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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25838 N 104th Place
Scottsdale, AZ 85255
$2,395,000
4
Beds
3.5
Baths
3,662
SqFt
Status
Active
MLS #
6763821
Property Type
Single Family Residence
Price Type
--
Newly renovated luxury home nestled in the prestigious Troon Fairways community is the pinnacle of modern elegance & timeless sophistication, designed with meticulous attention to detail & finishes including new European wide plank oak flooring, new wide baseboards, new lighting, new fireplace, new hardware, new fixtures & more. Embracing the natural beauty of the surrounding Arizona vistas, including stunning views of Pinnacle Peak, & close proximity to one of Scottsdale's most prestigious golf courses, this property provides a tranquil respite with seclusion & privacy. From the moment of arrival, this home makes a statement with the contemporary design of the freshly painted exterior harmonizing with the desert surroundings. A new gated front courtyard opens to a tranquil covered patio & invites you to step inside to discover a home where modern luxury meets comfort. The open concept design maximizes natural light with new oversized windows & doors, showcasing stunning views of Pinnacle Peak. The living room is a haven of relaxation with captivating mountain views, floor-to-ceiling tile surround linear fireplace & easy access to a new custom glass wine cellar & new bar with quartz counters, beverage refrigerator & icemaker. Perfect for entertaining, the bar has seamless access to outdoor living with an accordion window. The heart of the home, a newly designed gourmet kitchen, combines functionality with style featuring a large waterfall quartz island, custom floor-to-ceiling flat panel cabinetry, modern custom tile walls, floating shelves with undermount lighting, premium stainless steel Thermador appliances including gas range, custom hood & dual ovens. Whether you're preparing a casual meal or hosting a dinner party, the thoughtful design allows for effortless entertaining. The primary suite is a private retreat, offering a serene escape from the demands of everyday life. With its own private sitting area & patio, this expansive room offers panoramic views of the surrounding mountains. The spa-like primary bathroom features a freestanding soaking tub, glass surround walk-in shower with rain showerheads, & custom double floating vanities with undermount lighting, backlit mirrors & quartz countertops. The outdoor living space has been renovated as well with newly refinished pool with waterfalls, travertine pavers & manicured turf creating an inviting oasis, complete with built-in barbeque, new fire pit & fresh landscaping. Relax in breathtaking views of iconic mountains & entertain in style. This home is perfect for those seeking an elevated lifestyle in North Scottsdale.
3518 N Shadow Trail
Mesa, AZ 85207
$2,395,000
4
Beds
4
Baths
4,264
SqFt
Status
Active
MLS #
6748466
Property Type
Single Family Residence
Price Type
--
Custom home meticulously crafted with modern Southwest architecture in gated Las Sendas! Premium 1.3-acre lot with a Boulder outcropping giving you a sense of privacy with stunning desert, mountain & city light views. The floor plan boasts an open great room with a wall of windows. The modern kitchen features a spacious island, a wall oven, refrigerator & walk-in pantry. The split primary suite features a sitting area, dual walk-in closets, a zero-entry shower & a covered patio. The casita has a full kitchen, separate entrance, its own garage & private patio. This energy efficient Smart Home has foam insulation, & is prewired. The RV garage holds 6 cars & a full bath. Backyard oasis with a pool & waterfall. There is a clubhouse, wellness spa, fitness center, tennis courts & pickle balll! There are even various community hosted events for you to enjoy. Your Dream Home awaits!
3051 E Irwin Avenue
Mesa, AZ 85204
$2,394,999
6
Beds
6
Baths
5,855
SqFt
Status
Active
MLS #
6774162
Property Type
Single Family Residence
Price Type
--
Elevate your buying experience with this exceptional offer. The seller is providing assistance toward a 2-1 interest rate buydown, allowing you to enjoy significantly reduced interest rates—2% lower in the first year and 1% lower in the second year. This unique opportunity enhances affordability while you settle into the elegance and sophistication of your new home. Welcome to this exceptional property, set on a massive lot and offering 5,855 SF of luxurious living space. From the moment you step inside, you'll be captivated by the grand layout featuring elegant wood floors, a cozy den, and a spacious loft. With 6 bedrooms, 4 full baths, and 3 half baths, this home is perfectly designed to The downstairs owner's suite is your private sanctuary, offering a sitting area or workout room, direct access to the backyard, and a spa-inspired bathroom with dual vanities, a jetted garden tub, a step-in shower with multiple shower heads, and two large walk-in closets. The main level also includes a casita, located opposite the master, complete with a kitchenette and full bath. The outdoor space is equally impressive, boasting a resort-style backyard. Relax under the extended covered patio with the new misting system or cool off in the pristine pool, complete with a slide, waterfall, and fountain. The yard is beautifully landscaped with mature fruit trees, including orange, grapefruit, nectarine, and lemon. A new shade structure offers a perfect spot to enjoy outdoor activities in comfort, and the brand-new, oversized gazebo with an outdoor kitchen is ideal for entertaining or relaxing in style. At the back of the property, you'll find a 380 SF stand-alone building, perfect for an art studio or a teen hangout room. In addition, the property features solar panels and a generator, offering energy efficiency and peace of mind. There's no HOA, giving you more flexibility and freedom. And, while the home is conveniently located just off the highway, it remains peaceful and quiet, providing easy access without the noise. For added convenience, there's a detached 1,200 SF garage and office with air conditioning, and above it, a fully equipped apartment that includes a full kitchen, spacious bedroom, and bathroom perfect for guests or potential rental income. Plus, a newly added 687 SF RV garage provides ample space for larger vehicles and extra storage. This home truly has it all! Tour this home today to see it for yourself and experience the luxury and space this property offers!
27825 N 42nd Street
Cave Creek, AZ 85331
$2,390,000
4
Beds
4
Baths
3,572
SqFt
Status
Active
MLS #
6739142
Property Type
Single Family Residence
Price Type
--
Rare opportunity to own almost 5 acres of county property including Very Solid Block Built home with metal roof. Timeless architecture and floor plan will need little updating to make it spectacular. Huge business potential with this property! One acre zoning. This is a great area to have space for your horses and a home business in Maricopa County zoning. Backyard is huge with inground pool and separate hot tub close to the master bedroom. Outdoor shower room adds useful fun to the master.
9413 E La Posada Circle
Scottsdale, AZ 85255
$2,390,000
4
Beds
3.5
Baths
4,712
SqFt
Status
Active
MLS #
6761394
Property Type
Single Family Residence
Price Type
--
Timeless Villa meets modern accoutrements. INTERIOR JUST REPAINTED LIGHT & BRIGHT. WOW! This '08 custom build near highly sought after Pinnacle Peak & Pima flaunts warmth and attention to detail plus stunning views. The Chef's kitchen has Wolf range,Sub Zero Ref'r, Cove DW custom wood cabinets, giant island w sink, coppered ceiling, under cabinet lights & eat at breakfast bar. Primary suite with workout room or office, Mother-in-law suite, custom wood detailed dining room or additional office, inviting fireplaces throughout. Resort-like private backyard, putting green, pool, patio, grilling station & peekaboo valley views. Patio includes fireplace & fire pit. Ascend the stairs & enjoy gorgeous views of the majestic McDowell Mountains. 3-car garage w tons of deep cabinets and bonus heated/cooled room for storage or workshop. Walking distance to restaurants, grocery, pharmacies and shops, the location is ideal for all your everyday needs yet is quiet and tucked away with no traffic. Within a 5 minute drive there are more shops, a Sprouts Grocery, Ace Hardware, and several restaurants, golf courses. You really can live right here within all. this beauty and convenience. The neighborhood of Pinnacle Peak Shadows features extra wide private streets that are ideal for walking a dog, going for the mail or just catching up with neighbors. There's an Annual Community picnic where you can meet your fellow residents. One of the few true neighborhoods in all of North Scottsdale.
18527 N 98th Way
Scottsdale, AZ 85255
$2,390,000
4
Beds
4.5
Baths
3,871
SqFt
Status
Active
MLS #
6786313
Property Type
Single Family Residence
Price Type
--
WINDGATE RANCH at its finest! House located on a quiet interior street with views of the McDowells from the backyard and views of the city lights & Camelback from the front. As you approach, you pass your own private court yard. When entering into the grand foyer, you are greeted with an intuitive, open floor plan with a view of the McDowell Mountains. The formal dining room opens to the foyer & a butlers pantry that accesses the kitchen with large island & pantry. The kitchen & great room (all open) are highlighted with a 3 panel slider in addition to a 2 panel slider. Lots of UV treated glass looking out to this resort style backyard that backs up to a wash, with an extended covered patio with tv, built in grill & pool. The primary suite, on the main floor, has a huge bathroom and a very spacious walk in closet. Upstairs is accented with a covered patio overlooking the Valley (city lights and Camelback Mountain); there are 3 bedrooms and 3 bathrooms, two of which are ensuite. In addition to the bedrooms, there is a tech center and a large bonus room upstairs. There are plenty of options to have a home office and play room. The 3 car garage has ample room for all your toys. Several builder upgrades (extended covered patio, Control 4, foam insulation, energy efficient windows, tiled hallways throughout, additional bathroom, bonus room, just to name a few). This home is offered by the original owners that have put a lot of love into this property. This house is a must see.
5501 E Cholla Street
Scottsdale, AZ 85254
$2,389,900
5
Beds
3.5
Baths
4,192
SqFt
Status
Active
MLS #
6759858
Property Type
Single Family Residence
Price Type
--
Introducing a stunning new luxury listing in the heart of Scottsdale, Arizona - a contemporary masterpiece remodeled in 2022 and designed for the discerning homeowner who values elegance, comfort, and entertainment. This exquisite 5 bedroom, 3.5 bathroom residence spans almost 4,200 square feet of living space, offering an ideal blend of modern luxury and desert beauty. The home is situated on an expansive lot with room to relax, play and entertain. The open-concept design has a seamless flow between the gourmet kitchen, dining area, and living room. The chef's kitchen features state-of-the-art appliances, custom cabinetry, a large island with quartz countertops, and a walk-in butler's pantry - perfect for preparing meals while still engaging with guests. Adjacent to the kitchen, the spacious living area boasts a sleek, modern fireplace and four panel sliding glass doors that lead out to the resort-style backyard. The outdoor space is where this home truly shines as an entertainer's delight. A sparkling heated pool with a waterslide anchors the backyard, while an extended length covered patio provides the ideal setting for lounging and hosting gatherings. Enjoy cooking in the fully equipped outdoor kitchen with a new BBQ grill, ample counter space, fireplace and shaded area or relax and unwind in the above ground spa. The primary suite offers a luxurious retreat, complete with a spa-like bathroom featuring a soaking tub, dual vanities, and a walk-in shower. The suite also includes two expansive walk-in closets and direct access to the backyard. Each of the additional four bedrooms is generously sized and this floor plan ensures comfort and privacy for family members and guests alike. This Scottsdale gem combines luxurious living with a prime location, offering easy access to world-class golf courses, upscale shopping, fine dining, and the vibrant cultural scene of Old Town Scottsdale and Kierland. Welcome home!
9525 Sierra Springs Drive
Pinetop, AZ 85935
$2,375,000
4
Beds
4.5
Baths
4,330
SqFt
Status
Active
MLS #
6739699
Property Type
Single Family Residence
Price Type
--
Stunning Rustic Meets Modern with this gorgeous Luxury Home in a wilderness setting making it the most perfect Upscale Cabin home one can imagine in the beautiful lakeside Sierra Springs Community of Pinetop. This exclusive community boasts the best of the best in Cabin living in the white mountains and this rare opportunity to own a brand-new home built by an established and experienced hometown builder.Only 12 months build time, and you too can own in this prestigious community on one of the nicest view lots still available.They are TOP NOTCH. Minutes to town but far enough to enjoy the starlit dark skies and wildlife.
3514 N Apache Way
Scottsdale, AZ 85251
$2,375,000
5
Beds
5
Baths
3,527
SqFt
Status
Active
MLS #
6782475
Property Type
Single Family Residence
Price Type
--
FULLY FURNISHED AND TURN KEY READY LUXURY RETREAT LOCATED DOWN THE STREET FROM THE VALLEY HO HOTEL AND WALKING DISTANCE TO OLD TOWN SCOTTSDALE. BUILT IN 2022, FEATURING 5-BEDROOMS, 5-BATHROOMS FAMILY ROOM WITH A LARGE GLASS SLIDER, A COZY FIREPLACE, A SPACIOUS LOFT, A TEMPERATURE CONTROLLED 3 CAR GARAGE WITH EPOXY FLOORING, LIGHT-COLORED AIRY WOOD FLOORS, AND HIGHER-END LUXURY TILE PACKAGES, STUNNING MAIN ENTRY, GOURMET KITCHEN, SPACIOUS KITCHEN, OVERSIZED QUARTZ KITCHEN ISLAND, EAT-AT BAR, TOP TIER APPLIANCES, 5 INCH BASEBOARDS, CONTRASTING COLOR AND POLISHED SHAKER CABINETS, ABUNDANT RECESSED LIGHTING, RESORT-STYLE SPA BATHROOMS WITH WALK-IN SHOWERS, ACCENT WALLS, SOAKING TUBS, ZERO ENTRY SHOWERS, LARGE LAUNDRY ROOM WITH GEOMATIC TILES, SPARKLING POOL, BARBECUE. PERFECT FOR YOUR PRIVATE OASIS, SECONDARY HOME OR INVESTMENT PROPERTY.
4042 N Pinnacle Hills Circle
Mesa, AZ 85207
$2,375,000
5
Beds
4.5
Baths
6,554
SqFt
Status
Active Under Contract
MLS #
6774139
Property Type
Single Family Residence
Price Type
--
Embrace enduring elegance with a Spanish/Mediterranean influence in this custom masterpiece, nestled in the lush Sonoran Desert of Las Sendas. Harmonizing the comforts of modern living with timeless details, the home features inlaid wood and natural stone floors, Cantera stone fireplace surrounds, and rich natural wood doors, trim and casement windows. Attention to detail is evident in the turned columns and various ceiling treatments, including coffered ceilings, stone-clad groin vaults, barrel domes, and a stunning brick-lined surface-mounted dome over the breakfast nook. Indoor/outdoor living is made seamless with French slider doors in the main living areas, leading out to an expansive under-roof patio with tumbled pavers and elegant wrought iron fencing. A true sanctuary, the back yard features views of Red Mountain and surrounding mountains, a gorgeous fenced diving pool and spa, a gas firepit with seat wall, easy-care artificial turf and a built-in trampoline. The expansive view decks feature over 2,400 SF of entertaining space, offering 360-degree views of city lights, stunning sunsets and mountain views. A locked 'gate' at the rear of the property provides easy access to the extensive hiking and mountain biking trails that run throughout Las Sendas and connect to the Hawes Trail system. Inside, visitors will discover a 'perfect' floor plan featuring 6,030 square feet on the main level and a 524-square-foot upper loft, ideal for an additional game room or play space. Formal living and dining areas greet guests at the impressive entry, while the gourmet kitchen and great room serve as a comfortable retreat at the 'heart' of the home. The kitchen boasts custom Alder cabinetry, bar seating, and a center island with a prep sink, two dishwashers, a 6-burner Wolf range with a built-in griddle, dual ovens, a twin 36 Sub-Zero refrigerator/freezer combo, a warming drawer, built-in desk, and large walk-in pantry. The great room is spacious and warm, with a floor-to-ceiling Cantera stone fireplace, hand-scraped wood floors, built-in speakers and easy access integrated wiring for easy A/V hookup. The owner's suite features a gorgeous fireplace with Cantera surround, sitting area, sublime marble vanities and prep area, a jetted tub, oversized shower, bidet, and a spacious closet with built-ins. Additional rooms include a spacious den with storage closet and coffered ceiling, one bedroom near the owner's suite (perfect for a nursery, gym, or second office), and three guest rooms at the opposite end of the home, all with walk-in closets- two of which have ensuite baths, along with an additional full bath. A separate home theater offers a projector and screen, built-in speakers with direct access to the upstairs loft/game room. The impressive 4-car garage provides over 1,240 square feet of open space, featuring newly coated epoxy floors and two over-height/width double garage doors (one 10', one 8'). room for additional amp service, and a circular drive accented by easy-care turf is great for guests. Las Sendas is an award-winning community with miles of hiking and biking paths, a top-rated golf course, tennis and pickleball courts, heated lap pools, and a gorgeous clubhouse. Convenient to the 202 Red Mountain Freeway, the community backs to the Tonto National Forest, and is just minutes from pristine hiking and mountain biking trails, paddling and kayaking, nearby lakes and just one hour from the cool pines of Payson!
6545 N 29th Street
Phoenix, AZ 85016
$2,375,000
4
Beds
3.5
Baths
3,820
SqFt
Status
Active
MLS #
6728828
Property Type
Single Family Residence
Price Type
--
Welcome to luxury living in the prestigious 24-Hr Guard-Gated Biltmore Hillside Villas Community! This exquisite 4-bedroom, 3.5-bathroom home spans 3,820 sq ft and offers an unparalleled blend of elegance and comfort. Step inside to a stunning entrance with high ceiling that leads to an expansive family room perfect for entertaining. The ground level boasts a generously-sized primary suite, offering ultimate convenience and privacy. Upstairs, you'll find three additional spacious bedrooms with plenty of space for a home gym, office, or both. A striking glass staircase adds a modern touch to the sophisticated design. Outside, a beautifully landscaped backyard provides breathtaking mountain views, perfect for outdoor gatherings. At night, enjoy captivating cityscape views. Excellent Biltmore location - Minutes from shopping, dining, Sky Harbor Int'l Airport
4511 N 38th Place
Phoenix, AZ 85018
$2,375,000
6
Beds
4.5
Baths
3,545
SqFt
Status
Active
MLS #
6707667
Property Type
Single Family Residence
Price Type
--
2023 Thomas James Homes built modern farmhouse home is what many are searching for - no detail has been spared. NO HOA! Open Floorplan is amazing with Primary Suite downstairs with a spa like ensuite with dual sinks! 2 Additional bedrooms are downstairs with shared bathroom. When you enter the home you enter into a wonderful great room - the LR is open to a fabulous gourmet kitchen w/a large island for entertaining, 60'' refrigerator/freezer, Italian Bertazzoni 6 burner stove w/griddle. Along w/all the cabinets there is also a pantry- no lack of storage in the kitchen. Upstairs has an incredible loft for additional entertaining. Off the loft are 2 bedrooms that also share a full bath + an additional room that can be used as an office, play area for the kids, or a teen get away. Natural Wood flooring throughout the main living spaces with carpet in the bedrooms. RV Gate Sliding wall of doors in the great room open to the patio to bring the outside in......This home does not lack for storage Sparkling pool to cool off in and enjoy the Arizona summer. You will love the area, close to LGO, Postino's, Kachina Park, Biltmore Fashion Park and Scottsdale Fashion Square and minutes away from the airport