Home Builder Index Dips in January

January’s National Association of Home Builders Housing Market Index dipped two points from December’s revised reading of 69 to 67;  the index reading forecast for January was also 69.Analysts said that January’s reading was the second highest (after December 2016) since the peak of the housing bubble in 2005. January’s dip in builder sentiment was attributed to easing of builder enthusiasm, which spiked right after the U.S. presidential election. To put January’s home builder confidence reading in context, NAHB says that any index reading over 50 indicates that more builders than fewer have confidence in housing market conditions.

NAHB Sub–Index Readings for January

Three sub-index readings are used in compiling the NAHB Housing Market Index reading. Builder confidence in current housing market conditions fell three points to 72; builder confidence in housing market conditions over the next six months fell two points to 76. Builder confidence in buyer traffic in new housing developments dropped one point to 51.

Builders surveyed continued to cite the cost of new lots for development and the lack of skilled labor as obstacles to higher builder confidence.

After releasing January’s index readings, the NAHB said that while January’s readings were lower than those for December, a majority of builders have expressed confidence that the new administration will reduce regulatory pressure on home builders. NAHB also cited home builder concerns over mortgage rates, which rose nearly a percentage point in November and December before falling. Despite ongoing concerns, builder sentiment has steadily improved over time. On average, builder confidence averaged a reading of 61 in 2016 against 2015’s average reading of 59 and the 2014 average reading of 52.

Builder Outlook Seen as Key to Easing Home Shortage

Real estate and mortgage pros have consistently said that building more homes is necessary to ease the ongoing shortage of available homes. NAHB’s Housing Market Index is closely followed as a benchmark of home builder confidence. Higher builder confidence in current and future housing market conditions is viewed as a potential indicator of home building activity, but housing starts have not been uniformly allied with builder confidence.

Shortages available homes creates high demand creates concerns for potential buyers seeking affordable homes. Rapidly rising home price, particularly in high demand metro areas, have sidelined buyers who cannot compete against buyers making cash offers on homes with rapidly escalating prices.   For more information give me a call – J.P. Cook – 602-320-4253.

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2101 E Oak Street Phoenix, AZ 85006

$465,000

3 Beds

2 Baths

1,188 SqFt

Status Active

MLS # 6679967

Property Type Single Family Residence

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1502 E Garfield Street Phoenix, AZ 85006

$465,000

3 Beds

2 Baths

1,032 SqFt

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MLS # 6685102

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Beautifully updated 3 bed-2 bath home on spacious lot in Historic Garfield. Walk to vibrant downtown Phoenix restaurants, art, festivals, and more! Natural light floods all rooms creating bright + airy ambience. Home has an open floor plan with high ceilings, split bedrooms, indoor laundry, + all new luxury vinyl plank flooring. Kitchen has freshly painted cabinets, quartz counters, + ss appliances. You can live in an adorable historic home w/ all the modern conveniences. Low maintenance desert landscaping in front. Large backyard provides option for casita or office space for those who WFH. 2016 - roof replaced, HVAC replaced, new Pella windows, updated bathrooms & kitchen. 2024 - all flooring + baseboards replaced, all fresh interior paint, and more. This home is an absolute gem!

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1925 W Joan De Arc Avenue Phoenix, AZ 85029

$465,000

4 Beds

2 Baths

1,898 SqFt

Status Active

MLS # 6675275

Property Type Single Family Residence

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Sit under the covered patio and enjoy mountain views from your backyard in this energy-efficient home conveniently located to elem school, parks, golf, gorgeous Moon Valley hiking. Fresh paint, new carpet, dbl-pane windows/sliding door. 16-seer HVAC system, incld ductwork inspected and cleaned for your convenience. 4 bdrms pls room off kitchen for office or pantry, gas range with dual ovens, newer dishwasher, Corian countertops, integrated sink. Outside has Tex-Coat cool wall heat reflective coating and a 50yr rated, heat-reflective roof (2011). Other systems replaced: bathroom underground flex pipe, laundry room/kitchen sewer line, thick blown-in insulation in attic, which has extra storage build-outs. Oversized yard with RV gate to store the big toys. Beautiful 50yr-shingle roof.

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$465,000

4 Beds

2 Baths

1,994 SqFt

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MLS # 6678829

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Welcome to this beautiful 2017 home featuring a wonderful floorplan with a split master bedroom and large kitchen with plenty of cabinets and walk in pantry. Exterior of home was recently triple coat painted and has a large RV gate, 30 amp RV plug, and 20x20 storage shed in backyard. House has water filtration system and softener and is solar financed with a $39,000 balance. You will love the vaulted ceilings in the family room and plenty of windows for lots of natural light coming in. Water heater is only 2 years old and the attic and walls are double insulated. Much pride of ownership in this fantastic home just waiting to become YOUR home next with no HOA.

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