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.
What’s Your Home Worth?
Search for Your New Home
3190 E San Miguel Avenue Phoenix, AZ 85016
$3,995,000
3
Beds
3
Baths
5,269
SqFt
Status
Active Under Contract
MLS #
6673954
Property Type
Single Family Residence
Price Type
--
Greeting you at the entrance are the historic ruins of the Pauson House, a renowned Frank Lloyd Wright landmark, setting the tone for an unparalleled luxury living experience. Alta Vista Park Estates has crafted a realm where timeless sophistication merges with architectural brilliance.Situated on an expansive 83,476 square foot lot, this bespoke marvel spans 5,671 square feet, embodying the essence of refined living. Crafted with meticulous attention to detail, the exterior seamlessly blends natural stone with beautifully landscaped gardens, radiating an aura of grandeur. Upon entering, prepare to be enchanted by an interior that surpasses all expectations. This opulent abode features three generously proportioned bedrooms, accompanied by three bathrooms and two powder rooms for ultimate convenience. The expertly designed layout effortlessly integrates spacious living areas, fostering an ambiance of refined luxury. A discreet guest wing with a separate entrance ensures privacy and exclusivity, offering a serene retreat for visitors or additional family members. Revel in the breathtaking views that embrace you from every angle, showcasing the dynamic cityscape and majestic mountain vistas. The pièce de résistance awaits on the expansive wrap-around patio, commanding mesmerizing views of downtown Phoenix's city lights. Alternatively, immerse yourself in the surrounding beauty of Camelback Mountain, Piestewa Peak, and the iconic Wrigley Mansion, adding an extra layer of prestige and sophistication. Indulge in a lifestyle of unparalleled luxury, where every aspect has been meticulously curated to elevate your living experience. It stands as a testament to architectural brilliance and serves as a sanctuary for those who appreciate life's finer pleasures. Welcome to a residence where every moment is a masterpiece.
7147 N 23rd Place Phoenix, AZ 85020
$3,995,000
4
Beds
4
Baths
4,539
SqFt
Status
Active
MLS #
6736159
Property Type
Single Family Residence
Price Type
--
Discover unparalleled luxury living in this meticulously renovated, exquisite hillside retreat boasting breathtaking views of the downtown Phoenix skyline. This two-story, 4-bedroom residence with a den and 4 bathrooms with European White Oak wood floors throughout, offers a blend of modern elegance and serene comfort. The Grand entrance of the foyer seamlessly flows to the main living areas, where a spacious Great Room awaits, complete with a cozy gas fireplace and electronic shades for effortless ambiance control. Entertain in style with a wine room and a sophisticated wet bar featuring an ice maker. The sleek gourmet kitchen features wood and tile floors, a breakfast nook, and indoor outdoor dining features, perfect for enjoying Arizona's sunny days. The floating stairs... embodies an art-like essence ascending to the primary bedroom suite, offering a private sanctuary with its own gas fireplace, walk-in closets, and a luxurious bathroom retreat. Additional highlights include a formal dining area, a laundry room with a sink for added convenience, and a 3-car garage for ample storage. This meticulously designed residence combines modern amenities with panoramic views, promising an unparalleled lifestyle amidst the beauty of the Arizona landscape.
11420 N Sundown Drive Scottsdale, AZ 85260
Open House
$3,995,000
5
Beds
4.5
Baths
4,604
SqFt
Status
Active
MLS #
6746492
Property Type
Single Family Residence
Price Type
--
Step into a modern sanctuary at 11420 N Sundown Dr, an exquisite creation by Aperture Design. This contemporary marvel perfectly harmonizes natural elements with a spacious, airy design, offering a unique blend of luxury and tranquility. Set on nearly 2 secluded acres, this estate is more than just a home—it's your own private retreat. The backyard is an entertainer's dream, featuring premium, maintenance-free turf and a state-of-the-art three-zone misting system to keep you cool during the hottest days. Whether you're practicing your swing on the Par 2 chip and putting green, taking a dip in the stunning pool, or gathering around one of the multiple outdoor fireplaces, this space is designed for relaxation and entertainment. The shaded outdoor living room, complete with a TV , and the fully outfitted outdoor kitchen are perfect for both laid-back evenings and lively get-togethers. Sports enthusiasts will delight in the sand volleyball, pickleball, and basketball courts. Finished in late 2023, the comprehensive backyard renovation provides endless opportunities for enjoyment and peaceful relaxation. Inside, 11420 N Sundown Dr continues to impress with its meticulous attention to detail, crafted for both luxurious living and entertaining. A grand glass pivot door welcomes you into an elegant foyer, setting the tone for the home's sophisticated ambiance. The main living area is defined by soaring 25-foot wood-covered ceilings and expansive sliding panel windows that seamlessly merge indoor and outdoor living. The gourmet kitchen, generous dining area, and expansive living space are ideal for everything from intimate family moments to grand celebrations. The vast patios are the perfect spot to enjoy Arizona's breathtaking sunrises and sunsets. The back patio seamlessly connects to the pool, outdoor kitchen, and living room with fireplaces, making the most of this backyard paradise. A short corridor leads to the oversized three-car garage, complete with ample storage and a full butler's pantry, featuring an extra refrigerator and sinkideal for enhancing your entertainment experience. The residence wing, located opposite the entry foyer, ensures maximum privacy and comfort. It features dual master bedrooms in a split floorplan, each offering luxurious amenities. The primary master suite boasts a serene patio overlooking the backyard, an expansive walk-in closet, and a spa-like bathroom with a nine-sprayer shower and a deep soaking tub for two. The secondary master suite also includes a large walk-in closet, a soaking tub, a rain shower, and shares a generous patio with the gym/studio.
3807 N 55th Place Phoenix, AZ 85018
Open House
$3,995,000
6
Beds
5
Baths
5,178
SqFt
Status
Active
MLS #
6747124
Property Type
Single Family Residence
Price Type
--
Introducing a completely remodeled, modern adobe on a half acre lot in the heart of Arcadia Proper. Boasting 5 bedrooms & 4 bathrooms in the main house plus a charming casita! From the moment you arrive, you'll be captivated by the seamless blend of traditional adobe aesthetics with contemporary design elements. Saltillo tile flows through the main living areas creating a warm & inviting atmosphere throughout. The chef's kitchen features high-end Thermador stainless steel appliances, custom cabinetry, spacious island, & dining space filled with natural light, perfect for both casual living & entertaining. Immerse yourself in cinematic experiences with state-of-theart surround sound system in the main living areas & outside, elevating your entertainment to new heights.
5409 E Mcdonald Drive Paradise Valley, AZ 85253
Open House
$3,995,000
7
Beds
5
Baths
5,233
SqFt
Status
Active
MLS #
6751465
Property Type
Single Family Residence
Price Type
--
Newly remodeled Primary Bath! The perfect fusion of Modern and Mexican Territorial, this exceptional Paradise Valley home is both sleek and charming! The 9' beamed ceilings accent the open kitchen/family room concept and the floor plan is ideal for large and small gatherings. Sitting on almost an acre at base of Camelback Mountain, the views are incredible and the outdoor spaces capture the essence of desert living at its finest. The Primary Retreat is a sanctuary with a new bathroom, fireplace, sitting area, outdoor shower and private firepit perfect for sunset views. A newly remodeled Guest House features 2 bedrooms, 1 bath, full Kitchen and Living Room and looks over the resort-style backyard including pool, hot tub, grotto waterfall, outdoor fireplace, pickleball court, and low-maintenance turf. In addition to the gym, enjoy a bonus room with built-in shelves perfect for office, tv or flex bedroom (with a closet). Truly one of the most uniquely beautiful properties in Paradise Valley!
9015 E Los Gatos Drive Scottsdale, AZ 85255
$3,995,000
3
Beds
3.5
Baths
3,849
SqFt
Status
Active
MLS #
6751566
Property Type
Single Family Residence
Price Type
--
Just Completed! Exquisite Luxury Modern-Spanish Masterpiece located in the best pocket of N. Scottsdale and ready for executive entertaining. Entry through the vintage gated courtyard and calmed by the serene water fountain that leads you through the custom arched glass doors. The high ceilings will draw your eyes to the stunning resort-like yard with new custom pool and spa off the massive patio. The chefs kitchen offers two oversized Islands, dual wine refrig, plus a butlers pantry that is so divine, you must see for yourself! Private master retreat with city lights, mtn views and unforgettable sunsets from your private balcony. Add'l bedrooms all en-suites w/ private entry and views everywhere. This estate home would be perfect for year around or a lock and leave.
10047 E Scopa Trail Scottsdale, AZ 85262
$3,995,000
4
Beds
4.5
Baths
5,676
SqFt
Status
Active
MLS #
6753611
Property Type
Single Family Residence
Price Type
--
Stunning Southwest Contemporary Estate with Desert Mountain Golf Membership available to Buyer! Impressive curb appeal with gorgeous landscaping, artisan crafted entry door, and copper garage doors. Dramatic living room with retractable glass doors that open to covered, heated and misted patio with infinity edge pool, for gracious outdoor living and entertaining. Panoramic views are enjoyed from the wraparound resort style patio with coveted south orientation overlooking Renegade's 3rd fairway and Arizona's iconic mountains and sunsets. Masterfully created by renowned builder, Bob Byrd, featuring details including extensive internal and external stacked whole stone walls, slate, granite, marble, luxurious Honduran mahogany cabinetry and doors, plaster lath walls with venetian plaster treatment, and 4 internal/2 external gas fireplaces, and copper fascia. A major addition and new update by Shiloh Homes and Parsons Interior Design was completed in 2021. The split floor plan includes a secondary master suite with a kitchenette/office and private entrance which is perfect for remote working and family visits. All bedrooms have direct access to private patios. This Smart home boasts 80 solar panels, invisible from the road, 4 Tesla Power Walls that provide efficiency of energy use and backup power, Lutron lighting, and whole house/patio audio. This clean energy also heats the pool, patio, climatized garage, and two electric car chargers. Located conveniently near both guarded gates and Sonoran Fitness. Furniture and furnishings, linens, and kitchenware are available by separate bill of sale, for a move-in ready buyer. All located in the world-renowned, gated Desert Mountain Community with Seven golf courses, 10 restaurants, spa and fitness center, tennis, pickle ball, croquet, 20+ miles of private hiking trails, and a myriad of additional year-round activities.
4938 N Ascent Drive Scottsdale, AZ 85251
$3,994,293
2
Beds
2.5
Baths
3,035
SqFt
Status
Active
MLS #
6670454
Property Type
Single Family Residence
Price Type
--
**HOME TO COME FULLY FURNISHED! TURN-KEY READY!!** A NEW PRIVATE RESIDENTIAL COMMUNITY WITH A COVETED LOCATION AT THE BASE OF CAMELBACK MOUNTAIN ADJACENT TO THE ICONIC PHOENICIAN® IN SCOTTSDALE. ONLY A SHORT DISTANCE TO FASHION SQUARE AND OLD TOWN SCOTTSDALE. THIS COLLECTION OF CUSTOM HOMES BUILT EXCLUSIVELY BY CULLUM HOMES THAT REFLECT A TIMELESS, MODERN DESIGN AND LOOK OUT OVER THE BEAUTIFUL PHOENICIAN® GOLF COURSE. FEATURING THE ''DESERT ZEN LIVING'', A TWO-STORY HOME FEATURING 2 BEDROOMS, 2.5 BATHROOMS, AND A 3-CAR GARAGE. THROUGH THE EXTRAVAGANT FRONT ENTRANCE LOCATED ON THE LOWER LEVEL, A BEAUTIFUL STAIRCASE OR AN ELEVATOR TAKE YOU TO BOTH LEVELS OF THE RESIDENCE. THE MAIN LEVEL BOASTS TWO EN-SUITE BEDROOMS, A FORMAL DINING AREA, 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. ALONG WITH AN ADDITIONAL EN SUITE BEDROOM, LARGE LAUNDRY ROOM WITH EXTRA STORAGE AND A DECK AREA. 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.
25001 N 107th Place Scottsdale, AZ 85255
$3,977,000
4
Beds
7
Baths
8,448
SqFt
Status
Active Under Contract
MLS #
6696412
Property Type
Single Family Residence
Price Type
--
This remarkable custom estate is surrounded by boulders that make up what is the famous Troon Mountain. No expense spared remodel puts this homes all in spend at $4.5 Million dollars, making this offering even more attractive than the surrounding views. Inside this European inspired gem you will find immaculate living spaces throughout. Boasting a flawless great room, a refined dining area poised to enhance your dining and entertaining occasions, a charming floor-to-ceiling brick fireplace that anchors both the breakfast room and kitchen, a graceful home office, and a primary suite seamlessly blending tranquility with comfort. Wood flooring, bespoke cantera stone, wooden beams, marble embellishments, and distinctive interior wood shutters imbue the exquisite design with character, while the open floor plan effortlessly harmonizes style and practicality. The guest quarters ensure ample privacy and offer splendid views. Surrounding the home are lush grounds, a stunning pool and spa with cascading waterfalls, and enchanting covered and uncovered patios that collectively create an unparalleled ambiance. This opulent residence truly epitomizes paradise! Totaling 8,448 square feet (including main and guest house).
36138 N Summit Drive Cave Creek, AZ 85331
$3,975,000
4
Beds
4.5
Baths
5,017
SqFt
Status
Active
MLS #
6711246
Property Type
Single Family Residence
Price Type
--
Million Dollar Views as far and wide as the eye can see! Views from every window in the house. Your own AZ get a way on about 1.5 acres. This 4bed + office, 4.5 bath includes an elevator. Retractable wall of windows bring the outdoors in, vaulted ceilings with beams, large wrap around balcony, Open floor plan, Gourmet Kitchen, SS Appliances, Dual ovens, Granite & Wood block Countertop, Alder cabinets and doors, Fireplaces in Family Room & Kitchen, Master boasts more amazing views. Master Bath with large walk-in closet. Take the ELEVATOR to Game/Theatre room, Wine Cellar and 2 guest bedrooms. Resort Style Backyard is perfect for entertaining. Extensive exterior misting system.
3955 E Sierra Vista Drive Paradise Valley, AZ 85253
$3,962,456
4
Beds
4.5
Baths
3,820
SqFt
Status
Active
MLS #
6728696
Property Type
Single Family Residence
Price Type
--
This is the last remaining New Home under construction by Cullum Homes in the community of Paradise Reserve. This contemporary Santa Barbara design home sits next to the community park with no neighbors. The Iron front door leads you into a 2 story foyer with a checkered pattern black and white flooring and staircase in a warm wood by Du Chateau. The Chefs Kitchen adorned with Sub Zero, Wolf and Cove appliances over look the Great Room with high ceilings, large Fireplace, Wet Bar and wall of glass opening to the covered patio of the back yard. The outdoor space carries the same checkered pattern tile bringing the outdoors in. The outdoor fireplace, water feature and outdoor BBQ are great for those entertaining evenings. 2 of the 3 oversized en suite guest rooms all accommodate King Size Beds and have there own outdoor sitting space. 1 of the guest bedroom en suite is designed like a guest Casita with a Kitchenette and attached garage. Use it as part of the home at all times or close it off to give guests their own space and privacy. The 3 car total garage, laundry, powder bath and elevator complete the first level of this home. You may take the elevator or staircase to the Primary suite level. The loft area and outdoor loggia is perfect for retiring to for the evening. Take in the incredible views of the Phoenix Nature Preserve from the covered entertaining space. The Primary suite and bath are just steps away. The calming spa like bath with Shower, soaking tub, vanity and custom walk in closet with built in storage give privacy to the Primary. The loggia off the Primary bedroom has views of Downtown and Uptown Phoenix on the Horizon. This community is situated in close proximity to all Paradise Valley, Biltmore and Scottsdale have to offer! 24/7 Guard Gated Clubhouse and Pet Park The mixture of contemporary design and pops of old world blend timelessly in this new home. Come see this home today!
15 Sky Ridge Court Sedona, AZ 86336
$3,956,895
5
Beds
6
Baths
4,420
SqFt
Status
Active
MLS #
6518168
Property Type
Single Family Residence
Price Type
--
Discover the beauty of Sedona's newest subdivision - Sky Ridge Estates! This hilltop lot offers breathtaking panoramic views of the North, East, and South. You have the option to build a custom home with three, four, or five en-suite master bedrooms. Plus, this exclusive location is only a short walk from the city's brand new park, museums, town square, high-end shopping and dining, spa resorts, and more. Enjoy the convenience of a lit tennis/pickleball court and Oak Creek front park available for membership. The seller is offering financing to qualified buyers, and they will even participate in the cost of grading, driveway, and pad once your home plans are submitted and grading permits are issued. Imagine waking up to picturesque views every day in your spectacular new home. This is one of the top/best premium five lots in the cul-de-sac end of the road. The home is to break ground after completing the existing roads and utilities. A guest house may be added. Home can be completed in 12-18 months(24, if rammed earth). The rendering in this listing is for the next-door home (lot #16). All the homes are custom, but this is the larger model, so plans must be adjusted for this particular lot. Or you can start from scratch with another architect. The developer/seller/builder has negotiated discounts for the design and plans. *Subdivision is approved, and roads and utilities are being constructed. The private clubhouse and gates are being submitted to the city for approval on an adjoining 1.76-acre parcel on Brewer Rd. A buyer-builder program is in place with renowned architectural firms and builders PHX Architecture Erik B. Peterson and Galloway Custom Homes, Paul Galloway. Call for details. The owner/seller is an experienced, active, licensed Arizona real Estate Broker, General Contractor, and Developer.