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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9451 E Becker Lane Scottsdale, AZ 85260

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$460,000

3 Beds

2 Baths

1,259 SqFt

Status Active

MLS # 6692644

Property Type Apartment

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RARE FIND. Ground floor condo with garage and 1 covered parking space. Home features granite countertops, stainless steel appliances, full-size washer & dryer, 20'' tile and wood look laminate flooring, walk-in master shower, raised vessel sinks, glass shower doors, window coverings. New HVAC in 2018, water heater 2019, Windows replaced in 12/22, resurfaced patio in 3/24, Retractable door screens front and back in 2024, Dry bar and cabinets added in 2/23. HOA includes tennis courts, swimming pools, hot tubs, clubhouse with fitness room. Walk to shopping, restaurants, and grocery stores. Entertainment venues and golf courses close by. Short drive to Mayo Clinic and MLB Spring Training, near Scottsdale Greenbelt Trail. Near church and schools.

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17719 N 113th Avenue Surprise, AZ 85378

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$460,000

3 Beds

2 Baths

1,934 SqFt

Status Active

MLS # 6663313

Property Type Single Family Residence

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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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10718 E Secret Canyon Road Gold Canyon, AZ 85118

$459,999

3 Beds

2 Baths

1,646 SqFt

Status Active

MLS # 6685607

Property Type Single Family Residence

Price Type --

Nestled near the Superstition Mountains this property offers a variety of special features and accommodations like: flexible floor plan, plantation shutters, mountain view, quiet gated community, ***sparkling pool (w/mesh child safety pool fence included)***, automatic sun shade, office den, newly remodeled kitchen and floors throughout the house, ***quality slab granite countertop***, farmhouse kitchen sink and faucet, ***new bathroom vanity countertop & faucet***, 2 car garage, ***new roof***, fireplace AND its a corner lot so no neighbors to the right of this property. Single story homes surround this lot so those looking for privacy this is where it's at! It's also near hiking trails so for those looking to do some desert exploring its perfect! Don't wait too long!

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20599 W Nelson Place Buckeye, AZ 85396

$459,999

3 Beds

2 Baths

1,623 SqFt

Status Active

MLS # 6677655

Property Type Single Family Residence

Price Type --

You don't want to miss out on this move-in ready beauty. Located in the stunning and sought after subdivision of Verrado in Buckeye. The home is in immaculate condition from ceiling to floor. Wood-like tile flooring though all the main living & walking areas. Your new kitchen offers granite countertops, breakfast bar, contemporary light fixtures, upgraded cabinetry with lots of storage space, and stainless steel appliances. The backyard has no maintenance landscaping, covered patio, and plenty of room to relax and entertain. Don't miss out on this one! It won't last long on the market. Thanks for stopping in.

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