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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7471 E Sierra Vista Drive
Scottsdale, AZ 85250
$2,490,000
3
Beds
3.5
Baths
3,206
SqFt
Status
Active
MLS #
6785358
Property Type
Single Family Residence
Price Type
--
Welcome to the swanky sophistication of this guard gated Lincoln Place stunner. From the moment you walk through the front door you will fall in love with this jaw dropping contemporary masterpiece. Impeccably renovated over the past few years this home oozes personality. It's walkable to all of the best restaurants and retail that Scottsdale has to offer. Step through the impressive glass entry with sweeping views of the living room, dining room, family room, kitchen and media room/office. The layout is incredible with multiple living areas separated by a spectacular 440 bottle climate-controlled wall of wine which feels like art. The front living area has great views of the fabulous backyard and the covered patio with stunning gold chandelier, salt water pool and jacuzzi. The great room is an entertainer's delight with large dining and living areas, chef's kitchen including huge island with seating, stainless appliances, 2 beverage refrigerators, warming drawer, pot filler and gorgeous marble and quartz counters. The dreamy media room can also double as a home office with a wall of glass doors overlooking the living areas. The two guest bedrooms both with ensuite baths are split leaving the large master suite with loads of privacy. Incredible luxury master bath has sumptuous soaking tub, large his/her vanities and walk-in closet. $100k Crestron Smart Home system. A 3-car garage is the final bonus. Wow....and welcome home!!!
6147 E Alta Hacienda Drive
Scottsdale, AZ 85251
$2,489,000
3
Beds
3.5
Baths
2,491
SqFt
Status
Active
MLS #
6703124
Property Type
Single Family Residence
Price Type
--
THIS CONTEMPORARY HOME BUILT IN 2022 HAS IT ALL, STARTING WITH GREAT CURB APPEAL AND LOCATED IN THE LUXURY GATED SIGNATURE AT THE PHOENICIAN COMMUNITY WHICH IS CENTRALLY LOCATED IN THE CAMELBACK CORRIDOR AT THE SOUTHERN BASE OF CAMELBACK MOUNTAIN. ENTER THROUGH THE FOYER AND INTO THE SPACIOUS GREAT ROOM FLOOR PLAN THAT FEATURES AN OVERSIZED RETRACTABLE SLIDING GLASS DOOR LEADING TO THE COVERED PATIO AND BRINGING THE OUTSIDE IN, PROVIDING TONS OF NATURAL LIGHT INTO THE SPACE. THE CONTEMPORARY CHEF'S KITCHEN WITH A SLEEK AND MODERN DESIGN OPENS TO THE GREAT ROOM AND BOASTS DUAL TONE CABINETRY, QUARTZ COUNTERTOPS, DESIGNER TILE BACKSPLASH, STAINLESS STEEL APPLIANCES, DUAL OVENS, A GAS RANGE, AND A CABINET FACE REFRIGERATOR THAT PROVIDES A SEAMLESS, CLEAN LOOK. THE OVERSIZED WATERFALL CENTER ISLAND OFFERS PLENTY OF EAT-UP BAR SEATING, PERFECT FOR ENTERTAINING FRIENDS AND FAMILY. INDULGE IN THE OPULENCE OF LUXURIOUS WOOD AND TILE FLOORING GRACING EVERY CORNER, ENSURING EFFORTLESS MAINTENANCE. REVEL IN THE GRANDEUR OF HIGH CEILINGS AND THE SUBTLE ALLURE OF RECESSED LIGHTING THAT GRACEFULLY ILLUMINATES THE SPACE. THE MASTER SUITE FEATURES A SLIDING GLASS DOOR TO THE BACKYARD. THE SPA-LIKE MASTER BATH BOASTS DUAL FLOATING VANITIES, A SPACIOUS GLASS ENCLOSED WALK-IN SHOWER WITH A BENCH AND A LUXURIOUS DESIGNER SOAKING TUB, PERFECT FOR RELAXING AND UNWINDING. ADDITIONAL BEDROOMS ALL FEATURE WOOD FLOORING. THE SPACIOUS LAUNDRY ROOM OFFERS A FRONT-LOADING WASHER AND DRYER, AS WELL AS PLENTY OF BUILT-IN CABINETRY FOR AMPLE STORAGE ALONG WITH A CONVENIENT UTILITY SINK. OUTSIDE YOU'LL FIND A COVERED PATIO ADORNED WITH EXTENDED PAVERS, CREATING A FLAWLESS SPACE FOR AL FRESCO DINING AND RELAXATION. EASY CARE SYNTHETIC GRASS TIES INTO THE SPACE, CRAFTING A SERENE SETTING FOR YOUR ENJOYMENT. LOCATED JUST MINUTES AWAY FROM WORLD-CLASS SHOPPING, DINING AND RECREATION. COMMUNITY AMENITIES INCLUDE A PRIVATE POOL, WELL-APPOINTED FITNESS CENTER AND STYLISH OUTDOOR GATHERING SPACES.
11867 N 118th Street
Scottsdale, AZ 85259
$2,485,000
5
Beds
5.5
Baths
4,350
SqFt
Status
Active Under Contract
MLS #
6781789
Property Type
Single Family Residence
Price Type
--
EXECUTIVE SINGLE LEVEL HOME WITH IDEAL FLOOR PLAN & SPECTACULAR MOUNTAIN VIEWS. The Sellers impeccable eye for detail remodeling the home in 2022 combining elements of modernism with a touch of sophistication attracts the eye & excites the soul. The Primary wing includes a ensuite bedroom that is now an office with a private entrance, The spacious Primary bedroom has an updated spa bathroom. Opposite are 3 additional bedrooms with remodeled ensuite bathrooms for family members or to accomodate visitors. The Gourmet kitchen has been remodeled with top-of-the-line appliances & new countertops for a a sleek, modern feel. It opens to the family room & game room beyond. Expansive doors make indoor to outdoor living seamless. The exterior landscaping & hardscape have been completely redesigned with the addition of a built-in Traeger grill, outdoor refrigerator, there is a fire pit for chilly nights, forever green grass with breathtaking golf course & majestic McDowell mountain views perfect for family fun & entertaining. PLEASE NOTE THAT THE CHANDELIERS & SOUND BARS/FLAT SCREEN TVS & SONOS EQUIPMENT ARE NOT INCLUDED IN THE PURCHASE. In prestigious 24 Hour Guard Gated Ancala Country Club with true sense of community and a very active HOA making it easy to get to know your neighbors. Close to desirable Scottsdale & BASIS schools, hiking & biking trails, fine dining & shopping, the Mayo Clinic & easy access to Freeways. ANCALA COUNTRY CLUB MEMBERSHIP IS OPTIONAL. Ancala, a par-72 championship golf course was designed by Perry Dye. The remodeling was extensive including new high-quality hardwood flooring throughout the entire home for a cohesive, refined look. A new HVAC system has been installed, improving the home's energy efficiency & climate control. See The updated list in documents.
10905 E Oberlin Way
Scottsdale, AZ 85262
$2,479,000
3
Beds
3.5
Baths
2,835
SqFt
Status
Active
MLS #
6655766
Property Type
Single Family Residence
Price Type
--
Serene is brand new gated enclave of 21 cutting edge single level contemporary homes designed by Swayback Architects & Planners and built by Sonora West Development. Each Serene home brings a new definition to the ''Lock and Leave'' lifestyle with open Great Room floor plans perfect for both entertaining and everyday living. There are four different models to choose from with lavish interior finishes created by renown interior designers Est Est. This Model C has a 2 car garage and alternate dining available only on lots 12 & 13. Price shown includes lot premiums and 25K pool and a 25k landscape allowance, Sub-Zero & Wolf Appliances & BBQ. Backing to the North side of Pinnacle Peak Mountain in N Scottsdale Serene..
5314 N 41st Place
Phoenix, AZ 85018
$2,479,000
5
Beds
3
Baths
4,013
SqFt
Status
Active
MLS #
6752736
Property Type
Single Family Residence
Price Type
--
The kitchen showcases a stunning view of Camelback Mountain & the Praying Monk. This beautifully renovated home features an open, entertaining plan with an inviting entry by way of a charming conversation patio. Spanning over 4,000 sq ft, enjoy 5BR/3BA, handsome library, LR, formal dining and great rm/family rm - complete with a breakfast bar & en suite eating area. The spacious split master suite occupies the entire south wing - 2 access doors to pool/patio areas - one right off the gym room. Resort-style backyard with a heated pool & spa, plus a freestanding 3-car garage equipped with a mini-split. Four private patios, one of which features an automated screen. There are surprises & vignettes everywhere. Please review the detailed list of features & improvements found in the docs tab.
28118 N 109th Way
Scottsdale, AZ 85262
$2,475,000
3
Beds
3.5
Baths
2,875
SqFt
Status
Active
MLS #
6655632
Property Type
Single Family Residence
Price Type
--
Serene is brand new gated enclave of 21 cutting edge single level contemporary homes designed by Swayback Architects & Planners and built by Sonora West Development. Each Serene home brings a new definition to the ''Lock and Leave'' lifestyle with open Great Room floor plans perfect for both entertaining and everyday living. There are four different models to choose from with lavish interior finishes created by renown interior designers Est Est. This Model C has a 2 car garage and available only on lots 14, 15, 20 & 21. Base price shown includes lot premiums and 25K pool and a 25k landscape allowance, Sub-Zero & Wolf Appliances & BBQ. Backing to the North side of Pinnacle Peak Mountain in N Scottsdale Serene..
5000 N Camelback Ridge Road Unit 201
Scottsdale, AZ 85251
$2,475,000
2
Beds
2.5
Baths
1,847
SqFt
Status
Active
MLS #
6782702
Property Type
Apartment
Price Type
--
Experience elevated living at Ascent at the Phoenician! This brand new luxury condominiums will be ready for occupancy before the end of this year. Nestled on Camelback Mountain, this exclusive home features a high end bulthaup kitchen, Wolf & Sub-Zero appliancesa, beautiful fireplace, window coverings, washer and dryer and Waterworks fixtures. Enjoy a spacious wrap-around patio with a built-in gas grill, perfect for entertaining. Luxurious touches include fantastic tile and stone along with hardwood flooring throughout. Located within a brand new guard-gated community and adjacent to the Phoenician Resort, Ascent has outstanding new community amenities. Don't miss this first chance to be among the new residents of the most desirable resort community in town.
23602 N 84th Place
Scottsdale, AZ 85255
$2,475,000
6
Beds
5
Baths
4,874
SqFt
Status
Active Under Contract
MLS #
6774258
Property Type
Single Family Residence
Price Type
--
Privacy & luxury in prime gated N Scottsdale Pinnacle Paradise. 1.7 acres, 4800+ sq ft, 6bd/5bth incl casita, paved circ. drive, pvt ctyd, 4 car cond. garage w tons of storage. Grand residence, meticulously cared for. Soaring ceilings, grt rm overlooks yard, pool, spa, & casita. Indoor/outdoor living at its finest. Cook's hub kitchen w/prep island, dbl ovens, lg pantry w/new wine cooler & pouring station. Bkfst nook overlooks expansive covered rear patio, htd pool and spa. Spacious fml dining, beamed vaulted ceilings, lots of windows overlook grounds. Wood plank flooring, travertine, 4 fireplaces. Secluded primary w/spa bath, soak tub, dual closets. Owned solar, little or no elec bill! New roof, fresh paint inside and exterior. This is indeed a rare find, near all N Scottsdale offers.
4322 E Libra Place
Chandler, AZ 85249
$2,475,000
5
Beds
4.5
Baths
5,539
SqFt
Status
Active
MLS #
6777241
Property Type
Single Family Residence
Price Type
--
New Custom Home in the gated community of Vasaro. Home is fully completed and move in ready! 5 large bedrooms, all with in suite bathroom access, separate office, formal dining, large bonus room with a barn door, expansive open great room/kitchen plan w/walk in pantry, custom cabinets, large 3 bowl sink, built-in stainless-steel appliances, 48''refrigerator, commercial style range & hood, tile & wood flooring, 10x16 disappearing wall of glass, this home boast 12' & 15' ceilings and a large 4 car garage, meet with our pool & landscaping contractor and design your own custom backyard oasis. Owner is an agent in arizona
11999 N 119th Street
Scottsdale, AZ 85259
$2,475,000
4
Beds
4.5
Baths
5,059
SqFt
Status
Active
MLS #
6733889
Property Type
Single Family Residence
Price Type
--
Welcome to the wonderful lifestyle of Ancala Country Club! This gorgeous property is an entertainer's dream! The inviting front courtyard with stone fireplace welcomes you into the expansive open concept great room with wet bar! A multi-slide door opens to the stunning infinity-edge swimming pool - perfect for indoor-outdoor entertaining. The kitchen is handsomely appointed with knotty alder cabinets, granite counter tops, 6 burner gas cooktop, double ovens, two dishwashers breakfast bar + breakfast nook. The grand formal dining room is where you'll have special celebrations! Private primary suite with tray ceilings, huge custom closet, bath with soaking tub and stone shower. Guests will enjoy the attached casita, or two additional ensuite guest rooms. The office/bonus room has charming front courtyard. The property boasts a total of 3 fireplaces. Step outside to the private low maintenance backyard oasis with pool, spa, expansive covered patios, built-in kitchen and faux grass. All this, and country club amenities, including manned guard gate, golf course, tennis courts, fitness room, kids park, club house and community pool (use of clubhouse, pools, tennis courts, fitness room, and golf course require club membership). WELCOME HOME!
2928 N 83rd Street
Scottsdale, AZ 85251
$2,475,000
4
Beds
5
Baths
3,572
SqFt
Status
Active
MLS #
6760146
Property Type
Single Family Residence
Price Type
--
Stunning ''New Construction'' in a fabulous location just minutes to the shops, restaurants & night life in Old Town Scottsdale! This contemporary masterpiece features 16 foot soaring ceilings, 19 seer, 5 ton, variable speed HVAC, huge sliding glass patio doors, skylights, 3 gas fireplaces, 3 car garage w/electric vehicle charging station, RV Gate & RV Parking, NO HOA, tankless hot water heater, pool w/heater & chilling functions, Wellness Room w/cold plunge, exterior built in BBQ, synthetic grass. Over a 1/4 acre lot, home is all on 1 level with over 3,500 sq ft of interior living space, 4 total bedrooms (2 master suites), 5 baths, separate den/office, wet bar, built in wine refrigerator, 48''gas cooktop (Monogram Appliances) & kitchen island. Wired and plumbed for optional Guest House!
1583 S 155th Street
Gilbert, AZ 85296
$2,457,000
6
Beds
6.5
Baths
3,856
SqFt
Status
Active
MLS #
6769989
Property Type
Single Family Residence
Price Type
--
Be Prepare to be amazed! Check out this newly Custom-built home w/ 6 beds, 6.5 bath now on the market! Stunning curb appeal, 4 garage spaces w/epoxy flooring & an attic, 170ft PVT Driveway and a RV gate. Discover spacious dining & living areas w/elegant wood-look flooring, high ceilings w/exposed wood beams & wood floors. upgraded ceilings fans, and neutral palette throughout. The gourmet kitchen is equipped w/Thermador Appliances the aspiring chef needs, white cabinetry w/crown molding, quartz counters, a farmhouse sink, and a prep island complete w/a breakfast bar. The primary bedroom showcases private outdoor access and a lavish ensuite w/dual vanity, Private access to a full Disability bedroom w/ full bath. Anderson windows & Trane A/C units. Large bonus room is ideal for an entertainment center or lounge area! Laundry room offers tons of additional cabinetry and a convenient utility sink. Lastly, the expansive backyard w/its extended covered patio, is a blank canvas w/more than enough space for a pool or guest house! This is the opportunity of a lifetime, don't let it slip by!