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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18009 W Avenida Del Sol -- Surprise, AZ 85387

$459,180

4 Beds

3 Baths

2,476 SqFt

Status Active

MLS # 6681723

Property Type Single Family Residence

Price Type --

Come see the size of this master bedroom closet!! Trending to close at the end of March. An amazing layout with 4 bedrooms, and 3 baths w/ loft. In addition to being energy efficient and a Smart Home, the many upgrades make this one stand out. Great curb appeal, good size yard, great for entertaining. Two-tone paint, 9' ceilings. Nice Flagstone cabinets, granite kitchen and baths, island, and walk in pantry. Lots of room to cook and move around!

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10335 W Romley Road Tolleson, AZ 85353

$459,035

4 Beds

2 Baths

2,091 SqFt

Status Active

MLS # 6691222

Property Type Single Family Residence

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Brand New Home w/May Move-In. This Spacious Home Is Sure To Please All Family Members with Large Secondary Bedrooms, Owners Suite w/Spacious Walk In Closet & YES Wonderful Open Kitchen/Great Room Too, ''A MUST SEE''. New Home Sweet Home. Being Built w/4Bdrms, 2 Baths & 2 Car Garage & Double Gate+GORGEOUS KITCHEN With Amazing Island with Lots of Cabinets & Countertop Space, Stainless Steel Appliances, Upgraded Flagstone Cabinets, Gorgeous Quartz Kitchen Countertops, Double Door Pantry, 6x36 Wood Look Tile throughout except bedrooms. Nice Size Backyard for Future Oasis+ Includes Blinds & Garage Opener too. Energy Star & Smart Home Features + More. Visit our exciting community in Beautiful Tolleson! Pictures Are Interior/Exterior Photos Of Same Floor Plan/Other Omni Home, Options Will Vary

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Safford AZ 85546

$459,000

3 Beds

2.5 Baths

1,572 SqFt

Status Active

MLS # 6599750

Property Type Single Family Residence

Price Type --

Horse Property & home that is ready for you to bring your family & your horses. The barn has 2 stalls with runs, 4 additional runs with feeders, wash station, tack room, half bath, two hitching posts, a 50' arena ring & large pasture. Also, on this 2.7 acre property located on the North side of the Gila River is a 1572 sq ft 3-bedroom, 2 bath well-built brick home that was remodeled in 2007. Large kitchen with island and wine cooler, granite counter tops & SS refrigerator. Nice tile floors in main areas, very large laundry room, plenty of storage, double pane windows and indoor shutters. There's a nice large workshop, fenced backyard, a fenced-in garden & raised garden beds as well. Plenty of parking areas too. This is certainly a must-see property to appreciate all that it has to offer!

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7950 E Starlight Way Scottsdale, AZ 85250

$459,000

2 Beds

2 Baths

1,266 SqFt

Status Active

MLS # 6608238

Property Type Apartment

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Great investment with Tenant in Place! Close to Old Town Scottsdale! Super clean updated unit has wide plank flooring, built-ins, walk-in closet, and a wood burning and updated fireplace. This open floor plan is all on one level. Full size washer and dryer, newer AC unit, remodeled master bathroom w/ jetted tub & separate shower. Rare to find a condo with this much outdoor space. living room & bedroom have exits on to large covered patio & backyard. Community boasts resort-style sparkling pool & spa. BBQ & ramada surrounded with deck chairs and tables. Across from 100-acre Chaparral Park & community center that features a fishing pier. There is also walking and bike pathways, a nearby dog park, sports courts, playground, and so much more!

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