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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6732 E Palm Lane Scottsdale, AZ 85257
$949,900
3
Beds
2.5
Baths
1,886
SqFt
Status
Active
MLS #
6724728
Property Type
Single Family Residence
Price Type
--
Stunning remodeled home from top to bottom with full Permits and Licensed Contractor. Beautiful attention to detail by the Professional Designer. You will notice the difference in this home the second you walk into it. Home was just completed with the following updates: New open floor plan, all new windows and doors, new roof, new a/c, new ducts, new flooring, new kitchen, new appliances, new plaster pool and tile, new landscaping and so much more! This home is exquisite and will work for a family, a long term rental or Airbnb.
7741 N 16th Lane Phoenix, AZ 85021
New
$949,900
3
Beds
2.5
Baths
2,475
SqFt
Status
Active
MLS #
6762453
Property Type
Single Family Residence
Price Type
--
Welcome to this beautiful home in the perfect LOCATION! This North Central Phoenix charmer has so much to offer! You will fall in love with this neighborhood as soon as you turn onto the street. This ranch style home has been completely remodeled and is like no other, from the moment you walk in you fall in love with every little detail. This 3-bedroom, 2.5 bathroom open floor plan is filled with lots of natural light. The kitchen has all new cabinets, stainless steel appliances, farmhouse sink, quartz counter tops, two kitchen islands which is perfect for those amazing family gatherings. There is also an office/gym that is at the other end of the home which can be used as a guest room if need. Newer Trane AC unit and best of all NO HOA! The customized home sits on a HUGE 1/3 acre lot which includes mature trees, a private sparkling diving pool, two fireplaces, large covered patio, RV gate/parking, storage shed and much more!
19118 N 94th Street Scottsdale, AZ 85255
$949,900
4
Beds
3
Baths
2,944
SqFt
Status
Active
MLS #
6729419
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home in the desirable Foothills at Ironwood community in Scottsdale! This stunning 2-story residence offers 4 spacious bedrooms, 3 luxurious baths, and boasts a generous 2,944 square feet of living space. Step inside to be greeted by vaulted ceilings and elegant wood-look tile floors that flow seamlessly throughout the main living areas. The gourmet kitchen is a chef's delight, featuring white cabinets, stainless steel appliances, and beautiful granite countertops. The kitchen opens to a cozy family room, perfect for entertaining. The primary suite is a true retreat, offering an ensuite bath with a dual sink vanity, a separate glass-enclosed shower, and plenty of storage space. Each additional bedroom is generously sized and filled with natural light. Outside... you'll find an inviting outdoor fireplace, perfect for enjoying cool Arizona evenings. The 3-car garage provides ample space for vehicles and storage. Located centrally in the Foothills at Ironwood, this home is just minutes away from top-notch shopping, dining, and golf courses. Don't miss the chance to own this exquisite Scottsdale property!
1713 W Las Palmaritas Drive Phoenix, AZ 85021
New
$949,900
3
Beds
2
Baths
1,794
SqFt
Status
Active
MLS #
6763474
Property Type
Single Family Residence
Price Type
--
First time ever on the market!! 28,567 sq ft lot!! This is a great property. House could use some updating, but if you are looking for a large lot with a huge garage in back with a lift, an unfinished studio apt, and a large woodshop, this is it!! There is access to the back lot through the alley. This is a gated alley subdivision, so double security to get into the back. Nice dead end street. There is walking access to Royal Palm Park through the neighborhood. House features 3 bedrooms and 1.75 baths. 1 car garage and carport at the front of the house. Irrigated lot. There is another room off of the garage that could be a 4th bedroom or hobby room. 2 covered patios, diving pool that was resurfaced not long ago. Wonderful neighborhood with a neighborhood garden and lots of events!!
31229 N 49th Street Cave Creek, AZ 85331
New
$949,900
3
Beds
3
Baths
2,554
SqFt
Status
Active
MLS #
6763579
Property Type
Single Family Residence
Price Type
--
Welcome home to this incredible one acre plus horse property in Cave Creek. This beautiful estate features plenty of room for all of your toys and features 3 bedrooms, 2.75 bath, attached 2 car garage, Covered RV Storage and 2 additional detached storage Sheds for quads, tools, and toys. Inside the home you'll enjoy this open kitchen remodeled with beautiful new cabinets/granite counters and SS appliances. The open concept great room features vaulted and beamed ceilings and is a perfect gathering place for family and friends. Huge primary bedroom that has a sperate sitting area and fireplace along with a gorgeous remodeled bath and large closet. Step through the French doors and outside you will enjoy a covered patio, two gazebos, a newly remodeled pebblesheen pool and cool decking, new pavers along with an outdoor kitchen, and putting green. This horse property also features 2 horse stalls and an arena with both areas being plumbed with water. Bonus detached bunk house for kids, grandkids, or guests features privacy and is cooled by a wall unit ac and is not included in square footage or bedroom count. Must see and walk this property to appreciate all the improvements and features.
6328 N 126th Avenue Litchfield Park, AZ 85340
New
$949,900
4
Beds
3
Baths
3,605
SqFt
Status
Active
MLS #
6763571
Property Type
Single Family Residence
Price Type
--
Welcome home to this stunning two-story residence nestled on over an acre of fenced land. Boasting over 3,600 sqft, this spacious property features 4 bedrooms and 3 bathrooms, along with a detached porch and a 3-car garage. Recently remodeled, the home offers a new kitchen with granite countertops, modern metal stair railings, and updated bathrooms with new tile showers. Enjoy the convenience of synthetic front and back yards, providing low-maintenance outdoor spaces. With new porcelain tile downstairs and laminated tile upstairs, this home combines modern elegance with functional living spaces. Don't miss the opportunity to make this your new dream home!
26137 N 52nd Avenue Phoenix, AZ 85083
New
$949,900
4
Beds
4.5
Baths
3,840
SqFt
Status
Active
MLS #
6763902
Property Type
Single Family Residence
Price Type
--
Charming 4 bedroom & 4.5 bathroom home in prestigious Stetson Valley Community. This is a 3,840 SqFt two story home with top of the line upgrades and meticulously designed interior. Open layout with a gourmet kitchen, formal dining area and a large living. The kitchen, boasts top-of-the-line upgrades including a large center island with seating & breakfast bar, granite countertops, walk-in pantry, high-end stainless steel appliances, including a gas cooktop, wall oven, and a second oven to cater to gourmet cooking experiences. Expansive master suite down stairs, with a luxurious walk-in shower with custom tiling, bathtub, a double vanity for convenience & style and huge walk-in closet. Ensuite second master bedroom with walk-in closet gives this home a feel of luxury and comfort. Oversized backyard with multiple fruit trees and outdoor gazebo, entertainment and grilling area. This home has one of the largest lots in the community with RV gate and RV parking and space for entertainment. This community is also known for Deem Hills recreation area with fields for sports, pickleball courts and hiking trails.
5635 W Deer Spring Place Prescott, AZ 86305
$949,900
3
Beds
2
Baths
2,808
SqFt
Status
Active Under Contract
MLS #
6727114
Property Type
Single Family Residence
Price Type
--
This beautifully maintained property sits on a corner homesite in Inscription Canyon with stunning long-distance mountain views and surrounding vistas. As you step inside, you're immediately welcomed by gorgeous wood floors, and a floor-to-ceiling stack stone gas fireplace, flanked by windows that overlook the tranquil rear deck and the property beyond. The soaring vaulted ceilings are accented with tongue and groove wood and peeled pole beams, and a dormer window brings in natural light. The kitchen features chiseled edge granite counters, complemented by travertine flooring with a granite inlay, and solid Hickory cabinets that offer ample storage, including a wine rack, decorative glass fronts, and many pullouts. Stainless steel appliances include an LG inverter linear fridge/freezer. A dining peninsula, breakfast nook, and formal dining room with soaring ceilings provide options for entertaining. Architectural appeal is evident as you enter the master suite, which features a dramatic recessed dome inlay above the chandelier. The spacious master suite includes a fireplace, access to the rear deck, a wall of windows overlooking the rear of the property, and vaulted ceilings with peeled pole accents. The luxurious master bath boasts a barrel-arched ceiling, glass-block snail shower, separate dual granite vanities with stone travertine vessel sinks, an oversized Jacuzzi tub, and spacious dual walk-in closets. Two generously sized guest bedrooms feature vaulted ceilings and peeled pole accents and share a Jack and Jill bathroom with a dual vanity, full tub shower surround, and a linen closet. The laundry room includes upper storage cabinets, a utility sink, washer, dryer, and a planning desk. Recessed art niches and ample storage abound throughout the property along with solid core wood doors and wood-trimmed windows provide rustic elegance. The house is complemented by an owned solar system and a heat pump to take advantage of the solar and electric cost savings. Upon approach to the property, you'll notice an expansive driveway leading to an oversized 3-car garage, complemented by a concrete tile roof and stack stone accents. The garage is a showcase-style garage with eight-foot insulated doors, a built-in workbench, and storage cabinets. The expansive engineered back deck features an exposed beam pergola and an outdoor fireplace, while overlooking the grounds consisting of mature trees, foliage, and native desert plants, contributing to a low-maintenance natural vegetation landscape.
617 N 107th Street Mesa, AZ 85207
$949,900
5
Beds
3
Baths
3,651
SqFt
Status
Active
MLS #
6736665
Property Type
Single Family Residence
Price Type
--
Sitting on a large 1.26-acre lot with stunning low-maintenance desert landscaping, this exquisite 5-bedroom, 3-bathroom home offers 3,651 sq. ft. of luxurious living space with no HOA restrictions! As you arrive, you'll be greeted by an inviting circular driveway, surrounded by the beauty of the desert surroundings, making an impressive first impression. Step inside to discover a light-filled interior with soaring ceilings that enhance the spacious feel of the home. The grand foyer leads you into the heart of the house, where you'll find a generously sized living area perfect for both relaxation and entertaining. The main floor features a spacious master suite, offering a private retreat with ample space, ensuring comfort and serenity. A separate office provides a quiet space for work or study, ideal for remote work or managing your personal affairs. The large kitchen and dining area are the heart of the home, equipped with sleek stainless steel appliances that cater to all your culinary needs. The open-concept design ensures seamless flow between the kitchen and dining areas, making it perfect for family gatherings and entertaining guests. Recent updates include newer interior paint and stylish wood laminate flooring throughout, adding a modern touch to the home. The expansive game room/flex space offers endless possibilities, whether you envision it as a playroom, home theater, or personal gym. With three full bathrooms, this home provides ample convenience for a large family or visiting guests. Outside, the property continues to impress. The large 2-car garage, RV gate, and extended driveway offer ample space for all your vehicles and recreational toys. The backyard is a true highlight, featuring a pad cut into the hillside behind the home, ready for you to build a shop or guest house, adding even more value and potential to this remarkable property. Don't miss out on this exceptional home that truly has it all! Come and experience the beauty and tranquility of desert living at its finest, where every detail has been thoughtfully designed to provide the perfect blend of luxury, comfort, and functionality.
1349 Rockwood Drive Prescott, AZ 86305
$949,900
3
Beds
3
Baths
2,276
SqFt
Status
Active
MLS #
6747336
Property Type
Single Family Residence
Price Type
--
Here's your chance to own a stunning home in the highly sought-after Preserve at Prescott neighborhood. Built recently by Premier Development, this better-than-new residence has been very lightly lived in and offers the perfect blend of modern luxury and natural beauty. With 3 bedrooms, a dedicated office space, an oversized 3-car garage, and set on .42 acres, this home is a rare find, especially when you consider its unique setting. Nestled among impressive granite boulder outcroppings, the property provides an unparalleled level of privacy while still being located just minutes from all that Prescott has to offer. As you step inside, you'll be captivated by the breathtaking views of the city lights, and distant glimpses of the iconic Bradshaw Mountains framed by the surrounding boulders The great room, designed with an open concept, seamlessly connects the living space with the outdoors, The heart of the home is the chef's kitchen, featuring a massive granite island, a commercial-grade Wolf gas range, and top-of-the-line Bosch appliances. Whether you're cooking a gourmet meal or enjoying a casual breakfast, this kitchen is sure to impress. The master bedroom is a true retreat, with serene views of the granite boulders and offering direct access to the private backyard. The ensuite bathroom is the epitome of luxury, with a floor-to-ceiling custom tile walk-in shower, dual vanities topped with granite counters, and a spacious walk-in closet. The home's split floor plan places the guest rooms on the opposite side, ensuring privacy for all. These rooms share a beautifully appointed full bathroom with a jetted shower/tub combo, perfect for unwinding after a long day. There's also a convenient powder room to accommodate your guests, and a well-appointed laundry room complete with a folding shelf, utility sink, hanging bar, and plenty of storage cabinets. The oversized 26+ foot depth 3-car garage is a standout feature, offering ample space for all your vehicles and storage needs. Whether you're a car enthusiast with a collection of classic cars, an off-road adventurer, or simply someone who values extra storage space, this garage has you covered. Each bay is generously sized, allowing for easy access and maneuverability, with plenty of room left over for tools, equipment, or even a small workshop. Homes like this, with such attention to detail and prime location, don't come around often. Skip the hassle and wait of building newthis Preserve at Prescott gem is ready to become your dream home. Don't miss out on this exceptional opportunity!
7151 E Rancho Vista Drive Unit 2007 Scottsdale, AZ 85251
$949,900
2
Beds
2
Baths
1,252
SqFt
Status
Active
MLS #
6729347
Property Type
Apartment
Price Type
--
Welcome to this breathtaking 2 bed, plus den/office 1271 sq ft condo. The entire condo has been professionally remodeled and furnished with modern contemporary upgrades. Upgrades include Grohe fixtures, Custom lighting throughout, Dimplex E-Fireplace, Perlick Wine Cabinet, Miele Dishwasher, GE Cafe Refrigerator, Electric blinds, Gorgeous California Closets, Toto bidet toilets, and many more top of the line features. Unit also includes 2 side by side parking spaces (1 with electric charger) and a storage unit.Rarely does an Optima condo offer such captivating views of the pool and premium features.Top-of-the-line amenities in the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture. Amenities include- Two Outdoor Zen Pools, Spas & Bbqs One located at each side of the community (heated year round). 24,000 sq. ft. Fitness Center. Mens & Women's Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), shopping, conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.
3530 S Velero Street Chandler, AZ 85286
$949,900
6
Beds
5
Baths
4,309
SqFt
Status
Active
MLS #
6743202
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home in the exclusive Saguaro Canyon neighborhood! This magnificent 6-bedroom, 5-bathroom estate sits on an expansive 15,979 SF lot in a tranquil cul-de-sac, offering privacy and serenity. Some rooms of the home have been virtually staged. As you enter through the grand courtyard, you'll be captivated by the elegant design and luxurious features of this 4,309 SF residence. The grand entry staircase and soaring vaulted ceilings create an inviting atmosphere, while the rich wood floors add warmth and sophistication. The heart of the home is the gourmet kitchen, boasting stainless steel appliances, granite countertops, a large center island, and an eat-at bar, making it a perfect space for culina in the formal dining room. The master suite is a true sanctuary, complete with a spa-like bathroom featuring a soaking tub, separate shower, double sinks, and a makeup vanity space. A generous walk-in closet provides ample storage. Each additional bedroom is thoughtfully designed to ensure comfort and privacy for family and guests. Step outside to your private backyard oasis. Take a dip in the sparkling pool, unwind in the hot tub, or entertain friends at the built-in grill area. The expansive lot provides endless possibilities for outdoor activities and relaxation, with a shed for added storage. This home is the epitome of luxury and convenience, offering a perfect blend of elegance and functionality. Nestled in a prime location with a large lot, it's a rare find in the desirable Saguaro Canyon neighborhood.