#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.

#1 Answer to the Housing Shortage: New Construction | Simplifying The Market

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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2809 E Hillery Drive Phoenix, AZ 85032

$645,000
3 Beds
2 Baths
2,015 SqFt
Status Active
MLS # 6738520
Property Type Single Family Residence
Price Type --
Location Location Location! This beautifully updated 3-bedroom, 2-bath home is perfect for those seeking modern comforts and a prime location on an almost 1/4 acre lot! Nestled in a great neighborhood at the base of Shadow Mountain, this property boasts several recent upgrades and desirable features to include: Freshly painted both inside and out, offering a clean and modern look; updated lighting fixtures throughout the home providing a bright and inviting atmosphere; new vanities in both bathrooms; a huge pantry provides ample storage space, making the Kitchen a dream for any home chef. Large sparkling diving pool in the private backyard. Huge pantry and updated lighting fixtures. New vanities. Enjoy your completely fenced, large sparkling diving pool in this beautiful backyard ensuring you can enjoy the outdoor space without all of the hassle! The home is ideally situated with a north/south facing orientation, maximizing energy efficiency and comfort. Don't miss the opportunity to own this move-in-ready home in a fantastic location - this one is special!

15999 W Montana De Oro Drive Surprise, AZ 85387

$645,000
4 Beds
3 Baths
2,515 SqFt
Status Active
MLS # 6747387
Property Type Single Family Residence
Price Type --
Gorgeous Home in Escalante For Sale that's better than new! The home has over $100,000 in upgrades all the way throughout, starting with the exterior that has charming curb appeal, front yard landscaping with lighting and irrigation, extra wide driveway pavers for additional parking, and additional pavers to the gate and beyond perfect for RV's, boats, toys, you name it! The interior has been completely upgraded as well, featuring soaring 10ft ceilings, 8ft doors, and a split floor plan that feels airy and bright! Notice the neutral wood look tile flooring and paint that go with any color! The kitchen is a chef's kitchen with massive island, 4-inch granite countertops, Upgraded GE Café Stainless Steel Appliances, custom drawers throughout, under cabinet lighting, and more! For gas cooking enthusiasts, it's stubbed and ready, too! The kitchen opens to the spacious family room, perfect for family time or entertaining, and features the 16 foot atrium sliding doors, giving that indoor-outdoor feel! The master bedroom is large, and boasts a resort style ensuite with raised countertops, double sinks, and a super-shower with two shower heads and granite bench, plus a massive walk-in closet! The additional bedrooms are spacious as well, and the secondary bathrooms have been equally upgraded. If that's not all, you'll love the flex space that could make for a perfect office, workout room, or craft space, the 3 car tandem garage with epoxy flooring, tankless water heater, spacious laundry room with stainless steel sink, and all the upgraded lighting and fans throughout! The backyard is your blank canvas, with plenty of space for a pool. Builder incentives are nice, but this house has it all, plus builder warranties, and with no build time! Escalante is a vibrant and family-friendly neighborhood renowned for its exceptional amenities and outdoor lifestyle. Nestled within this community are charming tree-lined streets that provide a serene backdrop to everyday living. Residents enjoy easy access to scenic hiking trails that invite exploration and adventure right at their doorstep. The neighborhood boasts a state-of-the-art aquatic center, perfect for relaxation and recreation. With eight select parks featuring ramadas, basketball courts, pickleball courts, and bocce ball courts, there's no shortage of recreational options. For disc golf enthusiasts, an 18-hole course offers a fun challenge, while a thrilling zip line provides endless enjoyment for kids. Escalante seamlessly blends active living with relaxation, making it an ideal place to call home. Welcome home!

14667 N Love Court Fountain Hills, AZ 85268

$645,000
2 Beds
2 Baths
1,307 SqFt
Status Active
MLS # 6762853
Property Type Single Family Residence
Price Type --
Price Improved $26,000 - Wow! $100,000 plus of on trend updates since last owner. Don't let this house built in the 80s fool you. Located in quiet cul-de-sac lot with no homes behind you. This Single level great room floor plan with 2 split primary bedrooms with a bonus flex space, 2 well appointed remodeled bathrooms, 2 car garage with 32' lap/diving pool with outside shower, and newer Hollywood hedges and pool deck. Updates include LVP flooring through out, New kitchen, built in desk and beverage bar with quartz countertops, Murphy secret walk in closet, stack rock fireplace, A/C is under warranty with Parker and Sons completely updated roof just to name a few. Interior/Exterior has been painted in a neutral color palette, creating a warm and inviting atmosphere. The primary bedroom has chevron feature wall with a spacious walk-in closet with room for fitness equipment and provides direct access to the patio area, perfect for enjoying your morning coffee and evening cocktails. Updated primary bathroom offers a spa like Zen experience which includes new vanity and makeup vanity dressing area. Spa like shower with large rain head shower, lighted shower shelving/cubbies, and faux succulent cactus wall with low maintenance tile. Completely remodeled kitchen with new cabinets, Island on wheels that gives flexibility in position, with new stainless appliance package. Pantry with pull outs, pull out garbage, large one basin sink and island that is on wheels, that can be turned. Trash is a pull out cabinet, and sink looks out to pool. There is a beautiful backsplash with quartz counters and new hardware on all the cabinets. Step into your flex space with built in desk with quartz counter and walk up beverage bar. Endless possibilities for this flex space for more dining, office, work out, or more entertaining or work from home situation. Laundry is conveniently located near the primary bedroom with folding bar and shelving to organize household items. Guest room is split from primary bedroom and has a well appointed remodeled bathroom with title and lighting, and privacy for owners. All in the beautiful community of Fountain Hills near shopping restaurants, and the Fountain.

26904 N 24th Lane Phoenix, AZ 85085

$645,000
4 Beds
2 Baths
2,304 SqFt
Status Active Under Contract
MLS # 6771682
Property Type Single Family Residence
Price Type --
Discover this beautifully updated 4 bedroom, Den, 2 bath home, and make it yours! The paved entry courtyard is private yet welcoming. From the entry, step inside to a spacious living area with vaulted ceiling, electric fireplace and custom media wall (2023). The living area flows into the eat-in kitchen which includes granite countertops, painted cabinets, new light fixtures, stainless steel appliances, a pantry, and an island with a breakfast bar. The main bedroom is roomy and bright and offers an ensuite bathroom with double sinks, tub/shower combo and a walk-in closet with built-in organizers (2024). In your backyard, enjoy the covered patio with new ceiling fans (2024), a lush backyard lawn, a sparkling pebbletec pool (2022), new exterior lights (2024) and a tool shed, (more) for added storage. Additional features include wood laminate flooring throughout, new interior paint (2024), hardwired security system, new exterior paint (2024), and a new A/C unit (2017). There is plenty of storage in the 3-car garage, a spacious RV gate featuring new slats on both the North and South side gates (2024) and additional RV parking (complete with pavers installed in 2023) on the North side. This home is filled with recent upgrades and offers a perfect blend of style and comfort. All of this while conveniently located close to the TSMC campus, shopping, schools, restaurants and 3 different freeways. Come and check it out!

1928 E Betty Elyse Lane Phoenix, AZ 85022

$645,000
4 Beds
2 Baths
2,015 SqFt
Status Active
MLS # 6758629
Property Type Single Family Residence
Price Type --
Where shall we start? A fabulous 4 bedroom home on an incredible lot. Dreaming of an RV Garage, Guest House, Accessory Dwelling Unit?--the dream is yours to complete on this 17,000+SF Cul-de-sac Lot. A unique home in the highly desired community of Sunset Hills. This home is surrounded by magnificent mountain and city views. Your new home has been perfectly maintained. 4th bed is generously sized and was used as a craft room. Primary bedroom with newly remodeled bath, lap style pool replastered with new tile work, new pool equipment, updated Built-in BBQ, Newer Roof, Patio addition in front/rear yards, newer vinyl dual pane windows, new electrical panel in 2015. RV GATE is new with solar powered control arm. Great entertainment space with 2 living areas. Whew! Don't miss this beauty

6253 E Phelps Road Scottsdale, AZ 85254

$645,000 - 3Br/2Ba -  for Sale in North Ranch Unit 6, Scottsdale
Open House
New
$645,000
3 Beds
2 Baths
1,999 SqFt
Status Active
MLS # 6776628
Property Type Single Family Residence
Price Type --
If you yearn to own a home that is surrounded by mature trees, green grass, and open spaces then this is your next home. Located in the desirable patio home community of North Ranch towards the end of a cul-de-sac just steps from the community heated pool and spa. Relax at the breakfast bar with your morning coffee and enjoy any time of day in the large dining area which can accommodate all your family and guests. The cozy family room off the kitchen has a wood burning fireplace for the cooler winters. New Air Handler in 2024, outside main water line replaced in 2024, roof recoated in 2023, garage door and opener replaced in 2023. Granite counters in kitchen with stainless appliances. Bathrooms updated with quartz counters, new faucets, refinished cabinets and new shower and bathtub. The HOA maintains the front landscaping as well as your back patio area, so it makes for a great lock and leave. Enjoy having a glass of wine on the back patio which overlooks the common grassy area. This home is close to great restaurants and shopping at Kierland Commons and Scottsdale Quarter

8350 W Mary Ann Drive Peoria, AZ 85382

$645,000 - 5Br/3Ba -  for Sale in Fletcher Heights, Peoria
Open House
$645,000
5 Beds
3 Baths
2,634 SqFt
Status Active
MLS # 6773644
Property Type Single Family Residence
Price Type --
Gorgeous Fletcher Heights Fulton home* Brand new Roof 2024* Brand new solar panels 2024- paid $35k* sparkling play pool* cozy mid west style front porch* 2634 sq ft* 5 bedrooms* 3 bathrooms* 2 car garage* beautiful remodeled kitchen w/ white cabinets & brushed nickel hardware* all stainless steel kitchen appliances* newer stainless steel Bosch dishwasher and refrigerator* freshly painted exterior pop outs* remodeled white linen and laundry cabinets* freshly painted white custom baseboards* new lighting fixtures and brushed nickel door handles* remodeled owners suite master bathroom w/ beautiful custom walk in shower* gas heat* gas fireplace in family room* full length cozy back patio* custom pavers in backyard, front yard and side yard* beautiful green synthetic grass installed in front and backyard* beautiful views on the full length walk out balcony right off the master bedroom* just resurfaced pool deck* gas water heater* added insulation in attic* raised block backyard wall a couple of feet for added privacy* nice backyard golf putting green* spectacular backyard for entertaining & enjoyment* highly desirable Fletcher Heights community* top rated Peoria schools* close to A+ Rated Sunrise Mountain High School* close to shopping* restaurants* schools* golf* Arrowhead Mall* the 101 and much more* fantastic home!

10144 E Thistle Avenue Mesa, AZ 85212

$645,000 - 4Br/3Ba -  for Sale in Cadence At Gateway Phase 3 Parcel U, Mesa
Open House
$645,000
4 Beds
3 Baths
2,021 SqFt
Status Active
MLS # 6773083
Property Type Single Family Residence
Price Type --
We are proud to offer a magnificent private residence, nestled in this fantastic community! Sitting on a prime corner lot and offers all the luxurious features, upgrades, and finishes you would expect in a model home. The floor plan is open and bright and at the heart of the home you'll find the gourmet kitchen complete with a large island, that is perfect for entertaining friends and family, giving you ample space to prepare your favorite dishes. As you step through the large sliding door, a feeling of serenity overcomes you. The door seamlessly disappears, allowing you to fully embrace a luxurious indoor-outdoor experience. The covered patio beckons, inviting you to relax and take in the beauty of the fully landscaped backyard. The design is impeccable, with each element carefully chosen to create a harmonious ambiance. The vibrant greenery is a perfect contrast to the modern home's sleek exterior, evoking an oasis-like feel. This highly desirable location offers quick access to top-rated schools, premier shopping and dining establishments, as well as convenient freeway access. The surrounding area boasts a wealth of amenities, making it the perfect place for those seeking both convenience and luxury.

13325 W Luke Avenue Litchfield Park, AZ 85340

$644,999
3 Beds
2.5 Baths
2,432 SqFt
Status Active
MLS # 6735757
Property Type Single Family Residence
Price Type --
This Modern Move-In ready 3bd, 2.5ba home with den/office has been updated and ready for the holidays celebrations. Located in the gated community of Dreaming Summit in Litchfield Park, this home has a split floor plan with new flooring throughout, a gourmet kitchen with an updated island that opens up to the Great Room and many more upgrades. Enjoy this perfect weather with an extended patio, built-in BBQ, and a private pool with RV gate. Modern finishes and a spacious layout make this the perfect place to make your home. The main suite is your private sanctuary, direct backyard access, a luxurious ensuite, and a walk-in closet. There's also a dedicated office with built-ins, perfect for remote work or study. The backyard is an entertainer's paradise, offering a covered patio, a pergola, a built-in BBQ, and a sparkling pool. Don't miss out on this modern dream home - act now!

2930 N 154th Drive Goodyear, AZ 85395

$644,999
3 Beds
2.5 Baths
2,614 SqFt
Status Active
MLS # 6722894
Property Type Single Family Residence
Price Type --
This gorgeous 3 bed/2.5 bath home located in the lovely adult golf course community of Pebblecreek just underwent substantial updates and renovations for you to enjoy and call home! Beautiful updates include painted kitchen cabinets, new paint throughout interior of home, new vinyl flooring, fresh New cool deck paint, landscape timer. golf cart garage was converted to an A/C controlled gym. Family room has vaulted ceilings, a fireplace, and built in niche. This home has so much space to enjoy with its over 2600sf, Sparkling private Pebble-Tec pool and above-ground hot tub. 2-car garage has built in storage cabinets, There are outside storage cabinets on one side of the home and a shed on the other for additional storage. Leased solar as an added bonus! You don't want to miss this one!

20271 W Hollyhock Street Buckeye, AZ 85396

$644,995
4 Beds
3 Baths
2,630 SqFt
Status Active
MLS # 6717642
Property Type Single Family Residence
Price Type --
8760 sqft lot - Gourmet kitchen, quartz countertops, full tile backsplash, white cabinets w/extension at nook, pendant lights at island, stainless steel appliances w/pyramid hood & gas cooktop - Center-meet doors at great room - Walk-in shower at primary bath - Pre-plumb locations at laundry room, soft water loop, gas to patio - 9 x 35 tile floors throughout except for carpet in bedrooms - Matte black fixtures throughout - Ceiling fan pre-wires at bedrooms, patio and great room - 10-foot ceilings - Single additional gate non-garage side - Two-tone paint - Garage service door.

20247 W Hollyhock Street Buckeye, AZ 85396

$644,995
3 Beds
3 Baths
2,630 SqFt
Status Active
MLS # 6717674
Property Type Single Family Residence
Price Type --
8760 sqft lot - Optional Guest Suite - Gourmet kitchen, quartz countertops, full tile backsplash, white cabinets, pendant lights at island, stainless steel appliances w/pyramid hood & gas cooktop - Multi-slide doors at great room - Walk-in shower at primary bath - Pre-plumb locations at laundry room, soft water loop, gas to patio - Wood laminate floors throughout except for carpet in bedrooms & 12 x 24 tile in bathrooms - Matte black fixtures throughout - Ceiling fan pre-wires at bedrooms, patio and great room - 10-foot ceilings - Double gate - Two-tone paint - Garage service door - Cabinets & wet bar sink w/beverage center at guest living room w/entry door into side-car garage.

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