#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.

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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3444 E Lance Lane Phoenix, AZ 85018

$500,000

3 Beds

3 Baths

1,651 SqFt

Status Active

MLS # 6666041

Property Type Townhouse

Price Type --

Qualifies for LOW INTEREST RATE OPTION! Designer swaggy townhome has the feel of luxury and comfort w/ soaring 20-foot ceilings and impressive art walls. Highly profitable Airbnb for investors! 3 bedroom, 3 bathroom home features updated floors, light fixtures, and a modern kitchen and layout great for a first time buyer and family as well. The 2-car garage provides ample storage space, and the rooftop deck offers breathtaking 360-degree views of Camelback Mountain, Piestewa Peak, South Mountain, and downtown. Residents have access to the community pool and spa, and the low HOA fee includes internet. The property is close to shopping and entertainment, including Biltmore Fashion Park and just a short drive to Sky Harbor Airport, downtown Phoenix, and Old Town Scottsdale.

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840 Alpha Lane Prescott, AZ 86303

$500,000

2 Beds

2 Baths

1,656 SqFt

Status Active

MLS # 6667210

Property Type Townhouse

Price Type --

RARE OPPORTUNITY TO OWN A SINGLE LEVEL TOWNHOUSE IN THE PINES. .9 MILE TO DOWNTOWN PRESCOTT AND ALL THE FUN ACTIVITIES WITHIN WALKING DISTANCE. LOW HOA, $30.00 A MONTH! THIS HOME WOULD MAKE A PERFECT SECOND HOME TO ESCAPE THE HEAT OR EASY FULL TIME LOW MAINTENANCE RESIDENCE. CENTRAL AIR CONDITIONING AND HEAT. NEW ROOF IN 2023. NEW PAVER DRIVEWAY IN 2023. NEW TREX DECK IN 2022. 2 SPACIOUS BEDROOMS. 2 BATHROOMS. 2 CAR GARAGE. LEVEL PAVER DRIVEWAY. OPEN CONCEPT LIVING, WITH A FLOORPLAN THAT JUST FLOWS. FOREST VIEWS OFF THE LIVING AND DINING AREA. ENJOY SITTING ON YOUR BACK DECK AND TAKE IN THE SIGHTS AND SOUNDS OF NATURE. YOU ARE SO CLOSE TO EVERTHING PRESCOTT BUT FEEL SO PRIVATE AND ONE WITH NATURE.

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17398 W Superior Avenue Goodyear, AZ 85338

$500,000

4 Beds

2.5 Baths

2,525 SqFt

Status Active

MLS # 6669321

Property Type Single Family Residence

Price Type --

Gorgeous single-story home with a pool, view fence, 3-car tandem garage and solar! This floor plan creates an open living concept, with a large living room tying into a gourmet eat-in kitchen with double wall ovens, granite countertops, a farmhouse sink and gas stove. The primary bedroom features an en-suite bathroom with a large soaking tub, separate shower and dual sinks. There are also 3 additional bedrooms, a den, full bathroom with tub/shower, as well as a half bath for the main living area, or your guests. Close proximity to shopping, dining, schools, freeway access and more!

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15206 W Pasadena Drive Surprise, AZ 85374

$500,000

2 Beds

2 Baths

2,052 SqFt

Status Active

MLS # 6673156

Property Type Single Family Residence

Price Type --

Welcome to this 1 owner, one-level home in the desirable The Grand Community! This home boasts 2052 sf of well-designed living space which offers the perfect blend of comfort, convenience, and style. Notice the quality construction of this Coronado open floor plan and the beautiful aesthetics of the exterior for stunning curb appeal! Features Include: Marble Floors, Rock exterior, Extended Patio, New Roof underlay and Exterior paint, large living room with lots of natural light and views of the backyard. Notice the spacious marble kitchen and oversized dining area. The primary suite is amazing and offers a large bath and walk-in closet. There is a 2nd bedroom and bath and also a den that could be converted into a 3rd bedroom if you desire. $5,000 allowance to buyer with acceptable offer.

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14220 N Hawthorn Court Fountain Hills, AZ 85268

$500,000

3 Beds

2.5 Baths

1,921 SqFt

Status Active

MLS # 6679259

Property Type Single Family Residence

Price Type --

Welcome Home to Hawthorn Court! Discover ultimate privacy in this single-family-like residence, connected to neighbors only by an entrance archway. Enjoy a bright living room, versatile den, and a galley kitchen with ample storage. Upstairs, find two generous bedrooms, a guest bath, and a luxurious master suite with a spa-like ensuite bath. Step onto your private balcony from the master suite and relax in the shaded backyard with mature trees. Clean and ready for your personal touch, this home awaits!

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5550 N 16th Street Phoenix, AZ 85016

$500,000

2 Beds

2 Baths

1,063 SqFt

Status Active

MLS # 6681958

Property Type Townhouse

Price Type --

This beautifully renovated townhouse/condo featuring all new flooring, kitchen, and bathrooms is surrounded by the best dining and retail establishments. Get outside and enjoy the city parks and hiking trails, as well as golf courses nearby. Directly across the street are the Madison School District and the Art Center. There is no better position than this one—easy access to the 51! Two en suite bedrooms in a split bedroom layout. There are BBQs and a heated pool/spa available as community amenities. There is a two-car direct-entry garage at the house. Ideally situated for quick access to the airport, downtown Phoenix, and the affluent Biltmore neighborhood with luxury restaurants & stores.

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1009 E Frost Drive Tempe, AZ 85282

$500,000

3 Beds

2 Baths

1,666 SqFt

Status Active

MLS # 6690021

Property Type Single Family Residence

Price Type --

Welcome to this charming three-bedroom, two-bathroom home nestled in the heart of Tempe, offering the perfect blend of comfort, convenience, and relaxation. Conveniently located just minutes away from a variety of restaurants, entertainment venues, ASU & shopping destinations, you'll never have to travel far to enjoy everything Tempe has to offer. Plus, with a beautiful park and school just a short walk away, this home is perfect for those looking to enjoy the outdoors & Arizona living. In the backyard, you'll discover a true oasis with a sparkling pool and covered patio to escape the hustle and bustle of city life. New windows, new AC, and new floors make this home ready for you to make it your own and start envisioning the endless possibilities of life in this wonderful community.

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19005 W Rancho Drive Litchfield Park, AZ 85340

$500,000

4 Beds

3 Baths

2,227 SqFt

Status Active

MLS # 6690702

Property Type Single Family Residence

Price Type --

Beautiful home in the Zanjero Trails community offers a wonderful blend of modern amenities, stunning mountain views, and a true Arizona lifestyle. Here's a closer look at what this property has to offer. Breathtaking Mountain Views: The corner lot location provides stunning mountain views that are sure to leave you in awe. Corner Lot Next to the Park: Being situated next to the park adds an extra element of space and serenity to the property. Spacious and Functional Floorplan: The 4-bedroom, 2-bathroom home features a split floor plan, offering privacy and comfort for residents. Gourmet Kitchen: The kitchen is a standout feature with granite countertops, stainless steel appliances, a large island, and a water fill at the stove—a perfect setup for cooking enthusiasts. Luxurious Master Suite: The private master bedroom is spacious and includes double sinks, a walk-in closet, and a custom glass shower with double shower heads, including a rain dial showerhead. Outdoor Oasis: The backyard offers a private retreat with a privacy fence, artificial grass, a water fountain, and views overlooking the park. It's an ideal space for outdoor gatherings, relaxation, or enjoying the Arizona sunsets. Cozy Patio: The patio provides a comfortable spot to relax and take in the views or entertain guests. Priced to Sell: With all these wonderful features, the home is priced to sell, offering great value for potential buyers. True Arizona Lifestyle: Living in Zanjero Trails allows residents to embrace the true Arizona lifestyle, with its stunning views, outdoor recreation, and community amenities. Overall, this home seems to offer a perfect balance of modern comfort, outdoor living, and the beauty of its natural surroundings. Whether you're enjoying the mountain views from the backyard, cooking in the gourmet kitchen, or relaxing in the luxurious master suite, this property embodies the essence of Arizona living.

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7580 E Earll Drive Scottsdale, AZ 85251

$500,000

2 Beds

2 Baths

1,397 SqFt

Status Active

MLS # 6697555

Property Type Townhouse

Price Type --

Rare 1-car garage Luxury Condo in TOP Scottsdale location!!! Step into luxury living in this charming GATED community nestled in Old Town Scottsdale. This inviting 2-bedroom unit boasts an airy open floor plan with super high soaring ceilings and a cozy gas fireplace in the living room. Beautifully updated home with all appliances included, both bedrooms feature spacious walk-in closets and access to a covered outdoor balcony. BEST LOCATION! Whether you're looking for a primary residence or a vacation getaway, this condo is ideal. Explore the vibrant neighborhood with easy access to top-notch dining, shopping, nightlife, golf courses, and the excitement of Giants Spring Training games. Experience the best of Scottsdale living right at your doorstep! Don't wait! Come see!

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6287 N 88th Avenue Glendale, AZ 85305

$500,000

4 Beds

2 Baths

2,092 SqFt

Status Active

MLS # 6691253

Property Type Single Family Residence

Price Type --

Remodeled Home with gorgeous Hickory Kitchen cabinets & GRANITE counter tops. Eat in Kitchen with bay window center Island counter. Kitchen opens into spacious family room, Spacious primary bedroom with bay window, vaulted ceiling, remodeled gorgeous bathroom, walk in closet. Ceramic and laminated flooring. Kitchen and all bathrooms were remodeled approx 2 years ago. Spacious rear yard, fenced sparkling pool resurfaced yr 2018 , Separate grass area, 11 foot R.V. Gates, Separate building, ideal for workshop or hobby room, Appliance only 2years & included. Golf course in community , approx 3 blocks from West Gate Entertainment Center with Cardinals Stadium, restaurants, shopping, Convenient to 101 freeway.

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1914 N 140th Avenue Goodyear, AZ 85395

$500,000

3 Beds

2.5 Baths

1,983 SqFt

Status Active

MLS # 6691426

Property Type Townhouse

Price Type --

Elegant, Modern, Energy-Efficient, 2021 New, 1 Level, 3 Bed, 3 Bath (2.5), 2 Car Garage home with over $50K in builder upgrades! Located 1 mile N. of i10, in 'The Vistas' a exclusive gated community of Palm Valley'. Top Rated Schools, Great Hearts Charter & Millennium High, shopping, dining, and golf. This open floor plan home is designed around an amazing kitchen overlooking the Dinning-Great Rooms with 3 Lr sliding glass doors theres an abundance of bright, cheery natural light! Relax in your private backyard under the cover patio or have fun in your beatiful community pool & grilling area, which this home butts up to! Yes, this home does has one of the best lot locations in The Vistas! Tankless hot water heater & water softener are included in this must see home!

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21382 E Estrella Court Queen Creek, AZ 85142

$500,000

3 Beds

2 Baths

1,730 SqFt

Status Active

MLS # 6698740

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This meticulously maintained residence is a true gem, boasting a level of quality that surpasses even new builds. Step inside and be greeted by NEW hardwood flooring, NEW carpet in bedrooms and NEW fresh white paint T/O. This home features 3 spacious bedrooms, providing ample space. Need a dedicated workspace or a cozy reading nook? You're in luck - there's also a versatile den that can easily adapt to your needs. With 2 bathrooms, mornings will be a breeze, offering convenience and functionality for your daily routine. And here's the best part - no neighbors behind you! Enjoy privacy and tranquility in your backyard retreat, perfect for entertaining or simply unwinding after a long day. Situated in an ideal location, this home offers easy access to all the amenities of Queen Creek. Whether it's shopping, dining, parks, or schools, everything you need is just moments away.

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