Toll Brothers’ development would be one of the largest ever constructed in the Greater Phoenix area.

Rental developer Mill Creek Residential announced it broke ground on Modera Rio Salado, an apartment community in North Tempe.

Single-family home permits and completions, meanwhile, also rose, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

Banc of California provided a $65 million loan.

Low inventory and high demand are buoying builder sentiment in the face of several headwinds. 

Demand for newly built homes has remained strong as high interest rates keep many would-be sellers of existing homes off the market. 

The larger-than-expected increase comes as homebuilder sentiment rose for the sixth month in a row. 

Construction is underway at Portico, a luxury Scottsdale condominium building from developer Belgravia Group.

A shortage of existing inventory continues to drive buyers to new construction. 

Single-family permits also posted a gain, indicating even more new homes are headed to today’s supply-constrained housing market. 

Homebuilder optimism was buoyed by continued shortages of new housing inventory, the National Association of Home Builders reported. 

Four showcase homes are currently planned for construction at Silver Sky, ranging in size from 7,500 square feet to 15,000 square feet.

U.S. government data shows builders increased the pace of single-family home construction while slowing the pace of multifamily starts. 

The National Association of Home Builders/Wells Fargo Housing Market Index rose for the fourth month in a row in April as the construction industry remained “cautiously optimistic.”     

The supply of new homes for sale ticked lower from February, according to government figures.

A shortage of existing-home inventory is driving more people to the market for newly built homes.