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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5425 E Yale Street
Phoenix, AZ 85008
$2,750,000
6
Beds
3
Baths
4,110
SqFt
Status
Active
MLS #
6829517
Property Type
Single Family Residence
Price Type
--
This charming 6-bedroom home is nestled on a generous half-acre lot in the desirable Arcadia area. With plenty of space inside and out, it's ready for your personal touch. The expansive 3-car garage offers ample storage, and the spacious layout provides endless possibilities for your lifestyle. Homes like this are rare—don't miss your chance!
8705 E Granite Pass Road
Scottsdale, AZ 85266
$2,750,000
4
Beds
4.5
Baths
4,905
SqFt
Status
Active Under Contract
MLS #
6825226
Property Type
Single Family Residence
Price Type
--
Experience the epitome of luxury living in this breathtaking, custom-designed 4,905 sq ft home. Nestled on a sprawling 40,147 sq ft private lot, this exquisite residence offers unobstructed views of Pinnacle Peak & Black Mtn within prestigious gated community of Copper Sky. Crafted with no expense spared, ideal for the most discerning buyer. Main house accommodates three spacious, ensuite bedrooms, with an additional fourth ensuite bedroom in the attached Casita, featuring a private separate entrance, walk-in closet, kitchenette with microwave, beverage fridge,and living room, perfect as a private guest suite, office, or gym. The executive chef's kitchen is a culinary delight, fitted with two substantial islands, adorned with Jasmine White Quartz countertops, and premium Wolf, Sub Zero ASKO appliances. Wolf gourmet 48 6 burner gas cooktop with a griddle. Wine fridge in wine room. Soft closing cabinets and drawers, and pullout shelves in cabinets. A separate butler's pantry and separate catering kitchen, and a dry bar complete with wine and beverage coolers add both functionality and flair. This cutting-edge Smart Home operates everything from the garage door, pool, lighting and exterior lights to home security, providing seamless control over, audiovisual systems and HVAC thermostats. Luxury abounds in details such as custom cabinetry, built ins in the great room, cantina doors to open the indoors to the outdoors for effortless entertaining. Hunter Douglas automatic kitchen shades,Hunter Douglas wood shutters, and Restoration Hardware lighting, gas fireplace in great room, tray ceilings, whole house water filtration system and soft water system. Reverse osmosis at kitchen sink. Keyless entry at front and garage doors. Perfect for entertaining, over $300k invested in the resort-style, serene, outdoor setting, boasting a premium, elevated lot with over a dozen mature trees and stunning Sunset and Mountain Views of Pinnacle Peak and the surrounding mountains. Relax under the covered patio, and enjoy a custom built in outdoor gourmet kitchen with a BBQ grill, outdoor refrigerator, bar seating area, and surround sound outdoor speakers. The oasis continues with a sparkling, Pebble Tech pool featuring a in floor, pop-up cleaning system and a captivating sheer ledge waterfall water feature. As night falls, the starry desert sky creates the perfect ambiance for relaxation. Surrounding the residence is a meticulously landscaped dreamscape with low maintenance desert plants, dramatic lighting, and lush green turf. Privacy is ensured with custom fencing and a privacy wall, offering a haven of carefree living. The 4-car garage caters to car enthusiasts or hobbyists with epoxy flooring, large hanging storage racks, and ample storage space for cars and toys alike. This property is a rare opportunity in today's market, a true gem waiting to become your dream home. Act swiftly to make it yours today!
35065 N 83rd Place
Scottsdale, AZ 85266
$2,750,000
4
Beds
4
Baths
4,365
SqFt
Status
Active
MLS #
6811822
Property Type
Single Family Residence
Price Type
--
This stunning BRAND NEW home is move-in ready with luxurious upgrades throughout. Located in a gated community on a north/south exposure lot in a quiet cul-de-sac, this single-level home offers seamless indoor-outdoor living. The open floor plan features elevated ceilings and expansive sliding doors, including a 20' sliding door in the great room, 16' sliding door in the bonus room, and a 12' sliding door in the primary bedroom. An attached guest casita with its own living room and full bath adds flexibility for guests, multi-gen living, or a private retreat. Gourmet kitchen includes SS Wolf Appliances, 48'' SUBZERO Fridge & waterfall edge island. 3 Car Garage includes epoxy floors & tankless hot water heater. The oversized bonus room leads out to the backyard and covered patio.
23832 N 112th Place
Scottsdale, AZ 85255
$2,750,000
4
Beds
4.5
Baths
4,915
SqFt
Status
Active
MLS #
6744119
Property Type
Single Family Residence
Price Type
--
Discover the epitome of luxury living w/this stunning custom Santa Fe home, perfectly positioned on a sprawling 1.25-acre lot in scenic Troon Ridge Estates. Embrace unparalleled privacy and serene mountain, golf course & sunset views from this exquisite property. The main residence seamlessly blends classic Southwestern charm w/modern sophistication. Inside, you'll find warm wood floors & stunning ceilings adorned w/rich wooden beams. Latilla wood shutters add an authentic touch while allowing natural light to flood the space. The updated interiors include a walk-in wine cellar w/a tasting room, perfect for wine enthusiasts and entertaining guests. The reimagined upstairs primary suite offers a haven of tranquility. This closet is designed as a multifunctional space... This closet is designed as a multifunctional space serving also as a sitting room/office and the spa-quality bathroom creates a serene retreat. Step outside to your private oasis, featuring a backyard designed for relaxation and entertainment with pool, fireplace, outdoor kitchen and acoustic amphitheater. Adjacent to the main home is a newly remodeled detached guest house, offering privacy and comfort for visitors. This charming addition complements the main residence with its own unique blend of style and modern updates.
5302 E Mcdonald Drive
Paradise Valley, AZ 85253
$2,750,000
4
Beds
3.5
Baths
2,619
SqFt
Status
Active Under Contract
MLS #
6789527
Property Type
Single Family Residence
Price Type
--
Amazing opportunity to own a wonderful view lot in the heart of highly desired Town of Paradise Valley. This is a lovely older very livable home for some fortunate buyer who wants to buy in Paradise Valley with a well-cared for 1 level home with fabulous views of both Camelback Mtn & Mummy Mtn! Or the fortunate buyer looking for a dream view lot with no washes on it!! (easy build lot --''non-mountainside'' zoning!!) The main house has 3 bedrooms/2.5 baths/& a 2 car attached garage. Beautiful light-colored travertine stone floors throughout the main living spaces of this terrific family home. There is also an attached guest casita for terrific privacy for your overnight guests --or could be a perfect at home office space for someone who desires more privacy in their at home work space!
23625 N 63rd Drive
Glendale, AZ 85310
$2,750,000
4
Beds
4.5
Baths
4,332
SqFt
Status
Active Under Contract
MLS #
6765081
Property Type
Single Family Residence
Price Type
--
MODERN NEW CONSTRUCTION FINISHED 2023. Sleek single-level, panoramic views, anabundance of glass showcasing a mountain backdrop capturing the ultimate privacy. A car lovers dream includes two RV 14' door garages (one drive through) paired with an enclosed air conditioned loft/flex space, 4 garage stalls in total, air-conditioned (with RV hookups)! If you seek space for boats/toys, RV, and/or car collectors - this is your home! The timeless finishes create harmony among the open cooking space, a full-height kitchen backsplash, modern cabinets a palatial island, hardwood floors, modern fireplace, Thermador stainless steel appliances, 10' glass retractable doors, 12' ceilings throughout, MASSIVE GAME ROOM with wine and bourbon storage, a separate office, mud room, two laundry set-ups, two oversized ensuites and primary bedroom which will leave you speechless. The spectacular demonstration of floor to floor-to-ceiling glass shower and soaking spa tub is the final touch of this residence. The resort like pool, outdoor living and entertainment space - a masterpiece, every single box checked of your most particular buyer. There is not a dollar spared, a feature missed. Gated, single level, abundant natural light, quality which you can not rebuild for.
3500 E Lincoln Drive Unit 22
Phoenix, AZ 85018
$2,750,000
5
Beds
4.5
Baths
4,241
SqFt
Status
Active
MLS #
6729102
Property Type
Single Family Residence
Price Type
--
HUGE PRICE DROP!! Ignore days on market, priced to move now!! Welcome to your GUARD GATED serene retreat on over half an acre along the mountainside of Lincoln Hills with city views of the valley! Enter into the open concept floorplan with newer ACs, roof w/ 5 year warranty, water purification system, updated flooring, solid core doors, and updated ceiling fans and light fixtures throughout. Remodeled chef's kitchen with top of the line Sub-Zero fridge, 4 burner gas cooktop plus griddle, all new cabinets/ pull outs, RO system, prep sink, and wine fridge. Luxury primary suite with extended balcony overlooking the mountain and city views. Flex game room designed for indoor/outdoor style living with glass garage doors. Private backyard oasis with multiple private patios, pool, outdoor kitchen with gas BBQ, dishwasher, and fridge.
5817 E Leith Lane
Scottsdale, AZ 85254
$2,750,000
5
Beds
4
Baths
4,747
SqFt
Status
Active
MLS #
6807613
Property Type
Single Family Residence
Price Type
--
As seen on HGTV House Hunters! Tee up your dream lifestyle on this sprawling 53,000+ sf lot overlooking the 2nd fairway at the prestigious Orange Tree Golf Course. Two blocks from Paradise Valley, in an A++ school district, this 4,797sf estate MAIN HOUSE offers a smart DOUBLE-SPLIT floor plan with 4 bedrooms, 3 bathrooms, and 3,937 sq ft of space to live and entertain. The GUEST HOUSE is an 810 SF showstopper, a full kitchen with bar seating for 4, a private suite, and a living area—perfect for a short term rental, visitors or multi-gen living. The backyard is paradise—a work of art with a mosaic-tiled pool, a fire pit for cozy nights, and lush golf course views. Stay active with a multi-sport court for basketball, tennis, and more, complete with lights for evening games. There's also a putting green, a soccer field, outdoor kitchen, and, yes, free top-notch golf balls to sweeten the deal. See extensive list of upgrades!
15419 E Stardust Drive
Fountain Hills, AZ 85268
$2,750,000
5
Beds
5.5
Baths
6,484
SqFt
Status
Active
MLS #
6797070
Property Type
Single Family Residence
Price Type
--
Nestled in the prestigious Stoneridge Estates on a perfectly level one-acre lot, this spectacular Santa Barbara retreat offers an exquisite blend of luxury, comfort, and functionality. Expanded and enhanced in 2010 to an impressive 6,484 square feet, the home features a thoughtfully designed layout that caters to every need. The main level boasts a stunning primary suite, a true sanctuary with a spa-inspired bath that includes honed granite finishes, a jetted tub beneath a cozy fireplace, and a walk-through shower that feels straight out of a designer magazine. Upstairs, two junior primary suites offer privacy and comfort, along with two additional bedrooms that share a Jack-and-Jill bath. A versatile den, gym, or nursery adds flexibility to the space. Entertain effortlessly in the expansive great room or one of two oversized recreation rooms, complete with a wet bar, appliances, and a powder room for convenience. The elegant dining room is perfect for hosting gatherings, while the kitchen, fully remodeled in 2018, blends modern design with top-tier functionality for culinary enthusiasts. Indoor-outdoor living is seamless, thanks to 20-foot arcadia doors that open to the expansive back porch. The meticulously landscaped backyard is a private resort-like oasis, featuring an 800-square-foot heated pool and spa with copper downspout fountains and a dramatic rock waterfall. The outdoor amenities include a built-in BBQ, a charming Kiva fireplace, a grassy play area, and breathtaking mountain views, all framed by natural rock outcroppings. An outdoor shower and powder room add convenience and luxury to this serene retreat. Additional highlights include dual his-and-hers water closets in the primary suite, a massive walk-in closet with built-in wardrobes, and an outdoor bath and shower. This home offers an unmatched lifestyle in one of the most coveted communities, where elegance meets comfort in every detail.
2668 E Kingbird Court
Gilbert, AZ 85297
$2,750,000
5
Beds
4.5
Baths
4,567
SqFt
Status
Active
MLS #
6815403
Property Type
Single Family Residence
Price Type
--
Welcome to 2668 E Kingbird Ct, a luxurious single-story residence nestled within the prestigious gated community of Whitewing at Germann Estates in Gilbert, Arizona. Built in 2020 by the luxury builder Toll Brothers, this exquisite home offers 5 bedrooms and 4.5 bathrooms, 4 car garage, RV gate, & 4,567 square feet of meticulously designed living space, all situated on a generous corner that is just over 20k sq ft. As you enter through the main hall, adorned with decorative tile inlay and wood beams, you're led into the expansive great room with 22 ft ceilings, setting the stage for both grand entertaining and intimate gatherings. The reclaimed mantle is over 100 yrs! The gourmet kitchen is a chef's dream, featuring a quartz countertops, showcasing Wolf & Sub Zero premium appliances w/ an ice maker, beverage drawers, steam convection oven and a wine fridge, ensuring seamless hosting experiences. You also have a office/den w/ French doors that opens to your private center courtyard. The home provides multiple slider doors, smart home system, custom design work, spray foam insulation, and much more! The home's split floor plan provides a private wing housing 4 bedrooms, 3.5 bathrooms, and a versatile bonus room, offering flexibility for family and guests alike. Perfect for mother-in-law or next gen lifestyle. The master suite features modern free-standing tub, glass shower with rainfall feature, and a massive walk-in custom closet with built in hampers, full length mirror & additional accessories that opens directly to the laundry room that has a pet washing area. Step outside to your personal oasis: an oversized covered patio with a built-in BBQ area, seamlessly connected to the kitchen via a pocket slider. The backyard boasts a sound system and a sparkling pool and spa that can be both heated and cooled, perfect for year-round enjoyment. Plenty of space to add a pickle ball/sports court too. Additional highlights include a 4-car garage with over-height doors and built-in cabinets, ensuring ample storage and convenience. It also has EV charging setup for your TESLA. Don't miss the opportunity to own this exceptional property that artfully combines luxury, comfort, and modern amenities in one of Gilbert's most sought-after communities. Be sure to reference the docs tab that highlight why people choose to live in this specific part of Gilbert Arizona.
10396 N 133rd Street
Scottsdale, AZ 85259
$2,750,000
5
Beds
6.5
Baths
5,997
SqFt
Status
Active
MLS #
6820680
Property Type
Single Family Residence
Price Type
--
Exquisite Custom Home in Prestigious Gated Community. Discover the perfect blend of luxury and functionality in this custom-built 6,000 sq. ft. estate, featuring 5 bedrooms, 6.5 bathrooms, and a 4-car garage. Ideally located in a private gated community, this home offers unmatched craftsmanship and design just minutes from the Mayo Clinic and BASIS private school. From the moment you step inside, you'll be greeted by soaring ceilings, a bright open floor plan, and elegant details throughout. The gourmet kitchen is a chef's dream, featuring a large island, 48-inch range, stainless steel appliances, and seamless flow into the spacious family room, formal dining, and formal living areas—perfect for both casual and sophisticated entertaining. Expansive patio doors lead to a resort-style backyard backing to NAOS (Natural Area Open Space) for ultimate privacy. Enjoy breathtaking Southwest sunset views from the large covered patio, complete with a built-in BBQ, heated pool, and spaan entertainer's paradise. A full guest suite with its own kitchen, living area, bedroom, and enclosed patio provides a private retreat for guests or multi-generational living, making this home truly exceptional. Additional Features: Spacious bedrooms, each with en-suite bathrooms 4-car garage with ample storage Exclusive gated community offering privacy and security This one-of-a-kind estate is the epitome of luxury living in a highly sought-after location.
855 Distant Drums Road
Sedona, AZ 86336
$2,749,500
3
Beds
4
Baths
3,275
SqFt
Status
Active Under Contract
MLS #
6768405
Property Type
Single Family Residence
Price Type
--
Live in TRANQUILITY w/ THE Absolute BEST VIEWS, BEST POOL, BEST SUNSETS in Sedona. Sellers live in main home & rent out the attached studio & detached casita for past 6 yrs ! This magical 2.4 acre site sides to National Forest w/ INFINITY POOL & 360 views. Full REMODEL 2012 of Main Home which features Great Room Living w/ true AZ Stone fireplace, Gourmet Kitchen w/ Massive Stainless Commercial Fridge/ New Induction Range. Main house which includes the studio boasts 2 Primary Suites & 2 bonus rooms/ 2.5 bth + in ground spa + additional hot tub. Detached Casita TO DIE FOR! Offering Gr8 Rm w/14' ft ceilings & glass window walls + Murphy Bed, 1 bdrm, 2 bths, kitchen, wrap around VIEW DECK, & Hot tub. Multiple open and covered patios & decks to breathe in RED ROCK VIEWS & stargaze at night! End of road isolation that is 5 minutes to Dining, Shopping, Medical in West Sedona.