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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3179 E Portola Valley Court
Gilbert, AZ 85297
$1,810,000
5
Beds
4
Baths
4,200
SqFt
Status
Active
MLS #
6754463
Property Type
Single Family Residence
Price Type
--
Discover this stunning 5-bedroom Tuscan Gem in a gated community at the end of the cul-de-sac! The property boasts an impressive 1,196 sq ft, 4-car garage, an attractive paver driveway, an RV gate, eye-catching Cantera stone accents, an impeccably maintained landscape, and a charming front porch. Inside, you will find 10-14' coffered ceilings, floor-to-ceiling windows that flood spaces with natural light, and elegant travertine tile flooring. The inviting great room has a striking stone-clad fireplace for cozy evenings and a wet bar for entertaining. The formal dining room is designed to host memorable gatherings with loved ones. Double doors lead to a den, ideal for an office or study. The Primary bedroom offers plush carpeting, a romantic stone-clad fireplace and a spa-like ensuite with dual vanities, a jetted tub, and a walk-in closet. Cook delicious meals in the gourmet kitchen, complete with gleaming granite counters, abundant white shaker cabinetry with crown molding, a custom tile backsplash, sleek stainless-steel appliances, inclusive of 2-premium dishwashers, pendant/recessed lighting, a walk-in pantry, and a two-tier island with a breakfast bar for casual dining. The enchanting hugh backyard showcases a covered patio for shade on sunny days, a gazebo for outdoor dining, a built-in BBQ, a warm fire pit with a sitting area, and a sparkling gas heated pool (41' long by 7' deep), a stone grotto, ramada, outdoor grill, grass area and RV gate for storage. Security Camera System (16 Cameras), Alarm System, and remote security window coverings (Roller Shades on Primary BR windows), Whole House Water System, including RO water, New Custom Garage Doors - Insulated (includes Elite maintenance package on doors until 11/2026). Make this masterpiece yours today! See document page for upgrades.
19360 N 73rd Street Unit 1072
Scottsdale, AZ 85255
$1,804,000
3
Beds
3.5
Baths
2,957
SqFt
Status
Active
MLS #
6784739
Property Type
Apartment
Price Type
--
Belgravia Group presents Atavia, a private gated community of 88 luxury condominiums coming soon to North Scottsdale. Atavia blends the breathability of single-family living with the carefree convenience of condominium ownership. Designed by award-winning international architecture firm KTGY, with a clubhouse inspired by Frank Lloyd Wright's iconic Taliesin West. Atavia is perfectly situated at the Loop 101 and Scottsdale Rd within the One Scottsdale masterplan development. Each exceptional home features a private entry with 2 car garage, Italian kitchen cabinetry, Sub-Zero and Wolf appliances, 1 ¼'' quartz counters, and wood floors throughout main living areas. Residence F1 has a private in-home elevator and a 570 sf private rooftop deck with a louvered pergola and porcelain pavers.
19360 N 73rd Street
Scottsdale, AZ 85255
$1,804,000
3
Beds
3.5
Baths
2,957
SqFt
Status
Active Under Contract
MLS #
6772677
Property Type
Apartment
Price Type
--
Belgravia Group presents Atavia, a private gated community of 88 luxury condominiums coming soon to North Scottsdale. Atavia blends the breathability of single-family living with the carefree convenience of condominium ownership. Designed by award-winning international architecture firm KTGY, with a clubhouse inspired by Frank Lloyd Wright's iconic Taliesin West. Atavia is perfectly situated at the Loop 101 and Scottsdale Rd within the One Scottsdale masterplan development. Each exceptional home features a private entry with 2 car garage, Italian kitchen cabinetry, Sub-Zero and Wolf appliances, 1 ¼'' quartz counters, and wood floors throughout main living areas. Residence F has a private in-home elevator and a 570 sf private rooftop deck with a louvered pergola and porcelain pavers.
Sonoita
AZ 85637
$1,800,000
4
Beds
4
Baths
2,747
SqFt
Status
Active
MLS #
6760926
Property Type
Single Family Residence
Price Type
--
Discover Your Equestrian Oasis in Sonoita, Arizona Nestled just 30 minutes from Tucson, this stunning 20-acre horse ranch in Sonoita offers the ultimate in secluded luxury. Perched at an elevation of 4,998 feet, the property boasts breathtaking views of the surrounding mountains and a prime location in Arizona's renowned wine country which has some of the best wine outside of France. Equestrian Paradise. Horse enthusiasts will delight in the spacious 240 x 110 riding arena, 16 covered stalls, and 10 lush grass paddocks. Whether you're training your beloved horses or simply enjoying the tranquility of the countryside, this property has everything you need. Main Residence. The main residence is a masterpiece of modern design, featuring bamboo floors, exotic granite countertops... and a recently added primary bedroom with a black basalt feature wall, Viscount granite, and a private walkout balcony. The second primary bedroom offers stunning views of the property from its lookout window. Casita. The charming casita provides a perfect guest house or rental opportunity. With its picturesque mountain views and transom windows, this cozy space offers a peaceful retreat. Unparalleled Location.Enjoy the best of both worlds with easy access to the vibrant city of Tucson and the serene beauty of Sonoita. Explore nearby Patagonia State Park, known for its camping, trails, and lake, or indulge in the region's world-class wineries. For birdwatchers, the Patagonia-Sonoita Creek Preserve is a must-visit as it is the hotspot of the southwest. Live the Dream. This exceptional property offers the perfect combination of luxury, natural beauty, and equestrian amenities. Whether you're seeking a private retreat or a thriving equestrian business, this off-grid horse ranch is an ideal choice. Buyer is aware some MLS photos have been staged for marketing purposes.
38306 N 108th Street
Scottsdale, AZ 85262
$1,800,000
5
Beds
5
Baths
5,217
SqFt
Status
Active
MLS #
6752636
Property Type
Single Family Residence
Price Type
--
PRICED AT JUST $345 / sq. ft....THE LOWEST IN GATED MIRABEL VILLAGE!!!! Discover contemporary comfort in N. Scottsdale's gated Mirabel Village. This Monterey home has 5,217 sq. ft. open-concept & split floor plan on main level seamlessly connect the chef's kitchen, featuring stainless appliances, a walk-in pantry and a butler's area, to inviting living spaces. The main level includes a spacious owner's suite with a fireplace, two ensuite bedroom, & a charming gated entry courtyard. For outdoor enthusiasts, you are close to hiking, biking & boating at Bartlett Lake. Just a mile from Desert Mountain & Mirabel golf communities, minutes from downtown Carefree & Cave Creek, this home also offers a versatile loft, balconies with stunning views, fresh paint, new light fixtures & 2 two car garage
12696 Rustic Cabin Trail
Parks, AZ 86018
$1,800,000
3
Beds
2.5
Baths
2,915
SqFt
Status
Active
MLS #
6777262
Property Type
Single Family Residence
Price Type
--
Experience the ultimate mountain lifestyle in this one-of-a-kind, custom-designed Pioneer Log Home crafted by renowned architects in Hamilton, Montana. Nestled in the woods and backing directly onto National Forest land, this property invites you to live the outdoor lifestyle you've always dreamed of, whether you're exploring the forest on horseback or cruising the trails with your outdoor vehicles. Plus, with its prime location and luxurious features, this home offers excellent VRBO potential, making it a great opportunity for those seeking a successful vacation rental. The expansive Trex decking with cedar railing stretches the entire East side of the home, offering both covered and open areas to relax and soak in the breathtaking, unrestricted views of the San Francisco Peaks. Kendrick Mountains. On the West side, you'll find a fenced-in area perfect for horses or other outdoor activities, with a paved road providing easy access to your forest retreat. Inside, discover a stunning Malipi rock, floor-to-ceiling fireplace in the living room, a luxurious primary bedroom, spacious guest rooms with a Jack-and-Jill full bath, and a separate laundry/mudroom with a slate floor. The fully equipped kitchen is perfect for entertaining after a day spent in nature. This home is more than just a retreatit's a lifestyle where mountain living, adventure, and luxury meet, with the added benefit of VRBO success for additional income.
6710 E Rockaway Hills Road
Cave Creek, AZ 85331
$1,800,000
4
Beds
2.5
Baths
3,262
SqFt
Status
Active
MLS #
6770674
Property Type
Single Family Residence
Price Type
--
Stunning Custom Home on Over 5 Acres-Experience the beauty of desert living in this stunning custom home, perfectly situated on over 5 acres with panoramic mountain views. Designed to embrace the scenic landscape, the backyard is your personal desert retreat, featuring a negative edge pool, spa, and ample space for outdoor relaxation and dining under the stars. Step inside to a grand entry that leads to a functional kitchen and breakfast living room, complete with a stacked stone fireplace. The primary bedroom and bath serve as a true owner's retreat, boasting a spa-like atmosphere with a soaking tub and a spacious walk-in closet. Enjoy spectacular views from the formal dining room, enhanced by a two-sided fireplace shared with the living room. An upstairs studio offers amazing views, making it an ideal space for creativity or guests. This unique property combines tranquility and beauty, providing the perfect escape. For car enthusiasts, the oversized 4-car garage is a mechanic's dream, while the property also includes a large covered stall with a shed/tack room, perfect for equestrian needs and ready for expansion. Don't miss your chance to make it yours!
39839 N Spur Cross Road
Cave Creek, AZ 85331
$1,800,000
3
Beds
3
Baths
2,785
SqFt
Status
Active
MLS #
6771434
Property Type
Single Family Residence
Price Type
--
Enjoy privacy and expansive views in every direction from this beautiful 6.23-acre equestrian property. Located just minutes from Cave Creek, a quaint little western town that bustles with restaurants, shops and numerous amenities. This property is close to Spur Cross Ranch Conservation Area with a riparian area and Elephant Butte which offer trails for hiking, biking, trail-riding and exploring. A lovely courtyard sets the stage for this 2,785 sq ft, single story home that has been thoughtfully updated and impeccably maintained. This house enjoys lots of natural light throughout and lives large with allocated spaces for everyone. There is a designated living room and dining room, 3 spacious bedrooms and 3 fully remodeled bathrooms. The updated kitchen anchors the home
12238 E Poinsettia Drive
Scottsdale, AZ 85259
$1,800,000
5
Beds
4.5
Baths
4,311
SqFt
Status
Active
MLS #
6776329
Property Type
Single Family Residence
Price Type
--
The moment you enter this elegant Mediterranean Estate, you will notice the warm inviting aesthetic, blending indoor and outdoor living with rich historical character. The incredible attention to every detail with custom painted murals on the interior is truly magnificent. The onyx sinks and stunning roman soaking tub in the primary bathroom coupled with the craftsmanship of the custom cabinets is one of a kind. The kitchen is a chefs dream with top of the line stainless appliances including a double oven and plenty of cabinet space with pull out drawers. The bar area has built in wine racks, beverage fridge and a rose gold sink. All 5 bedrooms are large enough to have king beds, with access to their designated bathrooms for ultimate luxury and privacy for all of your guests. The large covered patio space and lush outdoor landscape provides a serene retreat for your most discerning buyer. Have your friends over to barbecue and a swim in the pool and spa, and enjoy your evenings by the outdoor fireplace. Check out the features list for updates including a newer roof, whole house water softener, 2011 AC units, epoxy garage floor with cabinets and a work bench!
600 N Redbud Circle
Payson, AZ 85541
$1,800,000
4
Beds
5
Baths
3,390
SqFt
Status
Active
MLS #
6778570
Property Type
Single Family Residence
Price Type
--
Amazing single level beauty in the prestigious community of Chaparral Pines awaits you. This 4 bedroom, 5 bath, oversized 3 car garage sits on 1+ acre at the end of a cul de sac and has all the bells and whistles one would expect in a high quality home built by WTM Construction. Wonderful driveway to the home and large back patio and walk walkways are all done in pavers and the landscaping is meticulous. Upon entering the home through the French doors is an charming foyer leading into an open floor plan of great room with ceiling to floor stone gas fireplace and fantastic kitchen with a large breakfast bar, walk in pantry, Wolfe gas cooktop, gorgeous granite and so much more. Floor plan is split and all bedrooms have their own private baths with walk in closets. Great room, master bedroom, separate dining area, and office all have beamed ceilings. Flooring is engineered hard wood throughout with tile in all the wet areas. Patios all have T&G porch lids and wrought iron railings. Oversized garage has epoxy flooring and built in cabinets. This stunning home is energy efficient and has ceiling fans throughout, a propane tankless water heater, and a soft water system. The back yard is very treed and offers privacy and tranquility. Storage and cabinets galore. This home is a must see! Too many upgrades to mention.
10721 N Skyline Drive
Fountain Hills, AZ 85268
$1,800,000
4
Beds
3.5
Baths
4,527
SqFt
Status
Active
MLS #
6782892
Property Type
Single Family Residence
Price Type
--
This stunning residence offers a seamless layout with two spacious great rooms, and expansive picture windows framing views of Red Rock, Four Peaks, and the beautiful Fountain Hills landscape. The gourmet kitchen opens to a large covered terrace, perfect for entertaining and enjoying the scenery. The main floor includes a serene primary suite and a welcoming living area, while the walk-out basement is an entertainer's dream—complete with a resort-style heated pool and spa! Conveniently located near the Scottsdale border, you'll enjoy easy access to shopping and dining while relishing the tranquility of Fountain Hills. Don't miss this unique blend of elegance and views!
6338 E Amber Sun Drive
Scottsdale, AZ 85266
$1,800,000
4
Beds
3.5
Baths
3,033
SqFt
Status
Active
MLS #
6760678
Property Type
Single Family Residence
Price Type
--
This rare expanded Nimbus model in Terravita on a 15k sf lot, is upgraded and wrought with contemporary SW style! Soaring ceilings and backyard views greet you upon entering from a private courtyard with casita access. In the kitchen: convection oven/microwave, warming drawer, built-in refrigerator & island gas cooktop. Wet bar, formal dining/living and screened/covered patio atop travertine pavers, surrounded by desert plantings worthy of botanical gardens, all make for great entertaining. Black Mtn views from the hot tub, outdoor fireplace, and heated lap pool with deck jets. Backyard access from the primary suite, with dual closets, copper soaking tub and designer touches. Expanded casita makes 2nd office, fourth bedroom, or gym space possible. Welcome to N Scottsdale gated perfection!