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.
25313 N 114th Street Scottsdale, AZ 85255
$2,200,000
4
Beds
4.5
Baths
4,271
SqFt
Status
Active
MLS #
6733090
Property Type
Single Family Residence
Price Type
--
Sweeping and forever Epic Arizona Landscape Views, Quality Construction plus the entire walkout can be used as Guest Quarters and opportunity to extend the kitchenette to a full kitchen. At the base of Troon Mountain, aka TROON VILLAGE at WINDYWALK featuring breathtaking views of Troon Mountain, Four Peaks, and McDowell Mountain. This exquisite home offers single level living with no steps from the main entrance or the garage, into an open kitchen layout, formal living, family room, breakfast nook, primary bedroom and 2nd bedroom, full Laundry and powder room. The Guests Quarters: Down below: * Guest Quarters: Entire floor perfect for visitors or extended family. * Outdoor BBQ: Enjoy al fresco dining with a stunning '40-mile view.' * Old World Charm: Beveled travertine stone adds a touch of elegance. * Spacious Living: Two family rooms provide ample space for relaxation and entertainment. * Three Fireplaces: Cozy up in style with three fireplaces throughout the home. * Three-Car Garage: Plenty of space for vehicles and storage. Experience luxury living with epic views and exceptional construction quality. See motion Video; YOU MAKE THE CALLL
14562 N Valencia Drive Fountain Hills, AZ 85268
$2,200,000
4
Beds
4
Baths
2,408
SqFt
Status
Active
MLS #
6773886
Property Type
Single Family Residence
Price Type
--
Mountain views abound from this modern, highly upgraded Adero Canyon residence completed in 2023. Boasting the coveted Meyer floorplan, this home offers a harmonious mix of contemporary design, high-end finishes and thoughtful architectural features, making it a standout choice for those seeking a sophisticated yet relaxed desert lifestyle. Approaching the property reveals striking curb appeal with a sleek modern façade and meticulously landscaped front yard. Raised vegetation beds create a wall of privacy, defining the yard and contemporary style highlighted by landscape lighting accentuating cacti. A detached casita opens to the front walkway, providing easy and private access for multi-generational living or a private home office. Soaring ceilings welcome you to the main house and set a sophisticated ambiance of open, airy living spaces drenched in natural light streaming through expansive windows and disappearing doors framing stunning canyon views. The well-appointed kitchen is equipped with top-of-the-line stainless steel appliances including Wolf dual ovens, microwave drawer, gas range with grill and SubZero refrigerator. Custom oak shaker style cabinets overlook quartzite counters and a large quartzite island with seating defining the area. The primary suite is a tranquil retreat, capturing views of the backyard and panoramic canyons. The ensuite bathroom includes a freestanding soaking tub, separate shower, dual vanities with backlit mirrors and an oversized walk-in closet with built-ins. All bedrooms are positioned for privacy and generously sized, with 4 bedrooms including ensuite bathrooms. The outdoor space of this home is just as impressive as the interior. Designed for both entertainment and relaxation, an expansive covered patio is an extension of the interior living space and opens to stunning canyon views. Travertine hardscaping surrounds a blue mosaic pool with sun shelf and spa, creating multiple lounging areas and leading to a custom pergola seating area. Turf and desert vegetation surround the yard, creating a pristine sanctuary. Conveniences of both Fountain Hills and Scottsdale are nearby, with Adero Canyon hiking trails and Adero Club in close proximity. The Mayo Clinic and top-rated Basis School are just a few miles away. This Toll Brothers gated community embraces the beauty of Arizona while offering residents the opportunity for a luxurious lifestyle of tranquility.
702 E Carver Road Tempe, AZ 85284
$2,200,000
5
Beds
4
Baths
4,577
SqFt
Status
Active
MLS #
6736179
Property Type
Single Family Residence
Price Type
--
Rare Opportunity! Privately gated, no HOA, 2012 build by VIP Homes, and on 0.75 of an acre lot with $600,000 spent in recent years exterior upgrades. This meticulously maintained custom-built estate is an entertainer's dream and is situated in an extremely convenient Tempe location. The main level features plenty of common area entertainment space with a nicely appointed chef's kitchen, plus a guest bedroom, bathroom, and bonus room. The upstairs includes a spacious master suite, entertainers loft, laundry room, and an additional three bedrooms and two bathrooms. The backyard is a show stopper, over $150,000 spent in installing mature privacy and resort-style trees alone. Complete pool remodel (2024) including a fire feature, new pebble tech surface, pool heater, and glass accent tile. The backyard also includes an incredible built in sound system, custom lighting, sport court, bar and Hydropool hot tub. Plenty of parking including a 3-car garage and an automatic RV gate with shaded parking. Don't miss this opportunity, it is a rare property you won't see every year.
2457 E Amber Court Gilbert, AZ 85296
$2,200,000
5
Beds
5.5
Baths
5,249
SqFt
Status
Active
MLS #
6737871
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home! Nestled on a corner lot within the prestigious gated community of TH Ranch in Gilbert, Arizona, this exquisite 5-bedroom, 5.5-bathroom estate offers unparalleled luxury and comfort. With 5249 sqft of single-story living space, this home appraising for its list price features an open floor plan designed for modern living, with 12' ceilings. The heart of the home boasts a gourmet kitchen with double-stacked cabinetry, stunning quartz countertops, and top-of-the-line Wolf and Sub-Zero stainless-steel appliances, making it a chef's paradise. Choose between two luxurious primary suites, perfect for ultimate privacy or an ideal setup for a home theater, both including expansive his/her walk-in closets. Each of the additional bedrooms features... its own private ensuite bathroom, ensuring comfort and convenience for every member of the family. A thoughtful in-law suite/wing provides a separate living space for guests or extended family, ensuring everyone has their own retreat. Step outside to a beautifully paved courtyard and a stunning salt water pool, perfect for relaxation and entertaining. The home backs to a serene greenbelt, offering beautiful views and added privacy. For car enthusiasts, the property includes an attached 4-car extended garage and a detached 50' temperature-controlled RV garage with 220V power, capable of accommodating up to 4 additional cars. Positioned on a desirable corner lot, this home offers added space and privacy within the community. This magnificent home combines luxury, functionality, and style in one of Gilbert's most sought-after communities. Don't miss your opportunity to own this incredible property!
86 Linda Vista -- Sedona, AZ 86336
$2,200,000
4
Beds
4
Baths
4,634
SqFt
Status
Active
MLS #
6767898
Property Type
Single Family Residence
Price Type
--
This 4,364 sq. ft. home in the gated Foothills S subdivision sits on .47 acres offering Thunder Mountain Red Rock VIEWS and NEW SOLAR & HVAC! The GREAT ROOM features NEWER wood floors, cedar wood ceilings, a stone gas fireplace, and floor-to-ceiling windows flooding the space with natural light. The chef's kitchen boasts NEW quartz countertops, a gas Viking cooktop, Wolfe double ovens, a Sub-Zero refrigerator, and a Wolfe microwave. The main level offers a luxurious master suite with a sitting room, gas fireplace, private deck, and a stunningly remodeled bathroom. Oversized 2-car garage + Tesla charger. Expansive deck with a fireplace for entertaining. The lower level features a home theater, gym, 2 guest bedrooms, and 2 baths plus 2 bonus rooms not added in sqft! SIMPLY STUNNING! Property Highlights: - Panoramic Views of Thunder Mountain and Red Rock from every corner of the home - Recent Remodels include new wood floors, quartz countertops, and top-of-the-line appliances - .47 Acres of private, serene land Close to Sedona's Best Attractions and amenities - Spacious Great Room with new wood floors, cedar wood ceilings, and a stunning stone gas fireplace - Commercial-Grade Open Kitchen with new quartz countertops, a gas Viking cooktop, new Wolfe double ovens, a new Sub-Zero refrigerator, and a new Wolfe microwave - Eat-in Kitchen with a bar counter for informal dining - Primary Suite with a separate sitting room, gas fireplace, and private deck off primary bedroom - Powder Room with quartz countertops - Oversized 2-Car Garage - Massive Outdoor Deck with a fireplace for entertaining and BBQs - Lower Level features 2 additional bedrooms, a flex room, 2 bathrooms, and a theater room - Desirable Gated Community in West Sedona Buyer Appeal - Ideal for Buyers seeking an open, spacious, entertaining home in a desirable location - Panoramic VIEWS and high-end finishes make this property stand out - Gated Community provides added security and privacy
12975 E Buckskin Trail Scottsdale, AZ 85255
$2,200,000
4
Beds
3.5
Baths
3,095
SqFt
Status
Active
MLS #
6763855
Property Type
Single Family Residence
Price Type
--
Imagine: you're waking up with the sun lighting up your unobstructed, protected mountain views. Then, you're hiking Tom's Thumb on a gorgeous AZ December day and coming home to your pre-heated dry sauna. This isn't a dream, it could be your new reality when you live in this spectacular Storyrock home. Yes, there's the seamlessly flowing floorplan, chef-worthy kitchen, purposeful open concept living, & stunning luxury fixtures. Of course there's every upgraded finish throughout - every room featuring a statement design aesthetic. There's the most serene backyard with heated pool & firepit...Those details are important - but you're here because when the sun is setting and you're enjoying dinner al fresco - you're experiencing absolute serenity. We could barely put a price tag on it.
2782 E Citadel Court Gilbert, AZ 85298
$2,200,000
5
Beds
5.5
Baths
4,447
SqFt
Status
Active
MLS #
6765545
Property Type
Single Family Residence
Price Type
--
Amazing Custom home on Huge 1 Acre Lot. Professionally designed, this modern/mediterranean gem boasts hand-scraped engineered hardwood flooring, modern kitchen with gourmet appliance package, stone and quartzite slab tops and deco tile surrounds, trim wall accents and custom shelving, upgrade modern light package, gorgeous outdoor living spaces including front courtyard and back covered and entertaining patios, full guest casita and en-suite quarters with separate entrances, drive-through garage, amazing play pool with slide and grotto, oversized RV gate and parking area, cathedral ceilings, and natural lighting throughout. Cul-de-sac orientation provides plenty of privacy and grand open space vistas.
333 W Bethany Home Road Phoenix, AZ 85013
$2,200,000
4
Beds
3.5
Baths
5,300
SqFt
Status
Active
MLS #
6766329
Property Type
Single Family Residence
Price Type
--
Prime Location in the Heart of North Central Phoenix, surrounded by Multi-Million Dollar Homes this property is a luxury contemporary/classic living home nestled on a 1/2 acre lot. Completely remodeled featuring four bedroom 4 baths, play room, library room, den/office room and a four car garage. As you enter the home, you are greeted by an open and bright floor plan that leads to an open concept family room with a fireplace, a formal dining room and the gourmet kitchen which boasts custom stainless steel appliances, granite countertops, center-piece large island, and walk-in pantry. Two master suites, the big master suite is located on the second floor and it features a sitting area, custom made built-in TV and fireplace, a balcony, and a walk-in closet and a luxurious ensuite bath. The backyard features a pool with a water fountain, a spa, a large entertaining patio, and a shed. Conveniently located near the Uptown's Plaza eateries and shops featuring AJ's Fine Foods, the Uptown Farmers Market, the Murphy Bridle Path, and the Phoenix Mountain Preserve. Close to freeways I-51, I-17, and the airport.
13815 N Vista Del Oro -- Fort Mcdowell, AZ 85264
$2,200,000
5
Beds
5
Baths
4,533
SqFt
Status
Active
MLS #
6770848
Property Type
Single Family Residence
Price Type
--
Welcome to your exclusive 10-acre estate, a private oasis just 12 minutes to Fountain Hills, 30 minutes to Sky Harbor, Old Town Scottsdale, and 10 min to Saguaro Lake. This Santa Barbara-style home offers stunning mountain views from every angle, set on its own mountaintop with 5 acres above and 5 acres below. A gated entry and security system ensure privacy and peace of mind as you enter this luxurious retreat. The gourmet kitchen is a chef's dream, featuring a 6-burner Wolf range, Sub-Zero refrigerator, two center islands, and a custom pantry with a drawer microwave and full-size wine fridge. The spacious 2,200 sq. ft. patio is professionally enclosed with rattlesnake-proof fencing, creating a safe outdoor living space. Enjoy the heated infinity pool and spa, a sunken seating area with a fireplace and an outdoor kitchen, perfect for entertaining with panoramic mountain views as your backdrop. An additional large, fenced-in side yard is home to mature fruit trees, including Meyer lemon, white grapefruit, mandarin orange, and lime. Inside, the home is partially furnished and features soaring 22-foot ceilings, three electric fireplaces (two in the living room and one in the dining room), and expansive windows. The guest house offers a kitchenette and a large walk-in closet, while the property includes a large storage shed behind the casita. This home has a private well, along with a Kinetico water softener and whole-house filtration system, along with reverse osmosis (RO) in the kitchen. This one-of-a-kind property also boasts a meditation area with a firepit and hammock overlooking Four Peaks, partially fenced horse arena is ready for horses with water access to the lower 5 acres, and a 220V outlet in the garage for electric vehicle charging. With no HOA, this home combines luxury, privacy, and modern conveniences in an unbeatable location.
118 E Palm Lane Phoenix, AZ 85004
$2,200,000
4
Beds
4
Baths
3,915
SqFt
Status
Active
MLS #
6775423
Property Type
Single Family Residence
Price Type
--
Own a piece of Phoenix history with the esteemed RA Cox House, a 1925 adobe by Hollywood architect C. Lewis Kelley. Situated next to the Alvarado historic district, and on the National Register of historic homes, this stunning Spanish Colonial shares her 20,000+ sf irrigated lot with numerous citrus, fig, Crepe Myrtle and palm trees. Complete with beamed ceilings, wood floors and restored windows, the home is timeless and elegant with fabulous entertaining spaces. The light-filled east-facing kitchen is a culinary dream, with Soapstone counters and Carrara marble island. The serene master suite comes complete with a spacious walk-in closet and recently renovated bath. French doors spanning the back of the home lead to the covered porch and oasis-like backyard, featuring a glass-tiled pool , mature landscape and raised-bed gardening area. Additional highlights include a temperature-controlled wine cellar with arched brick storage, high-capacity AC units, 2 car garage with additional storage area and reduced property taxes. This exceptional property offers a unique blend of history, luxury and tranquility.
7026 E Warner Road Tempe, AZ 85284
$2,200,000
5
Beds
5
Baths
5,500
SqFt
Status
Active
MLS #
6786409
Property Type
Single Family Residence
Price Type
--
1.94 ACRE BULK SALE OPPORTUNITY includes APN 301-52-984 (Vacant Land to the North) in a highly sought after location in Tempe. City approved easement on the west side of the properties for access to the North lot; Build your Dream Estate, two brand new homes, or renovate the existing property. This is a rare opportunity with a variety of possibilities, in a prime Tempe location.
7112 E Wildcat Drive Scottsdale, AZ 85266
$2,200,000
4
Beds
3.5
Baths
4,203
SqFt
Status
Active Under Contract
MLS #
6783557
Property Type
Single Family Residence
Price Type
--
Stunning Tuscan elegance in North Scottsdale! Absolute luxury in this truly one of a kind Custom Entertainers Dream! Two gated entrances, guest casita, & indoor/outdoor living in this special home. Gourmet kitchen w/granite counters, commercial grade appliances, plenty of cabinets & walk-in pantry! Designer touches T/O are impeccable works of art & must be seen to be believed. Fireplaces throughout the home for those gorgeous winter nights, multiple outdoor living spaces, & custom built Coral Craft Stalls, tackroon, turnouts & 60 ft round pen! 6 waterfalls in your outdoor oasis including; Beach entry Diving Pool, Spa & Heated Exercise pool! Very private & secluded feeling & yet only minutes to world class dining, shopping, and art galleries. Stunning Mountain Views!