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.
5814 E Camelback Road Phoenix, AZ 85018
$8,999,999
5
Beds
5
Baths
6,243
SqFt
Status
Active
MLS #
6759228
Property Type
Single Family Residence
Price Type
--
Introducing an exquisite 5-bedroom, 5-bath luxury estate spanning 6,243 sqft, meticulously crafted by Architect David Dick and Two Hawks Designs & Development. This architectural masterpiece boasts high-end finishes throughout, blending elegance and functionality. The expansive layout includes a state-of-the-art gym, two resort-style pools, and a dedicated pickleball and baseball court, perfect for sports enthusiasts. Take in breathtaking Camelback and Papago mountain views while entertaining guests in the full outdoor kitchen,creating memorable moments against a stunning backdrop. This home is more than just a dwelling, it's a haven for entertainment and relaxation. Situated conveniently close to premier retail, top-notch entertainment venues, and exquisite dining options, it offers the perfect blend of luxury living and accessibility. Welcome to a lifestyle of sophistication and comfort.
38824 N Charles Blair Macdonald Road Scottsdale, AZ 85262
$8,999,000
5
Beds
6.5
Baths
8,000
SqFt
Status
Active
MLS #
6506635
Property Type
Single Family Residence
Price Type
--
Plans underway for this spectacular home designed by Kontexture and to be built by Silvercreek Development. Situated on a ridgetop lot in North Scottsdale guard gated community of Carefree Ranch Estates, this 8,000 square foot home features the latest and greatest in modern desert living with an emphasis on biophilic design. 5 bedrooms including guest house, plus office, and private master bedroom lounge. Spa like dual master bath with free standing tub, oversized shower with views of Desert Mountain Golf course and Pinnacle Peakand dual walk-in closets. HUGE great room with chef's kitchen, butler's pantry, top of line appliances, all spilling to the outdoors via walls of glass for indoor and outdoor entertaining needs. The outdoors includes 2,000+SF elevated terrace with outdoor kitchen, dining and living spaces, along with a zero and negative edge pool, spa, fire features for your outdoor entertaining needs. Elevated 4.36 acre site towering over the valley of the sun! Absolute privacy from this lofty perch overlooking tremendous city light, blazing sunsets, Desert Mountain Golf course views and surrounding mountain views of Black Mountain, Pinnacle Peak, Four Peaks and Camelback Mountain and the entire valley floor. Rough graded driveway in place. Highly-desired southernorientation provides maximum winter sun exposure on patio and pool areas. Private and tranquil for hiking and biking, yet quick access into Scottsdale, Carefree, Cave Creek for shopping, dining and golfing! Minutes from Skyranch private airport with available hanger space. Please inquire for more information or to review the plans on this spectacular estate home! Renderings are conceptual and square footage is estimated. Some finishes/features may change based on availability or buyer's preferences. Builder is happy to meet with buyers to discuss specific finish selections to meet individual needs.
24546 N 91st Street Scottsdale, AZ 85255
$8,995,000
7
Beds
8.5
Baths
10,204
SqFt
Status
Active
MLS #
6753806
Property Type
Single Family Residence
Price Type
--
The best of Prado Estates. Elegantly crafted and styled this Modern Spanish estate has been completely renovated by Mike Graham of American First Builders, exemplifying all that is modern and sophisticated. Featuring large functional living spaces opening to sweeping mountain and city views on this rare, large 4.7-acre estate lot. Upon entering, a large private courtyard leads to a stunning entry with custom steel windows and doors throughout capturing views of Pinnacle Peak and distant mountain vistas. Enjoy the open floor plan featuring a gourmet kitchen with double islands, a fully equipped butler's pantry and a welcoming great room with beamed ceiling detail and custom built ins. The Primary suite and office are located in a private area of the home while the en suite guest rooms are all spacious with private bathrooms featuring customized detailed tile work throughout. The massive 6 car garage, workshop and auto court make this home perfect for a collector or large family. A large two-story guesthouse includes two bedrooms and a private living area. Expansive resort like grounds featuring a private sport court/tennis court, putting green, custom outdoor kitchen with BBQ and pizza oven, heated pool and spa with room to add countless amenities. All located at the end of a quiet and private gated street. Prado Estates is convenient to multiple golf courses, hiking, shopping and restaurants in North Scottsdale. Truly the best of Arizona living!
6480 E El Maro Circle Paradise Valley, AZ 85253
$8,975,000
6
Beds
10
Baths
11,499
SqFt
Status
Active Under Contract
MLS #
6749693
Property Type
Single Family Residence
Price Type
--
THE BEST BUY of 2024...Just reduced $2,000,000 to the new incredible listing price. DO NOT MISS OUT! Nestled within the secure confines of El Maro's gated community stands a stunningly refurbished estate. As you step inside, you're greeted by panoramic mountain vistas & expansive interiors filled with natural light. An inviting billiards room adjoins the family area and kitchen, ideal for gatherings of all sizes. The formal dining and living spaces offer captivating views of the glistening pool, lush landscaping, sprawling golf course & mountains beyond. This exquisite home boasts a wine cellar, an exercise enclave, a theater for cinematic indulgence & a den/retreat with built-in bookshelves and desks. The main house comprises four en-suite bedrooms alongside a sumptuous master suite.. replete with balconies, a cozy fireplace, a spa-inspired bathroom, and a lavish closet just steps away, a wood-paneled office with awe-inspiring vistas awaits. Additionally, an attached guest casita provides a private haven complete with its own entrance, kitchen, laundry facilities, fireplace, and a separate bedroom with a full bath. The property features a lighted tennis court (or two pickleball courts), a four-car garage, and an elevator, among other refined upgrades, further enhancing the timeless allure of this breathtaking estate.
6836 N 36th Street Phoenix, AZ 85018
$8,950,000
3
Beds
3
Baths
3,095
SqFt
Status
Active
MLS #
6507389
Property Type
Single Family Residence
Price Type
--
The ''Circular Sun House'' was designed by Frank Lloyd Wright and was his final architectural design, and known as the Norman Lykes House. 3 beds + office + den + Library. Designed to blend in with the curves of the surrounding desert mountain, this iconic masterpiece was the last home designed by Wright and one of only 14 circular homes by the master architect. Overlapping concentric circles create a floorplan that flows seamlessly from one room to another while every room takes in unobstructed majestic views of Palm Canyon and the city below. Curved walls, clad in golden-hued Philippine mahogany cover the three bedrooms and hallway, reflecting the natural light of Palm Canyon. Sprawling entertaining spaces flow outside to ample patios and a crescent-shaped pool. In Architectural Digest! Three bedrooms PLUS library, plus den could be 4th bedroom and office that sits atop the home.
5800 N Monte Vista Drive Paradise Valley, AZ 85253
$8,950,000
5
Beds
7
Baths
7,782
SqFt
Status
Active
MLS #
6781796
Property Type
Single Family Residence
Price Type
--
With modern architecture, stunning curb appeal and picturesque views, this is the home you've been waiting for. The private estate boasting 5 bedrooms, 7 bathrooms, 6 + car garage, office and home gym is a breath of fresh air with its chic design and tranquil living space. The primary retreat is the perfect place to unwind with telescoping doors, fireplace and a coffee station. In the primary bathroom you will find an impressive oak walk-in clothing closet with stackable washer and dryer, dual vanity inc. makeup vanity, soaking tub, a walk-in shower, and even a privately enclosed outdoor shower. Over in the guest wing, you will find a secondary family room, theatre with projection screen and three en-suite guest bedrooms. Fully detached guest house with bedroom, bathroom, full kitchen... living space and stackable washer and dryer. Hosting made easy in this spectacular kitchen with two oversized islands, Wolf/SubZero appliances, custom cabinetry, coffee bar. Dine in the spacious formal dining room with floor to ceiling wine display or choose to dine outside under to expansive covered patio and enjoy our breathtaking AZ sunsets. Take a dip on the heated pool; relax near the sunken fire pit or hangout by the outdoor kitchen; whatever your weekend plans are, this home checks all the boxes.
3285 N Mountain View Road Apache Junction, AZ 85119
$8,915,000
6
Beds
9
Baths
9,150
SqFt
Status
Active
MLS #
6687284
Property Type
Single Family Residence
Price Type
--
An opportunity like no other! 7 parcels spanning 24.18 acres with unlimited potential for luxury residential development or commercial transformation. Nestled against the breathtaking Superstition Mountain, this unparalleled sale features two captivating properties, each with awe-inspiring views. The residence on parcel 10001001H (3700 N Mountain View Road) showcases over 11,000 SqF of meticulously crafted architecture, boasting a custom design and premium amenities. Highlights include a state-of-the-art kitchen worthy of a magazine cover, rooftop patios, pool, and space for recreational vehicles. Meanwhile, parcel 10001001J contains a total of 12,000 SqFt feet of construction, comprising the main dwelling, a charming casita & 7488 sqft in garage space. The sale of this property includes addresses: 3307 N MOUNTAIN VIEW RD, AJ, AZ 85119 3285 N Mountain View RD, AJ, AZ 85119 AND multiple parcels of land.
9719 E Madera Drive Scottsdale, AZ 85262
$8,800,000
4
Beds
4.5
Baths
6,241
SqFt
Status
Active
MLS #
6774498
Property Type
Single Family Residence
Price Type
--
Step into this stunning modern contemporary home, meticulously remodeled both inside and out, with a touch of Southwest charm, nestled within the exclusive, guard-gated community of Desert Mountain. Situated in the prestigious village of Lone Mountain II, the home enjoys a prime location above the 8th green of the Geronimo golf course, offering breathtaking southern and southwestern exposures for winter sun and natural light all on a single level with NO STEPS. Relax on the expansive covered patio, where you can savor Arizona's captivating sunsets and sunrises, framed by sweeping panoramic views of majestic mountains and open skies. From the moment you enter, the thoughtful design of this home is evident, with features like a coffered ceiling in the living room and elegant porcelain tile floors. The abundant natural light and warm wood interior doors create a welcoming ambiance throughout. The chef's kitchen is a dream, boasting a spacious marble island and ample storage, perfect for entertaining. The backyard is an entertainer's paradise with its pool, spa, and covered patio, offering plenty of space for alfresco dining and complete privacy. Inside, the home features four luxurious bedroom suites plus an office with custom built-in bookcases. The open-concept layout is flooded with natural light through large windows, and every room feels generously sized, including two primary his and her custom closets. The interior design includes distinctive adobe block walls and all fireplaces have been completely redesigned, with one featuring elegant tile and the other two showcasing custom-designed limestone. Completing the home is an oversized three-car garage able to house four full size vehicles with a large storage room and a south-facing patio that ensures privacy while enjoying the pool and spa. Optional Desert Mountain Golf Membership is available.
6841 E Belmont Circle Paradise Valley, AZ 85253
$8,795,000
5
Beds
7
Baths
8,173
SqFt
Status
Active
MLS #
6723469
Property Type
Single Family Residence
Price Type
--
Priced nearly $2,000,000 under appraised value! Appraisal in hand at $10,750,000. Splendid new construction by Patterson Homes on a N/S facing cul-de-sac lot. Designed for entertaining, this modern home features a great room overlooking a backyard oasis with a resort-style pool, outdoor kitchen, pickleball court, & pool bath. Relax in the large covered patio space, including a cantilevered area beyond the pool. Inside, you'll find 5 ensuite bedrooms, an expansive media room, flex space, & an extraordinary master suite. Car lovers will be thrilled with garage that can accommodate 12+ cars. The gourmet kitchen boasts Miele appliances, 4 ovens, 2 dishwashers, a wine refrigerator, & built-in coffee maker.
6623 N Hillside Drive Paradise Valley, AZ 85253
$8,750,000
4
Beds
4.5
Baths
5,035
SqFt
Status
Active
MLS #
6773469
Property Type
Single Family Residence
Price Type
--
Introducing an impeccable brand new modern masterpiece in Paradise Valley. Designed by Tyler Kuenzi and designtank, this stunning home offers outstanding views of the surrounding mountains, creating a tranquil backdrop for every room. The sleek architectural design is complemented by custom millwork throughout, highlighting exceptional craftsmanship in every detail. Seamlessly blending indoor and outdoor living, the home features expansive retracting glass walls and roof cutouts that wash every living space with natural light. This very private home offers a perfect setting for entertaining or relaxing. Experience contemporary elegance and incredible design in this one-of-a-kind home which redefines luxury living! The construction of this brand new home will be completed in Spring 2025!
11935 E Buckskin Trail Scottsdale, AZ 85255
$8,750,000
7
Beds
7.5
Baths
7,314
SqFt
Status
Active
MLS #
6777128
Property Type
Single Family Residence
Price Type
--
25 CAR GARAGE!!! Welcome to this extraordinary 6,114 SQFT luxury estate, perfectly set on 3.261 acres within an exclusive 11-parcel gated community. This custom home showcases stunning design elements throughout, including elegant wood flooring, a chef's kitchen featuring a double island with Alpine/Matterhorn polished granite countertops and matching Wolf and GE appliances. The main house boasts 5 en-suite bedrooms and an office, while the 1,200 sqft casita adds an additional 2 en-suite bedrooms, kitchen and living area for family and guests. The split floor plan ensures privacy, and a temperature-controlled wine cabinet and bar area adds sophistication for entertaining, while a dedicated home theater completes the luxury experience. The property features an attached, temperature-controlled 6,100 sqft RV garage/shop with four 16-foot tall industrial-grade garage doors and a loft, providing abundant space for vehicles, storage, and more. The shop is 85 feet long at it's furthest point, 85 feet wide, and 18 feet in height, large enough to accommodate an indoor pickleball or basketball court. Outdoor living is equally impressive, with a 70 foot bridge from the back patio leading to an 800 sqft pool with a spa. The ramada includes a storage room and bathroom/washroom, creating the perfect space for outdoor entertaining. Additionally, there's plenty of room to add a sport court, offering further recreational options. With breathtaking mountain views to the south and west, this property is the epitome of luxury, comfort, and versatility in a serene desert setting.
28110 N 96th Place Scottsdale, AZ 85262
$8,750,000
4
Beds
5.5
Baths
7,147
SqFt
Status
Active
MLS #
6710822
Property Type
Single Family Residence
Price Type
--
Award-winning architect C.P. Drewett designed this elegantly crafted modern home in north Scottsdale's Estancia Golf Community. With a nod toward Mid-Century Modernism—characterized by its boxy architecture, straight lines and minimalist nature—the home's design takes full advantage of its unique setting. Pocketing doors slide open to allow full immersion with the outdoors, creating a pavilion-like ambience where the indoor/outdoor spaces meld into one another. A stunning palette of materials includes hemlock, bronze, and textured limestone inside and out. Organic in nature and stunning in its simplicity, this light-filled work of modern architecture is a perfect example of how a well-executed design can so effortlessly respond to the true essence of its site. The modern kitchen is designed to inspire any chef with its Wolf convection steam oven, speed oven, induction cooktop, gas cooktop, coffee system and a hidden pantry with appliance garage, wall oven and ice machine. Other features include a split primary suite, two guest suites, an office in the main house, and a detached guest casita with a bedroom suite and sitting area. A 1,322-square-foot luxury car lounge provides the perfect setting to showcase your auto collection while entertaining. Estancia is a luxury residential community centered around golf and located at the base of Pinnacle Peak in north Scottsdale, Arizona. The community offers a private, members-only golf club with an 18-hole championship course designed by Tom Fazio. The clubhouse amenities include dining, a fitness center, tennis, pickleball and basketball courts, and a swimming pool. Residents enjoy views of Scottsdale's landmark Pinnacle Peak and a serene desert setting just minutes from world-class dining, shopping and entertainment.