Last week’s economic reports were in short supply due to the Christmas holiday. Events reported included Case-Shiller home price indices, pending home sales and weekly readings on mortgage rates and new jobless claims. Consumer confidence was also released.
Case–Shiller Readings Indicate No Slowdown in Home Price Gains
Case-Shiller’s October readings for its home price indices showed continued growth in home prices. In spite of rising home prices and mortgage rates, high demand for homes and slim supplies of homes for sale continued to fuel higher home prices.
According to Case-Shiller’s national home price index for October, home prices rose 5.60 percent on an annual basis as compared to September’s reading of 5.40 percent. The 20-city home price index rose to 5.10 percent from September’s reading of 5.00 percent. Case-Shiller’s 10-city index also gained 0.10 percent in October with a reading of 4.30 percent year-over-year.
Seattle, Washington, Portland, Oregon and Denver, Colorado had the highest year-over-year home price gains in October with readings of 10.70, 10.30 and 8.30 percent respectively. David M. Blitzer, Managing Director and Chairman of the S&P Indices Committee, said that “Home prices and the economy are both enjoying robust numbers,” but he also cautioned that rising mortgage rates and home prices growing faster than wages continue to pose obstacles for some home buyers. The Federal Reserve is expected to raise its federal funds rate in 2017, which is expected to prompt rising mortgage rates.
Mortgage Rates Mixed, Pending Home Sales Fall
Pending home sales fell 2.50 percent in November. Analysts said that post-election reaction helped to drive mortgage rates higher, which made homes less affordable for first-time and moderate-income buyers; Sellers and buyers may have postponed decisions to sell or buy as they waited for volatile post-election responses to ease.
According to the National Association of Realtors®, pending home sales fell to their lowest level in almost a year with an index reading of 107.30 in November. September’s reading was 110.00. The holiday season and rising mortgage rates were seen as contributing to fewer pending home sales.
Freddie Mac reported the ninth consecutive week that fixed rate mortgages rose. In the final mortgage rates survey for 2016, the average rate for a 30-year mortgage rose two basis points to 4.32 percent; the average rate for a 15-year fixed rate mortgage was three basis points higher at 3.55 percent. 5/1 adjustable rate mortgage rates averaged 3.30 percent, which was two basis points lower than the prior week. Discount points averaged 0.50 percent for all three mortgage types.
New jobless claims were lower last week with a reading of 265,000 new claims filed. Analysts had expected 270,000 new claims filed based on the prior week’s reading of 275,000 new claims filed.
In spite of rising home prices and mortgage rates, consumer sentiment was higher than expected in December with a reading of 113.70 as compared to expectations of 110.00 and November’s reading of 109.40.
What‘s Ahead
Next week’s scheduled economic reports include Labor Department releases on Non-Farm Payrolls, and the national unemployment rate. ADP payrolls and weekly readings on mortgage rates and new jobless claims will also be released. Financial markets are closed today in observance of New Year’s Day.
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26827 N 68th Street
Scottsdale, AZ 85266
$1,999,999
5
Beds
5
Baths
4,383
SqFt
Status
Active
MLS #
6640376
Property Type
Single Family Residence
Price Type
--
CONTEMPORARY TENNIS COURT ESTATE~! Acre+ with guest house. A private paradise awaits you via a long curved driveway. Enjoy your lighted tennis court, sheltered amidst shade trees, mature cacti, flowering shrubs. This masterpiece is built to last with Integra Block, I-Beam & Post Tension Concrete. Dual living floorplan is connected by an upper level view skywalk & overlooks the heart shaped pool. Wood/tile/concrete flooring. All bedrooms have walk-in closets & upper deck access. Cute guest house with mini-kitchen & 3/4 bath. Office, Library wall, Media room, home gym w/shower. Soaring wood ceilings in great room Double Island kitchen w/sleek gray quartz counters, stainless appliances, tall wine cooler, W/I pantry. 2 story exterior metal fireplace. Ramada w/BBQ, pvt Garden. NO HOA FEES~!
30989 N 77th Way
Scottsdale, AZ 85266
$1,999,999
3
Beds
3.5
Baths
4,143
SqFt
Status
Active
MLS #
6713596
Property Type
Single Family Residence
Price Type
--
This stunning home spans over 4100 sq ft, offering ample space for luxury high desert living. With 3 bedrooms +den and 3.5 baths, it provides the perfect retreat for a family or individuals seeking a spacious living environment. Recently remodeled, this home features high end 'wood like' tile flooring throughout, giving it a modern and elegant aesthetic. The kitchen is adorned with beautiful quartz countertops and equipped with Wolf stainless steel appliances and a Sub-zero refrigerator. The primary bedroom is oversized, offering enough space for a seating area and more. The bathroom has been remodeled, offering a luxurious and serene space for relaxation. There is a large walk-in closet off of the bathroom, with custom built-ins; in addition, there are 2 other closets in the main bedroom The home includes a 3-car garage equipped with a mini split AC. Additionally, the home has a beautiful pool that was just updated with new tile and pebble tech, the pool decking was all re-coated as well. In addition to there is also a hot tub, gas firepit (with seating area), and built in BBQ, this backyard is a beautiful oasis! The home also benefits from a newer roof and AC unit, ensuring comfort and peace of mind. Situated on a corner lot, this home offers picturesque mountain views, creating a serene and tranquil atmosphere. With all of its impressive features and recent upgrades, this home is a must see!!
3804 E Camelback Road
Phoenix, AZ 85018
$1,999,999
4
Beds
4
Baths
4,764
SqFt
Status
Active
MLS #
6764227
Property Type
Single Family Residence
Price Type
--
LUX IN THE CITY! The ideal lock-and-leave home with short term rentals allowed. This beautiful home offers tranquility in the heart of the city, tucked away off Camelback, on a private street. Open and bright with soaring ceilings and spacious rooms, the home exudes elegance. The chef's kitchen is outfitted with Bosch and KitchenAid appliances, dual islands, and custom cabinetry (easily adaptable to white). Massive laundry room with farm sink, lots of cabinets, and plenty of counter space. Enjoy outdoor living with a large patio and two balconies—one with morning views of Camelback, the other with stunning Piestewa Peak sunsets. The primary suite offers dual closets, separate his-and-her toilets, and a spa-like bath with a
11334 E Troon Vista Drive
Scottsdale, AZ 85255
$1,999,999
3
Beds
3.5
Baths
4,097
SqFt
Status
Active
MLS #
6682066
Property Type
Single Family Residence
Price Type
--
Quintessential Arizona Living on an elevated mountainside lot nestled within the Sonoran Desert and surrounded by captivating panoramic Mountain Vistas. Located within the prestigious gated community of Troon Ridge Estates, this estate is situated on a 2-acre double lot to maintain privacy and jaw dropping VIEWS! The Santa Fe Style Estate features natural elements of boulder outcroppings, majestic Saguaros and a tranquil water feature in the front courtyard setting the tone for the serene ambiance of the home. The open floor plan expands 4100 sf of living space with large picture windows creating a canvas of outdoor desert landscape being an extension of the indoor atmosphere and design. A living piece of art, this home features exquisite one-of-a-kind hand-carved woodwork that........ embodies unparalleled craftsmanship and artistic flair. This home is a sanctuary of sophistication and authentic Southwestern design. The Terracotta Tile floors expand throughout the living space creating an authentic rustic appeal. The kitchen highlights the hand-carved wooden cabinets, a mosaic tile backsplash, double ovens, and an inviting eat-in area overlooking the great room living space. The living area is designed to maximize breathtaking views, with large windows framing Troon Mountain, Pinnacle Peak, and the McDowell Mountains. A grand beehive fireplace anchors the room adding warmth and charm, while a wet bar adorned with copper detailing provides an ideal spot for entertainment. This meticulously designed home features three-bedrooms all with ensuites, offering comfort and privacy, plus a generously sized office. The primary suite is a haven for relaxation with inviting fireplace, wrap-around private balcony, and spa-like bath. A backyard oasis providing awe-inspiring views, infinity-edge pool, expansive covered patios, an additional fireplace, and plenty of seating areas for relaxing or hosting guests. Enjoy proximity to Troon Country Club, renowned hiking trails such as Tom's Thumb, and the unmatched beauty of the desert! Plus, an array of nearby world-class golf courses, West World, shopping and dining destinations. *Included in the sale is Parcel #217-02-851 to protect your serene views and privacy*
12326 E Black Rock Road
Scottsdale, AZ 85255
$1,999,995
3
Beds
3.5
Baths
3,353
SqFt
Status
Active
MLS #
6787768
Property Type
Single Family Residence
Price Type
--
*NEW CONSTRUCTION: SPRING 2025 COMPLETION. Interior Finishes have been added!* This spanish contemporary Irini floor plan is under construction on an elevated home site! Features include an attached Casita with a separate entry, a private Courtyard, Great Room with a 16' glass pocket door and 60'' linear fireplace, SS Wolf appliances, double wall ovens, 48'' Sub Zero Fridge, Soft Water System and large study with wet bar. This is the low-maintenance, LUXURY, lock & leave home you have been waiting for! Located in the stunning guard-gated community, Sereno Canyon. The ultimate resort lifestyle community in North Scottsdale by Toll Brothers. Come take a tour today!
8237 E Lippizan Trail
Scottsdale, AZ 85258
$1,999,950
4
Beds
3
Baths
2,938
SqFt
Status
Active
MLS #
6780922
Property Type
Single Family Residence
Price Type
--
Welcome to the newly remodeled 8237 E. Lippizan Trl, a stunning home located in the highly sought-after McCormick Ranch community in Scottsdale. This beautifully updated property offers a spacious layout, modern high end finishes, and a resort-style backyard, perfect for enjoying Arizona living at its finest. Step into a light-filled living area with large windows that bring in abundant natural light. The open floor plan creates a seamless flow between the living room, dining room, and kitchen, making it perfect for entertaining. The updated kitchen features sleek quartz countertops, brand new matching stainless steel appliances, a large center island with breakfast bar seating, custom cabinetry, and gorgeous new flooring. Whether you're preparing a casual meal or hosting guests, this kitchen offers the perfect blend of style and functionality. The beautifully landscaped backyard offers a covered patio, sparkling pool, and plenty of room for outdoor dining and relaxation. This space is designed for enjoying the Arizona weather year-round. McCormick Ranch is one of Scottsdale's premier master-planned communities, offering access to miles of walking and biking paths, lakes, parks, and two championship golf courses. With its close proximity to Old Town Scottsdale, Scottsdale Fashion Square, and local hotspots, you'll enjoy the perfect blend of outdoor beauty and urban convenience!
10088 E Duane Lane
Scottsdale, AZ 85262
$1,999,900
3
Beds
5
Baths
4,395
SqFt
Status
Active
MLS #
6755431
Property Type
Single Family Residence
Price Type
--
Custom Built 1+ACRE Estate in North Scottsdale's Exclusive Troon North Gated Talus Golf Community situated on Cul-de-Sac corner lot adjacent to miles of desert preserve providing complete PRIVACY & Endless Desert Mountain Views! This Open Great Room Split Floorplan has 3 EnSuites, +Den/Office +Media/FlexRoom, 3/full & 2/half Baths, 3-Car Garage, Vaulted Ceilings, Gourmet Kitchen, GE Profile SS Appliances, Bay Window Dining, Gas Fireplaces, Wet Bar & Lots of Oversized Windows capturing all the Views. The primary EnSuite has Private Exit to Backyard, Walk-in Shower, Jacuzzi Tub, Walk-in Closet & MORE VIEWS, Resort Style Backyard with Pebbletec Pool, Water Feature, 2-Way Fireplace & SO MUCH MORE - The Community features Trails, Pickleball, Tennis, Shopping, Dining, Parks & Golfing, Must See!
95 Meander Way
Sedona, AZ 86336
$1,999,888
4
Beds
4
Baths
3,981
SqFt
Status
Active
MLS #
6767200
Property Type
Single Family Residence
Price Type
--
Luxury Retreat with Endless Potential Welcome to your exclusive Sedona getaway, where luxury meets opportunity! This fully remodeled, fully furnished, and ACTIVE short-term rental (STR) is not just a property-it's a 2nd home that can STR when you are not enjoying the home. Situated atop a hill in West Sedona, this 4-bedroom gem offers jaw-dropping views of Thunder Mtn and Chimney Rock. Nearly half an acre with pitch & Putt Golf, Hot Tub, front and back yard fire tables for stargazing, Oversized 2 car garage AND separate Covered RV Parking ideal for Sprinter Vans or RVs. Unmatched Features & Amenities Step into a world of sophistication and comfort with two spacious living rooms, a private yoga room, and versatile spaces perfect for hosting guests. NO HOA adds to the allure, giving you the freedom to tailor this property to your vision, whether as a luxurious 2nd or 3rd home retreat or an investor's dream. Natural Beauty Meets Modern Design: Outside, a huge deck and multiple open areas front and back to soak in Majestic Views of Thunder Mountain and Chimney Rock. Inside, the open-concept living area is a showcase of modern design, featuring an exposed beam ceiling, wood vinyl flooring, and designer lighting that creates an ambiance of luxury and warmth. Culinary Delights & Relaxation: The chef's kitchen is a masterpiece, equipped with top-of-the-line Bosch Appliances, quartz countertops, and a 6-burner gas range that will inspire culinary creativity. The primary bedroom is a sanctuary, complete with a private balcony for savoring Sedona's famed sunsets and an en-suite bath that rivals a spa retreat. Entertainment & Outdoor Living: The lower level is dedicated to entertainment and relaxation, offering two additional bedrooms, a versatile Media room with direct backyard access, a yoga/room, and bonus TV sitting room with two twin pull outs. Outside, a cozy patio beckons with HOT TUB, providing a front-row seat to Sedona's natural wonders and easy access to hiking trails, gourmet dining, and local attractions. Step out to the pitch and putt golf course or take in some corn hole. Covered RV Space could be a great tiki bar or used for Sprinter/RV guests. Investment Excellence: With its prime location, luxurious amenities, and exceptional income potential, this Sedona retreat is not just a propertyit's a smart investment that promises both financial returns and a lifestyle of unparalleled luxury. Add additional income by renting out the separate RV Garage. Seize this opportunity to own a piece of Sedona's charm and prosperity! * PRICE INCLUDES: all furnishings, dishes, linens, art, electronics, side by side washer and dryer, two additional refrigerators in garage
5426 E Palo Brea Lane
Cave Creek, AZ 85331
$1,999,888
5
Beds
3.5
Baths
4,761
SqFt
Status
Active Under Contract
MLS #
6753335
Property Type
Single Family Residence
Price Type
--
Wow! Located on a large 13,000+ sq. ft. lot in Cave Creek's Montevista subdivision, this fully renovated Toll Brothers home has it all. From the BEAUTIFULLY landscaped grounds to the stairwell's STUNNING cascading chandelier, this modern 4,761 sq. ft. property is perfect for those who like to entertain! In addition to 5 bedrooms, 3.5 baths, & a well-appointed kitchen (featuring upgraded Jenn-Air appliances), the floorplan has an indoor/outdoor vibe. The living room enjoys a modern fireplace and expansive windows. Outside? There is a RESORT BACKYARD complete with multiple shaded structures, an outdoor kitchen, firepit, & a pool/spa! And best of all? This home is located in the gated community of Montevista (which spoils residents with a 5-acre park, basketball court, playground, & more).
37945 S Blue Tank Trail
Wickenburg, AZ 85390
$1,999,500
4
Beds
3
Baths
3,467
SqFt
Status
Active Under Contract
MLS #
6752522
Property Type
Single Family Residence
Price Type
--
This luxurious Spanish-style estate sprawls 10 acres of pristine desert landscape, offering unparalleled privacy and breathtaking 360-degree panoramic views!! Step into luxury as you enter this meticulously designed home featuring exquisite details at every turn. The negative edge pool and jacuzzi beckon for relaxation while you soak in the stunning desert vistas. Inside, the vaulted tongue and groove ceilings create an atmosphere of grandeur, complemented by hand-carved stone imported from Mexico and handmade cedar cabinets and doors. The gourmet kitchen is a chef's dream, boasting upgraded appliances, stunning granite countertops, and ample space for culinary creations. Indulge in the tranquility of the hand-painted tile in the bathrooms, complete with a jetted bathtub for ultimate relaxation. Throughout the home, you'll find timeless Saltillo floors and fireplaces, perfect for cozy evenings spent with loved ones. For the equestrian enthusiast, a horse barn awaits, ready to accommodate your equine companions. Miles of trails are available for riding! The immaculate courtyard and landscaping provide a serene outdoor oasis, ideal for entertaining guests or enjoying quiet moments of reflection. Casita provides private luxurious guest housing! With a 4-car garage, 50' RV Garage and owned Solar Panels ensuring low-cost living, this property offers both luxury and sustainability. Don't miss your chance to own this slice of paradise in the heart of Wickenburg!
7150 E Sierra Vista Road
Cave Creek, AZ 85331
$1,999,500
4
Beds
4.5
Baths
3,490
SqFt
Status
Active
MLS #
6737872
Property Type
Single Family Residence
Price Type
--
Spacious, gracious, intelligently upgraded classic home high in the pristine Sonoran desert above Cave Creek. Expansive views with unparalleled privacy. The elevation from this 9.9 acre mountainside parcel presents breathtaking sunsets and dark skies at night that illuminate the stars! Remodeled in 2017 and upgraded through 2024 with high-end modern finishes while preserving the integrity of the original homestead built in 1975. Wholly owned solar was added in 2021. This is one-of-a-kind! The 3490sf hacienda (main house) is 3 bdrm (en-suite), study w/closet, gourmet kitchen, & dramatic great rm/dining rm overlooking view and saltwater pool (with pool heater added in 2020) and extensive patios. The 676sf casita has 1 bdrm & bath, kitchenette & living room w/deck overlooking the desert.... In 2021 an atelier/art studio with tile flooring and air conditioning was created by remodeling a storage room. The Mediterranean architecture is enhanced w/ stone walkways, iron archways w/ flowering vines, fruit trees & steel trellised patios. The original supporting wood beams in the Great Room are from the Prescott National Forest. Custom concrete Saltillo tile designed floors provide a maintenance free surface underfoot. A locally designed bespoke gate was added in 2023.
11424 E Starflower Court
Chandler, AZ 85249
$1,999,500
6
Beds
5.5
Baths
5,663
SqFt
Status
Active Under Contract
MLS #
6729571
Property Type
Single Family Residence
Price Type
--
Calling all car lovers and land lovers... This estate with a detached casita checks all boxes. This gorgeous home will not disappoint. The main house has a split floor plan with 5 bedrooms, bonus room and a private office upstairs. The kitchen offers a Subzero refrigerator, a Wolf 48'' range, 6 burner with flat top griddle, 2 sinks, 2 dishwashers, an oversized island overlooking a generous sized great room. Like to entertain? Enjoy a bar area with wine and beverage fridges. For the car enthusiast come check out the 42 foot extended, temperature controlled RV garage, a driveway plumbed with cleanouts, 30/50 outlets in driveway and inside garage. Why wait, come check it out today!!