Last week’s economic reports included S&P Case-Shiller Housing Market Indices, reports on new and pending home sales, Freddie Mac’s weekly mortgage rates survey. The Federal Reserve released its customary statement after the scheduled Federal Open Market Committee meeting concluded; the Committee did not raise the federal funds rate of 0.25 percent, but indicated that economic risks were fewer, which suggested that the key Fed rate may be increased in September.
According to the S&P Case-Shiller 20-City Home Price Index for May, home price growth dipped from 5.40 percent in April to 5.20 percent in June as calculated on a seasonally-adjusted annual basis. Portland, Oregon led the 20-City Index with 12.50 percent growth in home prices annually. Seattle, Washington and Denver, Colorado rounded out the top three with readings of 10.70 and 9.50 percent annual growth respectively. Eight cities posted faster growth rates in May than for April. Analysts again cited short supplies of available homes and high demand for homes as reasons for rising home prices.
New and Pending Home Sales Increase
Sales of new homes reached a seven-year high and rose to 592,000 in June as compared to expectations of 562,000 new homes sold and May’s reading of 572,000 new homes sold. Analysts have consistently said that building more homes is the only way to solve the shortage of available homes. Rising sales of new homes are a step in the right direction, but builders cited labor shortages and lack of buildable land as hindering their ability to meet demand for homes.
Pending home sales also rose in June with an increase of 0.20 percent.Analysts expected new home sales to rise by 1.30 percent based on May’s negative reading of -3.70 percent. Pending home sales data assists with estimating future closings and demand for mortgage loans.
Fixed Mortgage Rates Rise
Freddie Mac reported higher mortgage rates for fixed rate mortgages; 5/1 adjustable rates held steady. The average rate for 30-year adjustable rate mortgages was three basis points higher at 3.48 percent; the average rate for a 15-year fixed rate mortgage was also three basis points higher at 2.78 percent. The average rate for a 5/1 adjustable-rate mortgage was unchanged at 2.78 percent. Average discount points held steady at 0.50 percent for all three mortgage types.
What‘s Ahead
This week’s economic releases include reports on personal income, inflation, and core inflation. Several reports on employment will be released including ADP payrolls, Non-farm payrolls, and the national unemployment rate. Weekly reports on mortgage rates and new unemployment claims are also expected.
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9514 E Madera Drive
Scottsdale, AZ 85262
$3,800,000
4
Beds
4
Baths
4,400
SqFt
Status
Active
MLS #
6779315
Property Type
Single Family Residence
Price Type
--
This exquisite 2.2 acre Desert Mountain estate welcomes you with its brick lined circular driveway, old world Tuscan feel and panoramic mountain views! Elegance abounds with the extensive use of marble and stone finishes throughout, granite countertops, gorgeous tile flooring and well appointed bathrooms! The kitchen is an absolute DREAM and features a gas cooktop, double wall ovens and a wet bar with a pass through to one of the FIVE outdoor patios (one is screened in)! There are 3 bedrooms with ensuite baths in the main home, with a bedroom, bath and kitchen in the private 545 sq. ft. casita with separate entrance! Let the views of the Sonoran desert and stunning sunsets melt away your stress while soaking in the sparkling pool or spa! Sellers have a Lifestyle membership
2262 Meadow Trail --
Overgaard, AZ 85933
$3,800,000
4
Beds
3.5
Baths
3,036
SqFt
Status
Active
MLS #
6779358
Property Type
Single Family Residence
Price Type
--
Endless Possibilities for this One of a Kind-Easy central access in Overgaard Arizona on the Mogollon Rim. Close to forest and Lakes and all services. The main Property is on 20-Acres with A1-GeneraL Zoning along with a private pond and private well. This furnished Custom Farm House style Home was built in 2018 has 4-bedrooms and 3.5 baths with dual Primary suites on the main floor with 2-additoinal bedrooms and bath upstairs with a Rec.Room with a Pool table and balcony. Vaulted White Washed wood tongue & Groove Ceilings, Oversized Trex front & rear deck with balcony, Kitchen: Granite Counters with large Island and tile back splash, Upgraded Stainless Appliances, Crushed Ice maker, gas range/oven, upgraded light & plumbing fixtures, wine cellar, mud room,, *See Supplement Tab $4,500,000 $4,500,0000 with 27-Acres furnished: Note: There are 3 additional parcels adjacent with 2+- Acre parcels a total of 6-acres and all A-1 General Zoning on the North side of Ranch(Each currently listed 2255 bootlegger Parcels#1,2,3). There is also another adjacent 1-acre parcel R1-10 Zoning (2252 Mulligan to the south of ranch). All lots can be split for development or your desired use or use as a compound, many possibilities. A private well exists for the main home on 20-acres. All acreage is fenced. Water & Electric available for the adjacent lots. Mogollon Airpark just East. Endless Possibilities for this One of a Kind-Easy central access in Overgaard Arizona on the Mogollon Rim. Close to forest and Lakes and all services. This furnished Custom Farm House style Home was built in 2018 has 4-bedroom and 3.5 baths with an Oversized 3-Garage, White washed gas Brick Fireplace with elevated views of trees and meadows also has a private pond, private well, paved road access, gravel driveway. Oversized Trex front & rear deck with balcony, White washed tongue & groove Vaulted Ceilings, Granite Counters with large Island and tile backsplash, Upgraded Commercial grade Stainless Appliances, Crushed Ice maker, gas range/oven, upgraded light & plumbing fixtures, Main Primary bath has free standing soaking tub & large oversized tile shower, dual sink vanity, additional primary bedroom has large oversized shower, wood flooring thru-out, Oversized laundry room/Den and a mud room, Wine Cellar under stairs, walk-in Closets thru-out. The layout has 2-primary bedrooms on the main floor with 1/2 bath and upstairs has 2-bedrooms with 1-bath with Recreation room with a pool table and private balcony overlooking pond, trees & meadow. Chain link fenced rear yard with apple and peach trees along with Artificial turf.
8222 E Old Paint Trail
Scottsdale, AZ 85266
$3,799,000
5
Beds
5.5
Baths
5,638
SqFt
Status
Active
MLS #
6770322
Property Type
Single Family Residence
Price Type
--
Calling all car lovers! This home showcases a 5 car garage with work area, an open floor plan with elevated ceiling heights and tons of windows in the main living spaces. The Gourmet kitchen is a chef's delight with upgraded cabinets, dual islands, designer stainless steel appliances including a Wolf 48'' Rangetop w/Griddle, Pro Hood, Micro Drawer, Pro Double Ovens, and Cove Dish Washer. Spacious great room features a 60'' primo fireplace and 20' multi-stacking door opening to a covered patio and amazing backyard with views. An oversized family room with direct access to a covered patio and pool area, in addition to the private serene front courtyard. Wake up to amazing views in the spacious Primary Suite. Relax in your spa-like bath with separate soaking tub, and step-in... shower. The additional 3 main home spacious bedrooms ALL have their own baths, perfect for family/guest privacy. Large attached casita with living area that has a sink and drink chiller, full bath and courtyard with fire pit. The sparkling pool in your private backyard oasis is AMAZING! Baja shelf, smaller pool and spa will WOW you! The grill master will love the covered built-in grill area. End your day in front of the gas fire-pit while watching stunning Arizona sunsets. SO much more to mention! You MUST SEE this home!
10585 E Crescent Moon Drive Unit 6
Scottsdale, AZ 85262
$3,795,000
4
Beds
4.5
Baths
4,562
SqFt
Status
Active
MLS #
6781819
Property Type
Single Family Residence
Price Type
--
Welcome home to Privada, a highly sought after gated enclave adjacent to the Four Seasons Resort Scottsdale * This meticulously maintained custom single-level home offers 4 ensuite bedrooms * Intimate entry courtyard w/ gas fire-pit offers access to the main house and detached casita * Open great room offers massive sliding glass doors to both courtyard and the backyard w/ Troon Mountain and Pinnacle Peak views * South facing yard also features remodeled heated pool and spa, fireplace, built-in grill, covered patio, and complete privacy * Split master suite with sitting room & fireplace, dual vanities, and steam shower * Membership to the Four Seasons Pinnacle Club available, making you a permanent guest of Scottsdale's finest resort & all of its amenities (pools, spa, fitness, fine dining) just steps from your front door *
8808 E Sulky Circle
Scottsdale, AZ 85255
$3,795,000
6
Beds
4.5
Baths
4,742
SqFt
Status
Active
MLS #
6724345
Property Type
Single Family Residence
Price Type
--
Built in 2021 on 1.73 acres, this contemporary retreat is tucked in the tranquil, gated enclave of Pinnacle Peak Place. Spanning 4,742 SF, including a 550 SF guest house, the home was meticulously designed with contemporary finishes throughout. The gourmet kitchen is both stunning and functional, boasting high-end appliances, two dishwashers, and a hidden walk-in pantry. The open-concept great room features soaring ceilings, wood beams, and a spectacular wall-to-wall slider that seamlessly blends indoor/outdoor living. Enjoy breathtaking views of Pinnacle Peak from the resort-style backyard, which is beautifully landscaped w/ newly-added mature trees, a lighted, heated pool, integrated spa, deck jets, extensive covered patio w/ tongue-and-groove ceilings, built-in BBQ, fire pit, & turf. Located within 10 minutes of premier golf courses, hiking/biking trails, and upscale shopping and dining, this modern desert sanctuary offers luxury, comfort, and convenience.
12347 E Gold Dust Avenue
Scottsdale, AZ 85259
$3,795,000
5
Beds
5.5
Baths
5,196
SqFt
Status
Active
MLS #
6689294
Property Type
Single Family Residence
Price Type
--
**DAYS ON MARKET INCLUDE CONSTRUCTION TIME* Welcome to Emerald Hills - your new seven home subdivision in north Scottsdale. Once again, Cachet Homes has hit a homerun with this luxury contemporary home and has all the amenities you could possibly want. With an attached guest house and detached pool house, oversized 4-car garage, north-south lot, with a south facing backyard boasting an amazing pool & spa - this one has it all! Cachet Homes finishes their homes with beautiful style and modern elegance and carry their commitment to handing you a truly turn-key home by having the landscaping and backyard finished and ready to use. Home next door is also for sale go to MLS#6646447 to see what is available now.
8150 N 47th Street
Paradise Valley, AZ 85253
$3,795,000
3
Beds
2.5
Baths
4,952
SqFt
Status
Active
MLS #
6721098
Property Type
Single Family Residence
Price Type
--
Nestled amidst the hillside within highly desired Tatum Canyon in Paradise Valley, this exquisite retreat boasts expansive views of Camelback Mountain, Mummy Mountain, the McDowells, Phoenix Mountain Preserve and city lights. Enjoy breathtaking sunsets and spectacular views from every single room! Upon entering, you are greeted by a grand foyer that leads into spacious and beautifully appointed living areas, media room, den, dining room, and contemporary gourmet kitchen featuring custom cabinetry with quartz countertops and massive waterfall island; each room capturing their own unique views. The upstairs primary suite is a sanctuary of tranquility, featuring a fireplace, private balcony, ensuite bath with a soaking tub, and exercise/yoga studio with expansive views that invite relaxation Two additional bedrooms feature an ensuite bath and offer versatility for guests or a home office. On the lower level you will find an extended garage with built In cabinetry and an attached hobby room with additional storage space. Outside offers the perfect setting for relaxing poolside, dining, entertaining guests, or simply soaking in the serenity of the surrounding landscape. A true entertainer's dream, with the perfect combination of indoor-outdoor living. Located in one of Paradise Valley's most coveted neighborhoods, this home combines the privacy and tranquility of hillside living with convenient access to upscale shopping, dining, hiking, and golf. Whether you seek a peaceful refuge or a place to entertain in style, this exceptional residence offers a rare opportunity to experience the ultimate in AZ living.
12220 E Alameda Road
Scottsdale, AZ 85255
$3,794,995
3
Beds
3.5
Baths
4,365
SqFt
Status
Active
MLS #
6749244
Property Type
Single Family Residence
Price Type
--
THIS OPPORTUNITY WON'T LAST, BUT THE VIEWS WILL! Move in Ready home on over 4 Acres. This beautiful pre-designed home with luxurious upgrades throughout. The award-winning Mayne home design was made for entertaining. This single level home showcases an open floor plan with elevated ceiling heights in the main living spaces. The gourmet kitchen is a chef's delight with upgraded cabinets and designer stainless steel appliances including a Wolf 48'' G Pro Range, 48'' Custom Decorative Kitchen Hood, JennAir Ice Maker, Sub-Zero 24'' Beverage Center, Sub-Zero 24' Wine Column, and a 30'' Column refrigerator and 30'' Column Freezer. Spacious great room features a 60'' Mezo fireplace and a 20' multi-stacking pocket door. Oversized bonus room with access to covered patio. Casita with living and bat
15 Sky Ridge Court
Sedona, AZ 86336
$3,790,000
5
Beds
6
Baths
4,420
SqFt
Status
Active
MLS #
6518168
Property Type
Single Family Residence
Price Type
--
Discover the beauty of Sedona's newest subdivision - Sky Ridge Estates! This hilltop lot offers breathtaking panoramic views of the North, East, and South. You have the option to build a custom home with three, four, or five en-suite master bedrooms. Plus, this exclusive location is only a short walk from the city's brand new park, museums, town square, high-end shopping and dining, spa resorts, and more. Enjoy the convenience of a lit tennis/pickleball court and Oak Creek front park available for membership. The seller is offering financing to qualified buyers, and they will even participate in the cost of grading, driveway, and pad once your home plans are submitted and grading permits are issued. Imagine waking up to picturesque views every day in your spectacular new home. This is one of the top/best premium five lots in the cul-de-sac end of the road. Very quiet and secluded, yet in the heart of Sedona, with a 10 walkability score. Below Market Pricing: Secure your slice of paradise with lots starting at just $329,000(half-off 8/23 appraisal of 495,000- 695,000 as improved (when road and utilities are completed) Build Your Dream: Opt for our innovative rustic contemporary, metal, and ceiling-to-floor glass eco-friendly landscape homes, designed for efficiency and elegance. Cantilevered on pillars vs old style expensive cut and fill pad or retaining wall, See renderings under the photo tab. Unparalleled Views, Privacy, very quiet & secluded: 19 Exclusive Lots: Each lot, ranging from half to three-quarters of an acre, offers breathtaking panoramic views along a serene ridge down and through a hidden canyon. Investment & Lifestyle Flexibility: Luxury Living Redefined: Sky Ridge Estates isn't just a place to live; it's a lifestyle. This 5-star resort community offers: *Private Club & Fine Dining (room service): Experience culinary delights without leaving the comfort of your community. *Wellness & Leisure: State-of-the-art anti-aging spa, fully-equipped gym, yoga studio, indoor climate-controlled pickleball court, and a golf simulator. *Concierge & Transport: Enjoy the convenience of concierge services, a Mercedes limo van for all your travel needs, and 24-hour security guard and cameras. *Resort-Style Property Management: Travel a lot? 2nd Home? On-site property management is available. *Infrastructure is underway, and roads and utilities are being installed. The clubhouse and gate are pending approval. Collaborate with our top architect and builder to bring your vision to life. Contact us for more details on this unique opportunity. Look under photos and website for home renderings and drone footage of each lot. Don't miss out on this chance to invest in a lifestyle of luxury and tranquility at Sky Ridge Estates. Recent Sold Comps; 920 N Palisades,.73 ac,COE 10/23 for 525,000 3 Sky Ridge Ct.,.63 ac,COE 1/24 for 500,000
12265 E Troon Vista Drive
Scottsdale, AZ 85255
$3,779,995
5
Beds
5.5
Baths
4,682
SqFt
Status
Active
MLS #
6668733
Property Type
Single Family Residence
Price Type
--
Don't miss this opportunity to live in Scottsdale's most desirable location, the picturesque, and award winning community of Sereno Canyon. Nestled against the McDowell Mountain preserve, with Sonoran desert views and close proximity to hiking trails. This open floorplan includes a casita with an exterior and interior entry, wet bar, and has enough room for bedroom and living space. The kitchen great room opens to a large covered patio with a 20' 90 degree corner door that pockets into the wall and brings the outside in. Chefs kitchen including two quartz islands for entertaining, SS Wolf Pro Line including a 48'' smart range, wall oven, and Sub-Zero 48'' side by side built refrigerator. 14' ceilings in the main living area. All bedrooms are en-suite with WIC. 10 year warranty included.
6321 E Phoenician Boulevard Unit 14
Scottsdale, AZ 85251
$3,775,000
3
Beds
3.5
Baths
2,894
SqFt
Status
Active
MLS #
6783633
Property Type
Townhouse
Price Type
--
Nestled in the shadow of Camelback Mountain at prestigious Ascent at the Phoenician, this exquisite golf villa offers an unparalleled lifestyle. Located on the first hole of the renowned Phoenician Golf Course, this guard-gated community features only 30 exclusive golf villas, each with a private two-car garage.
This stunning residence boasts three spacious en-suite bedrooms, complemented by a stylish powder bath and open concept floor plan making it perfect for both relaxation and entertaining. The villa's design emphasizes seamless indoor/outdoor living, highlighted by floor-to-ceiling stackable glass doors that frame breathtaking panoramic views of the lush golf course and the vibrant Phoenix skyline.
The heart of the home is the exquisite Bulthaup kitchen, where form meets function, featuring top-of-the-line Sub-Zero and Wolf appliances that cater to the most discerning chef. Ultra thin quartz counters, a large island with a raised walnut bar with seating for 5 and gorgeous oak veneered cabinetry evoke an inviting aesthetic. Spa-inspired bathrooms showcase luxurious marble and quartz surfaces, creating a serene retreat for relaxation.((With 10-foot ceilings throughout, the villa exudes an airy and open ambiance. Builder upgrades include elegant Provenza wood flooring throughout, an outdoor BBQ for alfresco dining on the oversized balcony, an elegant gas fireplace, a Sub-Zero wine refrigerator, and recessed LED lighting with dimmers in every room. The upgraded primary bathroom and thoughtfully designed cabinetry in the laundry room add to the home's sophistication. (Owner enhancements elevate this property further, featuring designer lighting, custom closets, and a state-of-the-art Crestron home automation system. Enjoy remote access to control lights, motorized shades on all windows, TVs, surround sound, HVAC and garage access from anywhere.((Residents enjoy exclusive access to the Mountain Club, a private retreat for owners at Ascent. The Mountain Club features a private pool and spa, a state-of-the-art fitness center, inviting social spaces, and a demonstration kitchen perfect for cooking classes and private chef experiences. Residents also have the opportunity for exclusive membership at The Phoenician Resort, which features multiple resort pools, resort spa, tennis courts, new Athletic Center, 18 hole Troon managed golf course and award winning restaurants. (Experience the epitome of luxury living in this exceptional golf villa, where every detail has been meticulously crafted for comfort and style. Schedule your private tour today and discover your new sanctuary in Scottsdale!((
19627 N 101st Street
Scottsdale, AZ 85255
$3,775,000
5
Beds
5.5
Baths
4,533
SqFt
Status
Active Under Contract
MLS #
6683085
Property Type
Single Family Residence
Price Type
--
This Canyon Villa, nestled within the prestigious guard-gated enclave of Silverleaf and masterfully crafted by the renowned Bing Hu, characterizes luxury living. Boasting 5 bedrooms and 5.5 bathrooms, 4,533 square feet, this residence offers a blend of sophistication and comfort. The expansive great room is accentuated by charming wood beam ceilings, creating an inviting ambiance that seamlessly flows onto the covered patio. Whether hosting indoor gatherings with friends or enjoying serene evenings outdoors while the sunset casts a golden glow over the McDowell mountains, this space offers spectacular views, making it the perfect setting for every occasion. Thoughtfully updated, this home features a Chef's kitchen, Bifold doors, new wood flooring throughout adds warmth and elegance to every corner of this abode. Convenience and privacy define the main level, which hosts a luxurious primary bedroom suite, office with views, open great room with vaulted ceilings providing a sanctuary of comfort and relaxation. Stepping into the front lushly landscaped courtyard, guests are greeted by a detached guest casita, complete with a heated pool and spa. Whether lounging poolside or enjoying a rejuvenating soak, visitors are treated to an unforgettable retreat experience. Silverleaf, located in North Scottsdale, Arizona, is a prestigious guard gated community known for its luxurious estates, exclusive golf courses, private Club and stunning desert landscapes. The Tom Weiskopf-designed Silverleaf Golf Course is a highlight for golf enthusiasts. With a blend of Spanish and Mediterranean-inspired architecture, the community offers a high standard of living, including upscale amenities like spas, fine dining, and exclusive shopping. Residents enjoy a harmonious balance between modern luxury and the natural beauty of the desert environment, making Silverleaf a sought-after destination for those seeking an exceptional lifestyle in North Scottsdale.