#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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16699 W Saguaro Park Lane Surprise, AZ 85387

$597,990
4 Beds
3 Baths
2,545 SqFt
Status Active
MLS # 6770961
Property Type Single Family Residence
Price Type --
Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender. The Gardengate floorplan offers 4 bedrooms, 3 baths, a garage extension, and 8' interior doors. Notable features include built-in appliances, granite kitchen countertops, a gas stub in the kitchen, a backyard perfect for BBQs, and a gas dryer connection in the laundry.

17726 W Hatcher Road Waddell, AZ 85355

$597,885 - 4Br/4Ba -  for Sale in Zanjero Pass Phase 1, Waddell
Open House
$597,885
4 Beds
3.5 Baths
3,222 SqFt
Status Active
MLS # 6773027
Property Type Single Family Residence
Price Type --
This Gorgeous NEW home has so much to offer! Primary bedroom on the 1st floor 3,222 square feet, 4 bedrooms, 3.5 bathrooms, loft, media room, a 3 car tandem garage on a North/south corner lot! This home features 36'' white shaker cabinetry, 18x18 tile, a large kitchen island, quartz counter tops, and 9' ceilings throughout. It also includes a soft water loop, dual pane low-E windows, multi-zone thermostat, window coverings and a smart home system. The exterior features front desert landscaping, a covered patio and generous backyard. Conveniently located off the 303, this community is near Costco, Safeway, and shopping. **Finishes may vary from sample photos and virtual tour.

27242 W Wahalla Lane Buckeye, AZ 85396

$597,700
2 Beds
2 Baths
2,092 SqFt
Status Active
MLS # 6776160
Property Type Single Family Residence
Price Type --
A FULLY FURNISHED, TURNKEY DESTINY MODEL WITH OWNED SOLAR & 3 CAR GARAGE SITUATED ON A PREMUIM GOLFCOURSE, LAKE FRONT LOT! Enter the front courtyard which leads to the open concept floorplan w/ tile plank flooring and neutral palette. The living/dining room boasts a custom stacked stone media wall & panoramic views of the of the course. The dine-in kitchen features a huge center Island, granite counters, custom tile backsplash & breakfast bar. Master Suite is complete w/sep tub/shower, dual sinks & large walk-in closet. Second bedroom & a den on the opposite side of the home provide privacy for guests.The laundry room offers lots of cabinets & utility sink. Enjoy outdoor living on the extended covered patio overlooking the stunning water fountain on this award winning golf course.

21354 E Sparrow Drive Queen Creek, AZ 85142

$597,594
4 Beds
3 Baths
2,405 SqFt
Status Active
MLS # 6753924
Property Type Single Family Residence
Price Type --
Welcome to this stunning home in Ascent at Jorde Farms, filled with numerous upgrades! Inside, you'll find a gourmet kitchen featuring designer cabinets, quartz countertops, and Whirlpool stainless steel appliances. The open-concept great room offers the perfect space for gatherings. The private primary bedroom includes an ensuite bath and a spacious walk-in closet. This home boasts 3 bedrooms, 3 full baths, upgraded paint, flooring, and more! Enjoy the charming porch and become part of the inviting Ascent at Jorde Farms community, which plans to offer a pool, walking paths, and parks. With great restaurants and shopping nearby, your dream home awaits! Welcome home!!

7637 E Chaparral Road Scottsdale, AZ 85250

$597,500 - 2Br/2Ba -  for Sale in Villa Monterey 4, Scottsdale
New
$597,500
2 Beds
2 Baths
1,700 SqFt
Status Active
MLS # 6777379
Property Type Townhouse
Price Type --
Charming Mid-Century Modern Home with Expansive Upgrades. Welcome to your perfect blend of modern comfort and classic mid-century charm! This beautifully updated one-story home is located in a highly desirable Scottsdale 55+ neighborhood, offers a sophisticated lifestyle wrapped in understated elegance. Stylish Interiors Step inside to find an open-concept great room filled with natural light, featuring neutral tones and contemporary finishes that create a warm, inviting atmosphere. The spacious family room flows seamlessly into the dining area and kitchen, perfect for entertaining. Large sliding glass doors lead to the lush backyard, enhancing the indoor-outdoor Arizona lifestyle. The gourmet kitchen is a chef's dream, equipped with gleaming granite countertops, custom wood cabinets Relaxing Bedrooms and Luxurious Baths The home boasts two generously-sized bedrooms, each with updated flooring and custom window treatments. The primary suite offers an expansive retreat with access to the backyard, and it includes a sleek, spa-inspired ensuite bath. The bathrooms have been upgraded with high-end fixtures, frameless glass showers, and stylish vanities, providing an elevated sense of comfort. Outdoor Living at Its Best The spacious backyard is a private oasis, featuring lush artificial turf and mature trees that provide plenty of shade and privacy. Enjoy the extended covered patio, perfect for hosting gatherings or simply unwinding with a good book. A modern epoxy-coated two-car carport offers ample parking, and the front of the house features tasteful xeriscaping, providing a low-maintenance, yet attractive curb appeal. Upgrades Galore This home includes numerous recent upgrades, including modern ceiling fans, updated lighting throughout, a spacious laundry and storage room, and quality flooring in every room. Every inch of this home has been thoughtfully designed to maximize comfort and style. Don't miss this opportunity to own a piece of Scottsdale paradisea property that perfectly embodies the spirit of modern Arizona living, offering a comfortable and stylish retreat while being close to all the amenities and entertainment the city has to offer. Location, Location, Location Beyond the property's attractive features, its location is second to none. Nestled just minutes away from Old Town Scottsdale, residents can enjoy a diverse array of world-class shopping, dining, and entertainment options. Scottsdale Fashion Square, with its upscale shops, is just around the corner, while a variety of local restaurants, cafés, and nightlife venues provide endless opportunities for leisure and enjoyment. Chaparral Plaza and The Shops at Hilton Village offer additional shopping and dining conveniences nearby. Whether you're in the mood for an afternoon of boutique shopping or an elegant evening out, everything is right at your doorstep.

25325 N Naples Street Paulden, AZ 86334

$597,500
3 Beds
2 Baths
1,980 SqFt
Status Active
MLS # 6700936
Property Type Single Family Residence
Price Type --
Two parcels are seamlessly merged together to equal a total of 9.795 acres. Nestled on sprawling acreage, this picturesque single family home offers an idyllic retreat enveloped by panoramic mountain vistas. Offering 3 bedrooms and 2 bathrooms, this charming residence exudes warmth and character. The inviting living room features a cathedral ceiling adorned with rustic beams, accentuating the space and charm. A wood-burning fireplace with exquisite Mexican brick infuses the room with cozy ambiance for chilly evenings. The ornate front door welcomes guests, while new storm doors on both the front and back entrances providing weather resistance. Recent upgrades include a new air conditioning and heating unit, new windows, and fresh exterior paint, ensuring modern comfort and aesthetic appeal. The home and its accompanying three-car garage, complete with storage and workbenches, boasts new roofs, offering peace of mind and longevity. A newly installed gravel driveway with gated entrance leads to the residence, which sits back a quarter-mile, offering unparalleled privacy and tranquility. The landscaped grounds boasts a variety of trees, including elm, mondell pine, Arizona cypress, juniper, purple robe locus, Arizona ash, locus and chase. Fruit trees, include apple, plum, mulberry, and Arizona walnut, creating a serene oasis. The driveway is flanked by majestic pine trees, while automatic irrigation ensures lush greenery thrives. Additional amenities include a shed, well house, chicken coop, and greenhouse with two garden beds with carrots, sweet potatoes, celery and basil. A fenced and cross fenced perimeter, complete with chain link and wire fencing, ensures security and functionality, while an interior yard with wire fencing and gates offers versatility. Great for children and the family pets. Outdoor enthusiasts will delight in the covered back patio, perfect for al fresco dining, and rustic red barn with four stalls, corrals and turnouts. A horseman's paradise with room to expand. A 10x16 concrete and block patio with redwood railing off the dining area provides a serene spot to admire the breathtaking sunsets to the west. With one RV hook-up equipped with 30 amp, power, water, and sewer access, the additional RV hook-up has 30 amp, power and is near water. This property offers endless possibilities. Update this home to your own personal style. Enjoy the relaxation and recreation of this beautiful property! Parcel numbers: 304-01-032A and 304-01-032B, both parcels combined are being sold at the list price.

13618 N 18th Street Phoenix, AZ 85022

$597,500
3 Beds
2 Baths
1,732 SqFt
Status Active Under Contract
MLS # 6691948
Property Type Single Family Residence
Price Type --
PREMIUM single story custom built property with UPDATES galore. Features include: spacious open floorplan with vaulted ceiling, granite countertops, tumbled travertine and wood flooring, custom kitchen cabinetry, remodeled baths, solid core doors, security doors at front/back, enclosed additional patio space off kitchen, low maintenance front yard landscape, gorgeous mature backyard landscape and more. Welcome home!

23866 N 72nd Place Scottsdale, AZ 85255

$597,500
3 Beds
2 Baths
1,346 SqFt
Status Active Under Contract
MLS # 6740738
Property Type Single Family Residence
Price Type --
New Price! The best deal in North Scottsdale. Beautiful property located in the gated community of Los Portones. Updates include wood plank tile flooring, newer carpet in bedrooms, and newer paint inside and out. New roof in 2022 and comes with a warranty. Open floorplan. Large backyard with plenty of room for a pool. Located near world class golf, hiking, dining, shopping, and so much more. This property is a must see!

6202 E Mckellips Road Unit 299 Mesa, AZ 85215

$597,300
3 Beds
2 Baths
1,818 SqFt
Status Active Under Contract
MLS # 6747158
Property Type Single Family Residence
Price Type --
Golf Course Lot! Beautiful Tuscany Villas at Painted Mountain single family with no shared walls.18 in ceramic tile,neutral carpet,10 ft ceilings,great room floor plan,stainless steel appliances,maple cabinets,granite counters,kitchen island,recessed lights.Primary bed with bay window,separate tub & shower,cultured marble, w/in closet.Dining room bay window,breakfast nook.Exterior stone accents, stuccoed eaves, exterior fireplace, covered extended patio with pavers. Built in BBQ. Upgraded ceiling fans, inside laundry, HOA covers: roof, exterior, front landscaping, internet, cable and blanket insurance policy. Clubhouse, heated pool, 2 spas, pickle ball, fitness area and media room. Light & bright, close to everything, including 202 Loop and Superstition Springs Mall, this home has it all!

14931 S 185th Avenue Goodyear, AZ 85338

$597,200
3 Beds
3 Baths
2,593 SqFt
Status Active Under Contract
MLS # 6752606
Property Type Single Family Residence
Price Type --
Explore the elegance of this stunning 3-bedroom home, complete with a charming Casita! The striking exterior boasts a 3-car garage and elegant stone accents. Inside, you'll find a bright and airy great room with abundant natural light and expansive sliding glass doors. The gourmet kitchen is equipped with stainless steel appliances, ample white cabinetry with crown molding, a pantry, recessed and pendant lighting and sleek quartz countertops. The primary suite offers outdoor access, a luxurious ensuite with dual sinks, and a spacious walk-in closet. Additional highlights include a dedicated den and a fully appointed Casita with its own entrance. The spacious backyard is perfect for relaxation, featuring a covered patio and stunning mountain views. This exceptional property is a must-see!

2625 S Bonarden Lane Tempe, AZ 85282

$597,000
4 Beds
2 Baths
1,669 SqFt
Status Active
MLS # 6703367
Property Type Single Family Residence
Price Type --
Amazing opportunity to own this nicely updated 4 bedroom, 2 bath home on a corner lot with RV Gate. Step inside and you will find easy care wood like laminate flooring through out and designer baseboards. Clean and bright galley style kitchen with plenty of cabinet space, stainless appliances and bar style breakfast counter overlooking the cozy brick fireplace and family room. Large covered patio overlooks generously sized block fenced back yard with low maintenance desert landscaping. Prime location close to the Orbit Bus with easy access to ASU campus, dining, sporting events and night life! Fantastic central location!

41988 W Rosewood Lane Maricopa, AZ 85138

$597,000
3 Beds
2.5 Baths
2,325 SqFt
Status Active
MLS # 6773609
Property Type Single Family Residence
Price Type --
Exquisite Waterfront home in the Award-Winning Active Community of Province. Over $95,000 in upgrades to this beauty! Tuscan-style gated courtyard; beautiful security screen door; fenced to the water; remote-operated sun screens to fully enclose a portion of the patio. Gorgeous custom landscaping with travertine patio, seating area by the water; solar lighting; upgraded PVC yard irrigation. This highly sought-after Redding model features a whole-home Wi-Fi mesh network; whole-home water filtration system; shutters thruout; beautiful engineered wood floors. Chef's kitchen is light and bright with an island; quartz countertops; pull-out drawers; under cabinet lighting; S/S appliances; gas cooktop and wall oven. The spacious living room picture window frames the amazing water views. Owner's suite is spacious and has a large closet, dual vanities in the bathroom. The garage features blown-in cellulose insulation above the garage; A/C system with heat; LED lighting; floor composite tiles; iron security door.

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