Last week’s economic news was plentiful with releases on Case-Shiller Home Price Indices and pending home sales. Readings on government and private sector jobs created, the national unemployment rate and weekly readings on new jobless claims and Freddie Mac’s mortgage rates survey were also released.
Case–Shiller: Western Cities Dominate Home Price Growth
Case-Shiller’s 20-City Home Price Index reported that Seattle Washington topped year-over-year home price growth with an increase of 11.00 percent. Portland, Oregon followed closely with a reading of 10.90 percent, and Denver Colorado held third place with year-over-year home price gains of 8.70 percent.
San Francisco, California, which had posted high home price gains in recent years, posted a month-to-month reading of -0.40 percent and a year-over-year gain of 5.70 percent. Analysts said that this reading was evidence that home prices in high cost areas were topping out. Affordability, strict mortgage requirements and low inventories of available homes continued to present obstacles to home buyers.
Mortgage Rates Rise, Pending Home Sales Dip
According to the U.S. Commerce Department, pending home sales dipped in October to 0.10 percent as compared to a growth rate of 1.50 percent in September. Winter weather and holidays can cause would-be home buyers to postpone their home searches until spring.
Freddie Mac reported higher mortgage rates last week, although the 10-year treasury rate, which is tied to mortgage rates, was unchanged from the prior week. The average rate for a 30-year fixed rate mortgage was five basis points higher at 4.08 percent; the average rate for a 15-year fixed rate mortgage rose by nine basis points to 3.34 percent and the average rate for a 5/1 adjustable rate mortgage rose by three basis points to 3.15 percent. Mortgage rates have risen by 51 basis points in three weeks. This trend, coupled with high home prices, doesn’t bode well for first-time and modest income home buyers.
Consumer spending for October increased by 0.30 percent as compared to predictions for a reading of 0.50 percent and September’s 0.70 percent reading. The core inflation reading for October was unchanged and in line with analyst expectations at 0.10 percent. The core reading excludes volatile food and fuel sectors.
Labor Reports: Job Creation Grows, Unemployment Rate Lower
According to the Labor Department’s Non-Farm Payrolls report for November, 178,000 government and private sector jobs were created as compared to expectations of 200,000 jobs created and October’s reading of 142,000 jobs created in October. According to the Commerce Department, the national unemployment rate for November was 4.60 percent as compared to the expected reading of 4.90 percent and October’s reading of 4.90 percent. Analysts noted that while a lower reading could indicate good news, it was also the result of fewer workers in the work force. The unemployment rate is based on unemployment claims filed by those actively seeking work; it does not include those underemployed or those who have stopped seeking work.
First-time jobless claims rose to 268,000 as compared to expectations of 250,000 new claims and the prior week’s reading of 251,000 new claims filed.
In spite of higher mortgage rates and dubious labor reports, the Consumer Confidence Index rose to 107.1 in November from October’s reading of 100.8; Analysts had expected an index reading of 102.5.
What‘s Ahead
Next week’s economic reports include releases on job openings and consumer sentiment along with weekly readings on mortgage rates and new jobless claims.
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8561 E Cactus Wren Circle
Scottsdale, AZ 85266
$1,500,000
4
Beds
4
Baths
3,484
SqFt
Status
Active
MLS #
6765691
Property Type
Single Family Residence
Price Type
--
Highly upgraded gem with stunning views in gated community of Boulder Ridge. Enter thru a charming courtyard into an open common area with 14' ceilings, fireplace, and bar set between family room and home theater. Kitchen offers chiseled edge granite, large island, stainless steel appliances, stained shaker cabinets & walk-in pantry. Interior upgrades include sun screens throughout, central vac, and stained cabinets in baths, den & laundry to match the kitchen. Spacious master suite has dual walk-in closets & sink areas. At over 2/3 acre, the oversized lot offers privacy and generous space from the neighbors. The oasis backyard features pebbletec pool, spa, gas fireplace, built-in BBQ and exterior poolside bathroom. Large upper deck with traditional stairway offers 360deg mountain & city light views, along with power & lighting for entertaining. Besides that view deck, what sets this home apart from nearly all in the neighborhood... 4 car garage, with one bay offset with a secondary laundry, perfect for woodshop or secluded storage. Priced to sell quickly!
9363 E Superstition Mountain Drive
Gold Canyon, AZ 85118
$1,500,000
3
Beds
3
Baths
3,497
SqFt
Status
Active
MLS #
6671612
Property Type
Single Family Residence
Price Type
--
SPECTACULAR Mountain and Desert views. This open floor plan is an entertainers DREAM for both inside/outside living! Built in 2023, you will love this exquisitely designed estate with its earth tone palette. Gourmet kitchen fit for a chef with abundant cabinet space with a charging station, gas range with pot filler, breakfast area and large pantry. Indoor/outdoor bar. Huge master suite on east wing features picturesque views, MASSIVE his and her closets and a COLOSSAL walk in shower. Separate entry bedroom with kitchen amenities perfect for visitors or to be used as a mother in law suite. Exercise/hobby room easily could be converted to 4th bedroom. Dramatic and tranquil front courtyard paired with the backyard bide for a year round OASIS. This gated golf course community is a MUST SEE
18208 W Happy Valley Road
Wittmann, AZ 85361
$1,499,999
4
Beds
3.5
Baths
3,476
SqFt
Status
Active
MLS #
6788960
Property Type
Single Family Residence
Price Type
--
Incredible home sitting on a 1.25-acre lot! This fully fenced property features an RV gate, a 3-car side garage with an extended driveway, & plenty of parking space. Inside, you'll find a large living room, formal dining room, & double-door den, providing endless entertainment possibilities. Durable tile flooring & recessed lighting throughout the home! The kitchen showcases a center island w/prep sink, a breakfast bar, SS appliances, wood cabinets, granite counters, walk-in pantry, & a breakfast nook. Retreat to the split main bedroom with French doors to the backyard, wood-style flooring, & an ensuite w/two vanities, soaking tub, & walk-in closet. Walk out back to your own Desert Oasis! BBQ pit, pool, & your own custom bar! Discover the unmatched beauty that this home has to offer! One secondary bedroom includes a bathroom ideal for a guest quarter. The entertainer's backyard boasts a covered patio, a detached enclosed bar w/soft carpet, wood-accented walls, & multi-sliding doors, a covered outdoor pergola w/built-in BBQ & fire pit, a pool w/bar, & plenty of room for play & grow. Be the proud owner! Hurry!
8619 N 192nd Avenue
Waddell, AZ 85355
$1,499,999
3
Beds
3
Baths
3,485
SqFt
Status
Active
MLS #
6724959
Property Type
Single Family Residence
Price Type
--
This custom-built home is located at the base of the White Tank Mountains in the prestigious Sonoran Ridge Estates. It is a stunning, well-maintained 3-bedroom 3-bathroom home that blends modern luxury and serene living. Nestled on a spacious 1.4-acre lot with breathtaking views of the White Tank Mountains from the front with a peaceful, unobstructed, dwelling-free natural landscape from the rear. This property provides a unique opportunity to enjoy the best of Arizona's natural beauty while close to schools, shopping, and thoroughfares. As you step inside, you'll be greeted by a bright and open floor plan with high ceilings and large windows that flood the space with natural light. The gourmet kitchen is a chef's dream, featuring top-of-the-line stainless steel appliances, granite countertops, a large center island with a cooktop, a built-in warming station, and more than ample cabinet space. The adjoining dining area and living room are perfect for entertaining guests or enjoying family time. Special touches include artistic ambient theater-like ceiling lighting, whole house music speakers, and a living room with a dramatic back-lit custom-built interpretation of the nearby White Tank Mountains! The master bedroom suite is a true retreat with a walk-in closet and an en-suite bathroom that includes 2 separate sinks and cabinets, a large jacuzzi soaking tub, and a large, tiled snail shower. The additional 2 bedrooms are generously sized and offer plenty of closet space. There's also a large executive office with 2 built-in desks, multiple built-in cabinets, and shelving that can easily support any in-home business. The office also has a built-in Murphy bed that can be used for guests or as a 4th bedroom. Step outside to your gorgeous fully fenced private backyard oasis. It has 2 covered patios, lush mature landscaping, and a built-in stone island featuring a gas barbecue, sink, and refrigerator. Walk down the lighted grand staircase that leads to a low-temperature concrete walkway and a large custom-built saltwater swimming pool. Additional features of this exceptional home include a large three-car garage with a dedicated workspace for auto and hobby enthusiasts, a laundry room with storage, and energy-efficient upgrades. Located in a peaceful neighborhood with convenient access to schools, Arizona state Route 303, shopping, dining, and recreational activities like the newly opened restaurant The Corral which offers music events and delicious food. Once outside the estate gates, the entrance to the White Tank Mountains Regional Park is a few minutes up the road. Visitors can hike, walk on dog-friendly trails, view ancient petroglyphs, and view hundreds of species of plants and animals that include thousands of gorgeous flowering Sonoran Saguaro cactus. This is the perfect place to call home. Don't miss out on the chance to make this beautiful property yours!
34642 N 52nd Street
Cave Creek, AZ 85331
$1,499,995
2
Beds
2
Baths
1,935
SqFt
Status
Active
MLS #
6753929
Property Type
Single Family Residence
Price Type
--
LOCATION ! LOCATION ! LOCATION ! Beautifully updated Home on 2.5 acres in the charming fun town of Cave Creek! Walk to Starbucks, restaurants, shopping and Golf..So convenient !! While still enjoying the luxury of your own ranch..Horseback Riding, biking and hiking trails take you into the Cave Creek Preserve from your driveway! Room for all your Horses and a spot ready to build a full size Roping Arena(with engineered plans) Features a brand new never been used Gourmet Chefs Kitchen TOP of the line appliances including a ZLINE natural gas range. Fantastic fenced backyard with a sparkling blue pool all ready for your finishing touches. New Flooring with southwest flair, Natural stone fireplace/gas insert. Make this your Winter Resort destination or Stay all year!!
3743 E Hazelwood Street
Phoenix, AZ 85018
$1,499,995
3
Beds
2
Baths
2,167
SqFt
Status
Active Under Contract
MLS #
6756925
Property Type
Single Family Residence
Price Type
--
Premium lower Arcadia opportunity on Hazelwood. Well cared for three bedroom and two baths plus office sits on 11,966 square foot lot including mature landscaping, large pool, barbeque area and a finished casita. Wonderful master suite with huge dual shower and walk in closet. Situated in one of the most desirable neighborhoods in Phoenix. Large .27 acre private lot is mid-block with no alley. Full remodel and addition completed in 2011 on this 2,167 sq ft home. This is a rare opportunity for a buyer to purchase a move-in ready home on Hazelwood at this price point. Otherwise, its a prime lot for a custom home.
14437 N Valencia Drive
Fountain Hills, AZ 85268
$1,499,995
3
Beds
3.5
Baths
2,573
SqFt
Status
Active
MLS #
6717380
Property Type
Single Family Residence
Price Type
--
This popular Marden floorplan is ready to move in this fall. This home offers 2 bedrooms in the main house, separate office plus an attached casita for guests and a 3 car garage! Open concept floor plan is great for entertaining with sliding glass door to covered patio for indoor outdoor living. The kitchen boasts a huge island, Wolf appliances including 36'' cooktop and double ovens with 48'' Sub-Zero refrigerator. Enjoy the ambiance of the 60'' liner fireplace in the great room. Luxurious primary suite includes spacious walk-in closet, bathroom has dual vanities, walk-in shower and separate soaking tub. Imagine enjoying the upcoming holiday season in this amazing home!
23730 N 125th Place
Scottsdale, AZ 85255
$1,499,995
3
Beds
3
Baths
2,222
SqFt
Status
Active
MLS #
6612078
Property Type
Townhouse
Price Type
--
Modern, Desert Contemporary style architecture! This open floor plan offers ample space for entertaining. Beautiful front and backyard landscaping with views of Troon Mountain and close proximity to the Mountain House Lodge Community Amenity. The Caullins' welcoming covered entry and inviting foyer reveals the spacious great room and dining room, with views of the large covered patio beyond. The well-designed kitchen is equipped with a large center island with breakfast bar, plenty of counter and cabinet space. The beautiful primary bedroom suite is highlighted by a huge walk-in closet and deluxe primary bath with dual-sink vanity, large soaking tub, luxe glass-enclosed shower with seat, and private water closet. Landscaping includes water feature, fire feature and built-in BBQ.
1657 E Minton Street
Mesa, AZ 85203
$1,499,990
4
Beds
3.5
Baths
3,499
SqFt
Status
Active Under Contract
MLS #
6750153
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home in the heart of Mesa! This stunning 4-bedroom, 3.5-bathroom home is currently under construction and scheduled for completion by the end of September. As you step inside, you are greeted by an open-concept floor plan that seamlessly connects the living, dining, and kitchen areas, creating a spacious environment perfect for both family living and entertaining. The gourmet kitchen features high-end stainless steel appliances, upgraded cabinet lighting, a large center island, and ample cabinetry for all your storage needs. Conveniently located just off the garage, the spacious pantry is designed with efficiency and organization in mind, making it the perfect solution for easy access and storage after shopping trips. The home also features a thoughtfully designed rear bathroom with dual access from both inside and outside, offering ultimate convenience for outdoor activities. Additionally, a charming bonus room provides versatile space that can be tailored to your needs, serving as the perfect extension of your living area. The luxurious master suite is a true retreat, complete with a walk-in closet and a spa-like en-suite bathroom that boasts dual vanities, a makeup vanity, a soaking tub, and a separate glass-enclosed shower. Outside, the backyard is a blank canvas ready for your personal touch, whether you envision a serene garden, a sparkling pool, or an outdoor entertainment area. With a prime location in Mesa, you'll enjoy easy access to the 202 Freeway.
491 N 159th Place
Gilbert, AZ 85234
$1,499,950
3
Beds
2
Baths
2,335
SqFt
Status
Active
MLS #
6777056
Property Type
Single Family Residence
Price Type
--
Circle G Ranch GEM. Every inch of this acreage home has been updated. The open and airy floorplan is an entertainer's dream. The custom kitchen boasts a large island and stunning walnut bar top, coffee bar, built-in hutch, corner nook that overlooks the roomy family room with beautiful fireplace. There are tons of custom cabinetry, and the walk-in pantry is an organizer's dream. Enjoy the library/office with built-in shelves while gazing out the window to your beautifully landscaped front yard. The back yard is straight out of a magazine. Step onto the massive travertine back patio and follow the winding travertine paths all throughout the yard. Enjoy the warm temps with a huge custom pool, swim up bar with top-of-the-line grill, huge waterfall with slide and a grotto. For cooler temps enjoy toasting marshmallows around the elevated built-in firepit area. The expansive grassy backyard also offers a workshop with electrical, a shed, and your very own pickleball court and basketball half-court. There is even room for an RV with 220v electric. All of this luxury is surrounded by a block wall and huge trees for the ultimate privacy. The car enthusiast will love the updated and climate controlled four car garage. Or use some of the space for a workout room, man cave, craft room, or extra living space. This home is in move-in condition and offers a new AC unit, new roof, upgraded electrical panel, new windows, new water heater, whole house water softener/filtration and tile throughout.
11460 N 71 Street
Scottsdale, AZ 85254
$1,499,900
4
Beds
2
Baths
1,868
SqFt
Status
Active Under Contract
MLS #
6749763
Property Type
Single Family Residence
Price Type
--
FANTASTIC REMODELED FAMILY HOME ** BEAUTIFUL MODERN RECENTLY COMPLETED NEWLY UPDATED ** 4 BEDROOMS ** 2 BATHROOMS ** HUGE OPEN GREAT ROOM ALL NEW KITCHEN AND DINING ** ALL NEW FLOORING ** ** NEW INTERIOR AND EXTERIOR PAINT ** NEW AC 2021 ** NEW GAS WATER HEATER 2021 ** BOTH MASTER AND GUEST BATHROOMS COMPLETELY REMODELED ALL NEW CABINETS & COUNTERTOPS IN KITCHEN AND BATHROOMS ** NEW QUARTZ COUNTERTOPS ** NEW ROOF 2019 ** NEW BARN ROOF 2023 ** NEW FRONT AND GABLE END CONCRETE BOARD SIDING 2022 ** NEW DUAL PANE WINDOWS 2012 ** NEW EXTERIOR DOORS 2022 ** NEW COVERED RAISED PATIO ROOF ** MUST SEE !!!!!
17506 E Desert Vista Trail
Rio Verde, AZ 85263
$1,499,900
3
Beds
3.5
Baths
2,681
SqFt
Status
Active
MLS #
6781435
Property Type
Single Family Residence
Price Type
--
What a RARE find! Luxury meets modern comfort in this stunning home in the prestigious gated Community of Trilogy at Verde River. Situated on a golf course lot with a great curb appeal highlighted by a well-manicured landscape & paver driveway. The cozy courtyard, with a fountain wall & fireplace, will greet you upon entering the residence. The interior exudes elegance with stylish light fixtures, a designer palette, abundant natural light, and wood-look flooring throughout. You'll LOVE the desirable open layout paired with surround sound, exposed beams, and multi-panel pocket sliding doors merging the inside & outside activities! The gourmet kitchen boasts granite counters, ample staggered cabinetry, a subway tile backsplash, a huge prep island, and high-end SS appliances w/cooktop gas. The den comes with built-in bookshelves! Enter the owner's suite to find sliding doors to the back and a lavish bathroom with dual vanities, a soaking tub, a sit-down shower, & two walk-in closets. PLUS! You also have a CASITA with a separate exit, a wet bar, & a bathroom. The laundry room has a built-in desk & cabinetry. Beyond the interiors, the large backyard holds its own charm! A flagstone-covered patio, built-in BBQ, additional seating areas, and artificial turf complete the picture. The view fence provides unobstructed vistas of the mountains & golf course, allowing you to enjoy the natural beauty surrounding your home entirely. PLUS! Take advantage of RESORT-STYLE amenities, including an 18-hole championship golf course, a clubhouse w/fitness center & spa, and sparkling pools. Residents enjoy pickleball & tennis courts, hiking trails, and various dining options like a full-service restaurant & wine bar, creating a perfect blend of luxury & community. Experience gracious living at its finest! Wow, just WOW!