NAHB: Home Builder Confidence Slips in June

Home builder confidence fell slightly in June to a reading of 59 according to the National Association of Home Builders Housing Market Index. Analysts had expected no change to June’s reading of 60. June components of the HMI were also lower.

Builder confidence in current market conditions dropped by one point to 63; builder confidence in market conditions over the next six months fell three points to a reading of 66. The reading for foot traffic in new single-family developments dropped one point to 55. Readings over 50 indicate that more builders than fewer are confident about housing market conditions.

Are Housing Markets Cooling Down?

A statement released by NAHB said that June’s readings were consistent with an ongoing gradual housing recovery. In related news, real estate analysts are seeing similarities in today’s level of speculation to the pre-recession housing bubble that was fueled by speculation. More “mom-and-pop” investors are entering the market instead of seasoned institutional investors, which suggests that institutional investor interest is slowing.

In June, 2.50 percent of homes were purchased by institutional investors as compared to a peak of 9.80 percent in February 2013. Red flags suggesting that housing markets are cooling down appear consistent with June’s NAHB Housing Market Index.

Too much speculation can create a housing bubble, which would burst when demand dries up due to overly inflated home prices and falling demand for homes. Slim supplies of available homes and rapidly rising home prices are obstacles for home buyers. Home builders continue to cite low supplies of suitable land and labor shortages as obstacles to home construction.

Short Supply of Homes, Affordability Issues Persist

In a report separate from the NAHB Housing Market Index, Fannie Mae economists said that they expect single-family housing starts to increase by 13 percent in 2016. Any increase in home building would help reduce the shortage of available homes. The willingness and ability of builders to produce more affordable homes is a key aspect of maintaining healthy housing markets. Strong competitions for homes and high home prices in major metro areas have made home ownership impossible for many would-be buyers. Short supplies of available homes are discouraging those who are prepared to buy but can’t find homes they want.

Unless low supplies of homes and affordability concerns are resolved, overall market slow-downs are likely to occur at some point. Indications that professional investors may be slowing their former pace of snapping up homes could suggest that hot housing markets are starting to cool off.

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160 N Forgeus Avenue Tucson, AZ 85716

$599,000

3 Beds

2 Baths

1,840 SqFt

Status Active

MLS # 6781329

Property Type Single Family Residence

Price Type --

Prestigious Sam Hughes Neighborhood in a limited 9 lot home community on Forgues Ave. This 2 story, 3bedroom, 2 bath home is located in the heart of Sam Hughe walking distance to Sam Hughes Elementary and even the old Rincon Market now as Floras Market Run. All Garages are in the back of the homes allowing great curb appeal. This home has only been owed by one family. Large living room with built in entertainment area. The down stairs has a step down to living room area from entry. Step down to hallway to bathroom and 2 bedrooms. Stairway upstairs for split master bedroom private with master bath. Roman jacuzzi bath tub, pedestal sinks, separate shower. Large walk-in... closet. Vaulted ceilings, separate laundry room, 2 car garage entry from laundry area. Kitchen with eat in area and built in ovens. Back yard enclosed with jacuzzi and grass area. Investor property. Needs remodeling. Power of attorney is selling home and limited info. Home is being cleaned out and pictures coming soon. Selling home As Is. Nov 30th viewing available BY APPOINTMENT ONLY between 10am-2pm. Proof of funds required prior to viewing. Email to co-listing agent. See private remarks regarding access, notices. DO NOT DISTURB elderly resident! All offers are being reviewed in 30 days. No EXCEPTIONS. Offers accepted with 2 additional back ups.

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31013 N 41st Place Cave Creek, AZ 85331

New

$599,000

3 Beds

2.5 Baths

2,096 SqFt

Status Active

MLS # 6787652

Property Type Single Family Residence

Price Type --

Welcome to this spacious and inviting home in highly sought-after Tatum Ranch! With over 2,000 square feet of living space, this bright and open floor plan features soaring vaulted ceilings, a striking wrap-around fireplace, plantation shutters, first floor primary suite and a new first floor A/C unit. The open-concept kitchen is perfect for entertaining, complete with stainless steel appliances, plenty of counter space and pantry. The generous primary bedroom is a true retreat, offering a private patio entrance, a beautiful arched window that bathes the room in natural light, and a luxurious en suite with dual vanities, a soaking tub, and a walk-in closet. The upstairs versatile loft provides the perfect space for a home office or flex room. Step outside to enjoy the spacious covered patio, extended patio, and mature landscaping--perfect for relaxation or gatherings. The extended garage adds valuable storage or workspace. Enjoy the wonderful amenities of Tatum Ranch, including nearby parks, trails, shopping, dining and world-class golf. Don't miss this gem!

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1401 Old Jerome Highway Clarkdale, AZ 86324

New

$599,000

3 Beds

2 Baths

1,401 SqFt

Status Active

MLS # 6787713

Property Type Single Family Residence

Price Type --

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10005 E Michigan Avenue Sun Lakes, AZ 85248

$599,000

3 Beds

2 Baths

2,075 SqFt

Status Active

MLS # 6781481

Property Type Single Family Residence

Price Type --

Location is everything for this 3BR, 2BA golf course home in the fun active adult community of Cottonwood in Sun Lakes. Literally steps from the clubhouse and all its many amenities, this meticulously maintained home features a great room w/vaulted ceilings, electric fireplace with stunning, expansive golf course views. Kitchen features painted cabinets, some newer appliances, and an expanded breakfast area with bonus storage. New carpet in all three bedrooms. Large, expanded primary suite w/walk-in shower, dual sinks, modern lighting and a bonus sitting area with extra closet space. Extra deep, south facing covered patio and a serene backyard with mature landscaping. Enjoy the many amenities in Cottonwood: golf, tennis, pickleball, multiple pools, lots of clubs and wonderful restaurants.

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4290 Highway 82 -- Elgin, AZ 85611

$599,000

3 Beds

3 Baths

2,809 SqFt

Status Active

MLS # 6547141

Property Type Single Family Residence

Price Type --

This stunning property offers panoramic views and sits on just over 13 acres, making it a true retreat! The home features a spacious great room with a cozy fireplace and Saltillo tile flooring throughout. Enjoy the Arizona room with a spa, perfect for relaxation. The country kitchen boasts tile countertops, an island, ample cabinetry, a gas stove, and a walk-in pantry. The layout includes Jack and Jill guest bedrooms, each with walk-in closets, and a guest bathroom featuring dual sinks, a walk-in shower, and a linen closet. Unwind under the covered patio, enhanced by the shade of mature pine trees, or take in the serene front courtyard with its desert garden. This property also includes a two-car attached garage that doubles as a workshop. Barn with covered shelter and fencing.

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2509 N Dayton Street Phoenix, AZ 85006

$599,000

3 Beds

2 Baths

1,684 SqFt

Status Active

MLS # 6620344

Property Type Single Family Residence

Price Type --

Nice 3bedroom 1.75 bath with 2 Car Garage the casita in back yard is rented for 800.00 per month making this an awesome Investment property. Also Parking on southside of home for small boat Trailer or additional Cars. Guest home at rear of home with full bath and kitchen great for rental income or for your family to enjoy or maybe a office and alley entrance. you will love this home for a large family or as an investment. close to restaurants and Downtown activities Schools are all nearby. Excellent Location. Owner is working on home and cleaning.

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11217 N Blakely Street Surprise, AZ 85388

$599,000

2 Beds

2 Baths

1,568 SqFt

Status Active

MLS # 6660689

Property Type Single Family Residence

Price Type --

$80k in upgrades. Motivated seller! No waiting, own it now! Quiet street & 55+ section. Deluxe contemporary style. The Smithfield's welcoming extended covered entry and inviting foyer flow into the spacious great room and casual dining area, with views of the desirable covered patio. The well-designed kitchen is highlighted by a large center island with breakfast bar, plenty of counter and cabinet space, and ample walk-in pantry. The beautiful primary bedroom suite is enhanced by a sizable walk-in closet and spa-like primary bath with dual-sink vanity, luxe glass-enclosed shower with seat, and private water closet. The generous secondary bedroom features a roomy closet and shared full hall bath. Additional highlights include centrally located laundry and additional storage.

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13665 W Evans Drive Surprise, AZ 85379

$599,000

5 Beds

3.5 Baths

3,540 SqFt

Status Active

MLS # 6703301

Property Type Single Family Residence

Price Type --

This beautiful property is well maintained, with large open living areas and high ceilings. It has a large new kitchen with lots of storage, new carpet throughout, newly painted, very large garage and much more! Four bedrooms are upstairs, including master bedroom with a balcony, and a family room. The fifth bedroom is downstairs with a full bathroom. This home is great for a growing family!

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7709 W Boca Raton Road Peoria, AZ 85381

$599,000

4 Beds

2 Baths

1,642 SqFt

Status Active

MLS # 6698687

Property Type Single Family Residence

Price Type --

Welcome to your fully renovated, modern oasis! This stunning four-bedroom, two-bathroom home has been thoughtfully updated from top to bottom. Step inside to discover a light, bright, and open floor plan with all-new flooring that flows seamlessly throughout the space. The heart of the home is the gorgeously remodeled kitchen, featuring sleek cabinetry, high-end countertops, and brand-new appliances. Prepare to be amazed by the stunning limestone backsplash and the focal point of the kitchen, a breathtaking waterfall island that offers both beauty and functionality. The kitchen also boasts an eat-in area with tons of seating, making it the perfect spot for casual meals or entertaining guests. The vaulted ceilings add to the sense of space and grandeur, creating a truly luxurious feel. Both bathrooms have also been meticulously updated to provide a spa-like experience, with modern fixtures and finishes. Gather around the new fireplace in the spacious living area, perfect for cozy evenings with loved ones. Outside, a brand-new RV gate provides convenient access to the oversized corner lot, offering ample parking, including space for an RV. Enjoy the outdoors in the newly landscaped front and back yards, providing the perfect backdrop for entertaining or simply relaxing in the Arizona sun. NO HOA!!! For those interested, all the furniture is available for purchase on a separate bill of sale. Please see the list of updates in the documents tab. Don't miss the opportunity to make this beautifully renovated home your own!

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12064 S 186th Avenue Goodyear, AZ 85338

$599,000

4 Beds

3 Baths

2,543 SqFt

Status Active

MLS # 6719055

Property Type Single Family Residence

Price Type --

With full price offer, seller to provide $20k concession towards the complete payoff of remaining solar loan, or towards buyers choosing. This is your chance to secure a home in the highly sought after INSPIRE community of Estrella Mountain Ranch! Boasting a 4 bedroom 3 bathroom, split floor plan; this home sits on a premium oversized lot and has an open great room floor plan. Kitchen upgrades include: RO Water System, dark maple cabinetry with sliding shelves, crown molding, granite countertops, stainless appliances, and large island. The primary suite is generously sized and features a spa like bathroom with custom tile and a spacious walk-in shower. The front and backyard has been meticulously landscaped and upgraded. You will enjoy low maintenance plants, backyard turf, exterior sun screens on the sun exposed side of home, and pergola in addition to the covered patio. Storage is abundant here, the oversized 2 car garage has an additional storage area, storage cabinets, and overhead storage. Additional upgrades include plantation shutters throughout the entire home, wide porcelain plank wood-look tile floors throughout living areas & baths, granite countertops & upgraded mirrors in all baths, water-softener system, & much more! This home comes equipped with a large solar panel package, greatly reducing electricity costs throughout the year. See additional information in documents tab. Solar system was installed in Oct 2019. Total value if paid off over the term of the loan would have been $55,000. Residents of Estrella Mountain Ranch enjoy access to two resident centers equipped with state-of-the-art fitness facilities, community rooms, and outdoor gathering spaces. Additionally, residents can take advantage of the pickleball and tennis courts, two community pools, and a water park with water slides. Outdoor lovers will appreciate the extensive network of over 50 miles of hiking and biking trails, which offer opportunities to explore the breathtaking landscape surrounding the community. Come and discover the magic of life in this vibrant community!

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2323 N Central Avenue Unit 906 Phoenix, AZ 85004

$599,000

2 Beds

2 Baths

1,456 SqFt

Status Active

MLS # 6703380

Property Type Apartment

Price Type --

RECENT PRICE IMPROVEMENT & BEST VALUE at Regency on Central. SPECTACULAR city + mountain views! See virtual tour. Historic building designation = LOW PROPERTY TAX! Quality modern design. Huge kitchen & great room. Tall ceilings. 2 bedrm, 2 bath. Near downtown fun venues & employers (incl. health/academic Banner Hospital, St. Joseph, Barrow, Creighton, UA med school, ASU downtown). Perfect live/work. Resort lifestyle, lock & leave. Mountains, twinkling city lights, BIG sunset ambiance, sparkling pool below. Perfect entertainment/hosting. Upgraded ventilation, modern custom cabinetry & lighting/storage/closets. Spacious chef's kitchen, quartz countertops. HUGE double Electrolux ICON professional refrigerator/freezer. Built-in wine cooler, oven/microwave, mirrored bar, hooded range.

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27194 N Skipping Rock Road Peoria, AZ 85383

$599,000

4 Beds

3 Baths

1,958 SqFt

Status Active

MLS # 6705368

Property Type Single Family Residence

Price Type --

Beautiful 4 bedroom 3 bath home. 3 car tandem garage with lots of storage and a 220 plug. Warm neutral color throughout. Home was just painted and new neutral carpet has been installed. Custom tile throughout in all the right places. The large kitchen with granite slab opens into a spacious family room and eat it dinning area. The backyard is an entertainers dream. Great use of space with many outdoor seating areas. There is also your own private bar, natural Gas BBQ, gas firepit, and hot tub. Great mountain views!!

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