Last week’s economic news included the NAHB Housing Market Index, reports on housing starts, building reports and existing home sales. Minutes of the Federal Reserve’s last FOMC meeting were also released.
Homebuilder Confidence Unchanged, Housing Starts and Building Permits Increase
The National Association of Home Builders (NAHB) reported that builder confidence held steady with a reading of 58 in May. Analysts projected a reading of 58 and April’s reading was also 58. Builder confidence in market conditions could be slowing due to concerns over acquiring skilled labor and a shortage of developed lots. Demand for homes remains high, but a slim inventory of available properties and builder emphasis on higher-priced homes contributed to sidelining moderate income and first-time buyers.
Commerce Department reports for April Housing Starts and Building Permits issued suggest that tight housing inventories may receive some relief. April housing starts rose from a revised March reading of 1.099 million to 1.170 million starts. Housing starts increased by 6.60 percent in April. Housing starts have slowed as compared to the year-over-year period from April 2015 to 2016; housing starts increased by 10 percent for the same year-over-year period in 2015. While any increase in home construction is welcome, some analysts said that they did not expect a huge increase in home construction in coming months.
Construction of multifamily housing units rose by 10.70 percent, while single-family home construction increased by 3.30 percent. Rising rents and millennials delaying home purchases were seen as fueling multifamily home construction. As homes become less affordable, would-be buyers are continuing to rent, which places higher demand on rental units.
Pre-owned Home Sales Rise in April
Sales of previously owned homes rose by 1.70 percent in April to a seasonally-adjusted annual rate of 5.45 million sales. Sales increased by 12.10 percent in the Midwest, where homes are most affordable, and fell by 1.70 percent in the West, where homes are most costly. This development suggests that rapidly rising home prices have or will soon reach maximum levels in high-cost areas. Home prices in many areas rose rapidly in preceding months as short inventory and high demand created bidding wars and keen competition for available homes. A lack of affordable single family homes has caused some buyers to buy condos while others have put buying on hold.
Mortgage Rates Rise, New Jobless Claims Fall
Mortgage rates rose for 30-year fixed rate mortgages rose by one basis point to 3.58 percent; the average rate for a 15-year fixed rate mortgage was unchanged at 2.82 percent and the average rate for a 5/1 adjustable rate mortgage rose by two basis points to 2.80 percent. Discount points were 0.60, 0.50 and 0.50 percent respectively. Analysts are watching the Fed closely for any indication that it will raise the target federal funds rate in June, although concerns over the possibility of Great Britain leaving the European Union could cause the Fed to hold off on raising the rate. If the Fed raises the target federal funds rate, loan rates for credit cards and mortgages would also increase.
New jobless claims fell last week to 278,000 new claims against expectations of 279,000 new claims and the prior week’s reading of 294,000 new claims. Analysts said that a telecommunications strike caused the prior week’s raise in claims as striking workers who are replaced during a strike are eligible for jobless benefits.
What’s Ahead
This week’s scheduled economic releases include new and pending home sales along with weekly reports on mortgage rates and new jobless claims.
5250 E Deer Valley Drive Unit 251 Phoenix, AZ 85054
$1,395,745
3
Beds
2.5
Baths
2,177
SqFt
Status
Active Under Contract
MLS #
6651544
Property Type
Apartment
Price Type
--
2100 N Grapevine Drive Payson, AZ 85541
$1,395,000
4
Beds
6
Baths
3,645
SqFt
Status
Active Under Contract
MLS #
6774264
Property Type
Single Family Residence
Price Type
--
Stunning and spectacular custom mountain log retreat located in Chaparral Pines, rated among the best golf courses in Arizona - this exquisite home captures panoramic views of the Mogollon Rim & the 13th hole of Chaparral Pines. Enter the breath-taking great room with its soaring log beams and a wall of floor to ceiling windows that capture the vista views of the Ponderosa pines and the aptly named scenic 13th hole, ''Tree Tops!'' Then relax in front of the massive stone fireplace with adjoining wet bar & meander onto one of the sweeping decks that overlooks the golf course & majestic Mogollon Rim. Two spacious & welcoming master suites each with a fireplace along with an awesome media room await you on the main level & then journey to the upper level which boasts 2 guest bedrooms w/ full baths, plus billiards room & a comfortable den/office. Among the many custom features are hardwood & slate flooring, gourmet kitchen w/granite countertops, breakfast bar & beautiful kitchen cabinetry, built-in appliances. Thirty foot ridge beam ceilings abound and all four bedrooms have balcony patios that allow you to enjoy the crisp mountain air. Please note that the custom made, mountain bedroom furniture (beds & nightstands) for all 4 bedrooms, all TV's & electronics, theater system, and the wildlife mounts (moose, deer, bob cat, fox/bird, turkey) are included in the sale. Prepare yourself for an unparalleled lifestyle that is both relaxed and refined as you enjoy the natural beauty of this luxury gated golf community which include (championship golf course, sports courts, swimming pools, dog park, gym, playground, social activities and clubs and a clubhouse) 2020 EZGO 6-person lithium powered golf cart is negotiable.
35809 N Evermore Madison Street San Tan Valley, AZ 85140
$1,395,000
4
Beds
4
Baths
3,774
SqFt
Status
Active
MLS #
6761432
Property Type
Single Family Residence
Price Type
--
Beautiful custom home with everything you'd want and more in your ''forever home''. Stanley Custom Homes are unique in craftmanship and design. We start with curb appeal, with a stunning black metal roof that sets you apart from every other home, from there we see the beautiful front yard landscape including a tree lined street with beautiful pistachio trees. Your kitchen will include more cabinets than you'll ever use with a focus on an oversized kitchen island. Your laundry room will also have a ton of cabinets along with spacious countertops. The master shower has a separate shower and stand alone tub with tile going from floor to ceiling. I almost forgot to mention the 40x50 detached metal garage we include.
3329 W Desert Dawn Drive Phoenix, AZ 85083
$1,395,000
4
Beds
5
Baths
3,727
SqFt
Status
Active
MLS #
6778745
Property Type
Single Family Residence
Price Type
--
Seller offering 1% concession towards rate buydown, landscape etc. This soft contemporary home is 100% new construction and is tucked back in a quiet cul-de-sac surrounded by million-dollar homes. Optimally designed for modern living this home has it all. As you enter, you are greeted with soaring ceilings and a great room that is flooded with natural light. Each generously sized bedroom boasts en suite baths and walk-in closets. The open concept kitchen is well appointed with quartz counters, white shaker cabinetry and LG Studio appliances. A large island sits at the center which overlooks the great room, ideal for gathering and entertaining. The primary suite is a true retreat with a spa-like bathroom complete with soaking tub, quartz counters, dual vanities and an oversized shower. The massive primary walk-in closet is situated with access to the laundry. Boasting 4 bedrooms and 5 baths plus a spacious den/flex space and 3-car garage there is ample room for all and for storage. Enjoy mountain views, easy freeway access, close proximity to Lake Pleasant, and numerous options for nearby shopping and dining. There is plenty of space for a pool and an RV gate is ready for your boat, off-road toys or extra vehicle storage. All this with the peace of mind of a quality new built home.
8511 S 9th Drive Unit 15 Phoenix, AZ 85041
$1,395,000
4
Beds
4.5
Baths
3,300
SqFt
Status
Active
MLS #
6642072
Property Type
Single Family Residence
Price Type
--
Introducing Heard Farm at South Mountain, a brand new community of 24 modern farmhouses with sophisticated architecture designed for healthy, sustainable living! Nestled in South Mountain with quick access to downtown Phoenix, Heard Farm seamlessly blends indoor and outdoor living with fresh floor plans designed for the way you want to live. Floorplan available as 5 bedroom.
28500 N Camel Rock Court Rio Verde, AZ 85263
$1,395,000
2
Beds
2.5
Baths
2,161
SqFt
Status
Active
MLS #
6764656
Property Type
Single Family Residence
Price Type
--
STUNNING GOLF COURSE LOCATION AT TRILOGY VERDE RIVER. MANY UPGRADES TO THIS 1-YEAR-OLD HOME. Situated on the 14th fairway, this 2161sf Brasada plan has 2 beds + den, 3 baths, a heated pool, golf course & mountain views. Park-like setting with carefree turf front/back & 550sf covered back patio for entertaining. Open floor plan w/ custom flooring and 8' 6-panel doors. Large primary en-suite, walk-in closet & bath w/ custom glass shower + tub. Office/den with double doors. 3 wall-mounted TVs convey. Upgraded kitchen appliances, recessed lighting, pendant lights, soft-close cabinet doors & drawers, artwork lighting package. All countertops top of line. Smart space laundry with full cabinets. 580sf 3 bay garage with separate Mini Split AC unit. Perfect for home gym/art studio/workshop.
10679 E Fanfol Lane Scottsdale, AZ 85258
$1,395,000
4
Beds
3
Baths
3,260
SqFt
Status
Active
MLS #
6719440
Property Type
Single Family Residence
Price Type
--
Stunning custom-built residence nestled on over a third of an acre within the exclusive confines of a gated community in Scottsdale Ranch! This home is a seamless blend of sophistication and comfort, perfectly suited for both formal gatherings and everyday relaxation. Architectural marvels such as stately columns and graceful archways adorn the interior, while an abundance of windows invite natural light to cascade throughout, offering picturesque vistas of the sprawling backyard oasis and the sparkling pool area. Luxurious stone and wood flooring grace every corner, leading you to a chef's kitchen boasting expansive granite countertops, state-of-the-art stainless-steel appliances, and a striking drop-down vent hood. Entertain in style within the expansive family room, complete with complete with soaring ceilings, a cozy fireplace, and a sleek media center. Retire to the primary suite, featuring a private fireplace, access to a secluded patio retreat, and a spa-like bath replete with a raised garden tub, and a glass-enclosed shower. The immense walk-in closet offers ample storage for even the most discerning fashion enthusiast. Outside, revel in the joys of outdoor living beneath the expansive covered patio, where guests can gather for soirées or take a refreshing dip in the pool, all while savoring al fresco dining beneath the shaded ramada. Experience the epitome of luxury living in this meticulously crafted sanctuary!
189 W Eagle Nest Road Williams, AZ 86046
$1,395,000
3
Beds
3
Baths
3,477
SqFt
Status
Active
MLS #
6738670
Property Type
Single Family Residence
Price Type
--
This authentic log cabin is a harmonious blend of ornate elegance and rugged charm, ready to welcome you home. 5,000 gal cistern & water delivery available. NOA HOA! VRBO & AIRBNB friendly. Room for RV parking, toys, plus a 5+ stall barn with turnouts, electricity & water, and equipped with separate 2,500 gal cistern. This home is a true log cabin retreat! Soaring ceilings and a hearty central fireplace anchors the living room with spectacular views to the east. This cabin is expertly insulated for a warm and inviting atmosphere year-round. Unique copper countertops in the kitchen & laundry room are sure to impress guests and perfectly complement the rustic feel to the home. The master bedroom offers a spacious ensuite and access to the back deck for serene mornings watching the sun rise. Wood floors add to the timeless appeal, while the cozy den features floor-to-ceiling shelving ready to house your favorite afternoon reads. Upstairs, the loft sits quaintly across the stone fireplace and leads to an adjoining bedroom with private deck access. AVAILABLE FOR ONLY A SHORT PERIOD OF TIME. DON'T WAIT TO MAKE YOUR MOVE.
7531 E Hazelwood Street Scottsdale, AZ 85251
$1,395,000
3
Beds
3
Baths
2,097
SqFt
Status
Active
MLS #
6756655
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home, a meticulously renovated oasis where modern luxury meets timeless elegance. Step through the new front door and into a beautifully redesigned space enhanced by landscape improvements, including stylish exterior lighting and a fresh stucco courtyard. The herringbone Territorial Hollander paver walkway leads you to custom laser-cut gates, offering a sophisticated entrance to your private retreat. The backyard is a serene haven featuring a Perla Blanca limestone pool surround, a new stack tile pool waterfall, and a saltwater pool with an in-floor cleaning system. Enjoy seamless indoor-outdoor living with a 12-foot stacking glass door that opens poolside, where mature trees provide shade and privacy and Solar panels ensure energy efficiency. Inside, every detail has been thoughtfully updated. The home boasts all-new drywall, doors and hardware, complemented by fresh flooring, trim moldings, and cabinetry. Raised ceilings and new ductwork create a spacious, airy feel, while a new split unit ensures year-round comfort. The kitchen is a culinary masterpiece, featuring custom Bodaq cabinetry, Crema Vosscione honed limestone countertops, Thermador appliances, a range hood, and a massive entertaining bar topped with stunning Volcano Gray granite. The bathrooms are newly completed with luxurious finishes: penny tile floors, curbless showers, two-piece trough sinks, black stainless fixtures, and lighted vanity mirrors in the primary suite; and a large tub with a floating vanity in the secondary bathrooms, accented with Champagne bronze fixtures. Ideally located within walking distance to high-end shopping and dining, and just minutes from Phoenix Sky Harbor and Scottsdale Airport, this home offers both convenience and exclusivity. Every aspect has been designed with quality and elegance in mind, making it a perfect sanctuary for modern living.
12425 E Via De Palmas Road Chandler, AZ 85249
$1,395,000
4
Beds
2.5
Baths
2,457
SqFt
Status
Active
MLS #
6753372
Property Type
Single Family Residence
Price Type
--
Seller is offering $20,000 for flooring credit or rate buy down! Don't miss this incredible opportunity to own a custom single-story home with no HOA, nestled on nearly 1.5 acres of beautifully maintained grounds in the highly sought-after county islands of Chandler. This charming property boasts mature fruit trees, lush grass, and a variety of plants, offering a serene retreat with ample space for your animals—pigs, cows, chickens, horses, and more are welcome here! Enjoy the ultimate outdoor living experience with a private pool shaded by mature trees, perfect for relaxation and entertaining. The expansive lot provides plenty of room to park all your toys and trailers, with additional storage in the 3-car garage, complete with cabinets for convenience. Inside, you'll find 4 spacious bedrooms and 2.5 baths, featuring fresh paint and new carpet throughout. The Saltillo tile in the living areas complements the home's country style, while high ceilings and abundant windows create an inviting, airy atmosphere. Recent upgrades include a brand-new roof (2024) and a 2-stage AC system installed in 2022. The home is equipped with Tesla solar panels with a low lease payment of just $106 per month, and bird netting to protect both the solar panels and roof. For your entertainment, surround sound is pre-wired both inside and out. This irrigated lot is grandfathered in for all your watering needs, and the property includes a reverse osmosis system. There's even a reinforced area off the master bedroom for your heavy aquarium tank, plus new smoke alarms throughout. With twice-weekly trash service and city water, this home offers modern convenience in a tranquil setting. Homes like this are a rare find, so don't let this opportunity pass you by. Stop by today and discover the charm and possibilities this unique property has to offer! ***Tree List*** Apple, Apricot, Plum, Grapefruit, Orange, Lemon and Pomegranate.
12789 W Via Caballo Blanco -- Peoria, AZ 85383
$1,395,000
4
Beds
4.5
Baths
3,825
SqFt
Status
Active
MLS #
6757074
Property Type
Single Family Residence
Price Type
--
CURRENT INCENTIVE: $30k seller credit to use however Buyer chooses. If you want custom touches, this is it! Sensational Tuscan inspired home in Blackstone with breathtaking greenbelt and mountain views from the courtyard. Fall in love with this resort style backyard with raised pool, spa, firepit, synthetic grass, and travertine extended patio! Quite possibly the most customized TW Lewis home in all of Blackstone with over $387,000 worth of custom touches after the home was built! This original owner didn't miss a single detail inside or out! Beautiful 24'' x 24'' designer flooring, custom baseboards & crown molding, custom chandeliers & designer window treatments throughout! This Gourmet Kitchen is perfection with oversized custom island with high end granite slab and ogee edge. Designer stacked cabinets with glass fronts. Upgraded GE Monogram appliances with Built-in Refrigerator. Double ovens & warming drawer. Pot filler above the gas cooktop. Custom backsplash. Built-in wine rack. Custom built-in desk space with granite slab in the Sun Room off the Chef's Kitchen. Primary Suite features one of the most beautiful bathrooms you will find. Marble shower with 3 shower heads and 4 body sprayers. Extra large shower glass, Penhaglion claw foot standing tub, granite slab counters, and custom lighting! If you're looking for a home with dual primary suites, this is the closest you will find with oversized Guest Suite at the front of the home with custom Bath! Full list of upgrades and custom touches in the Documents Tab. This home is located in the perfect spot with nobody in front. Enjoy beautiful desert, park, and mountain views from the tuscan inspired front courtyard!
6907 E Teton Circle Mesa, AZ 85207
$1,395,000
5
Beds
3.5
Baths
4,300
SqFt
Status
Active
MLS #
6780657
Property Type
Single Family Residence
Price Type
--
CITY LIGHTS AND MOUNTAIN VIEWS! Luxurious living at its finest in this unique masterpiece nestled on a desirable cul-de-sac! Resort-like backyard is an outdoor oasis for entertainers. Its covered patio, putting green, built-in BBQ, completely remodeled shimmering pool & spa with water features, exterior fireplace, trampoline, and colorful sunsets make it a true wonder. Awe-inspiring interior boasts breathtaking attention to detail, a blend of wood-look tile & carpet flooring, plantation shutters, soaring ceilings, stylish light fixtures, ceiling fans, and pre-wired surround sound for an immersive experience. Additional highlights include a living room, formal dining room, flexible den located upstairs, bonus room, and a modern great room enhanced by a cozy fireplace, and custom built mantel. Gorgeous kitchen displays ample cabinets adorned with crown moulding, a pantry, granite counters, a breakfast bar, a center island, high-end GE Profile SS appliances such as a built-in refrigerator, wall oven & gas cooktop, and a breakfast nook with a bay window. Owner's retreat will impress you with a double door entry, balcony access, and an en suite equipped with dual sinks, make-up desk, soaking tub, and a walk-in closet. Glass double doors lead to adjoining bedroom making it perfect for den/office or nursery. Very large third upstairs bedroom is attached to the hall bathroom allowing for easy access. It also has a walk-in closet, and designer details. Fourth upstairs bedroom opens onto its own small terrace through sliding glass doors. Spacious walk in closet and this room has a unique curved wall as a design feature. There is also an additional bedroom downstairs with an en suite bathroom. With a 3-car garage, mature landscape, and a gated courtyard. Three bay garage has built in floor to ceiling storage cabinets and space for additional fridge or freezer. Two AC units are York 16.5 Seer Variable Speed Units installed in 2019. Home is located in sought after Las Sendas Community with access to parks, pools, tennis courts, pickleball courts, golf course and gym. Positioned on hiking/mountain biking trail with access adjacent to property leading to Hawes Trail System of Tonto National Forest. Salt River is 5 minutes away. Saguaro Lake is 20 minutes away providing endless outdoor recreational opportunities. Top rated Las Sendas Elementary School, Pathfinder Academy and ALA Mesa North are all a short distance away. Fremont Junior High and Red Mountain High School are the local upper grade schools.