Home Builder Index Dips in January

January’s National Association of Home Builders Housing Market Index dipped two points from December’s revised reading of 69 to 67;  the index reading forecast for January was also 69.Analysts said that January’s reading was the second highest (after December 2016) since the peak of the housing bubble in 2005. January’s dip in builder sentiment was attributed to easing of builder enthusiasm, which spiked right after the U.S. presidential election. To put January’s home builder confidence reading in context, NAHB says that any index reading over 50 indicates that more builders than fewer have confidence in housing market conditions.

NAHB Sub–Index Readings for January

Three sub-index readings are used in compiling the NAHB Housing Market Index reading. Builder confidence in current housing market conditions fell three points to 72; builder confidence in housing market conditions over the next six months fell two points to 76. Builder confidence in buyer traffic in new housing developments dropped one point to 51.

Builders surveyed continued to cite the cost of new lots for development and the lack of skilled labor as obstacles to higher builder confidence.

After releasing January’s index readings, the NAHB said that while January’s readings were lower than those for December, a majority of builders have expressed confidence that the new administration will reduce regulatory pressure on home builders. NAHB also cited home builder concerns over mortgage rates, which rose nearly a percentage point in November and December before falling. Despite ongoing concerns, builder sentiment has steadily improved over time. On average, builder confidence averaged a reading of 61 in 2016 against 2015’s average reading of 59 and the 2014 average reading of 52.

Builder Outlook Seen as Key to Easing Home Shortage

Real estate and mortgage pros have consistently said that building more homes is necessary to ease the ongoing shortage of available homes. NAHB’s Housing Market Index is closely followed as a benchmark of home builder confidence. Higher builder confidence in current and future housing market conditions is viewed as a potential indicator of home building activity, but housing starts have not been uniformly allied with builder confidence.

Shortages available homes creates high demand creates concerns for potential buyers seeking affordable homes. Rapidly rising home price, particularly in high demand metro areas, have sidelined buyers who cannot compete against buyers making cash offers on homes with rapidly escalating prices.   For more information give me a call – J.P. Cook – 602-320-4253.

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2682 N 158th Drive Goodyear, AZ 85395

$460,000

2 Beds

2 Baths

1,824 SqFt

Status Active

MLS # 6665928

Property Type Single Family Residence

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Now here's a really nice home, situated on a cul-de-sac lot, and priced to sell. This is the ever-popular Newport model offering: 2 bedrooms, 2 baths, office, open concept living and more. The main suite is spacious with roomy bath and built-ins in the closet. All tile floors thru-out. The lot is connected to common area, so there's no walls to make you feel closed in. This is a well-cared for home that will be sure to please.

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17719 N 113th Avenue Surprise, AZ 85378

$460,000

3 Beds

2 Baths

1,934 SqFt

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MLS # 6663313

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Welcome to the Gated Community of Canyon Ridge West! This stunning home offers privacy with no neighbors behind and boasts a sparkling pool with a soothing waterfall feature, along with a convenient RV gate and added parking for all your outdoor storage needs. Inside, vaulted ceilings with tubular skylights and neutral tile floors create a spacious ambiance. The flexible layout includes a private den and ample living space. New HVAC in 2024! *Edited Neutral paint photos added.

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2150 W Alameda Road Phoenix, AZ 85085

$460,000

4 Beds

3.5 Baths

1,861 SqFt

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MLS # 6667331

Property Type Townhouse

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Lovely Townhome Ideally Situated in the Sought After Gated Community of Villagio at Happy Valley. This well-kept home boasts 4bds/3.5ba with the primary suite having its own balcony to enjoy Arizona's beautiful weather. Gourmet kitchen offers granite countertops, stainless steel appliance package, and breakfast bar that provides ample seating and overlooks your great room - ideal for entertaining! Enjoy community amenities that include a community pool, spa, BBQs, and spacious landscape areas. Prime location that has easy highway access to I-17, minutes from local attractions that include The Shops at Norterra, Desert Ridge MarketPlace, and Outlets at Anthem.

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4217 W Barbara Avenue Phoenix, AZ 85051

$460,000

4 Beds

2 Baths

2,064 SqFt

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MLS # 6668378

Property Type Single Family Residence

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Discover the allure of this tastefully updated single-story home with no HOA! It displays a desert front yard, a 2-car garage, an RV gate, and a private courtyard for welcoming guests. You'll love the spacious living areas filled with ceiling fans, recessed lighting, and one with a brick-wall fireplace and outdoor access. The home exudes charm with fresh paint, chic light fixtures, and wood-plank flooring. The kitchen provides SS appliances, granite counters, white cabinetry, a breakfast nook, a walk-in pantry, and a peninsula with a breakfast bar. Retreat to the generous main suite, showcasing designer's paint, backyard access, a dedicated bathroom, and a walk-in closet. Plunge into the diving pool during hot weather days, and it is perfect for year-round entertainment. Visit now

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