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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19974 E El Nido Lane
Litchfield Park, AZ 85340
$1,499,812
4
Beds
3.5
Baths
3,250
SqFt
Status
Active
MLS #
6752380
Property Type
Single Family Residence
Price Type
--
FORMER MODEL HOME W/RV GARAGE; fully furnished; no leaseback; incredible gourmet kitchen with Thermador appliances including sliding in gas range, hood vent, built in refrigerator, two wine refrigerators, stacked cabinets with lighted uppers, 12' sliding glass door and 12' ceilings; outdoor pool w/water feature, outdoor furniture & modern firepit; MOUNTAIN VIEWS; custom tiling, custom wall & ceiling treatments; firesprinklers, ATTACHED CASITA; 4 bed, 3.5 bath, study & 3 car plus RV GARAGE; all furniture and accessories included.
345 Coronado Trail
Sedona, AZ 86336
$1,499,800
4
Beds
3
Baths
2,756
SqFt
Status
Active
MLS #
6785347
Property Type
Single Family Residence
Price Type
--
A Sanctuary at the Edge of Sedona's Red Rock Majesty: Nestled in the heart of Uptown Sedona, this fully remodeled 2,756 -square-foot masterpiece redefines modern elegance with an organic connection to nature. Boasting four bedrooms, three bathrooms, and a sprawling 0.61-acre lot, this home is a rare convergence of tranquility. Step inside to discover a light-filled interior enhanced by brand-new windows and doors, a seamless blend of design and function that draws your gaze outward to the breathtaking Red Rock panorama. Every detail has been meticulously upgraded, from the state-of-the-art A/C system to appliances And an oversized deck that invites you to savor Sedona's famous sunsets. The newly designed Primary Ensuite provides a private retreat, offering a spa-like ambiance & unparalleled views and private sauna. The home's thoughtful placement ensures both privacy & sunlight, with a left rear corner that embraces the serenity of the National Forest. Here, your backyard becomes a gateway to endless possibility with room for a pool or bocce court. Whether you're entertaining on the expansive deck or finding solace in the quiet corners of this property, this home delivers the rare opportunity to live amid the iconic landscapes of Sedona while enjoying the finest comforts of modern living.
27598 N 86th Lane
Peoria, AZ 85383
$1,499,000
4
Beds
3.5
Baths
4,537
SqFt
Status
Active
MLS #
6783571
Property Type
Single Family Residence
Price Type
--
Stunning mountain views in the gated community of Westwing! This hill side lot has been completely remodeled with the finest finishes. Calcutta quartz counter tops, Herringbone Calcutta marble backsplash, and solid walnut bar top. Home has Alderwood doors throughout. Open and bright floorplan, gorgeous tile flooring, and a wet bar in the living room! Rich wood cabinetry, stainless steel appliance, double ovens finish the incredible kitchen. Spacious bedrooms! Game room, loft, lots of extra space. Master suite is complete with a sitting area, and private exit to your private balcony and a stunning features. Enjoy the outdoor AZ living in resort style backyard. Incredible pool with jacuzzi, swim up bar, fire pits, synthetic grass, commercial grade misting system throughout entire yard. Private den w/French glass doors & wainscoting walls, luminous family room w/surround sound speakers, elegant wine bar, large loft, & ample bedrooms. Each room is a work of art! The grand main suite features sliding doors to a private balcony, an oversized walk-in closet, & a spa-like bathroom. A freestanding tub, a glass enclosure rain shower, two vanities, & balcony access are included in the main bathroom! Enjoy your morning coffee next to the fireplace on the interior patio. Host fun gatherings in the backyard comprised of a misting system throughout, a covered patio, fire pit, Ramada w/built-in BBQ, spa, & pool w/water feature. Unique home! See it, love it, live it!
9699 E Vantage Point Road
Scottsdale, AZ 85262
$1,499,000
4
Beds
3.5
Baths
4,061
SqFt
Status
Active
MLS #
6764566
Property Type
Single Family Residence
Price Type
--
Nestled in the intimate and picturesque subdivision of Sierra Norte in North Scottsdale, this exquisite single-level home offers a prime corner lot with ideal north-south solar orientation ensuring the sun graces the sparkling pool throughout the day. Built by Edmonds Toll, The Mediterranean-inspired architecture showcases stacked stone, graceful arches, and elegant pillars leading to a peaked roofline entrance. Step through the inviting courtyard entry, with flagstone patio and lush mature desert landscaping, to the double-door entry. Inside, you'll be greeted by a one level floor plan beginning with the engaging living room complete with a grand travertine fireplace and expansive picture windows framing captivating backyard views. The chef's kitchen is a culinary delight, equipped with Kitchen Aid appliances, a generous island, and ample counter space, including a raised linear bar and exceptional walk-in pantry. The open-concept design flows seamlessly into the casual dining area with patio access, and cozy den, where you'll find a TV area and lovely views of the outdoors, including the iconic Pinnacle Peak. The perfect setting for relaxation and intimate gatherings. The split primary suite spans the west side of the home, providing a peaceful retreat. Enter through double doors to find a spacious bedroom with a pony wall separating a cozy sitting area with direct patio access. The spa-inspired primary bath features dual walk-in closets, dual vanities with a dedicated make-up space, a soaking tub, walk-in shower with tiled bench, and a private water closet. On the east side of the home, you'll find a guest ensuite, two additional guest rooms, and a well-appointed hall bath. Each guest room offers plush carpet, ceiling fans, and operable windows, providing comfort and style for family and visitors alike. Step outside into a resort-style backyard designed for ultimate relaxation and entertainment. Enjoy al fresco dining under the covered patio or soak up the sun in the pool with its Baja entry. The raised spa and boulder feature cascades into the pool, and the elevated firepit offers the perfect spot for stargazing. The outdoor kitchen, equipped with a built-in grill and generous bar space, is ideal for hosting, while the outdoor fireplace with side bench seating provides warmth on cooler nights. Additional highlights include a separate office, a convenient laundry room, and a generous 3-car garage, providing ample storage and functionality. Plantation shutters, stone and tile countertops, a mix of tile, wood plank laminate flooring, and premium KitchenAid appliances complete the elegant yet easy-care interior. Sierra Norte is ideally located in a prime North Scottsdale location, offering privacy yet easy access to nearby dining and shopping. The subdivision has its own tennis court, covered Ramadas, grill and playground. Pima Road is nearby, ensuring quick trips into town or to the airport. Experience the best of desert living in this private sanctuary, where luxury, tranquility and convenience meet.
23006 N 86th Street
Scottsdale, AZ 85255
$1,499,000
4
Beds
4.5
Baths
3,919
SqFt
Status
Active
MLS #
6757661
Property Type
Townhouse
Price Type
--
Nestled in a quiet Pinnacle Peak corridor neighborhood, this beautiful 4 bedroom, 4,5 bathroom townhome boasts a charming old world feel with the luxury of modern, up-to-date finishes throughout. Situated on a corner homesite with only one connecting home, this end unit feels private and tranquil. A front courtyard lined with Saltillo tiles leads to a gated front entrance lush with greenery — the perfect place to enjoy your morning cup of jo. The entryway is rounded out by a gated front door for added security and style. Upon entering the home, the main level offers a front den/office/4th bedroom, formal living room with fireplace and a built-in bar situated nearby. The formal dining room features a custom built-in hutch for additional storage. The fully updated kitchen features stainless steel appliances, a large island with seating and plenty of cabinet space. As you make your way through the home, luxury vinyl plank flooring flows throughout the main living areas, accented by neutral modern tones and finishes including custom chandeliers. Upstairs, vaulted wood beam ceilings create a warm and inviting family room with a fireplace, custom built-in bar and balcony golf course views. The vaulted ceilings continue into the primary master suite outfitted with a sitting area, walk-in closet finished with barn doors, and an additional laundry space. This 3,919 sq. foot home includes a secondary master suite with an updated bathroom that has been completed with marble finishes and dual vanities. Heading to the cozy backyard, you'll find a fireplace for cool desert evenings and a built-in barbecue for grilling all year long. The space also includes a covered patio, perfect for entertaining and watching the Arizona sunset. Located across from the neighborhood park, community pool, tennis, in the La Vida community, this gorgeous townhouse is walking distance to Pinnacle Peak Country Club, shopping and dining with Market Street just a short drive away. This well-maintained home is the perfect fit for anyone looking for a touch of Spanish desert charm in the heart of North Scottsdale.
707 E Ocotillo Road
Phoenix, AZ 85014
$1,499,000
5
Beds
3.5
Baths
2,990
SqFt
Status
Active
MLS #
6745849
Property Type
Single Family Residence
Price Type
--
Welcome to this BRAND-NEW modern gem in the highly coveted North Central Phoenix neighborhood, located within the desirable Madison School District. This stunning home features an open floor plan with soaring 16-ft vaulted ceilings and 5 spacious bedrooms, 3.5 bathrooms. The gourmet kitchen features two separate sinks, a large quartz island with a waterfall edge, and huge walk-in pantry. The primary suite includes a modern bathroom with a stand alone tub and large walk in closet. There is an additional primary suite with a beautifully appointed bathroom. Stylish laundry room with two quartz countertops and ample cabinetry. Step outside to a backyard retreat with a pergola, sparkling pebble-tech pool with a Baja step, and a paver patio perfect for gatherings.
1704 E Melrose Street
Mesa, AZ 85203
$1,499,000
5
Beds
4.5
Baths
4,235
SqFt
Status
Active
MLS #
6789039
Property Type
Single Family Residence
Price Type
--
Prepare to be amazed! Check out this luxurious 5 bed, 4.5 bath MOUNTAIN-VIEW residence now for sale in Overlook at Forest Knoll! A stunning MODERN FARMHOUSE facade w/brick veneer accents, a lush green TURF FRONT landscape, 3 car garage, RV gate, and a paver driveway are just the beginning. Come inside to discover a formal dining room and a cozy den, perfect for an office. High ceilings, elegant wood-look tile flooring, soft carpet in all the right places, and neutral palette throughout! Continue into the spacious great room, showcasing GORGEOUS MCDOWELL MOUNTAIN VIEWS, dazzling UPGRADED light fixtures and a LINEAR fireplace to keep you warm during the coming winter months. The gourmet kitchen is comprised of HIGH-END two-tone cabinetry w/crown moulding, a walk-in pantry, quartz counters, tile backsplash, stainless steel COMMERCIAL GRADE appliances, INCLUDING TWO DISHWASHERS, and THE WIDEST island YOU CAN IMAGINE complete w/a breakfast bar. You'll love the primary bedroom, boasting a HUGE walk-in closet and a lavish ensuite w/dual vanities & a garden tub. Don't forget about the guest quarters w/separate entry! Also including an expansive backyard w/a covered patio, this home is simply a dream come true! What are you waiting for? Act NOW!
42106 N Bradon Way
Phoenix, AZ 85086
$1,499,000
6
Beds
5.5
Baths
4,561
SqFt
Status
Active
MLS #
6738654
Property Type
Single Family Residence
Price Type
--
This stunning Rochester model home features a gourmet kitchen with GE Monogram appliances, massive counter space coupled with seemingly endless cabinet, drawer and pantry storage. Definitely a chef's dream! The newly (2023) remodeled backyard is gorgeous and boasts unparalleled privacy. you simply have to see it to believe it. Anyone would be proud to entertain guests inside and outside at this home. The flooring and lighting upgrades are beautiful. Fresh paint, inside and outside mean the lucky buyer will not have to worry about painting for years to come. This home is a resort within the Anthem Country Club resort. Come see it, let us awe you!
2026 Rustic Timbers Lane
Prescott, AZ 86303
$1,499,000
3
Beds
4
Baths
4,101
SqFt
Status
Active
MLS #
6766753
Property Type
Single Family Residence
Price Type
--
This beautiful home in Hassayampa Village has only ever known one owner and is waiting for you to call it home. From expansive views to a 3 car garage, this home offers everything in between. Enter into the great room facing the floor to ceiling stone fireplace and windows opening out to the forested views off the main level deck. Kitchen with an island, custom cabinetry and a double wall oven. Formal dining room with large picture window. Laundry room with plenty of cabinetry and a separate indoor workshop/hobby room for wherever your imagination takes you. Main level also offers separate powder room, primary suite, large den / office space, second bedroom and bathroom complete with walk-in jacuzzi tub.
7120 E Kierland Boulevard Unit 211
Scottsdale, AZ 85254
$1,499,000
3
Beds
3
Baths
1,718
SqFt
Status
Active
MLS #
6777569
Property Type
Apartment
Price Type
--
Welcome to the luxurious lifestyle of The Optima Kierland in North Scottsdale and the premier Scottsdale urban address. Building 7120 is 12 stories with spectacular views from the rooftop pool and spa. There are 2 master suites in this largest unit on this floor on the quiet street side, not on noisy Scottsdale Road nor looking into neighboring homes, for complete privacy. 10 ft floor to ceiling windows highlight this 3bd 3ba luxury home with brand new flooring (no carpets) in the bedrooms and newly painted throughout. Separate laundry and storage room. Resort style living includes world class custom amenities: a state of the art gym, lockers, business center, conference room, massage room, 2 steam rooms, 2 hot tubs, cold plunge, squash court, massage & yoga rooms, party & theater room. All located in the famed Kierland/Scottsdale Quarter surrounded by world class Restaurants, Entertainment and Golf.
1437 E Aris Drive
Gilbert, AZ 85298
$1,499,000
4
Beds
3.5
Baths
4,122
SqFt
Status
Active Under Contract
MLS #
6742075
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home, located in the coveted Waterston community and boasting the most sought-after Radiance floor plan! This stunning residence offers everything you need for comfortable and luxurious living. Enjoy porcelain tile throughout the house interior and exterior, especially large glossy tiles in the main living spaces, ensuring durability and easy maintenance. Enjoy endless summer days in your private swimming pool, equipped with an in-floor cleaning system for hassle-free maintenance. The expansive turf area provides ample space for outdoor entertainment, whether you're hosting a barbecue or playing with the kids. The property is adorned with a variety of tropical fruiting trees, including banana, mango, mulberry, fig, guava, apricot, and more, offering a fresh supply of home-grown fruits. Experience premium audio throughout the home with in-built surround sound speakers both inside and out. The main living area features electronic roller shades for effortless light control, while the remaining windows are fitted with stylish shutters. Additionally, enjoy the convenience of upgraded closets and garage cabinets, providing ample storage and organization solutions. This home also includes a spacious generation suite with a private entry, perfect for guests or extended family. With many more features and upgrades, this corner lot home in Waterston is a must-see. Don't miss the opportunity to make this exceptional property yours!
2491 E Cedar Place
Chandler, AZ 85249
$1,499,000
5
Beds
3.5
Baths
3,768
SqFt
Status
Active Under Contract
MLS #
6779498
Property Type
Single Family Residence
Price Type
--
Hurry! Priced to Sell! YOUR opportunity to own in Circle G Ranch! Custom home ~Acre lot~Make it your style~Add sqftg in front, back, or separate Casita~Great Open Floorplan~Land value alone is over $800k! Best place to invest for sure, neighboring homes have values upwards of~$5 million! Gated Courtyard surrounds 5 bedroom/3.5 bath home, and YES, 4 CAR GARAGE, OWNED SOLAR~Low Maintenance, desert landscaping w/Fruit trees and Multiple Raised beds for Your own Gardens. Open Kitchen Greatroom windows share views of your oversized yard & pool~Large Primary suite includes ample space for soaking tub, W/I shower, & Closet~Split from secondary bedrooms. Custom built-ins, including Murphy Bed, in case 2 offices are needed~Extensive covered patios look out on to South-facing pool & Outdoor kitchen With BBQ, hooked in propane, dine up island bar, Pool has hot tub, and sparkling appeal, large sunbathing shelf, fog system and surround sound on covered patio! Entertain Al Fresco year round!