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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7503 W Julie Drive
Glendale, AZ 85308
$625,000
4
Beds
3
Baths
2,736
SqFt
Status
Active
MLS #
6782186
Property Type
Single Family Residence
Price Type
--
Welcome to Arrowhead Ranch! This beautiful home has everything you need. It features a first-floor primary suite located at the rear of the house, providing privacy and a view of the pool. The second bedroom and full bath are also on the first floor, making it ideal for guests or a parent. The spacious loft overlooks a stunning staircase that leads into a great room with an inviting view of both the dining room and the eat-in kitchen. This home is carpet-free, and each bedroom upstairs includes a walk-in closet. Outside, you'll enjoy a lush green space and a large pool. A 4 foot gate on the east side of the property opens into a generous area, perfect for a dog run or recreational toys. This home qualifies for a VA LOAN ASSUMPTION and includes owned solar panels that reduce energy cost.
822 N John Way
Chandler, AZ 85225
$625,000
4
Beds
2.5
Baths
2,288
SqFt
Status
Active Under Contract
MLS #
6757212
Property Type
Single Family Residence
Price Type
--
Don't miss this updated two-story home on an ideal corner lot in Chandler! This stunning 4-bedroom, 2.5-bath home is nestled in a park-filled neighborhood. As you enter, you'll be welcomed by a generous living room that flows into a separate family room and open-concept kitchen - great for gatherings & everyday life. Upstairs, the primary bedroom is a true retreat, featuring a beautifully remodeled bathroom w/ unique wood countertops. Additional bedrooms are generously sized, providing plenty of room for everyone. Enjoy the abundance of storage, w/ large closets, ample cabinetry, & a convenient walk-in pantry. Outside, the large corner lot boasts established trees and a fabulous pool, offering a perfect oasis with no neighbors behind. HVAC replaced in 2019, tankless water heater in 2021 Wall unit installed in garage for comfort when working along with double gates and extra concrete pad on the side yard to get things done! The community boasts a top rated Chandler Elementary School with equal distance to downtown Chandler eateries, SanTan Village shopping and the popular nightlife of downtown Gilbert.
4657 E Matt Dillon Trail
Cave Creek, AZ 85331
$625,000
3
Beds
2
Baths
1,700
SqFt
Status
Active
MLS #
6778168
Property Type
Single Family Residence
Price Type
--
Highly sought after Dove Valley Ranch gated community in Cave Creek, this darling home enjoys views of Black Mountain to the north and a widespread wrap around desert wash out back, giving you only one direct neighbor. Idyllic privacy and peaceful views surround. A true 3-bedroom/ 2 bath, entry room can be used for a multitude of lifestyle needs. Open kitchen concept with continuous wrap around granite counters and center island. Ample cabinet storage, stainless appliances, gas range with natural light pouring in. Double French doors off the great room lead your living space to a beautiful backyard with newly laid turf and expansive paver patio. Flowing room to entertain and enjoy AZ living! Light wood floors carried throughout all bedrooms, granite counters in bathrooms, oil rubbed bronze fixtures consistent throughout the home. Ready to get outside... Enjoy trails woven throughout the community, play a round at the Dove Valley Golf Course nestled within the neighborhood at the end of the street. Designed to be player friendly and amongst the prettiest desert landscape you'll find around. Phenomenal restaurants home to Cave Creek just minutes away, incredible hiking experiences out your back door.
1731 W Dublin Court
Chandler, AZ 85224
$625,000
3
Beds
2
Baths
2,041
SqFt
Status
Active
MLS #
6765026
Property Type
Single Family Residence
Price Type
--
Location, Location, Location... This home has it all! Located on a private corner cul-de-sac lot in the highly sought after Andersen Springs community. Andersen Springs is a well-established community that provides a quiet and safe neighborhood with a sprawling greenbelt with lakes and mature trees for walking, running, biking, along with several playgrounds for family games and activities. Just open your private gate to acres of nature at your disposal that you won't have to water, mow, or fertilize, just enjoy. All of this at your disposal and you are still just a few minutes driving distance to the major freeway systems in the east valley and within easy walking distance to grocery stores and waterfront restaurants. A bright and open foyer and layout invites you into the home that features 3 spacious bedrooms and a large bonus room that can provide you room for your favorite activities or flexible living situation. The remodeled kitchen (2018) dazzles with quality custom cabinets, quartz countertops, easy care matching backsplash, and matching quality LG stainless steel appliances. The kitchen includes under counter LED lighting, spacious drawers, a special corner cabinet access feature, a matching built-in serving area, and a secret drawer. The spacious living room boasts vaulted ceilings, modern porcelain tile flooring, and an entertainment wall with a cozy fireplace. The living room provides plenty of space for entertaining and fun. Energy efficient skylights are located in both the kitchen and living room along with custom plantation shutters and bright fresh paint to make this area an ideal place for your family and friends, just waiting for your personal touch. The split bedroom floorplan provides privacy and convenience for everyone in the home to have their own personal space and quiet refuge. The front two bedrooms are spacious with plenty of closet space and are located next to a custom remodeled bathroom. The rear primary bedroom is a result of a professionally built addition that is the new master suite and provides over the top spaciousness with room to roam, his & her's walk-in closets, modern porcelain tile floors, large windows with plantation shutters with backyard views to both the pool area and the serene garden area. The primary bathroom comes with an extra-large shower with a seat, two separate vanities, custom cabinetry, and finally a large soaking tub. These features set this home apart from all of the others in the community. Enjoy outdoor living with three backyard patio areas of which two have cover and ceiling fans for either sitting in the sun to enjoy the day or shade to enjoy a book or a nap. The custom designed pebble tec pool is waiting for you to enjoy, complete with a shallow lounging deck and an in-water seating area with table. The pool is equipped with an easy in-floor cleaning system, cartridge filter cleaning system, an energy efficient pump, and saltwater chlorinator system. Just a few of the unique bonus features of this home include attic storage with flooring and stairs, in ceiling surround sound speakers, a whole-house electric surge protector, and many other items. Recent upgrades include an upgraded hot water heater (2017), recent full roof underlayment replacement (2018), fresh exterior paint, and fresh interior paint (2022). Outside is a separate workshop, he/she shed, or wherever your imagination takes you, along with tons of custom hardscaping that includes raised planters, healthy shrubbery and flowers. A unique custom privacy wall was constructed between neighbors that also provides a separate barbeque area, an outdoor solar shower, and a separate storage shed for garden tools and pool items. The entire outside of the home is set up on an automatic drip watering system to ensure your outside continues to be healthy and beautiful. This home has been updated with quality, functionality, and attention to detail in mind. Imagine yourself and your friends and family in this one-of-a-kind resort style home enjoying all of the amenities and comforts that it has to offer. Years of holidays, birthdays, parties, are ready for you to enjoy along with the quiet comfort and coziness that this home also provides. This home is move-in ready and ready to create new experiences and memories for you and your family and friends.
3611 E Phelps Street
Gilbert, AZ 85295
$625,000
4
Beds
2.5
Baths
2,997
SqFt
Status
Active Under Contract
MLS #
6738794
Property Type
Single Family Residence
Price Type
--
PRICED TO SELL!! Discover your dream home in Cooley Station in the heart of Gilbert, AZ! This stunning 4 Bed /2.5 Bath property is must-see. Priced at just $625,000, it won't last long. With granite countertops, a gorgeous sitting and family room, oversized island with tons of kitchen storage, a walk-in pantry,3 car tandem garage with epoxy floors and custom cabinets for storage and more. The primary bedroom suite features a walk-in shower, separate tub, his and her vanity and a spacious W/I closet. The supersized game room can also be used as a 5th bedroom if needed. Relax in your huge pavered backyard with built-in grill area and substantial seating. Minutes from great schools, shopping, restaurants, parks and the freeway. Act fast and make it yours before it's gone!!
26405 W Zachary Drive
Buckeye, AZ 85396
$625,000
2
Beds
2
Baths
2,015
SqFt
Status
Active
MLS #
6767875
Property Type
Single Family Residence
Price Type
--
SELLER IS OFFERING $10,000.00 towards concession or 2/1 BUY DOWN. PRESERVE WITH NORTH/SOUTH FACING ON GORGEOUS GOLF COURSE & CORNER LOT WITH MOUNTAIN VIEWS! TILE floors,Plantations Shutters & water softener throughout. Living Room with Custom Built Media Wall with fireplace insert and Custom Built Wet Bar wall. Kitchen w/Granite counters, backsplash, upgraded cabinets-soft close w/pull out shelves, reverse osmosis, pendant lights, & walk in pantry. Beautiful guest bedroom. Guest bathroom with granite counter & shower. Owner's Suite has a beautiful walk in tiled shower w/seat, granite counters, dual sinks & walk in closet. Ext Laundry w/tons of cabinets. Back porch with ELECTRIC shades, fire pit w/ great views & much more! OWNED SOLAR PANELS!! INCLUDES Refrigerator, Washer and Dryer!
10340 E Teakwood Court
Sun Lakes, AZ 85248
$625,000
3
Beds
2
Baths
1,841
SqFt
Status
Active
MLS #
6785003
Property Type
Single Family Residence
Price Type
--
Modern Elegant Home in Beautiful Sun Lakes Paradise!! Open Bright Living Room with New Programable Energy Efficient Fireplace with Ledge-stone, New waterproof High Quality Laminate, New Modern LED Light Fixtures Open Kitchen With 42'' Self Closing Cabinets, SS appliances,Gas Stove, Added front Bedroom that can also be used as an Office,Master Bathroom With Double Vessel Sinks, Self Closing Vanity Cabinet, LED Mirrors, Large Walking Closet and Private Toilet. Large Covered Back Patio To Enjoy The Arizona Sunrises and Sunsets. Gated Guarded Community With Country Club That Includes Restaurant, Gym, Pools, Tennis, Ball Rooms, Golf Course. Tons Of Fun Activities Available.
5277 N Tonopah Drive
Eloy, AZ 85131
$625,000
2
Beds
2.5
Baths
2,268
SqFt
Status
Active
MLS #
6759781
Property Type
Single Family Residence
Price Type
--
SELLERS ARE MOTIVATED! This beautiful Miramonte home with solar is a must see! Two bedroom suites, a powder room and a den. Spacious kitchen with plenty of cabinet space and a walk-in pantry. Ceramic tile flooring throughout with carpet in the bedrooms. 2 car garage with a 4' extension and 8' garage door PLUS a full 3rd garage with lots of extra space for your workshop.
2447 E Highland Avenue
Phoenix, AZ 85016
$625,000
3
Beds
1.5
Baths
1,438
SqFt
Status
Active Under Contract
MLS #
6781065
Property Type
Single Family Residence
Price Type
--
GREAT neighborhood. Nice street with homes that are much more expensive than this one. Really cute house with stained concrete floors ,fireplace and private yard. Lots of potential here. Located within walking distance of the Biltmore.
5002 N 86th Place
Scottsdale, AZ 85250
$625,000
3
Beds
2
Baths
1,832
SqFt
Status
Active
MLS #
6762719
Property Type
Single Family Residence
Price Type
--
Beautifully kept 3 bed 2 bath home in the desirable Park Scottsdale neighborhood. This 1832 sq ft home features an open concept floor plan with a modern kitchen and updated flooring. The primary suite offers an en-suite bath and walk-in shower. Enjoy a private backyard with a covered patio, perfect for outdoor living. Move-in ready with fresh paint, newer roof, newer HVAC system and located near the Greenbelt. Minutes from Old Town Scottsdale, parks, shopping, dining, and easy freeway access. This charming home is turnkey and perfect as a primary residence, vacation home, or investment property. Don't miss out on this rare opportunity to own a stunning home in one of Scottsdale's most desirable neighborhoods!
1391 N Alexis Drive
Gilbert, AZ 85234
$625,000
3
Beds
2
Baths
2,108
SqFt
Status
Active
MLS #
6737857
Property Type
Single Family Residence
Price Type
--
Welcome to 1391 North Alexis Drive where curb appeal greets you when arriving at this beautiful, updated home on a corner lot (with a neighbor only on one side!). Every smart buyer is sure to appreciate that the driveway is shaded by a Texas Mountain Laurel and the front windows and yard are shaded by a gigantic Texas Ebony Tree. This home is well-landscaped in the front and backyard with mature shrubs and palms. Now, step inside and fall in ''house-love''! This home features a spacious split floor plan with the primary bedroom to the right upon entering, and the other bedrooms at the opposite end of the house, with a ton of amazing features in between, including a home office! Sky-high vaulted ceilings and an abundance of natural light can be found throughout this home, and the light colored wood like tile flooring perfectly compliments the cool color palette. Are you seeking a spacious living room that can accommodate gigantic sofas or sectionals and a flatscreen TV with views of your backyard oasis? Picture yourself entertaining in this crisp kitchen with stainless steel appliances including a double oven and brand new dishwasher, overlooking a sizable formal dining room and unique home bar. There's so much to enjoy! Down the hall, you'll find the linen closet and two secondary bedrooms which are about equal in size and share a full bath. The home office overlooks the entryway to the home so you can keep an eye on things while you WFH, OR convert it easily into bedroom #4. The primary bedroom has more views of that backyard oasis, and can accommodate sizable bedroom furniture. There's a private en suite bathroom with separate shower and tub, two sinks, a LARGE capacity walk-in closet. There's even more fun to be found out back in the U-shaped backyard where you can have it all! Enjoy your covered patio while you gaze beyond the walls at your neighborhood scenery with soaring palms and views of lush leafy trees, take a dip in your sparkling pool, entertain outdoors with the massive island and built in grill, and have peace of mind knowing that your dogs or other pets are safe with their own gated area with newer gravel and turf. The Superstition Meadows neighborhoods have such a great sense of community, host holiday events, and boast many original owners and so many friendly faces. THIS is the place you'll want to call home for years to come, so get ready to plant some roots on Alexis Dr!
731 W Melody Avenue
Gilbert, AZ 85233
$625,000
4
Beds
2.5
Baths
2,458
SqFt
Status
Active
MLS #
6780474
Property Type
Single Family Residence
Price Type
--
Live in the heart of Gilbert. This Immaculate 4 bed 2.5 ba home has new roof, new hot water heater, newer AC, new paint, new flooring, with no neighbors across the street just green grassy park, has a vaulted ceiling grand entrance leads you past the living room and formal dining area and into a beautiful remodeled kitchen that is open and inviting, large family room and 1/2 bathroom downstairs. Upstairs you will love the large primary bedroom w/ spacious bathroom. There is an exit door to the long balcony attached to the primary bedroom. 3 additional good sized bedrooms upstairs with a beautiful hall bathroom. Lush and green grassy backyard sitting under the spacious covered patio. Close to the heart of downtown Gilbert and all the dining, shopping, and entertainment it has to offer