Last week’s economic news included readings on consumer spending, core inflation new home sales and regularly scheduled readings on mortgage rates and new jobless claims.
Consumer Spending Dips in November
Commerce Department reports on consumer spending in November indicated that consumer spending was lower in November with 0.20 percent growth as compared to October’s reading of 0.40 percent growth. November’s reading for core inflation, which excludes volatile food and energy sectors, was flat as compared to expectations of 0.10 percent growth and October’s reading of 0.10 percent growth.
New Jobless Claims Rise to 6–Month High
New jobless claims jumped to 275,000 last week as compared to an expected reading of 258,000 new claims and the prior week’s reading of 254,000 new claims. New claims typically rise during the holiday season due to school and other workplace closures.
There was good news as new jobless claims remained below the benchmark of 300,000 new claims for 94 consecutive weeks. This streak of new claims below 300,000 new claims is the longest since 1970. Increasing numbers of “contingent” workers contributed to volatility in employment; The Rand Corporation reported that 10.10 percent of the workforce was contingent workers in 2005; the percentage of contingent workers increased to 15.80 percent of the U.S. workforce in 2015.
Mortgage Rates, New Home Sales Rise
Freddie Mac reported a jump in mortgage rates last week; the average rate for a 30-year fixed rate mortgage was 14 basis points higher at 4.30 percent. The average rate for a 15-year fixed rate mortgage was 15 basis points higher at 3.52 percent; the average rate for a 5/1 adjustable rate mortgage rose 13 basis points to 3.32 percent. Analysts said that the 10-year Treasury rate rose 10 basis points in response to the Fed raising its target funds rate. New home sales gained in November with a seasonally adjusted annualized reading of 582,000 sales as compared to 285,000 expected sales and October’s annual rate of 563,000 sales of new homes. This was the second highest reading for new home sales since early 2008. Builders will be watching mortgage rates and new home sales in the New Year to determine how rising mortgage rates will impact new home sales.
What‘s Ahead
Next week’s scheduled economic news includes Case-Shiller Home Price Index reports, pending home sales and weekly readings on mortgage rates and new jobless claims. U.S. Financial markets are closed today in observance of the Christmas holiday.
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3374 E Virgil Drive
Gilbert, AZ 85298
$1,349,500
5
Beds
4
Baths
4,485
SqFt
Status
Active
MLS #
6744459
Property Type
Single Family Residence
Price Type
--
**Exquisite Golf Course Home at Seville Golf & Country Club on hole 14** Discover luxury living in this stunning 5 bedroom, 4 bathroom residence nestled within the exclusive Seville Golf & Country Club gated neighborhood of La Mirada. Boasting 4,485 sf, this home offers the perfect blend of elegance and comfort. Step into a newly renovated kitchen, complete with top-of-the-line appliances, built in refrigerator freezer with modern finishes. The spacious primary suite, along with updated bathroom and two walk-in closets, reflects attention to detail and quality craftsmanship. Entertain in style in the expansive backyard, featuring a sparkling pool, spa, and a charming Ramada with a built-in BBQ and outdoor fireplace, perfect for gatherings year-round. The fully finished basement includes a second kitchen, a family room, and a private gym with a built-in saunaideal for relaxation and entertaining. With a 3-car garage and a gated neighborhood offering privacy and security, this home is designed for those who appreciate the finer things in life. Enjoy breathtaking views of the pristine golf course right from your backyard, and experience the serene lifestyle that Seville Golf & Country Club has to offer. This is more than just a home; it's a lifestyle. Don't miss this rare opportunity!
5907 E Night Glow Circle
Scottsdale, AZ 85266
$1,349,000
4
Beds
3.5
Baths
3,451
SqFt
Status
Active
MLS #
6776488
Property Type
Single Family Residence
Price Type
--
GORGEOUS & IMMACULATE HOME IN GATED SUBDIVISION OF LOS ALISOS!ALL ONE LEVEL, 3451 sft/4 BEDROOM PLUS OFFICE/3.5 BATH/EXTENDED 3CG W/BUILTINS /SOUTH FACING PEBBLETEC POOL!NEW ROOF 2023 & NEW EXTERIOR PAINT IN 2021 !N/S EXPOSURE;SOARING CEILINGS,OVERSIZED WINDOWS LENDS TO LOTS OF NATURAL LIGHT.COOKS KITCHEN W/LG ISLAND;GRANITE COUNTERTOPS;GAS COOKTOP;DOUBLE OVENS;EAT IN KITCHEN OVERLOOKS FR W/GAS FP;FORMAL DINING;SPLIT PRIMARY w/LG SITTING AREA & DOOR TO BACK PATIO/HIS-HERS CLOSETS-DUAL VANITES-HUGE DUAL SHOWER-JACUZZI TUB! OTHER BEDROOMS ARE SPLIT; SPACIOUS! SOUTH FACING ENTERTAINMENT PATIO W/COVERED PATIO; BUILT IN NATURAL GAS FP; LG FIREPIT AREA W/SEATING FOR PLENTY!STUNNING POOL (HEATED!),MATURE PLANTS & TREES! BORDERS COMMON AREA.EXTRA DEEP 3CG (21'10''LONG)W/BUILTINS & WORKSPACE!MORE!
23875 N 79th Avenue
Peoria, AZ 85383
$1,349,000
4
Beds
3
Baths
3,151
SqFt
Status
Active
MLS #
6783398
Property Type
Single Family Residence
Price Type
--
This PERSONAL PARADISE in Peoria is CLOSE to EXCELLENT SCHOOLS, SHOPPING, FREEWAYS, and ENTERTAINMENT but STILL TUCKED AWAY in a PRIVATE and PEACEFUL LOCATION*KITCHEN has GRANITE at ABUNDANT COUNTER SPACE, neutral UPGRADED CABINETS, ISLAND, bay window, and EXTRA LARGE WALK-IN PANTRY*GREAT ROOM has FIREPLACE*FRONT ROOM can be office or sitting room*GREAT STORAGE*GUEST SUITE has FULL BATH and separate OUTDOOR EXIT*EXPANSIVE OWNER SUITE has SITTING ROOM (used as office) and FANTASIC BATH with WALK IN SHOWER and TUB with JETS*RASTA (IFC) BLOCK CONSTRUCTION*NEWER ROOF, SHUTTERS, SOFT WATER, GARAGE CABINETS and the list goes on*OASIS BACKYARD has FABULOUS DEEP PATIO, SOOTHING POOL, TURF, MOUNTAIN VIEWS, and room for RV PARKING*Come by and see why YOU WILL WANT TO CALL THIS PLACE YOUR ''HOME''
5740 E Red Bird Road
Scottsdale, AZ 85266
$1,349,000
5
Beds
4
Baths
3,555
SqFt
Status
Active
MLS #
6788720
Property Type
Single Family Residence
Price Type
--
Two homes in one! Hard to find multi-generational home custom built in 2000. NO STEPS. Wide Hallways. No HOA, Horse Privileges. TWO kitchens, TWO laundry rooms, TWO Living rooms, TWO inside fireplaces, TWO Patios, TWO access doors to the 3-car garage! 1.06 Acres. Mountain Views. Layout: 3 bed/2 bath in main home, and 2 bed/2 bath in Casita. Prime Scottsdale 6 miles north of Desert Ridge at Loop 101 for quick access to downtown Phoenix, Sky Harbor Airport. (2) 16 SEER Trane/York HVAC units & 60 gallon hot water heater installed May 2021. UPGRADED 3'' foam w/ transferable roof warranty. Freshly painted inside & out. 50 Amp RV hookup. PebbleTec pool, waterfall, new motor and filters. 16x12x10 Shed/Tack Room. Scottsdale City Water! 50 feet from entry to 6,600+ acres of open riding trails. Near Scottsdale Bible North, Desert Sun academy, Horseshoe Trails Elementary, Sonoran Trails Middle School, Saguaro Forrest Farm, Across from Jodi Scotts School of Horsemanship (Papago Stables North - a riding, training and boarding facility), 5.5 miles to Desert Ridge High Street restaurants and mall, 2 miles to Scottsdale Rd, 4.6 miles to AJs Plaza on Scottsdale Rd.
10302 S 16th Avenue
Phoenix, AZ 85041
$1,349,000
4
Beds
4.5
Baths
4,077
SqFt
Status
Active
MLS #
6713642
Property Type
Single Family Residence
Price Type
--
INCREDABLE luxury home nestled on the side of South Mountain overlooking downtown Phoenix. Owners have spent the past two years returning the home to its original territorial style with new travertine flooring throughout, new interior paint, bath fixtures, door hardware, numerous upgraded lighting fixtures and the primary shower and garden tub remodeled. Great entertaining home from the huge dining and family rooms to the incredible chefs kitchen with GE Monogram appliances. Back yard is truly resort style with infinity edge pool, separate in ground spa, fire pit and outdoor kitchen. The rooftop deck offers incredible views from downtown phoenix to the South Mountains. Oversize 4 car garages for all your toys too.
1326 E Wier Avenue
Phoenix, AZ 85040
$1,349,000
6
Beds
4
Baths
3,296
SqFt
Status
Active
MLS #
6763350
Property Type
Single Family Residence
Price Type
--
Main house is 5 bedrooms, office with 3 bathrooms. Open floorplan to kitchen in main living area. Additionally includes an attached 1 bed, 1bath, office and kitchen apartment. Sale includes the additional 1.1 acre vacant lot 113-52-014. Zoned R3 allowing for up to 3 stories with close to 30 units on both lots combined along with the current house.
7731 E Manana Drive
Scottsdale, AZ 85255
$1,349,000
4
Beds
4
Baths
4,200
SqFt
Status
Active Under Contract
MLS #
6716693
Property Type
Single Family Residence
Price Type
--
Beautiful Sonoran Hills home in north Scottsdale! This remodeled gem offers 4,200 sq ft of luxury living, blending modern elegance & timeless charm. 4 bedrooms, 4 bathrooms, including a huge downstairs ensuite bedroom. Large upstairs/office/ playroom/workout room includes custom built-ins plus 2 bedrooms w/jack&jill bath & oversized Master. Downstairs great room plus dining/iving & breakfast areas are very light w/bright/plantation shutters thoughout. Pool only 4 years old. Entertain in the formal dining room, enjoy casual meals in the sunny breakfast nook overlooking the sport court & pool. A Tesla charging station, 43G solar panels, an entire house humidifier in AC, the underlayment of the roof is new as was redone when the solar panels were installed, newer flooring throughout, inside just painted throughout. Have had 2 offers that didn't materialize so ignore days on market. Great location!! Great park nearby!
5431 E Olesen Road
Cave Creek, AZ 85331
$1,348,000
3
Beds
3
Baths
2,831
SqFt
Status
Active
MLS #
6721033
Property Type
Single Family Residence
Price Type
--
Nestled in the charming town of Cave Creek, you don't want to miss this beautifully remodeled home with a resort style backyard. The home has an updated kitchen with a huge walk in pantry, all three bathrooms have been recently renovated and newer slate floors throughout. In addition, it has newer air conditioner units. The backyard is fully lighted with mature landscaping for a resort like feel. A huge deck overlooks the yard with a built-in grill and huge shade sails to give ample shade. The backyard is perfect for entertaining with a sparkling pool and spa, fire pit, and a chipping green and tee box for golfers. 2 front circular drives. No garage but plenty of room to add it. Situated on a quiet street, this 1.2 acre lot is steps away from schools, restaurants and shopping.
18626 E Picacho Road
Rio Verde, AZ 85263
$1,347,000
3
Beds
3
Baths
3,100
SqFt
Status
Active
MLS #
6788276
Property Type
Single Family Residence
Price Type
--
Welcome to this stunning home in the gated golf community of Tonto Verde. A wall of glass will catch your eye as you enter this home to views of the Golf Course & Mazatzal Mtns. 3 ensuite Bedrooms, Den/Office, Formal Dining & Breakfast Rooms. Great room, open Kitchen w/Bar Seating. Granite Counters, Alder Wood Cabinets, Valances, Gas Fireplace, Large walk in Pantry, 50 bottle Wine Cooler, 8ft solid wood doors. spacious covered patio w/ BBQ & Fireplace. 2nd outdoor fireplace by the inground Spa. Most Furniture and Golf cart available out of Escrow. Tonto Verde Pass- Through Golf Membership is available to purchase and bypass the wait list.
1101 W Fairway Drive
Mesa, AZ 85201
$1,347,000
4
Beds
4
Baths
3,646
SqFt
Status
Active
MLS #
6721138
Property Type
Single Family Residence
Price Type
--
**Seller offering $40,000 to be used towards buyer's closing costs Welcome to your dream home! This spectacular property offers the perfect blend of luxury, comfort, and modern elegance. Recently undergoing a complete renovation, this stunning residence boasts breathtaking views and top-of-the-line upgrades, making it an ideal sanctuary for discerning buyers. As you step into this magnificent home, you are greeted by soaring 14-foot vaulted ceilings that open up to expansive views of Camelback and Mummy Mountain. The spacious living areas are highlighted by two cozy fireplaces, perfect for those cool desert evenings. Every detail of this home has been meticulously crafted, from the all-new flooring, framing, drywall, and paint. The entire house has has been spray foamed, ensuring optimal energy efficiency and comfort year-round. The heart of the home is its state-of-the-art kitchen, designed for both functionality and style, boasting all new GE Profile appliances, a butler, appliance vanity, and spacious pantry. With new electrical wiring, including a robust 400 amp panel, the kitchen is equipped to handle all your culinary adventures. The property also features new sewer lines, PEX water piping, and gas line piping, providing peace of mind for years to come. The primary suite highlights include a spa-like primary bath, gas fireplace, two Elfa walk-in closets with built-in storage cabinets, and more beautiful mountain views. The split layout offers ultimate privacy with two bedrooms sharing a Jack and Jill bathroom between them and an additional casita style bedroom bathroom with kitchenette and built-in desk. The den offers a quiet workspace with some original wall cabinets and views of Camelback Mountain. Step outside through your twenty foot infinity door to your private oasis, with sweeping views from South Mountain to Four Peaks, where the pool has been refinished with mini pebble tec and kool decking, flanked by double pergolas. The outdoor shower adds a touch of luxury, making it easy to rinse off after a refreshing swim. The expansive .60 acre lot offers endless possibilities, whether you dream of building a barndominium, a pickleball or tennis court, or simply enjoying the vast open space. The exterior of the home is just as impressive as the interior, with new stucco, encapsulated by an ornamental fence and ficus trees creating privacy and a green space. The large and elevated lot offers not only tremendous views but ample space for outdoor entertaining, gardening, or even constructing additional structures to suit your needs. This exceptional home is perfectly situated to take advantage of Mesa's natural beauty and vibrant community. Enjoy close proximity to top-rated schools, shopping, dining, recreational facilities, Phoenix Sky Harbor International Airport, and Old Town. Whether you are hosting a gathering with friends or enjoying a quiet evening with family, this home provides the ideal setting for every occasion.
7147 E Rancho Vista Drive Unit 5002
Scottsdale, AZ 85251
$1,345,900
2
Beds
2
Baths
1,533
SqFt
Status
Active
MLS #
6772470
Property Type
Apartment
Price Type
--
Welcome home to the most exceptionally designed residence at Optima Camelview Village. Unit 5002 is 2 Bed + office premium skybridge unit with three sides of glass and panoramic views. Completely remodeled with high end finishes including Thermador appliances, custom millwork and stunning white oak floors throughout. Must see to appreciate the detail and craft of this unit. No expense spared! Among dramatic waterfalls, reflective pools and lush landscaping, the Camelview Village amenities include three swimming pools(indoor & outdoor), outdoor putting green, racquetball, basketball/pickleball court, fitness center with separate workout studios, plus a spa, sauna facilities and locker rooms, party room and concierge services. HOA includes water, sewer, trash, gas and cable.
9487 E Trailside View
Scottsdale, AZ 85255
$1,345,000
3
Beds
2.5
Baths
2,775
SqFt
Status
Active
MLS #
6692735
Property Type
Single Family Residence
Price Type
--
Welcome to DC Ranch's premier & highly desired gated community, Terraces at Desert Parks Village! This exquisite and immaculately cared for home features a North/South exposure with a wonderful open floor plan, high ceilings, a private courtyard, 3 large bedrooms, 2.5 baths, 3 car garage (with brand new opener w/camera) a heated pool and epitomizes luxury living with state-of-the-art enhancements and elegant finishes such as; refinished cabinetry throughout, newer Viking appliances, newer HVAC systems, new water heater, new water softener, newer water filtration system, tinted windows with new sun screens, Hunter Douglas fabric window coverings, retractable awnings, surround sound, home security system with cameras and much more! The gourmet kitchen boasts gorgeous Quartz counters, under & over counter lighting and an extended island creating the perfect place to enjoy your morning coffee! This Monterey home neighborhood has wonderful parks and sidewalks, perfect for afternoon walks! This gem not only offers luxurious living spaces but also great proximity to the best of Scottsdale's amenities, including shopping, dining and outdoor activities. It represents a perfect blend of comfort, convenience, and sophistication & will not disappoint the fussiest of buyers!