The Dominic floorplan features an open, inviting entrance which leads to the spacious great room, gourmet kitchen and inviting breakfast nook. This home includes two guest bedrooms, a teen room, a study and 2.5 baths, The private Owner's retreat features a deluxe walk-in shower and spacious walk-in closet. Beautifully upgraded with white shaker cabinets, quartz countertops, multi-slide doors to the covered patio, 10' ceilings and much more.

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3640 W Summerside Road Laveen, AZ 85339

$681,438

3 Beds

2.5 Baths

2,346 SqFt

Status Active

MLS # 6709054

Property Type Single Family Residence

Price Type --

Newly built 3 bedroom, 2.5 bathroom home in Whispering Hill's Ridge community. Single story living with an executive kitchen featuring double ovens and Della Terra Quartz Arabescato Como countertops. Designer features throughout. Benton white painted cabinets, upgraded paint in Snowbound, upgraded tile and carpet, a multi-slider in the great room, and an extended outdoor living space and primary suite. Other highlights in the home are a frameless walk-in shower, a shower at the secondary bath, and raised vanity heights at all bathrooms. The home has an attached 3-car garage with a service door. The exterior of the home includes a 8' double gate, pavers at the outdoor living space, and a gas line in the backyard. Located near South Mountain.

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18215 E Paria Canyon Drive Rio Verde, AZ 85263

$680,808

2 Beds

2 Baths

1,945 SqFt

Status Active

MLS # 6759511

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home in Trilogy at Verde River an amenity-rich guarded gate community! The Nice floorplan offers 2 bedrooms, 2 bathrooms, a den with French doors, and beautiful upgrades throughout. Enjoy the upgraded central Vacuum system, expanded dining room, and the huge laundry room with a desk and upper and lower cabinetry. The kitchen is stunning with Glisten quartz countertops ,tile backsplash, and high end stainless steel appliances. The primary suite has a lavish ensuite and walk-in closet. Do not miss out! The amenities at Verde River are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickleball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails.

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21298 E Sparrow Drive Queen Creek, AZ 85142

$680,523

4 Beds

3.5 Baths

3,062 SqFt

Status Active

MLS # 6753921

Property Type Single Family Residence

Price Type --

Welcome to this STUNNING home in Ascent at Jorde Farms with over $100k in upgrades! Step inside to discover the expanded GOURMET kitchen, featuring designer cabinets, quartz countertops + Whirlpool stainless steel appliances. The open-concept great room is ideal for entertaining. Head up the staircase with its designer railing to the spacious loft! The private primary bedroom offers an ensuite bath + a BIG walk-in closet. This home includes 3 bedrooms, 3 full baths, a half bath, a flex room, and a loft, with upgraded paint, flooring, and more! Located in the inviting Ascent at Jorde Farms community, future amenities include a pool, walking paths, and parks. Plus, enjoy nearby dining and shopping. Welcome home!

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3131 N Central Avenue Unit 3015 Phoenix, AZ 85012

$680,517

2 Beds

2 Baths

1,363 SqFt

Status Active

MLS # 6622404

Property Type Apartment

Price Type --

*Construction Completed* 5% BUYER INCENTIVE! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom plus den condo 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. 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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1860 W Buckhorn Trail Phoenix, AZ 85085

$680,000

3 Beds

2.5 Baths

2,180 SqFt

Status Active

MLS # 6749064

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the highly desirable Fireside at Norterra community in North Phoenix! This stunning residence features soaring ceilings in the main living area, 3 bedrooms, 2.5 baths, a versatile den/office/playroom,& a spacious loft. The luxurious primary suite includes dual walk-in closets & a spa-like bathroom w/dual sinks & a walk-in shower. The well-appointed kitchen boasts espresso cabinets, granite countertops, a large island, a gas stove, & a walk-in pantry. Enjoy North/South exposure w/ expansive land behind for added privacy .Recent updates include a new AC unit (Dec 2023), fresh paint including garage, & new carpet & tile throughout .Outside, artificial turf & pavers finish the backyard, & the home was painted 2 years ago. The large laundry room comes w/ a tub sink, & the washer, dryer, & refrigerator are included. The community offers a heated play pool, splash pool, fitness center, basketball & tennis courts, & nearby hiking trails in the Sonoran Preserve. Don't miss out on this ultimate blend of comfort and convenience!

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1205 N Sunshine Lane Payson, AZ 85541

$680,000

3 Beds

3 Baths

2,548 SqFt

Status Active

MLS # 6750801

Property Type Single Family Residence

Price Type --

Alpine Heights Must See Updated Home situated on a 12000+ sq ft treed lot enhanced with a circular drive way. This 3 bedroom 3 bath home with an extra room perfect for an office offers all new kitchen and bath cabinetry with Quartz countertops. New Luxury Vinyl flooring through out, the blonde and tan color tones are gorgeous. Perfect flooring for many years to come. New baseboards, doors, hardware, lighting, fans and canned lighting, all features that accentuate the abundance of natural light the main level offers with a back drop of trees seen through the windows. Wrap around deck has two entrys into the home with one from the kitchen dining area, easy for outdoor entertaining. The lower level living with office, bath & bedroom connect to the garage with an entry to the back yard. New AC helps keep the upstairs cool in the summer months and a Fireplace for the cooler months. Enjoy the outdoors with the fenced yard for privacy. Don't miss your opportunity to see thsi home Today!

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7026 E Vernon Avenue Scottsdale, AZ 85257

$680,000

3 Beds

2 Baths

1,396 SqFt

Status Active

MLS # 6762949

Property Type Single Family Residence

Price Type --

Check out this luxurious remodeled home, located just minutes from Scottsdale Fashion Square and Old Town, offering lively restaurants and nightlife. This stunning home offers exclusivity and convenience. Set on nearly a quarter-acre lot, this 3-bedroom, 2-bath residence boasts an open-concept layout with high-end finishes throughout. The gourmet kitchen features top-of-the-line appliances, perfect for entertaining. The private backyard is a true oasis with a sparkling pool, covered patio, and an abundance of space to relax or host gatherings. With its ideal location and beautiful design, this home perfectly blends style and comfort.

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35202 N 30th Drive Phoenix, AZ 85086

$680,000

6 Beds

3.5 Baths

3,936 SqFt

Status Active

MLS # 6764623

Property Type Single Family Residence

Price Type --

Discover this expansive 3,936 sq ft residence designed for MULTIGENERATIONAL living. This home offers both privacy and shared spaces, including a den, formal living room and an inviting great room perfect for gatherings. Large open kitchen with breakfast bar, granite counters and stainless-steel appliances. Spacious downstairs primary bedroom with en suite bath includes luxury vinyl wood plank flooring, 2 separate vanities, soaking tub, walk-in shower and separate exit to patio. Upstairs includes small loft area, 3 bedrooms and bath AND 2nd primary bedroom, 8x10 walk-in closet, dry bar, bathroom and another bedroom. 3 car tandem garage. Tankless gas hot water heater. Tree covered backyard is cool retreat to enjoy year-round. Enjoy mountain views, hiking trails, parks and shopping nearby.

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3525 E Cambridge Avenue Phoenix, AZ 85008

$680,000

5 Beds

3 Baths

2,073 SqFt

Status Active

MLS # 6764534

Property Type Single Family Residence

Price Type --

AMAIZING PROPERTY WITH A GUEST HOUSE!!!!!!Main house has 3 bedrooms & 2 bathrooms, alongside a separate guest house boasting 2 bedrooms and 1 bathroom. Each enjoys its own private driveway, ensuring privacy and convenience. The main home welcomes you with spacious living areas, including a cozy living room, a well designed kitchen with modern amenities, and a dining area perfect for gatherings. The guest house mirrors the main house's charm, with its own living space, kitchen facilities, and comfortable bedrooms, offering versatility for guests, extended family. Close to amenities, shopping, and dining options, this property offers both convenience and comfort. Whether you're looking for a spacious family home with additional accommodation or an investment opportunity this is The One.

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11729 N 93rd Street Scottsdale, AZ 85260

$680,000

3 Beds

2 Baths

1,484 SqFt

Status Active

MLS # 6768442

Property Type Townhouse

Price Type --

Best price/sqft unit in the neighborhood with spacious low maintenance yard in an amazing location! The beautifully remodeled kitchen has custom cabinets, quartz counters, tiled wood-like flooring, new SS appliances, soaring ceilings and fireplace. Eat in the dining area or breakfast bar. Bathrooms have been tastefully remodeled and have step in showers. French doors lead out to the private backyard with covered patios and new turf. Other updates include new Anderson windows throughout, HVAC, new Roof, Patio Awning, Air Scrubber, Epoxy garage Floor, and more! Great location near shopping, restaurants and the 101.

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