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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4121 W Tierra Buena Lane Phoenix, AZ 85053
$775,000
5
Beds
2
Baths
3,096
SqFt
Status
Active
MLS #
6756441
Property Type
Single Family Residence
Price Type
--
Your dream farm is here on nearly an acre lot in North Phoenix! Bring your toys, animals, Horses & family to this NO HOA neighborhood. Enjoy the open-concept floor plan featuring white custom kitchen cabinets, a large island with butcher block countertops, & stainless appliances including a fridge. The home offers 5 spacious bedrooms, an air-conditioned Arizona room, and double primary suites. Fresh paint inside and out, plus new vinyl flooring throughout the home. The property features citrus and fruit trees, horse stalls, and plenty of space for more animals. RV Parking.This is a rare opportunity—don't miss it! This is a rare opportunity to own a spacious farm property in North Phoenix without the restrictions of an HOA. Horse corral, stall, tack room, bridle path access.
9858 E Diamond Drive Sun Lakes, AZ 85248
$775,000
3
Beds
2.5
Baths
2,846
SqFt
Status
Active
MLS #
6754958
Property Type
Single Family Residence
Price Type
--
BEAUTIFUL SINGLE STORY Marbella Model in GATED Adult Community of Oakwood on the GOLF COURSE featuring 2023 ROOF, 2019 HVACs, vaulted ceilings, GRANITE COUNTERS & Water softener. This home has 3 Bedrooms, 2.5 Baths, a DEN, open living/dining rooms & FAMILY ROOM that is open to the SPECTACULAR KITCHEN w/ HUGE ISLAND, stainless appliances & large eating area. Plantation Shutters. The Master is large enough for a SITTING AREA & has a 2 WALK-IN CLOSETS, double vanity & separate tub/shower. You'll love the STORAGE SPACE in the Laundry room & in the EXTENDED 3-car garage. Entertain or relax on the NORTH/FACING covered patio overlooking the low maint. backyard & GOLF COURSE. All of this plus SUN LAKES w/Community amenities like: golf, tennis, pickleball, pools/spas, fitness center & restaurant
4038 N 49th Street Phoenix, AZ 85018
$775,000
3
Beds
2
Baths
1,480
SqFt
Status
Active
MLS #
6762547
Property Type
Single Family Residence
Price Type
--
Welcome to your Arcadia Ranch Home with Mid Century Mod Design! Find 3 beds, 2 baths, stained concrete floors throughout and open concept main living and kitchen areas, each with dramatic accordion style glass sliders. The light filled kitchen boasts Quartz counters, a breakfast bar peninsula and a pleasingly neutral color palette. The home has freshly painted interiors and the HVAC was newly installed in 2022. Outdoors, recent upgrades include new pavers, concrete, turf, drip system and landscape lighting. The front patio is like an outdoor living room with gas firepit and stunning views of Camelback. You're steps to the Greenbelt, Canal and Arcadia's most beloved hangouts: OHSO, Arcadia Tavern, JT's, The Vig, The Porch, Sips Coffee and Beer. Scottsdale schools and all the best of 85018!
1453 E Vesper Trail Queen Creek, AZ 85140
$775,000
2
Beds
2.5
Baths
2,173
SqFt
Status
Active
MLS #
6717023
Property Type
Single Family Residence
Price Type
--
Enjoy the Encanterra Lifestyle & Living in this Popular Genova Model Masterpiece, METICULOUSLY maintained, situated on a N/S Exposure ''HARD TO FIND'' PREMIUM Corner Lot w/a LARGE lush landscaped common side area & a backyard that backs to a LARGE landscaped area offers a TREMENDOUS amount of PRIVACY! EMBELLISHED with upgrades & designer custom details (prior owner was a designer from Canada) this GORGEOUS home will be sure to check off all the boxes. Floorplan features 2 bedrooms, 2.5 baths + Den, Formal Dining Rm. w/2 sets of rolling walls of glass and coffered ceilings leading out to your very own resort style & VERY PRIVATE backyard. Added features & upgrades incl; covered patio, travertine pavers, putting green, gas fireplace, built in BBQ and a SPECTACULAR pool & spa, several outdoor areas for entertaining, truly AZ indoor/outdoor living at its finest. Chefs Kitchen w/LARGE center island, granite counters, 42'' staggered cabinets, dual ovens, wine chiller & stainless appliances. Additional features incl; real wood & travertine tiled floors, Built-in vac system, custom built-in cabinetry in Den, tiled showers, golf garage and so much more! Recent Upgrades/Updates completed; Wall to wall custom desk in Den, Guest Bathroom, Auto Outside Lighting, Front Door, Pool Pump, Storage Racks in Garage, Ext. Painting, Solar Replaced, Overflow Alarm on AC Drain Pan, Water Fliter & AC regularly inspected, New HIGH-Quality Carpet in both Bedrooms. Truly a MUST SEE! 1% FREE RATE BUYDOWN FOR 1st 12 Mos. w/PREFERRED LENDER, CRAIG CUSICK, Fairway Mtg. Ask for more details.
3000 E Misty Mountain Loop Prescott, AZ 86303
$775,000
3
Beds
2
Baths
2,044
SqFt
Status
Active
MLS #
6718714
Property Type
Single Family Residence
Price Type
--
Hidden treasure in the tall Ponderosa Pines just south of Prescott on 2 acres with 3 bed 2 baths and a 3 car garage. So many upgrades to make it a year round home or a great get away that is fully functional for the entire family. Metal roof over this beautiful 2044 sqft home and a 5 year warranty along with over $200,000 in upgrades so that it can be a year round home. Full list is attached however to name just a few updates include Anderson windows, Prestige security doors, plank board flooring, porcelain tile in the kitchen, stainless steel appliances, front yard fencing, with 3 gates, AC, and a whole house backup generator. Landscaping was updated to allow proper drainage so nothing puddles and you have easy access to your property. Seller was considering building a workshop and started a PAD and driveway ( see pictures). Garage itself will fit 2 cars, UTV and still have room to move. Additional storage sheds on property for items less needed. Well was recently serviced and produces 15 gpm, more information in documents along with a survey, septic pump and functional certification for transfer of ownership. Hot Tub will not convey. Pictures do not give this property justice and should be seen in person.
2613 W Via Vista Drive Phoenix, AZ 85086
$775,000
4
Beds
3.5
Baths
3,060
SqFt
Status
Active Under Contract
MLS #
6695901
Property Type
Single Family Residence
Price Type
--
Beautiful single story with a sparkling blue pool with waterfall and a Mountain View. This home offers modern multi-generational living with a guest suite with its own separate living area. Chef's kitchen features large extended island, gas stove, seemingly endless storage, an eat-in breakfast nook and beautiful granite. Large primary bedroom has patio access, en-suite bathroom, enormous walk-in closet, and three separate bathroom areas for getting ready. Additional bedrooms are above average size and have separate entry access door from private courtyard. Light bright floor plan with diagonally set tile. Stellar location across the street from everything fun in Tramonto, basketball, tennis, pool, hot tub, picnic area, sand volleyball and playground. Close to TSMC! Walk to restaurants! A/Cs only 3 years old! Also, ask about the excellent solar lease. $178.06 per month and APS in May of 2023 $25.00.
13293 E Remington Road Prescott Valley, AZ 86315
$775,000
4
Beds
2
Baths
2,571
SqFt
Status
Active
MLS #
6708593
Property Type
Single Family Residence
Price Type
--
Welcome to your new home at 13293 E Remington Rd, nestled in Mingus West, a vibrant and growing community of Prescott Valley, AZ. This exquisite single-level house offers a spacious layout covering 2,571 SF, encompassing four well-appointed bedrooms, two bathrooms, a 4-car garage plus an RV garage. As you enter, you are greeted by a vast great room that seamlessly transitions into a delightful game room—ideal spaces for entertaining and relaxing with family and friends. The kitchen, designed with functionality in mind, overlooks these areas ensuring that you're never too far from the action. This property doesn't just cater to your indoor needs but extends its comfort to the outdoors. Experience the joy of outside living with features like raised garden beds ready for your green thumb, various fruit trees that promise seasonal delights, and a serene pond that invites tranquility into your backyard. The extensive covered patios provide a comfortable space to enjoy the outdoors any time of the day. Car enthusiasts or those needing significant storage will be thrilled with the 4-car garage and additional RV garage, providing ample space for vehicles, tools, and toys. Situated in a friendly neighborhood, this home strikes a perfect balance between personal and social, indoor, and outdoor, practicality and luxury.
30248 N 115th Drive Peoria, AZ 85383
$775,000
3
Beds
2.5
Baths
2,510
SqFt
Status
Active
MLS #
6754152
Property Type
Single Family Residence
Price Type
--
Welcome to this stunning home in the esteemed Vistancia community of Peoria, offering 2,510 square feet of living space. This beautifully designed residence features 3 spacious bedrooms, office, den and 2.5 bathrooms. The perfect retreat for families or those looking for ample space. As you enter, view your backyard paradise through a floor-to-ceiling slider. The chef's kitchen is equipped with a 5-burner gas stove, double ovens, 2-drawer dishwasher, quartz countertops and a dedicated morning bar. The private office/craft room and cozy den provide ideal spaces for remote work or relaxation. Designer touches throughout. The backyard is a vacation retreat. Built in garage storage w/overhead racks. Additional community amenities include: Mountain Vista Clubhouse, gameroom, indoor basketball, 3 tennis courts, 4 pickeball courts & 3 swimming pools. Located near grocery stores and dining options, with convenient access to loop 303 freeway. This home is a true gem, blending elegance with comfort and convenience. Don't miss the opportunity to make this stunning property your new home!
15783 E Primrose Drive Fountain Hills, AZ 85268
$775,000
3
Beds
3
Baths
2,259
SqFt
Status
Active Under Contract
MLS #
6673657
Property Type
Single Family Residence
Price Type
--
Spacious desert stunner in peaceful and prestigious Fountain Hills! Nestled amidst breathtaking mountain vistas, this exquisite property is the perfect one for you. As you approach, the charm of an exterior fireplace immediately greets you, setting the tone for the warmth and beauty that lies within. The presence of a refreshing pebble-tech pool, and a rejuvenating spa, promises endless relaxation and enjoyment against the stunning backdrop of nature. Step inside to discover a spacious living area, radiating a cozy ambiance with its inviting fireplace. High ceilings make this home feel like a Vegas resort! The den, designed with tranquility and productivity in mind, makes an ideal space for a home office. Culinary enthusiasts will be delighted by the formal dining area, where memorable meals can be enjoyed with loved ones. The kitchen is a chef's dream, featuring ample cabinetry, granite counters, high-end stainless steel appliances, including wall ovens, and a center island with a convenient breakfast bar. Retreat to the generously sized main bedroom, with pool view, offering two separate walls of floor to ceiling closets for ample storage. The ensuite is a haven of relaxation, boasting dual sinks and a jetted tub for ultimate indulgence. An Arizona room provides a serene escape for peaceful afternoons, basking in the beauty of your surroundings. The backyard is a tranquil space, ideal for unwinding and absorbing the scenic mountain views. This property truly embodies the essence of a picturesque retreat, offering both luxury and comfort in an idyllic setting! Come and experience its charm for yourself! Additional features include a recently painted interior (2021), a fully renovated drip system (2021), and a new air conditioner (2019). This property sits on a private half acre of beautiful, mature landscaping.
7150 E Napoli Road Prescott Valley, AZ 86315
$775,000
4
Beds
4
Baths
3,304
SqFt
Status
Active Under Contract
MLS #
6680372
Property Type
Single Family Residence
Price Type
--
Nestled on a picturesque 2-acre property, this farmhouse exudes charm and spaciousness, perched atop a small bluff, offering breathtaking views from its inviting front and back porches. A new roof, installed in January 2024, complements the freshly painted interior. A 12'x34' outbuilding and ample space for horses, with convenient access to Mingus Mountain horse trails, complete this idyllic country living experience. Step inside and be enchanted by the open-concept layout seamlessly connecting the kitchen, dining and great room, where a cozy gas fireplace serves as the focal point, catering to the needs of discerning homeowners. The well-appointed kitchen boasts a sizable butcher block island, double refrigerator, 6-burner gas stove, and spacious farm sink, perfect for culinary endeavors On the main floor, discover two versatile bedrooms/offices, a convenient ¾ bathroom, and a mudroom, adding functionality to the living space. The 2+ car garage accommodates one of the two laundry spaces, with the washer and dryer conveying with the property. Upstairs, a haven of comfort awaits with three bedrooms, each featuring en-suite facilities, along with a flexible family room and a separate laundry room for added convenience. The lavish master suite boasts dual walk-in closets and a sumptuous bathroom complete with a double sink vanity, clawfoot soaking tub, and a luxurious walk-in shower. Constructed with steel and fortified with 6 foam insulation, this high-efficiency residence ensures optimal energy conservation. The presence of 50 amp RV hookups enhances the property's appeal, catering to those with recreational vehicles. There's a leased 500-gallon propane tank and situated on the north side of the home are two 1000-gallon septic tanks.
10080 E Mountainview Lake Drive Unit 259 Scottsdale, AZ 85258
$775,000
2
Beds
2
Baths
1,152
SqFt
Status
Active
MLS #
6601959
Property Type
Apartment
Price Type
--
Looking for a stunning waterfront condo in Scottsdale? Look no further! This recently renovated 2 bedroom, 2 bathroom condo is a gem in this development. With many secondary homeowners in the community, this smart home offers connivence whether you're near or far. Indulge in breathtaking water views, with occasional boat parades from your private balcony. The open floor plan is designed for seamless entertaining. The kitchen is a chef's dream, featuring high-end stainless steel appliances, stunning quartz countertops, and abundant cabinet space. Don't let this opportunity to turn this into your dream home slip away! Bay Club offers an array of luxurious amenities including sparkling pools, gym facility, and the added bonus of a very short distance to Scottsdale Ranch Park.
11813 W Marguerite Avenue Avondale, AZ 85323
$775,000
5
Beds
3.5
Baths
3,158
SqFt
Status
Active
MLS #
6746842
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home in Alamar surrounded by gorgeous mountain views! This stunning David Weekley residence boasts over $120k of interior upgrades, with an additional $155k invested in the front and backyard, creating a truly luxurious oasis. Step inside to discover an inviting open floor plan, adorned with tile flooring throughout- not an inch of carpet to be found. Vaulted ceilings create an airy atmosphere, complemented by plantation shutters throughout and ample windows for natural light. The heart of this home is the gourmet kitchen, featuring an oversized quartz island, wine fridge, hood, built in wall oven and microwave and gas cooktop. With 4 bedrooms a 5th room that can easily have a closet added for a 5th bedroom and an additional retreat/teen area, this split floor plan home offers versatility and potential for multi-generational living. Outside, indulge in your own backyard paradise, complete with an expansive pool featuring a large relaxing baja step, water feature, gas fire bowls, an in-floor cleaning system, and customizable lighting. Unwind in the spa under the stars, surrounded by lush flowered greenery, and artificial turf, evoking a private resort ambiance. Entertain in style on the extended travertine patio, equipped with a built-in gas BBQ and gas fire pit with seating area. The 2 car garage features additional insulation and ample overhead storage. Extended pavers offer 4 car driveway parking as well as an 8 foot side gate for your toys. This home is centrally located to the west valley and only minutes from the Loop 202 and I-10. Here you'll have a small town feel in your backyard, while being only 5 minutes from Phoenix Raceway, a short drive from Goodyear Ballpark and the Estrella Mountains for all your entertainment needs. The highly rated Laken Prep Academy is nestled right in the neighborhood for easy access to school as well. Additional upgrades to note: whole home water filtration and reverse osmosis, whole home built in security system, sunscreens at the back of the home, stone wall at the backyard to be used as a planter/garden.