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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253 E Sherri Drive Gilbert, AZ 85296

$594,000

4 Beds

2.5 Baths

2,141 SqFt

Status Active

MLS # 6762235

Property Type Single Family Residence

Price Type --

Great home in a fantastic location! 4 bedrooms, 2.5 baths and a 3 car garage. Boasts a formal living room with dramatic ceilings, in addition to a family room. The kitchen features Shaker cabinets, granite countertops, stainless steel appliances, a pantry and a breakfast bar. The master suite is spacious and includes separate tub and shower, dual vanities and a walk-in closet. The backyard space has a new, (3 yr old) beautiful, heated pool and spa, with new app control technology. Backyard also has gas stub ready for your firepit, bbq, etc. Only 5 minutes to downtown Gilbert and walking distance to Gilbert town square. A must see!

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3230 E Woodside Way Gilbert, AZ 85297

$594,000

4 Beds

3 Baths

2,166 SqFt

Status Active

MLS # 6756120

Property Type Single Family Residence

Price Type --

CORNER LOT in beautiful Santan Ranch. This community is full of beautiful parks and walking trails and located just 10 min from Mesa Gateway Airport and only 1.5 miles north of Gilbert Regional Park! This home offers stunning high vaulted ceilings that allow in our beautiful Arizona light! But is also equipt with new sun shades for the windows to keep it cool. Enjoy your open plan, modern living space with new floors and appliances as of 2023. You'll be able to enjoy 3 spacious bedrooms upstairs and a bedroom and full bath on the main floor as well. Your stunning back yard will feel nice and open on the corner lot. This yard has all new landscaping and a new pool pump as of late 2023. Come check this beauty out today! We can't wait to have you!

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7430 E Coronado Road Scottsdale, AZ 85257

$594,000

3 Beds

2 Baths

1,344 SqFt

Status Active

MLS # 6707659

Property Type Single Family Residence

Price Type --

Located in the sought-after Old Town Scottsdale and near Tempe/ASU, this single level homes boasts tons of on-trend features catering to both comfort and functionality. Chef's eat-in kitchen has black granite counters, center island with breakfast bar, stainless appliances, gas cooktop, and a large bay window that brings in plenty of natural light. Other features include tile and wood laminate flooring, open great room with wood accent wall, and an attached garage. The Primary bedroom has en-suite bathroom with walk-in shower and granite vanity. The new 2021 AC unit ensures high efficiency for low energy costs! Double door exit to the North facing backyard with a green grass lawn, ally access gate, lush landscaping, and a paver patio.

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287 E Citrus Hollow Way Queen Creek, AZ 85140

$593,818

2 Beds

2.5 Baths

1,678 SqFt

Status Active

MLS # 6597679

Property Type Townhouse

Price Type --

This brand new Valletta model is move-in ready! It features a spacious layout with plenty of natural light. The kitchen is fully equipped with stainless steel appliances and granite countertops. It has a gourmet kitchen, gas cooktop and will be the perfect place to entertain your guests. Both bathrooms are highly upgraded with tile surround and upgraded fixtures. The resort collection at Encanterra offers you the perfect balance if you are a seasonal owner or full time. Book your tour today and start living the good life at Encanterra now!

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1732 E Dobbins Road Phoenix, AZ 85042

$593,000

4 Beds

3 Baths

1,866 SqFt

Status Active

MLS # 6786266

Property Type Single Family Residence

Price Type --

Two Homes, One Incredible Opportunity! This unique property offers two private living houses on the same lot, surrounded by stunning South Mountain views! Featuring a private pool, a separate large multi-use room, a spacious fenced backyard and new AC units! The main house boasts 1,866 SF of beautifully upgraded living space, including 3 bedrooms, 2 remodeled bathrooms, and a renovated kitchen with modern finishes. Tile flooring adds style and durability throughout the home and enjoy large picturesque windows overlooking the glistening pool which has a new pump. The primary suite includes an ensuite bathroom and a sliding glass door to the backyard. The 512 SF guest house has a spacious bedroom, a full kitchen and bathroom, washer/dryer hookup, and tile flooring throughout. It also features its own private backyard for added convenience and privacy. Oversized, low-maintenance yard, 2 car garage and plenty of parking. NO HOA! Savor breathtaking mountain views just steps from your door, complemented by dazzling cityscapes and sparkling lights that come alive at night. Bus stop and local shopping just minutes away, enjoy easy access to hiking and mountain bike trails nearby. This property provides the perfect opportunity to subsidize your mortgage, provide multigenerational housing or host extended family and friends with ease. Don't miss out on this rare gem!

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5727 N 16th Street Phoenix, AZ 85016

$593,000

4 Beds

3 Baths

1,696 SqFt

Status Active

MLS # 6760351

Property Type Single Family Residence

Price Type --

Located in vibrant Uptown, this updated mid-century gem features a 3-bed, 2-bath main house and a newly remodeled 1-bed, 1-bath guest house, offering flexibility for rental income, a home office, or visiting guests. The main house boasts spacious bedrooms, a modernized kitchen and bathrooms, new vinyl flooring, a newer AC system, and a charming patio that opens to a fully fenced backyard for privacy. The 400 sq ft guest house is equipped with a kitchenette, living room, bedroom, and bathroom, and it has its own entrance and parking. This versatile space offers numerous possibilities, including short or long-term rental potential (currently generating $950/month), a quiet, spacious home office, a professional space to meet clients with dedicated parking, comfortable living quarters for extended family, an art studio or workshop, a private master suite, or ideal guest accommodations for seasonal visitors. Both front and back yards are designed for low maintenance, ensuring easy outdoor enjoyment. Just minutes from shopping, dining, and recreation, this home offers a 5-minute drive to the Phoenix Mountain Preserve for hiking, a 5-minute bike ride to the Arizona Canal, and only 10 minutes to downtown Phoenix. An excellent opportunity for first-time buyers, investors, or those eager to embrace the Uptown lifestyle!

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9935 S Centennial Road Apache Junction, AZ 85120

$592,990

4 Beds

2 Baths

2,432 SqFt

Status Active

MLS # 6750764

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 plus additional 2% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. The Avelino floor plan offers a refined single-story design with four bedrooms, including an AllGen suite, and a spacious flex area ideal for an office, TV room, or study. Featuring front yard landscaping, this home will be ready for occupancy in October or November. Conveniently situated near community parks, grocery stores, and dining options.

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4311 Sawbuck Way Wickenburg, AZ 85390

$592,561

2 Beds

2 Baths

1,538 SqFt

Status Active

MLS # 6770321

Property Type Single Family Residence

Price Type --

Welcome to the Thrive floor plan featuring 1,507 sq ft, 2 beds & 2 baths, located in the desirable Homestead neighborhood. This Shea Designer Home includes a built-in induction cooktop, quartz countertops in the kitchen & baths, custom mosaic tile, & soft-close drawers with generous cabinet pullouts & recycling. Enjoy a heavy glass enclosure in the primary shower, satin nickel hardware, a 15ft sliding glass wall in the living room, extended patio, $20k in upgraded tile flooring, a 4-ft extended garage, & custom landscaping front & back. Additional features include under-cabinet lighting, audio/video wall sleeve, & Blanco under-mount sink at the kitchen island. Discover current incentives at Shea sales office.

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22431 E Oriole Way Queen Creek, AZ 85142

$592,327

3 Beds

2 Baths

1,726 SqFt

Status Active

MLS # 6784920

Property Type Single Family Residence

Price Type --

BRIGHT GREAT ROOM HOME THAT IS READY TO MOVE IN! FULLY LANDSCAPED FRONT AND BACK, WITH ARTIFICIAL TURF AND PERGOLA IN THE BACKYARD. 3 BEDROOM , 2 BATH, 3 CAR GARAGE. BEAUTIFUL BRIGHT FINISHES, PLANK TILE FLOORING EVERYWHERE EXCEPT BEDROOMS, GRANITE TOPS, TILE BACKSPLASH, SPA SHOWER IN MAIN BATH, INCLUDES WINDOW COVERINGS , CEILING FANS,, GAS TANKLESS WATER HEATER ENERGY STAR RATED,, ETC.! . ALL THIS IN THE NEW PREMIER MASTER PLAN COMMUNITY, LOCATED IN QUEEN CREEK. FEATURING A 22 ACRE LAKE, THAT IS THE CENTERPIECE OF THE COMMUNITY. KAYAKING, CANOEING, AQUATIC CENTER WITH LAP AND SPORT POOL, SPLASH PAD, BOCCE BALL, PICKLE BALL. BOARDWALKS AND RAMADAS AROUND THE LAKE AND MUCH MORE...KATHERINE MECHAM BARNEY SCHOOL IN THE COMMUNITY.

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966 E Mulberry Place -- Chandler, AZ 85286

$592,000

3 Beds

2 Baths

1,273 SqFt

Status Active

MLS # 6638729

Property Type Single Family Residence

Price Type --

Charming 3 bedroom and 2 bath home in new Chandler community. Hamilton Landing includes 36 single level homes each with their own front porch, private driveway for 2 vehicles and a single car garage and a small, pet friendly rear yard. Each home has 10' flat ceilings, white cabinets, luxury vinyl plank flooring in every room, two tone paint, beautiful wood trim around windows and doors and granite/quartz countertops in the kitchen and baths. The community includes a dog park with a covered ramada. These homes will be ready for occupancy between March and June of 2024. All photos are of a similar home completed in a previous community.

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10018 W Verde Lane Avondale, AZ 85392

$591,900

3 Beds

3 Baths

2,485 SqFt

Status Active

MLS # 6752684

Property Type Single Family Residence

Price Type --

***TO BE BUILT*** Find your dream home at Acclaim-a Fulton homes master planned community! The Lincoln Beach is an incredible single story home with a spacious 40' RV plus 2 car tandem garage. Many included features such as gourmet kitchen, 10' ceilings, 8' doors, paver driveways, ceiling fans, 2'' faux wood blinds and much more. Customize with a 4th bedroom, a spa shower, additional electrical and much more. Buyer can select interior finishes at our incredible 13.000 sq. ft design center. Fulton homes are ''Zero Energy Ready'' and include tankless water heaters, spray foam insulation, electric vehicle ready and pre plumb for solar installation. Residents enjoy a community pool, basketball courts, pickle ball courts, sand volleyball, bocce ball, greenbelts and children's playgrounds.

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4106 W Eli Drive San Tan Valley, AZ 85144

$590,005

5 Beds

4 Baths

2,762 SqFt

Status Active

MLS # 6748793

Property Type Single Family Residence

Price Type --

The Pacific plan offers space for the entire family. This home features 4 bedrooms upstairs with a guest bedroom downstairs. A perfect retreat for long-term guests. The spacious kitchen offers ample counter space and opens to the great room for ideal entertaining. Custom interior finishes include: matte granite countertops, shaker cabinets, custom kitchen backsplash, and natural wood-look tile flooring in all the right places.

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