#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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2440 E Fairmount Avenue Phoenix, AZ 85016

$599,000

3 Beds

2 Baths

2,054 SqFt

Status Active

MLS # 6768328

Property Type Single Family Residence

Price Type --

Welcome to this unique home with tons of charm and character in the highly desirable area of Earl Heights. This urban oasis provides a perfect opportunity to enjoy lush vegetation, Koi Pond, custom rockwork and NO HOA. The large 450 sq. ft. studio space can be utilized for a workshop, office or easily converted into an income-generating guest house. Inside awaits an open concept kitchen, living and dining area. The original cement floor adds interest. The kitchen contains modern amenities that will make cooking and entertaining a joy. The large primary bedroom and en suite include a separate large, jetted tub, shower and large walk-in closet. French doors lead out to the serene backyard. Darling screened in front patio adds additional living space to the home. There is plenty of parking and storage. Come and view this gem of a property. It will not last long.

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1819 E Vinedo Lane Tempe, AZ 85284

$599,000

3 Beds

2.5 Baths

1,738 SqFt

Status Active

MLS # 6772736

Property Type Townhouse

Price Type --

*** All furnishings now CONVEY with sale*** Introducing this Perfectly Located Stunning FULLY FURNISHED South Tempe Home - Fully Renovated in 2023 with high quality on-trend finishes that truly make this house feel like a HOME. Step into luxury with porcelain plank tile, executive height bathroom vanities, eye-catching lighting with dimmers throughout, modern smooth interior wall/ceiling texture, Fantasy Zebra marble countertops, and a reconfigured floor plan for maximum functionality. In addition to the beautiful updates of the cosmetic features, there was no lack of attention of the foundational items of the home which include new HVAC ductwork, interior plumbing & electrical, water main replacement, added water softener/whole home water filtration system, tankless water heater, exterior paint & lastly a newer roof and AC unit.

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2301 E Binner Drive Chandler, AZ 85225

$599,000

4 Beds

2 Baths

2,049 SqFt

Status Active

MLS # 6774320

Property Type Single Family Residence

Price Type --

Absolutely gorgeous 4 bedroom home with a 3-car garage in Dobson Place! Highly upgraded carpet in the living room, and LVP floors everywhere else! 4th bedroom has a closet and double French doors--makes the perfect home office! Lovely island kitchen with oversized cabinets, pendant lighting, stainless appliances! EXTENDED 3-car garage with 220! Private, grassy backyard. Terrific neighborhood with large grass park nearby--great schools (BASIS is right down the street), shopping close by, near the 202! Hurry to this one!

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10696 S 297th Avenue Palo Verde, AZ 85343

$599,000

4 Beds

3.5 Baths

2,317 SqFt

Status Active

MLS # 6771316

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Buckeye, AZ! This luxury residence sits on a one-acre lot with an efficient irrigation system, ensuring a lush green landscape year-round. Inside, enjoy a grand foyer leading to an open-concept living area, featuring four spacious bedrooms and three and a half elegant bathrooms with high-end finishes.The gourmet kitchen boasts top-of-the-line stainless steel appliances and a large island, flowing into the dining area and inviting great room, where large windows frame breathtaking mountain views. Step outside to a private patio, perfect for outdoor dining, overlooking the expansive yard. Surrounded by other luxury ranch homes, this peaceful neighborhood offers the ideal blend of tranquility and exclusivity. Experience the best of Arizona living in this home!

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4507 W Charlie Drive San Tan Valley, AZ 85144

$599,000

4 Beds

3 Baths

2,446 SqFt

Status Active

MLS # 6771964

Property Type Single Family Residence

Price Type --

A new construction home WITH a pool?? You have to see this one! Nestled at the base of San Tan Mountain Preserve - wait until you see the view in the backyard! But first - from the moment you walk through the front door, this home looks, and smells like a model home! This popular Sienna floor plan has been highly upgraded. Upgraded flooring package. Updated lighting and fixtures throughout. Upgraded to additional bedroom and full bathroom downstairs & additional den (currently used as office) downstairs. You'll love the open living space from kitchen to dining to living room. Head upstairs to the secondary living area - the loft - and two more secondary bedrooms and of course the primary suite with large shower and even larger closet! There is too much to list - come see this home today!

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26052 N Bravo Lane Rio Verde, AZ 85263

$599,000

3 Beds

2 Baths

1,586 SqFt

Status Active

MLS # 6772260

Property Type Single Family Residence

Price Type --

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4628 E Monte Vista Road Phoenix, AZ 85008

$599,000

4 Beds

2 Baths

1,569 SqFt

Status Active

MLS # 6775224

Property Type Single Family Residence

Price Type --

Wow! COMPLETELY REMODELED 1 year ago. NEW EVERYTHING! Bright, Open Floorplan ARCADIA! New Kitchen w/ quartz counters! backsplash! New cabinets! w/ handles! New S/S appliances! Big island w/ bfast bar! Pendant lighting! Recessed lighting everywhere! New Vinyl/Dual Pane windows everywhere! New doors! New handles/hinges! New fans! New bathrooms! Quartz! Vanities! Shower/tub surrounds! New roof! New plank flooring everywhere! New baseboards everywhere! new Interior/Exterior Paint. HUGE BACKYARD! New landscaping in front and back yard! Big cov'd patio w/ firepit! Big Laundry w/ Workshop/Storage area! Do NOT Disturb OCCUPANTS! (appt only) Seconds away from Pierce Park w/ Lighted courts & fields for basketball, PICKLEBALL! / tennis, softball, volleyball, plus a playground, restrooms and POOL!

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7901 W Missouri Avenue Glendale, AZ 85303

New

$599,000

4 Beds

2.5 Baths

2,961 SqFt

Status Active

MLS # 6771300

Property Type Single Family Residence

Price Type --

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6345 E Red Oak Circle Hereford, AZ 85615

$599,000

3 Beds

2 Baths

2,384 SqFt

Status Active Under Contract

MLS # 6730192

Property Type Single Family Residence

Price Type --

Discover this stunning 2,384 sqft custom home on nearly 3 acres in the prestigious King's Ranch community. Meticulously maintained and only two years old, this home spares no detail. An oversized front porch welcomes you to an open floor plan that showcases a chef's kitchen featuring custom maple cabinetry, quartz countertops, a dual fuel slide-in gas range, a spacious single bowl composite sink, tile backsplash, RO system, and under-cabinet lighting. Custom light fixtures and window coverings enhance the home, complemented by wood-look tile and upgraded carpet throughout. The master suite offers a luxurious retreat with a large custom walk-in shower, ample countertop space, and two linen closets. The exquisite landscaping in both the front and back complete this exceptional property.

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15804 E Mustang Drive Fountain Hills, AZ 85268

$599,000

2 Beds

2 Baths

1,646 SqFt

Status Active

MLS # 6775303

Property Type Single Family Residence

Price Type --

Experience all that Fountain Hills has to offer in this exceptional DESERT OASIS. The recently updated single story two bedroom/two bathroom home is an ideal primary or secondary retreat with NO HOA fees and MOUNTAIN VIEWS! Step inside and you will find a harmonious blend of style and functionality. Bathed in natural light, the open-concept layout is perfect for both entertaining and everyday living. Cozy up to the fireplace in the main living area or step outside through the slider to the covered patio. The open concept great room flows effortlessly into the thoughtfully designed kitchen and dining space with an additional slider to your backyard refuge. The primary suite is a serene sanctuary and features two sliders leading to two private patios (one to the south and one to the north!) for those mornings when you just want to curl up with a cup of coffee and a good book. You will appreciate the spacious walk-in closet and an ensuite bathroom featuring a dual vanity and a step-in shower. The guest bedroom also offers ideal patio access and ample storage. Plus a full second bathroom for your guests. The large lot features citrus trees and multiple raised planters for anyone with a green thumb. Yet, the conscientious desert landscaping design ensures minimal effort for those who just want to enjoy the outdoors. Oh! And did I mention the MOUNTAIN VIEWS?! Enjoy the convenience of this beautifully updated home in a prime location, just minutes from Fountain Park, shops, restaurants, world class golf, hiking and adventure!

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6233 E Catalina Drive Scottsdale, AZ 85251

$599,000

3 Beds

2 Baths

2,014 SqFt

Status Active Under Contract

MLS # 6763497

Property Type Townhouse

Price Type --

Golden Keys, designed in 1964 by architect Ralph Haver, is an iconic resort style adult community located in the heart of Scottsdale. This light & airy home with an oversized front arched window has been upgraded & meticulously maintained. It boasts magnificent views of Camelback Mountain,Travertine16in tile, granite counters, SS appliances, plantation shutters, baths with higher cabinets & extended closets! Pipes were lined in 2020. Large primary bedroom & bath. Step through the French doors of the family room to the fruit tree lined expansive covered back patio to enjoy your morning coffee or host the perfect party! Steps away from Old Town, Fashion Square & Award-winning restaurants. Airport is 10 min away. Great neighborhood with wonderful activities!

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1307 W Elm Street Phoenix, AZ 85013

$599,000

3 Beds

2 Baths

1,973 SqFt

Status Active Under Contract

MLS # 6764629

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Uptown Phoenix! This updated 3 bed, 2 bath house features a new roof, AC, pool pump, and water heater, all within the last three years. As you enter, you are greeted to an inviting open floor plan, opening to a bright and spacious living area that seamlessly connects to the dining room and modern kitchen, complete with stainless steel appliances and sleek countertops. Step outside to a sparkling pool, newly refinished with beautiful pebbletec. This house has it all!

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