NAHB: Home Builder Confidence Holds Steady in May

The National Association of Home Builders reported that home builder confidence in the U.S. housing market conditions held steady for the fourth consecutive month in May. Builder confidence stayed at a reading of 58, which was the number expected by analysts and was also the reading for April. Analysts said that the consistency in readings signified expansion in housing markets. Any reading over 50 indicates that more builders than not are confident about market conditions.

Components of the NAHB Housing Market Index include readings on builder confidence in current market conditions which held steady at 63 and builder confidence in market conditions over the next six months, which gained three points to a reading of 54. Builder confidence in foot traffic for new home developments was unchanged at a reading of 44.

NAHB Chief Economist Robert Dietz said that the higher reading for future sales indicates growing builder confidence in housing market conditions. In recent months, housing markets have been fueled by low mortgage rates and high demand, but supplies of available homes are dwindling. Housing industry analysts have identified building new homes as a major solution for the shortage of homes for sale.

Analysts note that while new homes represent a small part of the residential real estate market, each new home constructed contributes an average of three jobs for a year and yields an average of $90,000 in tax revenue for each home built. Builders repeatedly cite a lack of workers and buildable lots as a concern for building more homes. An NAHB analysis of the Bureau of Labor Statistics’ report on Job Openings and Labor Turnover indicated that there were 210,000 unfilled construction jobs in March, which was the highest reading since May 2007.

Regional surveys of home builder sentiment were mixed. The reading for the Northeast fell by 3 points to 41 while readings for the Midwest and South rose by one point each with readings of 58 and 59 respectively. The reading for the West was unchanged at 67.

Low Mortgage Rates: Will the Fed Raise Rates in June?

In other housing related news, analysts’ predictions are mixed regarding whether or not the Federal Reserve will raise its target funds rate next month when the Federal Open Market Committee (FOMC) meets. Uncertainties over the United Kingdom’s upcoming vote about leaving the European Union and mixed economic data appear likely to nix a rate increase, but improving labor markets could be a plus for a fed rate increase. Raising the federal funds rate would cause mortgage rates to rise and is considered a further concern for the gap between growing wages and rapidly rising home prices.

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16541 W Sierra Street Surprise, AZ 85388

$455,000

4 Beds

3 Baths

2,284 SqFt

Status Active

MLS # 6686167

Property Type Single Family Residence

Price Type --

A nice house in great community Sycamore farms community pool open floor plan for guest entertainment where all guest can be together on area really well maintain condition Also it is a good location on the west valley area. everything there hospital near by

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20822 N Desert Glen Drive Sun City West, AZ 85375

$455,000

2 Beds

2 Baths

2,104 SqFt

Status Active

MLS # 6689241

Property Type Single Family Residence

Price Type --

This Beautifully Renovated Eldorado Model is located in the highly desirable area of SCW near the Echo Mesa Golf Course and Kuentz Recreation Center. As you walk through the front door you are greeted by high ceilings, tons of natural lighting and tasteful renovations. The large gourmet kitchen comes with upgraded cabinets, marble countertops, new appliances, deep dark stainless-steel sink and custom overhead lighting. The oversized Owners Suite is located in the rear side of the house with vaulted ceiling, high-grade new carpet, luxury bathroom with a walk-in shower, Marble countertops, oversized mirror and upgraded in floor toilets. The Large 280sq ft climate-controlled Arizona room gives you a great way to enjoy the weather year-round in Arizona.

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9775 N 94th Place Scottsdale, AZ 85258

$455,000

2 Beds

2 Baths

1,253 SqFt

Status Active

MLS # 6691337

Property Type Apartment

Price Type --

BEING SOLD FURNISHED Beautiful 2 bedroom and 2 bathroom split floor plan property an a coveted location. The two bedrooms are very spacious; master bedroom has a huge walk-in closet and dual sinks. Plantation shutters throughout. Enjoy time on the Serene Balcony, which is surrounded by lush grass greenbelt and mature trees and you can even see the McDowell Mountains. The kitchen overlooks the fountain in the community. Newer vinyl plank flooring and carpeting and updated bathrooms too. Fireplace is behind the TV in photos. The orientation of the unit is North/South facing which is idea for sun exposure. Pool is walkable distance from the property. Great location in the heart of Scottsdale near shopping and dining and medical offices, hospital and the 101 freeway. Lightly lived in.

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9173 W Charleston Avenue Peoria, AZ 85382

$455,000

4 Beds

2 Baths

1,681 SqFt

Status Active

MLS # 6693791

Property Type Single Family Residence

Price Type --

Best part... NO HOA!!!! Come and check out this conveniently located move in ready home. This one will check all the boxes! 4 bedrooms, 2 baths, new carpet and interior paint, RV gate, large backyard with room for a pool and more! Drive just a mile and you will be on the 101 heading North or South to get anywhere in the Valley. Just down Bell road you will be at P83 with copious shopping or eating options.

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