NAHB Housing Market Index Dips 2 Points

According to the National Association of Home Builders, overall builder confidence in housing markets dropped two points in October to an index reading of 63. September’s reading of 65 was the highest posted since the housing bubble peak. Component readings for October’s housing market index were mixed; the reading for builder confidence in market conditions over the next six months rose one point to 72. Builder confidence in current housing market conditions fell two points to 69. Builder outlook for buyer traffic in new home developments over the next six months fell by one point to an index reading of 46.

Approaching winter weather likely contributed to lower readings, but builder confidence remained strong. Any reading above 50 signifies that more builders are confident about specific index components than fewer. While home builders continue to be encouraged by low mortgage rates and a stronger job market, they also face obstacles including shortages of labor and buildable lots for development.

High Demand, Low Inventory of Homes Present Ongoing Challenges

High demand for homes coupled with depleted inventory of available homes is sidelining some buyers. As demand continues to drive home prices higher first-time and moderate income buyers are faced with affordability and mortgage qualification challenges. Limited inventory also makes it difficult for home buyers to find homes they want and contributes to competition for available homes. Buyers depending on mortgage financing typically compete with investors and cash buyers for homes in high demand areas.

Real estate pros and analysts monitor home builder sentiment as an indicator of future home supplies, but builder sentiment and housing starts don’t necessarily correspond. Given high home prices and strict mortgage qualification standards that sideline some buyers, it appears that home builders are taking a moderate stance toward ramping up construction.

In addition to boosting real estate markets, building homes provides jobs and supports local economies. Building homes creates demand for construction materials and related products and services.

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11489 W Deanne Drive Youngtown, AZ 85363

$459,900

3 Beds

2 Baths

1,795 SqFt

Status Active

MLS # 6683451

Property Type Single Family Residence

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3 bedrooms, 2 bath, and all of the space you could imagine makes this floor plan the perfect home for you! This new home comes filled with upgrades including a full suite, stainless steel energy-efficient kitchen appliances, beautiful granite countertops, stunning wood cabinets, designer light fixtures, and an attached two-car garage. The Prescott floor plan also showcases a private master suite complete with a walk-in closet, as well as a spacious kitchen with walk-in pantry, fully fenced backyard, covered patio and front yard landscaping. As an added bonus, this home has a separate den off the entryway, giving you space for a formal dining room or home office. Whatever your heart desires, the Prescott is sure to have it! Enjoy the view of the White Tank Mountains from your NEW home!

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3005 E Portland Street Phoenix, AZ 85008

$459,900

3 Beds

2 Baths

1,905 SqFt

Status Active

MLS # 6671604

Property Type Single Family Residence

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Brand new roof! This remodeled property near a freeway in Phoenix offers a combination of modern upgrades, convenient access, and a desirable location. New cabinets, new paint inside and out, new bathrooms, new fans, new windows, etc. A perfect home for you!

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5739 N Thornberry Drive Prescott Valley, AZ 86314

$459,900

3 Beds

2 Baths

1,438 SqFt

Status Active

MLS # 6679725

Property Type Single Family Residence

Price Type --

Much desired Granville master planned community. Subdivision amenities: 3 pools/ clubhouses, fitness centers, library, tennis/pickle ball, dog park, and more. 10' ceilings, corner lot with private backyard. Upgraded front and rear landscaping with artificial grass. Seller design finishes when built (2017) are top notch in this upgraded home, including: *Granite counter kitchen and bathroom cabinets. *Extended length & width epoxy floored garage (20k builder upgrade) w/garage windows & multi temp LED lighting. *Vessel sinks in bathrooms. *High end front security door. *Custom window coverings, patio door sliding panels & recently painted exterior. *18'' Travertino tile & designer carpeting (bedrooms). 3rd Bedroom set up as a den/flex space, can be converted back as bedroom w/closet.

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14207 N 51st Drive Glendale, AZ 85306

$459,900

4 Beds

2 Baths

1,980 SqFt

Status Active

MLS # 6682072

Property Type Single Family Residence

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Welcome to this lovely 4-bedroom, 2-bathroom home that boasts a 2-car garage and an RV gate. This home features new floors, a fully remodeled kitchen, and updated bathrooms, all completed in 2024. The roof, windows and A/C were all replaced in 2022, so there's no need to worry about any major repairs. The best part? There's no HOA, giving you the freedom to enjoy your home as you please. This property is conveniently located near shopping centers and freeways. All that's left to do is move in and make it your own!

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