Seven other builders are slated to open models in Floreo throughout the next several months: Brightland Homes, Cortland Communities, KB Home, Lennar, Meritage Homes and New Home Co.

Builders will break ground in September.

Toll Brothers will construct Toll Brothers at Storyrock, a gated neighborhood within Scottsdale’s Storyrock master-planned community.

Located at 25255 North 19th Ave., the community includes 456 apartments with one-, two- and three-bedroom floor plans.

The inventory of new homes for sale surged year over year, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.    

The builder will offer four floor plans ranging from 3,124 to 3,692 square feet with guest casitas, covered patios and cabanas.

New single-family home construction declined as builders continue to grapple with macroeconomic headwinds. 

Scottsdale-based Sunbelt Holdings and Mosaic are collaborating on development, while Boston-based private equity firm Rockpoint is providing financing.

The organization issued a statement in support of the pro-development campaign at its annual meeting in Tampa. 

Homebuilder sentiment recently reached its third-lowest level since 2012. 

Toll Brothers received Gold Awards — the highest honor — in four residential categories for Phoenix-area developments, including Master-Planned Community of the Year and Best Community Amenity for Sereno Canyon in Scottsdale.

Mosaic is serving as the project’s general contractor.

The community will feature 122 homes on 2.75-acre lots. Sales are expected to open late this summer, with prices starting at $1.9 million.

The surprisingly large decline in the pace of housing starts comes as builder sentiment remains depressed by tariff worries and high prices. 

Camelot took home some of the biggest awards of the night, including Builder of the Year, Community of the Year and Home of the Year.

The builder will offer one- and two-story homes ranging from 1,332 to 2,624 square feet. Sales are expected to begin this summer.