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.
Click Here to See What Your Home is Worth
2536 E Wood Place
Chandler, AZ 85249
$2,450,000
5
Beds
4.5
Baths
5,045
SqFt
Status
Active
MLS #
6746925
Property Type
Single Family Residence
Price Type
--
This newly updated home is a rare find within the prestigious neighborhood of Circle G. Offering 5 bedrooms and 4.5 baths, there is room for everyone to enjoy their privacy and still spend time together in the large game room or office/den. The kitchen has new stainless appliances, quartz countertops and beautiful, modern fixtures. It opens to the family room w/ fireplace and overlooks the backyard. The spacious master suite has his/her closets, walk in shower and double vanities. If you enjoy outdoor living, you will love the covered patio, built in BBQ, large grass area, sparkling pebble tec pool, pergola seating area, above ground spa and a RV gate with concrete slab. Add a large circular driveway, 3 car garage w/ epoxy flooring and built in storage cabinets to make this home a 10+
12230 N 78th Place
Scottsdale, AZ 85260
$2,450,000
4
Beds
4.5
Baths
3,397
SqFt
Status
Active Under Contract
MLS #
6756507
Property Type
Single Family Residence
Price Type
--
Calling all CAR ENTHUSIASTS, this home is a true ''CAR COLLECTOR'S DREAM'' with a detached 2400 square-foot RV garage with 14 foot doors to accommodate a motorhome and additional cars. The garage even has a loft and its own bathroom for added convenience. This luxurious 4-bedroom, 4.5-bathroom ranch-style home in Scottsdale, offering 3,397 sq. ft. of beautifully designed living space. With a freshly painted exterior and a timeless ranch-style architecture, this property offers both elegance and functionality. Step outside to the enormous yard, where you'll find a sparkling pool, perfect for Arizona summers. The backyard offers plenty of space for gatherings and outdoor fun. Located in a desirable Scottsdale community, this home offers the perfect blend of luxury living and convenience. PRE-INSPECTION W/ MOST REPAIRS ALREADY COMPLETED. Don't miss your opportunity to own this one-of-a-kind property!
363 E Monte Vista Road
Phoenix, AZ 85004
$2,450,000
4
Beds
4
Baths
3,410
SqFt
Status
Active
MLS #
6765895
Property Type
Single Family Residence
Price Type
--
One of the most beautiful Historic properties in Phoenix! Built in 1927 in the Los Olivos Community, a Historic Neighborhood adjacent to the Arts District developed by Dwight B Heard, this iconic Storybook Tudor is always showcased when researching historic homes in Phoenix. With its dramatic Tudor architecture and expansive 3/4 acre property, the curb appeal alone takes you back in time! The current owner has meticulously retained all the historical charm and elegance while updating and improving the property. Elegant community rooms with soaring wood beamed ceilings, artfully crafted solid Mahogany doors and paneling, paned windows, Italian cornices and draperies, Steuben and other antique chandeliers. From the foyer is the dramatic staircase with its original Terrazzo floors. Beautiful Chef's kitchen with island, Subzero and Miele appliances. Laundry Room with antique cast iron sink. 3 bedrooms upstairs including the large Primary Bedroom with William Morris draperies. Primary Bath with original and preserved Green Ceramic Tile. Charming Guest Bath with Dormered Ceilings. Detached Coach House (Garage) with Guest House offering a full bath, loft bedroom, and kitchenette. Backyard Oasis with long rectangular pool, flanked by Italian Cypresses and featuring an imported English water feature. Beautiful Gazebo with commercial grade mist system for year round enjoyment. Large AC cooled Chicken Coop and orchard sporting over 15 fruit trees conveys unrivaled rural living in the center of the city. Make this iconic historical home located in the heart of the city yours to showcase!
15229 E Whisper Draw --
Fountain Hills, AZ 85268
$2,449,999
5
Beds
7
Baths
5,360
SqFt
Status
Active
MLS #
6772173
Property Type
Single Family Residence
Price Type
--
A rare opportunity to live in the guard gated community of Eagle Mountain! Breathtaking views overlooking miles of protected desert and sparkling city lights. This premium half acre lot sits at the end of a cul-de-sac, featuring 5 bedrooms, 7 bathrooms, a wrap around patio with built in BBQ and personal putting green below. The gourmet chefs kitchen features premium appliances and custom alder cabinets. The backyard offers complete peace and privacy. It is perfectly designed for entertaining with pool, spa, waterfall feature and multiple covered dining areas. Located just minutes from Scottsdales best golf, dining and shopping. Adjacent to Firerock Country Club and two miles from top ranked BASIS School and Mayo Clinic. Some improvements include, new roof 2020, new AC 2022, new epoxy, pool heater 2023, pool filter pump, new sliders in living room and basement, expanded putting green to name a few!
7878 E Gainey Ranch Road Unit 25
Scottsdale, AZ 85258
$2,445,000
4
Beds
4.5
Baths
4,488
SqFt
Status
Active
MLS #
6784641
Property Type
Single Family Residence
Price Type
--
Experience the Gainey Ranch lifestyle in this 4-bedroom, 4.5-bath home nestled along the picturesque Arroyo Golf Course. From the upgraded paver stone driveway to the custom garage door, every detail exudes elegance. The main floor bedroom/den boasts a carved stone fireplace, a remodeled en-suite bath, and a walk-in closet. Entertain effortlessly in the spacious great room with a wet bar, formal dining, or in the family room with built-in entertainment center. The chef's kitchen has stainless steel appliances and custom cabinetry, complemented by a versatile oversized laundry room/office. Retreat upstairs to the luxurious master suite with a built-in fireplace and upgraded bath, plus two additional en-suite bedrooms. Your private backyard oasis includes pool, spa, and lush landscaping. Enjoy resort-style living with access to sparkling pools, spas, walking trails, & an array of gourmet dining / shopping just steps away. Plus, the world-class Hyatt Regency is right around the corner for the ultimate five-star experience. Don't miss out on this extraordinary opportunity to live in one of Scottsdale's most coveted communities!
10931 E Whitethorn Drive
Scottsdale, AZ 85262
$2,425,000
3
Beds
3.5
Baths
2,825
SqFt
Status
Active
MLS #
6655790
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 lot 9. Price shown includes lot premium 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 is close to shopping, restaurants and over two dozen private and public golf courses. Don't miss.. your opportunity to take part in the Serene lifestyle.
10746 E Whitethorn Drive
Scottsdale, AZ 85262
$2,425,000
4
Beds
4.5
Baths
4,791
SqFt
Status
Active
MLS #
6758164
Property Type
Single Family Residence
Price Type
--
Experience timeless Mediterranean elegance in this one-of-a-kind Troon North gem. Located in gated Pinnacle Canyon at Troon North, this custom LaBlonde Homes residence features soaring ceilings and a light-filled, open floor plan where no detail has been overlooked. Plus, you will find an oversized 4 car garage complete with electric charging outlets to take advantage of your Tesla Solar system. The gracious master suite offers a perfect retreat with a large closet and workout room, while the oversized secondary bedrooms offer ensure comfort for your loved ones. The chef's kitchen is ideal for gathering and entertaining. Additional highlights include a charming courtyard pool, a private putting green, a spacious 4-car garage, and energy-efficient solar panels for enhanced sustainability.
11905 N 83rd Place
Scottsdale, AZ 85260
$2,420,000
4
Beds
3
Baths
3,097
SqFt
Status
Active
MLS #
6698056
Property Type
Single Family Residence
Price Type
--
Beautiful, highly desired Scottsdale Country Club East Nine. Great Location with McDowell Mountain Views, On Hole #7 of Starfire Golf Course backyard facing East, at the back of the neighborhood. Not enough sq. ft. in the house? Large lot will accommodate building an additional guest house/office/studio/adu. This 3097 sf, 4 bedroom 3 bath home has been remodeled top to bottom - inside and out! High end details and special attention paid throughout. Luxury finishes and thoughtful design. Wonderful Kitchen with great views and lights and huge island. Bathrooms are enviable!! Separate beverage/coffee bar with bev. frig and additional wine/wet bar with wine cooler. Extra touches such as separate doggie shower and charging station/drop zone for your electronics. Fabulous outdoor entertaining area. The list goes on and on. Come visit to appreciate it fully.
3550 W Chipmunk Road
Prescott, AZ 86305
$2,400,000
5
Beds
6
Baths
4,851
SqFt
Status
Active
MLS #
6769370
Property Type
Single Family Residence
Price Type
--
Welcome to this fully fenced, 4 acre property of endless possibilities and ultimate flexibility! This expansive estate offers everything you need for a truly grand lifestyle—bring your horses, farm animals, RV, and toys, as there is room for it all. The elegant gated entry and circular paver driveway set the stage for this impressive home. Perched on a gentle slope, the home captures stunning views of Granite Mountain, with easy access to both levels, no stairs required. While the county assesses the upper level at 4,850 sq. ft., an additional equal amount of livable space can be found on the lower level. The main level features 3 bedrooms, 3.5 bathrooms, and 2 kitchens, providing an ideal setup for multi-generational living or an in-law suite. The design is perfect for entertaining, with multiple dog runs, yards, and ample outdoor space. The lower level offers 2 additional bedrooms, a spacious game room and family room, an impressive 880 sq. ft. of clean storage, and another 3/4 bath. Constructed with foam core-filled cement blocks, this home is incredibly energy-efficient, supplemented by 45 owned solar panels and a private well for cost-effective maintenance. The lower level stays between 68-72 degrees year-round without the need for A/C or heat, while the upper level is equipped with forced air heating and A/C for year-round comfort. The oversized garage easily accommodates up to 6 cars with its 4 separate bays, including a 10x10 opening suitable for larger profile vehicles. The RV pad behind the garage includes hookups for added convenience. Zoned for horses or farm animals, the property features 3 stalls, shelters, and a workshop, making it the perfect family compound or ranchette to fulfill your country-living dreams!
5580 E El Sendero Drive
Cave Creek, AZ 85331
$2,400,000
4
Beds
4.5
Baths
4,795
SqFt
Status
Active
MLS #
6611984
Property Type
Single Family Residence
Price Type
--
Located perfectly between Cave Creek and Carefree, this new custom construction home will be built to suit the desires of even the most discerning buyer. With 4,795 of combined indoor and outdoor covered living spaces, you'll get the absolute most out of your home's oasis and the spectacular views of Black Mountain. The large sliding glass walls open the generously sized great room to the expansive covered patio that overlooks the pool & spa, built-in grill, and the natural desert landscaping behind. The split living plan offers bedrooms on both ends, with all living, entertainment and dining areas in the heart of the home. 10 and 12 foot ceilings throughout will give a grand and open feeling to this very well thought out plan... and with luxury appliances, lighting accents, and high-end custom cabinetry, you will fall in love as you see your dream home come to life. Buyers will have their choice of finish options and will have a great time working with this highly experienced, quality builder. Enjoy shopping, entertainment, dining and live music any day of the week, because Cave Creek, Scottsdale, Carefree and Desert Ridge are all within minutes. You'll get the best of the Sonoran Desert and the quaint lifestyle of a small town, but with all of the amenities of the big city. Don't miss your opportunity to create your very own oasis in the desert!
36031 N 24th Avenue
Phoenix, AZ 85086
$2,400,000
4
Beds
4
Baths
3,858
SqFt
Status
Active
MLS #
6679810
Property Type
Single Family Residence
Price Type
--
TO BE BUILT - NEW HOME CONSTRUCTION in the gated community of Tramonto Estates. With almost 2 acres in a prime location this can be your very own dream home! This new construction home is going to offer the very best of modern living and refined elegance in a gorgeous desert setting. Your dream home is waiting!
21279 W Black Rock Drive
Buckeye, AZ 85396
$2,400,000
4
Beds
4.5
Baths
4,942
SqFt
Status
Active
MLS #
6700059
Property Type
Single Family Residence
Price Type
--
Incredible single level custom home opportunity in Verrado. Buyer still has the opportunity to choose all interior finishes and exterior elevation design. Main house is 4,027 square feet and the attached guest quarters is 915 square feet, for a total of 4,942 square feet with a three car garage. Also includes a swimming pool and spa. This home features a captivating great room floor plan and is situated on an expansive 1.047 acre lot. Providing the perfect canvas for your vision of luxury living. this remarkable residence promises an unparalleled level of customization and sophistication. Click on More for more information: Step into the heart of this home, and be greeted by a kitchen that is as functional as it is beautiful. The buyer has the freedom to select their desired stone for the island, countertops, and backsplash, creating a kitchen that reflects their personal style and taste. Every cabinet in this culinary haven is equipped with slow-close drawers and doors, embodying the seamless blend of convenience and refine craftsmanship. Viking appliances and a pot filler adds an elegant touch to the culinary experience, while the presence of a butler pantry with a separate food prep area allows for seamless organization and efficiency. With 42 upper cabinets and 30 lower cabinets, ample storage space is provided, ensuring a clutter-free environment. The 3cm countertop edge profile adds a luxurious finishing touch to this stunning kitchen. The elegance continues throughout the home with a choice of 12x24 or 24x36 tiles in all wet areas, creating a cohesive and visually pleasing aesthetic. The 8 baseboards and solid core doors add an extra layer of sophistication and durability. Every bathroom in this custom home features custom stone and tile showers, exuding opulence and sophistication. The master shower is equipped with dual body systems, ensuring a spa-like experience in the comfort of your own home. Satin nickel Moen fixtures add a sleek and modern touch throughout. For effortless entertaining, a wet bar area is thoughtfully incorporated, complete with a sink, refrigerator, and icemaker, ensuring that refreshments are always close at hand. Indulge in the opportunity to create your dream home with this exceptional custom residence. From the meticulously designed kitchen to the luxurious outdoor oasis, every detail has been carefully considered to provide the ultimate in comfort, style, and functionality. Embrace the chance to curate a space that reflects your unique vision and experience the epitome of elegance and refinement in this remarkable custom home. Step outside and discover an oasis of relaxation and entertainment. An outdoor wood-burning fireplace sets the stage for cozy gatherings on cool evenings. The centerpiece of the outdoor area is the stunning 25x50 swim-up beach pool with a separate spill-over hot tub, providing a luxurious retreat for relaxation and recreation.