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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28312 N 213th Drive
Wittmann, AZ 85361
$625,000
4
Beds
2.5
Baths
2,142
SqFt
Status
Active
MLS #
6721829
Property Type
Single Family Residence
Price Type
--
10K SELLER CONCESSIONS with a full price offer and coe by 12/20/2024. Gated Enclave situated on a dead end,1.12 acre canvas of potential, this brand new home is a blank canvas waiting for your personal touches. With 2,142 square feet of living space, it is the perfect blend of comfort and sophistication. Need space for your toys? This home boasts an attached 55X13.6 foot RV garage, so your RV, LQ or toys will easily fit here. Upon entering, you will encounter high-end touches such as elegant quartz countertops, crown molding, 5'' baseboards, sleek tile wood-like floors, and modern fixtures throughout. Entertain in the open-concept living space where the gourmet kitchen is the heart of the home. Equipped with stainless steel appliances, ample counterspace, a separate walk in pantry, and a ton of storage space culinary delights are just waiting to be created. Your primary bedroom is split with an ample bathroom that includes dual sinks with quart countertops, a curbless shower and separate soaking tub, and large walk-in closet. Outside, let your imagination run wild. Whether you are dreaming of creating an oasis with a sparkling pool, shade trees and gardens or a mare motel and loping arena, it's right here waiting for you. For the energy conscious Buyer, the ceiling has foam insulation equivalent to R16 and it keeps the bugs and dust out. Concerned about the leach field location? This septic system has a vertical leach field so you don't have to worry about where the lines are when you are installing your dream pool or mare motel. And, this is synthetic stucco so you never need to paint it. There is a complete list of features under the document tab in the MLS that is available to the public. Hurry and make this home your own.
10921 W Harrison Street
Avondale, AZ 85323
$625,000
5
Beds
3
Baths
3,137
SqFt
Status
Active
MLS #
6725891
Property Type
Single Family Residence
Price Type
--
Beautiful,Spacious Home in immaculate condition w/ FIVE bedrooms, 3 bath, & a loft, offers comfort, style & convenience. Modern kitchen boasts granite countertops, stainless steel appliances, generous cabinet space & a pantry. Luxurious Master suite offers picturesque mountain views, an en-suite bathroom featuring dual sinks & a huge walk-in closet. Step out to a private backyard w/ a covered patio & low-maintenance turf yard perfect for entertaining. Offers 1st floor bedroom & bath & conveniently located near I-10, Loop 101, shopping, & golf courses. Community has amenities such as a basketball court, sand volleyball court, playgrounds & barbecue areas. Home has first floor guest bedroom and 4 more upstairs with high pile carpet, 2nd floor laundry room & lots of storage throughout.
28332 N 213th Drive
Wittmann, AZ 85361
$625,000
4
Beds
2.5
Baths
2,142
SqFt
Status
Active
MLS #
6725717
Property Type
Single Family Residence
Price Type
--
$10K seller concessions with a full price offer and coe by 12/20/24. GATED ENCLAVE. This home is north. the 3rd on the left side. Situated on a dead end,1.12 acre canvas of potential, this brand new home is a blank canvas waiting for your personal touches. With 2,142 square feet of living space, it is the perfect blend of comfort and sophistication. Need space for your toys? This home boasts an attached 55X13.6 foot RV garage, so your RV, LQ or toys will easily fit here. Upon entering, you will encounter high-end touches such as elegant quartz countertops, crown molding, 5'' baseboards, sleek tile wood-like floors, and modern fixtures throughout. Entertain in the open-concept living space where the gourmet kitchen is the heart of the home. Equipped with stainless steel appliances, ample counterspace, a separate walk in pantry, and a ton of storage space, culinary delights are just waiting to be created. Your primary bedroom is split with an ample bathroom that includes dual sinks with quart countertops, a curbless shower and separate soaking tub, and large walk-in closet. Outside, let your imagination run wild. Whether you are dreaming of creating an oasis with a sparkling pool, shade trees and gardens or a mare motel and loping arena, it's right here waiting for you. For the energy conscious Buyer, the ceiling has foam insulation equivalent to R16 and it keeps the bugs and dust out. Concerned about the leach field location? This septic system has a vertical leach field so you don't have to worry about where the lines are when you are installing your dream pool or mare motel. And, this is synthetic stucco so you never need to paint it. There is a complete list of features under the document tab in the MLS that is available to the public. Hurry and make this home your own.
1898 Kensington Court
Prescott, AZ 86301
$625,000
3
Beds
4
Baths
2,469
SqFt
Status
Active Under Contract
MLS #
6733682
Property Type
Single Family Residence
Price Type
--
Set within the charming development of Kensington Place, a community of only 12 homes centrally located in Prescott, lies this stunning contemporary main-level living home. Step inside and be greeted by the inviting foyer and open office/den, which can also serve as a formal dining area. The great room concept is sure to impress with its high-volume ceiling & 3-panel glass door that bathes the space in natural light. The dining area and kitchen flow seamlessly into the great room, creating an ideal layout for entertaining. The kitchen is a showstopper, featuring floor-to-ceiling dark stained cabinetry with glass-enclosed display cabinets, quartz counters, and a suite of stainless-steel appliances, including a 5-burner gas range. The spacious master bedroom offers access to the back patio and an ensuite bathroom with a walk-in shower with tile insets, double sink vanity, water closet, and walk-in closet. The main level also includes a powder room, laundry room, storage area, and access to the 2-car garage. Upstairs, the luxurious feel continues with a large bonus/family room, currently used as a game room with a pool table and access to the covered deck via a sliding glass door. Two roomy guest bedrooms share a Jack and Jill bathroom, and there's an additional powder room on this level as well. The backyard is beautifully landscaped and fenced with rock, block, and wrought iron, while beyond the fence lies terraced rock landscaping. The covered paver back patio is the perfect spot to relax with a glass of wine as the sun sets in the west. A side yard gate opens to tasteful low-maintenance landscaping with both front and back yards drip water systems on a timer. Located at the end of the street, this property borders Blooming Hills Estates park/open space directly to the north. Additional highlights include a tile roof, durable porcelain plank tile floors in the main living area, high-end carpet in the bedrooms and game room, and granite counters in the bathrooms. This property offers the style and amenities of a Prescott Lakes home without the high HOA fees. It's conveniently close to hiking trails, including the Peavine Trail and Watson Lake. The HOA, now resident-managed, has reduced dues since the takeover. Come see this exceptional home today.
4284 E Erie Street
Gilbert, AZ 85295
$625,000
4
Beds
4.5
Baths
3,168
SqFt
Status
Active
MLS #
6732241
Property Type
Single Family Residence
Price Type
--
Gorgeous Mediterranean Style 3,168 Sq Ft Home. Built in 2017 in an Upscale Gilbert Community. Low Maintenance Lot Features Artificial Turf, Rock Landscape, & Pavers. The First Floor Features Spacious Open Living Space for a Game Room/Den with a Half Bath, Patio Access, and 2-Car Garage with Included Water Softener. The Mid-Level 2nd Floor Features Very Large Open Floor Plan with Spacious Living Room, Huge Gourmet Kitchen, Breakfast Bar, Dining Area with Double Patio Doors Opening to Large Balcony. The Mid-Level also has a Bedroom, Full Hall Bath & Laundry Room. The Top-Level 3rd Floor Features the Owner's Suite with Large Primary Bedroom, Spa Inspired Bathroom & Walk-In Closet. Top-Level Also has 2 Junior Suites with Private Bathrooms. Enjoy the Community Pool, Park & Basketball Court. Shop & Dine at Cooley Station, Verde and Upscale Santan Village.
10842 N 9th Place
Phoenix, AZ 85020
$625,000
3
Beds
3
Baths
2,171
SqFt
Status
Active
MLS #
6736524
Property Type
Townhouse
Price Type
--
Welcome to your dream home! This sophisticated 3-bedroom, 3-bath residence is surrounded by lush vegetation and stunning mountain views. Inside, you'll find custom cabinetry, granite countertops, stainless steel appliances, and an eat-in dining area. Enjoy high vaulted ceilings, clerestory windows, and brand new tile flooring. The primary bedroom is downstairs, featuring an ensuite with a new walk-in tile shower and walk-in closet. The upstairs loft is a versatile flex space with an ensuite and private balcony. The tranquil backyard/patio, with no neighbors behind, offers serene outdoor living with multiple seating areas. A short walk takes you to one of four community pools and clubhouse. This home is in the renowned Paradise Valley Schools district. Don't miss this exquisite property!
4116 E Wagoner Road
Phoenix, AZ 85032
$625,000
5
Beds
2
Baths
2,240
SqFt
Status
Active
MLS #
6741473
Property Type
Single Family Residence
Price Type
--
Fantastic opportunity on this beautiful property! Recently appraised twice, first at $660,000 and second at $650,000. Discover this beautifully remodeled home, where modern elegance meets unparalleled functionality. This property features 5 spacious bedrooms and 2 spa-like bathrooms, offering a blend of style and comfort. The brand-new kitchen shines with quartz countertops and the latest appliances, complemented by a generous laundry room for added convenience. Wooden floors throughout and meticulous tile work in the bathrooms and laundry area accentuate the home's appeal. New windows, interior doors, and elegant pavers in the front, back, and pool areas elevate the property's aesthetic and utility. Unique to this home is an entertainment area with a bar near the pool, designed for memorable parties and gatherings. The expansive backyard serves as a private retreat for relaxation or entertainment,
6502 N Central Avenue
Phoenix, AZ 85012
$625,000
3
Beds
2
Baths
1,880
SqFt
Status
Active
MLS #
6740787
Property Type
Apartment
Price Type
--
Welcome to the PENTHOUSE of the iconic OLYMPUS on the Murphy Bridle Path in the ''North Central'' neighborhood of Phoenix. Built in 1964, this mid-century beauty boasts incredibly spacious rooms, large windows & two patios with mountain and downtown views! The primary suite features a walk-in closet and spacious bath with double sinks, incredible original tile and vanity and mountain views!The second bedroom features double w/in closets and...mountain views!The third bedroom/den has a door to one of the patio/balconies. The great room is...well, great with ...yes, mountain views! The balcony/decks have hundreds of square feet of space to enjoy our Sept-June weather! Secure covered parking for 2 cars is included along with additional storage.Walk to some of Phoenix's finest eateries too!
6518 W Bent Tree Drive
Phoenix, AZ 85083
$625,000
4
Beds
3
Baths
3,152
SqFt
Status
Active
MLS #
6743569
Property Type
Single Family Residence
Price Type
--
Picture-perfect sunsets from your new home! This large 4 bed/3 bath plus loft is located in a quiet neighborhood w/picturesque views. Lovely curb appeal w/stone accents & front porch. Spacious living areas excellent for hosting & entertaining guests. Upgrades include new interior paint, a gas fireplace, new lighting throughout, & a new water heater. The gourmet kitchen is equipped with an electric cooktop, a wall oven, granite counters, rich wood cabinetry, & an island w/a breakfast bar. Main suite upstairs has a full ensuite, a walk-in closet, & a private balcony w/mountain views. Don't miss the spacious 3-car garage! The vast backyard provides a covered patio & a firepit. Hiking trails right down the street. Backyard ready for your dream pool design! See rendering photos for inspiration
15999 W Montana De Oro Drive
Surprise, AZ 85387
$625,000
4
Beds
3
Baths
2,515
SqFt
Status
Active
MLS #
6747387
Property Type
Single Family Residence
Price Type
--
Gorgeous Home in Escalante For Sale that's better than new! The home has over $100,000 in upgrades all the way throughout, starting with the exterior that has charming curb appeal, front yard landscaping with lighting and irrigation, extra wide driveway pavers for additional parking, and additional pavers to the gate and beyond perfect for RV's, boats, toys, you name it! The interior has been completely upgraded as well, featuring soaring 10ft ceilings, 8ft doors, and a split floor plan that feels airy and bright! Notice the neutral wood look tile flooring and paint that go with any color! The kitchen is a chef's kitchen with massive island, 4-inch granite countertops, Upgraded GE Café Stainless Steel Appliances, custom drawers throughout, under cabinet lighting, and more! For gas cooking enthusiasts, it's stubbed and ready, too! The kitchen opens to the spacious family room, perfect for family time or entertaining, and features the 16 foot atrium sliding doors, giving that indoor-outdoor feel! The master bedroom is large, and boasts a resort style ensuite with raised countertops, double sinks, and a super-shower with two shower heads and granite bench, plus a massive walk-in closet! The additional bedrooms are spacious as well, and the secondary bathrooms have been equally upgraded. If that's not all, you'll love the flex space that could make for a perfect office, workout room, or craft space, the 3 car tandem garage with epoxy flooring, tankless water heater, spacious laundry room with stainless steel sink, and all the upgraded lighting and fans throughout! The backyard is your blank canvas, with plenty of space for a pool. Builder incentives are nice, but this house has it all, plus builder warranties, and with no build time! Escalante is a vibrant and family-friendly neighborhood renowned for its exceptional amenities and outdoor lifestyle. Nestled within this community are charming tree-lined streets that provide a serene backdrop to everyday living. Residents enjoy easy access to scenic hiking trails that invite exploration and adventure right at their doorstep. The neighborhood boasts a state-of-the-art aquatic center, perfect for relaxation and recreation. With eight select parks featuring ramadas, basketball courts, pickleball courts, and bocce ball courts, there's no shortage of recreational options. For disc golf enthusiasts, an 18-hole course offers a fun challenge, while a thrilling zip line provides endless enjoyment for kids. Escalante seamlessly blends active living with relaxation, making it an ideal place to call home. Welcome home!
20750 N 87th Street Unit 2120
Scottsdale, AZ 85255
$625,000
2
Beds
2
Baths
1,356
SqFt
Status
Active
MLS #
6745602
Property Type
Townhouse
Price Type
--
Scottsdale Living at its finest in coveted Grayhawk! Recently updated with new luxury plank vinyl flooring, new interior paint, refreshed kitchen cabinetry & new stainless steel appliances, this perfectly appointed townhome in gated Encore at Grayhawk offers mountain views & a perfect location just steps from amenities, shopping & dining. From the ground floor foyer and immaculate 2-car garage w/ new epoxy floor, spacious second level living awaits. Natural light washes this end unit's open floor plan featuring living & dining area with cozy gas fireplace along with nicely appointed kitchen and casual dining bar. The primary retreat presents a stunning McDowell Mountain backdrop from its French Doors & balcony, and opens to a nicely appointed bath with separate tub & walk-in shower plus large walk-in closet. There is also a second guest room with adjoining bath to the hall. Stacked laundry area will accommodate full size units. Relax on the balcony facing common area and enjoy our Arizona sunsets, or go to the fantastic resident clubhouse for a workout and a swim. Welcome Home!
11224 E Upton Avenue
Mesa, AZ 85212
$625,000
4
Beds
3
Baths
2,150
SqFt
Status
Active
MLS #
6746987
Property Type
Single Family Residence
Price Type
--
Over $60,000 in post-possession UPGRADES! Including electric blinds, a fully remodeled laundry room and primary bathroom, updated bathroom countertops, epoxy garage floor covering and garage cabinets, and a finished backyard complete with turf and a drip irrigation system. Additional features include an owned water softener, a reverse osmosis system, and newly installed light fixtures // ceiling fans throughout all bedrooms and living areas. This move-in-ready home boasts a split floor plan, an open-concept living room and kitchen, and elevated design accents throughout. Refrigerator, washer & Dryer included! Don't miss out on this opportunity.