Last week’s economic news included readings on new and existing home sales and mortgage rates. Also released were reports on new jobless claims and consumer sentiment.
New and Existing Home Sales Lower in December
According to the U.S. Commerce Department, sales of new homes fell to 536,000 sales on a seasonally-adjusted annual basis. This reading was markedly lower than the expected rate of 595,000 sales and November’s reading of 598,000 sales. Analysts said that the drop in new home sales indicated that the housing sector is still experiencing a rocky recovery. December’s reading for new home sales was 10.4 percent lower than December’s adjusted reading of 598,000 sales. December’s reading was 0.40 percent lower year-over-year.
The median sale price of new homes was $322,500 in December, which was 4.30 percent higher than in November and 7.90 percent higher than in December 2015. The dip in sales has increased inventory of available homes to a reading of 5.80 months needed to sell all new homes presently available. Real estate pros typically consider a six-month supply of homes for sale a normal inventory.
In related news, sales of pre-owned homes were also lower in December. The National Association of Realtors® reported December sales at 5.49 million on a seasonally-adjusted annual basis; this reading was lower than expectations of 5.51 million sales and November’s reading of 5.65 million sales. The slower rate of sales may signal that home prices have topped out; there is also a very low inventory of available pre-owned homes for sale as compared to demand. Sales of pre-owned homes were 2.80 percent lower than November’s reading, which was the highest rate of existing home sales since 2007. Sales of pre-owned homes were 0.70 percent higher year-over-year.
Winter weather and holidays may have contributed to lower home sales in December, but higher prices, tough mortgage requirements and a low supply of available pre-owned homes were seen as obstacles to completed home sales for December.
Mortgage Rates Mixed, New Jobless Claims Rise
Freddie Mac reported higher fixed rates for mortgages last week. The average rate for a 30-year fixed rate mortgage rose 10 basis points to 4.19 percent; the average rate for a 15-year fixed rate mortgage rose six basis points to 3.40 percent. The average rate for 5/1 adjustable rate mortgage fell by one basis point to 3.20 percent. Discount points for fixed rate and 5/1 mortgages averaged 0.40 percent.
New jobless claims exceeded expectations of 250,000 new claims with a reading of 259,000 new claims and the prior week’s reading of 237,000 new claims. Analysts said that volatility is common with new jobless claims in January. There were few layoffs reported and good news that the new jobless claims rate remained below the benchmark reading of 300,000 new claims for the 99th consecutive week. This milestone was last seen in 1970.
The four-week rolling average of new jobless claims fell by 2000 to an average of 245,900 new claims filed; this was the lowest reading since 1973.
Consumer sentiment rose to 98.5 which surpassed the expected reading of 98.2 percent and December’s reading of 98.1 percent.
What‘s Ahead
Multiple readings on housing and labor related data will be released this week. Scheduled releases include pending home sales, Case-Shiller Housing Market Indices and construction spending. Reports on inflation and core inflation are due along with readings on non-farm payrolls, ADP payrolls and the national unemployment rate.
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24863 N 103rd Way Scottsdale, AZ 85255
$5,417,491
4
Beds
4.5
Baths
5,932
SqFt
Status
Active
MLS #
6723326
Property Type
Single Family Residence
Price Type
--
Amazing opportunity for brand new build contemporary styled construction in North Scottsdale! Camelot Homes award winning Cavallo floor plan offers all Single level and the best indoor/outdoor living. Price includes all structural components, wine wall, highly upgraded contemporary cabinets , oversized tile flooring, countertops and tile, electrical and low voltage upgrades as well as 3 en suite bedrooms, casita, office and bonus room along with standard 4 car garage. Amazing views from courtyard and rear yard. Price also includes upgraded pool and landscaping. Pool/landscaping currently being installed. Estimated closing Fall 2024. Video is from our Bronco model and not representative of home for sale.
12232 N 65th Place Scottsdale, AZ 85254
$5,389,000
5
Beds
5.5
Baths
6,637
SqFt
Status
Active
MLS #
6730125
Property Type
Single Family Residence
Price Type
--
Cactus Corridor Luxurious Estate with Resort-Style Amenities Experience the pinnacle of luxury and sophistication with this exquisite transitional estate, nestled on nearly an acre of beautifully landscaped grounds in the coveted Cactus Corridor. Spanning 6,637 square feet, this home seamlessly blends elegance and functionality, offering a lifestyle of unparalleled comfort and style. Upon entering, you are greeted by a thoughtfully designed layout featuring five spacious bedrooms and five and a half opulent bathrooms. The master suite is a true sanctuary, complete with a luxurious bath and his-and-her walk-in closets, providing a serene retreat. Each of the additional bedrooms also boasts walk-in closets, ensuring ample storage and privacy for every member of the house
4946 N Ascent Drive Scottsdale, AZ 85251
$5,360,130
4
Beds
4.5
Baths
4,394
SqFt
Status
Active
MLS #
6748851
Property Type
Single Family Residence
Price Type
--
Designer fully Furnished Home Coming Soon! This Cullum Home is designed for that ''Lock and Leave Lifestyle''. Guests will enter into the all Glass 2 story foyer. The elevator or wood staircase will lead you to the second floor of this home. The Chefs kitchen with Custom Cabinetry, Sub Zero and Wolf appliances over look the great room with fireplace wall and large glass of windows that open onto a entertaining deck. The formal dining room with custom cabinetry temperature controlled wine wall is just opposite of the large office, den or movie theater space with sliding glass doors to the entertaining outdoors and wall water feature The two en suite guests suites accommodate King size beds and walk in closets. Both guest suites open onto the fully landscaped backyard. There is a private gate from the yard for quicker access the Mountainside Club. Guests have their own laundry and the stylish powder room complete the main floor of this home. The top floor of this easy living home is dedicated to the Primary Oasis. The large patio space with walls of glass and windows has a tiled fireplace all overlooking the incredible views of the Mountains and city lights in the distance. The Primary suite with high ceilings opens into the bath with large shower, his and hers sinks and soaking tub. Tons of natural light fill the bath with a large skylight. The Primary closet is massive with all the custom built ins. The extra bonus space can be used as another en suite bedroom, office, or work out room. There also is a Full Wet Bar and nice size laundry with plenty of extra storage. The large oversized 3 car tandem garage has epoxy flooring and pre wired for A/C. The Private elevator, outdoor spaces and with this home coming fully furnished is easy living at it's finest.
4802 N 46th Street Phoenix, AZ 85018
$5,345,000
4
Beds
3.5
Baths
4,996
SqFt
Status
Active
MLS #
6737378
Property Type
Single Family Residence
Price Type
--
This extraordinary home is sure to impress even the most discriminating buyer. From the moment you arrive, you'll revel over the curb appeal, and the architectural excellence and designer flare can't be beat. The home is a beautiful combination of elegance and comfort, and perfectly couples fresh modern elements with the highly coveted cottage style. The fabulous island kitchen has top of the line appliances, two sinks, custom cabinetry and plenty of room to prep and serve, the exceptional great room has vaulted ceilings with custom wood beams, a statement fireplace with an exposed brick surround, a restaurant style wet bar that calls for seamless entertaining, and fully automated doors open to beautiful outdoor living spaces that heighten the home's allure. The spacious dining room is great for formal gatherings, the den is a lovely space to curl up with a book or watch a movie with the family, the private home office can easily double as a play room, and all the bedrooms are ensuite including a magnificent primary hideaway with a spectacular bath. Every room is loaded with character and upscale finishes including wide plank wood flooring, marble, pristine tile accents, exceptional millwork, designer lighting and so much more. The half acre lot features multiple covered patios, a ramada with a full outdoor kitchen, fireplace and seating area, a stunning pool and spa and even a putting green. The oversized area of the 3rd garage is being used as a full home gym which is a great option. This phenomenal residence sits on a fantastic lot and the location can't be beat!
4942 N Ascent Drive Scottsdale, AZ 85251
Open House
$5,341,540
3
Beds
3.5
Baths
4,311
SqFt
Status
Active
MLS #
6670447
Property Type
Single Family Residence
Price Type
--
FULLY FURNISHED AND TURN-KEY READY! HARMONY LUXE RETREAT LOCATED IN THE ASCENT AT THE PHOENICIAN - THE ESTATES. NEW HOME CONSTRUCTION BUILT BY CULLUM HOMES. THIS THREE-LEVEL HOME FEATURES 3 BEDROOMS, 3.5 BATHROOMS, A PRIVATE OFFICE AND A 3-CAR GARAGE. THROUGH THE EXTRAVAGANT FRONT ENTRANCE LOCATED ON THE LOWER LEVEL, A BEAUTIFUL STAIRCASE OR AN ELEVATOR TAKE YOU TO EVERY LEVEL OF THE RESIDENCE. THE MAIN LEVEL BOASTS TWO EN SUITE BEDROOMS, PRIVATE OFFICE, FORMAL DINING AREA, BUTLER'S PANTRY, OPEN CONCEPT KITCHEN, ADDITIONAL POWDER ROOM AND THE GREAT ROOM AREA. SPACIOUS KITCHEN WITH ISLAND, EAT-AT BAR AND WALK-IN PANTRY. A GLASS WALL LEADS YOU TO THE COVERED PATIO OFF THE GREAT ROOM WHERE GORGEOUS VIEWS AWAIT YOU. OWNER'S SUITE WITH WALK-IN CLOSET, DOUBLE SINK VANITY, SEPARATE TOILET ROOM, TUB AND WALK-IN SHOWER SIT ON THE TOP LEVEL. ALONG WITH A LARGE LAUNDRY ROOM WITH EXTRA STORAGE, PRIVATE OFFICE SPACE AND TWO DECKS. THE COMMUNITY IS GUARD GATED FOR PRIVACY AND SECURITY. AT THE BASE OF CAMELBACK MOUNTAIN, YOUR PRIVATE POOL, FITNESS CENTER, AND SOCIAL SPACES OFFER AN INTIMATE GATHERING PLACE FOR WELLNESS, SOCIALIZING AND RELAXATION. RESIDENTS ARE OFFERED THE OPTION TO JOIN THE PHOENICIAN® AMENITY ACCESS PROGRAM ACCESS AND DISCOUNTS TO THE NEW ATHLETIC CLUB, 38,000 SQUARE FOOT SPA, TENNIS FACILITY AND RESORT POOLS AT THE PHOENICIAN® RESORT.
5347 E Mockingbird Lane Paradise Valley, AZ 85253
$5,340,000
5
Beds
4.5
Baths
7,425
SqFt
Status
Active
MLS #
6754720
Property Type
Single Family Residence
Price Type
--
Beautiful estate, meticulously maintained in the desirable Paradise Valley area with spectacular Mummy Mountain views. Recently refreshed Primary wing. Custom brick ceilings, exposed wood beams, beautiful stone accents throughout the home, and custom wood cabinetry. 3 large detailed stone fireplaces. Oversized kitchen with large 14 ft island and high end appliances. Amazing open floor plan and vaulted ceilings throughout. New hardwood flooring throughout the home. Recently updated theatre room. Oversized showers throughout. Enjoy entertaining with surround sound throughout. 16 ft glass sliding pocket doors leading out to the backyard with resort style heated pool equipped with water features, hot tub, built in trampoline, and new turf. Close to high end shopping and many restaurants.
24751 N 90th Way Scottsdale, AZ 85255
$5,326,000
3
Beds
4.5
Baths
5,326
SqFt
Status
Active
MLS #
6705406
Property Type
Single Family Residence
Price Type
--
Discover luxury living in North Scottsdale at Solitude. Breathtaking single level retreat is simply defined as, PERFECTION with an owner who is as meticulous on detail and cleanliness. As you arrive to the exclusive gated community Solitude, you begin your experience of this Desert Gem; entering the home offers an enchanting spa like energy, entry door is glass floor to ceiling and is a breathtaking experience. Entering the home you cannot miss the folding sliding glass doors, opening out to the breathtaking zero-edge pool with two water features and expansive covered patio & ramada offering a true resort setting. The home was Designed to seamlessly blend indoor and outdoor luxury living, the great room features a custom marble fireplace with a chiseled black tile surround. No detail was left out even the roof eves all done with tongue-and-groove wood. The gourmet kitchen boasts two sprawling white marble islands, Wolf commercial range, separate Subzero refrigerator/ freezer and Asko dishwasher looking out to the entertainers dream Great room and resort back yard. The primary suite is a private haven with views of beautiful pool and water features, a custom tiled fireplace, and on suite with fully tiled walk-in steam shower. The secondary oversized bedrooms include two generous ensuite bathrooms, a bonus flex/media room, and a laundry room with hair sink. Outdoors, indulge in a zero-edge pool, back fire wall, firepit, bocce ball court, and fully covered/heated ramada with bathroom, Misters, ceiling fans and fully equipped built-in BBQ area with a pop-up TV that hides away! This residence is a meticulously crafted haven, where every detail enhances the luxurious lifestyle offered in the heart of 85255.
6901 E Restin Road Carefree, AZ 85377
$5,299,000
4
Beds
5.5
Baths
7,162
SqFt
Status
Active
MLS #
6708852
Property Type
Single Family Residence
Price Type
--
Mind blowing residence with a guest house in popular Carefree! This gem sits on a 2.5-acre corner lot with unparalleled views of The Boulders Golf Course and valley mountains. Enter this lovely home on a large paver driveway & gorgeous landscaping. 3-car garage with epoxy floor. Enter into great room to discover sheer beauty & astonishing detail throughout! The remodeled interior boasts a large great room with glass walls & a WOW view of the backyard, The Boulders golf course & mountains. The clean lines give a modern look and feel with subtle sophistication. Stone floors & walls, wood-burning fireplace, recessed lighting, pre-wired surround sound, and abundant natural light can't be left unsaid. Impressive kitchen is a dream for any cooking enthusiast! Don't miss this opportunity!
37200 N School House Road Cave Creek, AZ 85331
$5,295,400
4
Beds
4.5
Baths
4,503
SqFt
Status
Active
MLS #
6634118
Property Type
Single Family Residence
Price Type
--
'Pre Construction Offering, a signature 'Mountainside Gated Enclave' of Contemporary Estate Residences by Mosaic Luxury Homes. Pure privacy, nestled into the upslope of Black Mountain at over 2500 elevation, this 4503 sq. ft. Desert Modern Home is architecturally stunning and features over 3200 sq. ft. main level living. Fabulous Great Room with expansive covered veranda, temp controlled glass enclosed wine room, luxurious Owner's Suite, elevator lift and the most incredible 270 degree views. The lower level Guest Home has separate entrance, kitchen living room, large Jr. Suite and charming private patio. Mosaic Luxury Homes offers elegant owners suites, chef inspired kitchens, designer garages, resort outdoor living and superior design and craftsmanship.
39601 N Ocotillo Ridge Drive Carefree, AZ 85377
$5,275,000
5
Beds
7
Baths
7,783
SqFt
Status
Active
MLS #
6620894
Property Type
Single Family Residence
Price Type
--
Introducing the epitome of quiet luxury at this formidable estate on 5 acres of private land. Behind the gates at the pristine Ocotillo Ridge Estates in Carefree. Every inch of this 7,783 sq. ft. estate has been meticulously maintained and crafted with an array of upgrades and emphasis on the modern hacienda style. Exceptional finishes include hickory hardwood & slate floors, wood beams, custom cabinetry, Cantera stone fireplaces, tongue and groove wood ceilings, and hand-crafted tiles throughout the home. Upon entry, the pure elegance of the great room with the accordion doors opening to the infinity edge pool and the breathtaking mountain vistas and sunsets will amaze you every time. Well-appointed top-of-the-line gourmet kitchen. An impressive wet bar for entertaining & picturesque... views. A generous primary suite retreat with a sitting area, luxurious bath, oversized custom closet, and an exercise room. Three additional en-suites with their own patio access and separate office. Paver drive and motor court. Oversized four-car garage. Back to the enchanting courtyard, you can head to the quaint guest house that oozes the local town's flair. Your guests will have the best time at this inviting casita. Romantic outdoor spaces include 2000+/- sf of deep-covered paver patios and 1000+/- sf of elevated open dining/relaxing deck with Cantera fireplace and BBQ. There are endless, unobstructed views in every direction and every room. The setting is every bit as spectacular as the home itself. There are miles of quiet hiking and biking trails. Unequaled privacy and tranquility await you at this resort-like sanctuary. Yet, you are minutes (three miles) from the quaint, charming old towns of Cave Creek and Carefree. Seller Financing Available Available turnkey via separate bill of sale.
13330 E Jomax Road Scottsdale, AZ 85262
$5,250,000
3
Beds
3.5
Baths
4,764
SqFt
Status
Active
MLS #
6754006
Property Type
Single Family Residence
Price Type
--
Welcome to this prime, 20 acre desert location near Scottsdale's iconic landmarks. Located directly adjacent to the McDowell Mountain Preserve and at the end of a paved, dead end road, you will find this stunning, pristine lot covered with the boulders that make the McDowell mountain park region unique. These formations are part of the broader landscape of the Sonoran Desert, which is known for its dramatic geological features. The combination of the desert environment with these ancient, weathered granite boulders creates a unique ecosystem and visual experience. The proximity to McDowell Mountain Park means that outdoor enthusiasts have direct access to miles of non motorized trails for hiking, biking, and trail riding right from their doorstep. At the heart of this exquisite parcel is a 4,700 square-foot custom home designed to complement the surrounding environment. The home features expansive windows and doors in every room to the outdoor living spaces that takes full advantage of the breathtaking 360' views of the Four Peaks, Granite Mountian, McDowell Mountain Range and the surrounding desert landscape. The architecture includes elements like stone and wood, harmonizing with the natural terrain. The master bedroom, complete with its own fireplace, has its own exit to the pool and spa which overlooks Tom's Thumb while the guest room and attached casita open to the north patio to take in the views of granite mountain. Views are amazing from EVERY room. The great room, chefs kitchen and custom wet bar ensure plenty of space for entertaining or just enjoying the cozy fireplace. Additionally the large and fully equipped attached casita is perfect for family or out of town guests with their own access to enjoy your time with them but allows everyone their own space. Head outside to find the 12 stall mare motel with 60' runs, lights and automatic waterers located right next to the 8 horse Priefert walker. Also noteworthy is the BRAND NEW, high producing well!! The arena is huge at 150 x 300 with new footing and plenty of parking for trailers if your friends come over to rope, trail ride or just hang out. This area is surrounded by upscale communities, with nearby luxury homes and ranch estates that take full advantage of the natural beauty and privacy the desert offers. While the setting provides a peaceful retreat, the property remains conveniently located just minutes away from world-class golf courses like Troon North, Desert Mountain, and Estancia and is just a short drive from Scottsdale's fine dining, boutique shopping, and cultural attractions, ensuring that convenience meets tranquility in this desert oasis.
7291 N 71st Place Paradise Valley, AZ 85253
$5,245,000
6
Beds
8
Baths
8,412
SqFt
Status
Active
MLS #
6635976
Property Type
Single Family Residence
Price Type
--
The best priced property, in one of the most prestigious neighborhoods of Paradise Valley, this home is a must see... The quiet & peaceful lot features an outstanding 8,412 SqFt residence in the exclusive Cheney Place (only 20 private homes in the community) boasts impeccable craftsmanship & artistry enhanced by lush landscaping and a captivating central fountain. This masterpiece includes a FULLY-FURNISHED family chapel, as well as a FULLY-FURNISHED 2 bedroom Guest House equipped with a full kitchen, a fireplace, a jetted tub, its own 2-car garage, and a seating area with a grill. Ideal for in-laws or extended family. The main house showcases 4 bedrooms, a sitting room, an office, a movie theater and a 3-car garage (5 total garage spaces including guest house garage). Access through the grand entrance to experience sheer beauty & custom details throughout (backyard furnishings also included). Abundant natural light graces every corner, from the formal living room to the large dining room that overlooks the front yard and the massive family room with a fireplace & a wet bar. This beauty features soaring tray ceilings, elegant chandeliers, an intercom, rounded archways, refined tile flooring, classical pillars, artful niches, plantation shutters, a central vacuum, and recessed lighting. The striking kitchen is a testament to culinary perfection! Hand-carved wood detailing, granite countertops, a large peninsula, a central island, and NEW Viking appliances demonstrate unparalleled luxury. The laundry room also features brand NEW spare appliances such as an all new double oven and even a new washer & dryer set! Relish morning views in the sunlit breakfast nook or indulge in the exceptional wine cellar that can fit up to 868 bottles. The opulent master retreat has a fireplace & a generous sitting room with private access. The lavish en-suite bath comes with dual vanities, a make-up vanity, a jetted tub with a glass block wall allowing abundant natural light in, and a bountiful walk-in closet. This impressive home has a second master bedroom with its own bathroom & a jetted tub. There is more! Work from home in the sizable office or enjoy unlimited movie nights in the spectacular home theater, which is soundproof & has a brand-new projector & receiver. The awe-inspiring backyard is a complete paradise offering al fresco dining areas, an outdoor kitchen, serene fountains, a resort-style heated pool & spa, a fire pit with built-in seating, re-coated flooring, and an entertainer's game room with a fireplace & a wet bar. 3-car garage attached to main house for added convenience. Don't forget about the cozy billiard area under the Pavilion in the backyard, the perfect area for joyful gatherings with family & friends. This magnificent value is a statement!! The pool has also been completely re-tiled/re-chipped & new pebble added as of 9/13/24! The exclusive Cheney Place gated community only has 20 lots. Words alone cannot capture its essence. Don't miss out on this opportunity to own this gem before it's too late!