#1 Answer to the Housing Shortage: New Construction

The biggest challenge to today’s housing market is the shortage of housing inventory for sale. A normal market would see a six-month supply of homes for sale. Currently, that number is below four months. This is the major reason home prices have continued to appreciate at higher levels than historic averages.

The good news is that builders are now starting to build more homes in lower price ranges.

Builder Confidence is Up

The Housing Market Index from the National Association of Home Builders (NAHB) reveals that builder confidence increased last month. HousingWire quoted NAHB Chief Economist Robert Dietz about the reason for the increase in confidence amongst builders.

“The HMI measure of future sales conditions reached its highest level since June 2005, a sign of growing consumer confidence in the new home market. Especially as existing home inventory remains tight, we can expect increased demand for new construction moving forward.”

Builders are Meeting the Needs of Today’s Purchaser

Builders are not only jumping into the market – they are doing a better job of matching current demand. The Wall Street Journal recently reported:

“In a shift, new households are overwhelmingly choosing to buy rather than rent. Some 854,000 new-owner households were formed during the first three months of the year, more than double the 365,000 new-renter households formed during the period, according to Census Bureau data.”

The WSJ article went on to say:

“Home builders are beginning to shift their focus away from luxury homes and toward homes at lower price points to cater to this burgeoning millennial clientele.”

The graph below compares 2016 to 2017 new construction sales by price point. As we can see, builders are slowly beginning to shift to prices more favorable to the first-time and non-luxury buyer.

#1 Answer to the Housing Shortage: New Construction | Simplifying The Market

Bottom Line

There is a drastic need for a larger supply of home inventory to meet the skyrocketing demand. Builders are finally doing their part to help rectify this situation.  If you are exploring the real estate market for a new build or a resale home, give me a call for more information – J.P. Cook – 602-320-4253.

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4825 W Milada Drive Laveen, AZ 85339

$509,500
4 Beds
2.5 Baths
3,105 SqFt
Status Active
MLS # 6687608
Property Type Single Family Residence
Price Type --
Spacious Lot + RV gate!*** This home has recently been updated! It has a brand-new interior and exterior paint! The kitchen features newly refinished cabinets and countertops. It also includes a kitchen island with brand new gas range and dishwasher. The carpet is completely new throughout the entire property! The bathrooms also featured newly refinished cabinets. The upstairs has a spacious loft. The owner's suite features a fireplace and the bathroom has dual sinks, separate tub/shower and a walk in closet. The house has a spacious backyard with an RV gate and a large side yard as well. Come take a look at this incredible property!

11951 W Wier Avenue Avondale, AZ 85323

$509,500
3 Beds
2 Baths
1,746 SqFt
Status Active
MLS # 6658094
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the sought-after Alamar subdivision! This stunning 3-bedroom, 2-bathroom residence exudes beauty inside and out. Step inside to discover an inviting open layout with elegant tile flooring throughout. The heart of the home, the gourmet kitchen, features top-of-the-line upgrades including quartz countertops, a tiled backsplash, and upgraded all stainless-steel appliances, including a gas range. Entertain guests effortlessly with the kitchen's spacious island and sleek design. Outside, the professionally landscaped yard beckons with its inviting appeal and a private oasis awaits in the backyard, complete with a heated pool and built-in jacuzzi - perfect for relaxation and gatherings, all while enjoying breathtaking views of the Sierra Estrella Mountains. and... Built in 2022, this home offers modern comforts including a large primary suite with an oversized walk-in shower and generous closet space. With amenities like a private pool park, dog parks, ballfields, and basketball courts, Alamar fosters a sense of community and outdoor enjoyment. Don't miss the chance to make this your forever home! Conveniently located near I-10 and 202, this gem won't last long. Come and experience the epitome of comfort and luxury in Alamar!

16158 W Alameda Road Surprise, AZ 85387

$509,056
3 Beds
3 Baths
2,167 SqFt
Status Active
MLS # 6637425
Property Type Single Family Residence
Price Type --
THIS BEAUTIFUL , BRIGHTGREAT ROOM PLAN ,IS READAY FOR MOVE IN!! 3 BEDROOM PLUS DEN , 3 BATH ,, 9'CEILING, GOURMET KITCHEN LAYOUT, UPGRADE CABINET , GRANITE KITCHEN TOPS, SPA SHOWER, LUXURY VINYLFLOORING.,2'WHITE BLINDS, CEILING FANS , FRONT YARD LANSCAPING COMPLETED, ENERGY STAR QUALIFIED HOME, INDOOR AIR PLUS. A SHORT DISTANCE FROM THE COMMUNITY POOL AREA, PICNIC AREA, TOT LOTS, BASKETBALL, PICKLE BALL COURTSAND SO MUCH MORE.

18813 E Loma Vista Drive Rio Verde, AZ 85263

$509,000
4 Beds
2 Baths
1,933 SqFt
Status Active
MLS # 6632241
Property Type Single Family Residence
Price Type --
Your dream home is finally here! Discover this gorgeous turn-key property nestled in the highly desired 55+ Rio Verde Community. You are greeted by an enchanting interior featuring high ceilings, gleaming wood-look floor, modern recessed lighting, soothing palette, and a remarkable fireplace. The beautiful kitchen boasts wood cabinetry adorned with crown moulding, stainless steel appliances, and quartz counters. Primary bedroom offers plush carpet in all the right places, an immaculate ensuite with quartz dual sinks, and a walk-in closet. Completely updated. Enjoy spectacular mountain views from the charming backyard showcasing covered patios and an easy-care desert landscape! Walking distance to community ammenities. Don't miss it.

4746 W Evans Drive Glendale, AZ 85306

$509,000 - 4Br/3Ba -  for Sale in Stonebrook, Glendale
New
$509,000
4 Beds
3 Baths
2,540 SqFt
Status Active
MLS # 6691658
Property Type Single Family Residence
Price Type --
WONDERFUL, ONE OF A KIND HOME THAT COULD BE JUST WHAT YOUR CLIENT IS LOOKING FOR. THIS SPACIOUS HOME HAS 2 PRIMARY BEDROOMS, 2 SECONDARY BRS.AND 3 BATHS. ONE OF THE BRS. WAS ORIGINALLY 2 ROOMS MADE INTO ONE LARGE SHOP. THIS LOVELY HOME HAS BEEN UPDATED IN THE KITCHEN WITH SS APPLICANCES, DOUBLE OVENS AND CROWN MOLDING AND SOFT CLOSE ON CABS. WIDE OPEN LIVING RM AND FAMILY RM WITH THE KITCHEN AND DINING IN THE MIDDLE, MAKE THIS HOME IDEAL FOR ENTERTAINING AND LARGE FAMILIES. ENJOY THE BACKYARD WITH SPARKLING POOL AND PLENTY OF YARD TO ENJOY. THE POOL HAS BEEN RECENTLY PLASTERED AND THE CLEANER IS NEW AS WELL. THE ROOF IS NEW AND THE MAIN A/C IS 5 YEARS OLD. RV GATE AND SLAB FOR YOUR TOYS AND NO HOA CAN BE A PLUS. ASU WEST IS LESS THAN 2 MILES & LOTS OF SHOPPING AND RESTAURANTS NEARBY

4697 N 204th Avenue Buckeye, AZ 85396

$509,000
2 Beds
2 Baths
1,657 SqFt
Status Active
MLS # 6682643
Property Type Single Family Residence
Price Type --
Stunning 2 bed 2 bath + flex/den with French doors now available in Buckeye's popular Verrado Victory District! Tons of upgrades in this 2019 Lennar home on a premium lot with stunning mountain & vista views! Kitchen boasts quartz counter tops, 42'' cabinets, gas cooktop, stainless steel appliances, an island w/ breakfast bar, pull out shelves, under cabinet lighting, & pantry, opens to the light, bright main living space! The 4-panel sliding glass door displays stunning views and leads to your private backyard retreat w/ covered patio, extended travertine patio, gas firepit & view fence! Primary suite w/ beautiful view, walk in closet, ceiling fan, en suite bath w/ quartz counters, dual sinks, upgraded shower, lighting and fixtures! The high ceilings, warm color palette, lots of natural light, upgrades galore including plantation shutters and motorized zebra blinds throughout. Inside laundry room w/ additional storage cabinets & quartz counters and an attached 2 car garage w/ epoxy flooring are just two more of the fantastic features combining to make this home a must see! Don't forget to take advantage of the fabulous resort style amenities in this super active adult community!

14242 W Sky Hawk Drive Sun City West, AZ 85375

$509,000
2 Beds
2 Baths
1,521 SqFt
Status Active
MLS # 6624507
Property Type Single Family Residence
Price Type --
Live the Good Life in Sun City West - Golf Course Living at Its Finest! Experience the epitome of active-adult living in the thriving community of Sun City West. This elegant 2-bedroom, 2-bath home is situated on a premium lot, backing onto the picturesque Trail Ridge golf course, offering not just a home but a lifestyle of luxury. As you step inside, the great room welcomes you with a wall of windows, providing stunning views of the pristine golf course. Natural light floods the space, making it a bright and inviting place to relax and entertain. Appreciate the luxury wood-like plank flooring, vaulted ceilings, and neutral color palette, bringing an essence of elegance throughout. The heart of the home is the open eat-in chef's kitchen, featuring updated cabinets, exquisite granite countertops, and stainless steel appliances. The breakfast bar opens to the dining nook, creating a seamless flow for daily living. With a bay window in the dining nook, you can enjoy your morning coffee while gazing at the captivating views of the golf course. The kitchen also offers great access to the backyard oasis, making it perfect for outdoor gatherings. The back patio is both covered and extended to just over 617 sf, offering the ultimate space to enjoy the tranquility of the golf course views. It's the perfect spot for al fresco dining, relaxing with a book, or savoring your favorite beverage as the sun sets over the fairways.The Owner's suite is a retreat of its own, with a bay window that showcases the golf course and offers a continuous connection to the serene landscape. The updated en-suite bathroom is equally lavish, featuring dual sinks, an extended walk-in shower, and double closets, providing all the comforts you desire. Sun City West boasts an array of amenities to suit your social, physical, and creative needs. With 4 resort-style recreation centers to choose from, you'll have access to state-of-the-art fitness centers, fabulous pools, multiple sport courts, and various club rooms. And, of course, there are the 9 golf courses, making this a golfer's paradise. This is not just a home; it's a lifestyle upgrade. Make it yours and start enjoying all the perks of Sun City West's vibrant community. Don't wait; this opportunity won't last long!

7527 E Pleasant Run Scottsdale, AZ 85258

$509,000
2 Beds
2 Baths
1,362 SqFt
Status Active
MLS # 6644372
Property Type Townhouse
Price Type --
This very rare floorplan in Pleasant Run, is located in the Heart of McCormick Ranch! Extremely clean, move-in ready (Brand New AC Jan/2024) Light & Bright with skylights and lots of windows. The living room has a fireplace and opens to 2 covered back patios complete with pavers & mature shaded landscaping. Updated with new stainless steel appliances, new granite counters, new neutral carpet, new fixtures, travertine floors, travertine back-splash in showers and crown molding. The Beautiful kitchen has cherry cabinets and granite counters. There is also an attached 2-car garage and spacious laundry room. All this in a well maintained pride-of-ownership neighborhood with Heated Community Pools, Tennis & Pickleball Courts plus direct access to the highly sought-after Scottsdale Greenbelt!

6496 W Saratoga Way Florence, AZ 85132

$509,000
2 Beds
2 Baths
1,971 SqFt
Status Active
MLS # 6650565
Property Type Single Family Residence
Price Type --
Amazing 18th fairway views of Poston Butte Golf Course! This meticulously maintained and highly upgraded ''Arcadia'' floor plan w/3rd car garage is perfectly appointed on a N/S PREMIUM GOLF COURSE LOT. Enjoy the stunning views from the extended paver patio, surrounded by desert landscape within walking distance of the Anthem Grille and Club House. Enjoy the interior details that include a gourmet kitchen featuring true staggered cherry cabinetry w/crown molding, granite countertops, double wall ovens, electric cooktop, AC/Heat installed 2017, bay window in Cafe', den/office, new paint , new carpet, new travertine courtyard and laundry/garage cabinets. The primary en-suite offers soaking tub w/seperate shower, double vanity and a large walk in closet. The Florence bond is PAID IN FULL Take advantage of the Anthem Grille, The Poston Butte Golf Club, a learning center and all the festivities, activities and amenities a Sun City community has to offer. Remember you are buying a lifestyle that goes beyond the homes property lines.

3011 Pleasant Valley Court Prescott, AZ 86305

$509,000
3 Beds
2 Baths
1,719 SqFt
Status Active
MLS # 6649988
Property Type Single Family Residence
Price Type --
Wonderful family home in a quiet, peaceful neighborhood! Perfect location that is central to everything, close to trails, downtown Prescott, shopping and parks. Enjoy the light, bright rooms with walls of windows looking toward the large privacy-fenced back yard backing 10 acres of open space. Drink coffee and enjoy evening BBQ and drinks on the private back patio under the shade tree. Custom concrete countertops, upgraded fixtures, newer laminate floors, 9 foot ceilings, tile surround jetted tub, newer carpet, French doors, stainless appliances, high efficiency furnace, large laundry room and solar electric system. The tranquil setting is perfect for the home gardener with an enclosed raised garden bed. Trees and berry bushes abound with apple, pear, cherry, plum, blueberry, raspberry and almond spread throughout the property all irrigated by a worry-free 6-zone sprinkler system in both the front and back yards! Shaded front patio adjacent to rose bushes & a butterfly garden. We are excited find someone to make their own memories in this wonderful home!!

20096 W Exeter Boulevard Buckeye, AZ 85396

$508,995
4 Beds
2.5 Baths
2,370 SqFt
Status Active
MLS # 6672223
Property Type Single Family Residence
Price Type --
Explore this impressive Raleigh home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: a welcoming covered porch; a bedroom and bathroom in lieu of a study and powder room; a gourmet kitchen offering a double oven, 42'' cabinets, stainless-steel appliances, quartz countertops, a walk-in pantry and a center island; an open dining area; a spacious great room; a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a storage area; a covered patio and a 2-car garage. This home also offers additional windows and ceiling fan prewiring in select rooms as well as airy 10' ceilings throughout.

20076 W Montecito Avenue Litchfield Park, AZ 85340

$507,995
4 Beds
2.5 Baths
2,370 SqFt
Status Active
MLS # 6639833
Property Type Single Family Residence
Price Type --
Explore this impressive Raleigh home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: a welcoming covered porch; a bedroom and bathroom in lieu of a study and powder room; a gourmet kitchen offering a double oven, 42'' cabinets, stainless-steel appliances, quartz countertops, a walk-in pantry and a center island; an open dining area; a spacious great room; a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a storage area; a covered patio and a 2-car garage. This home also offers additional windows and ceiling fan prewiring in select rooms as well as airy 10' ceilings throughout.

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