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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290 Thompson Road Sedona, AZ 86336
$3,125,000
8
Beds
7
Baths
3,645
SqFt
Status
Active
MLS #
6742008
Property Type
Single Family Residence
Price Type
--
The Sedona Beach House.. Nestled where Oak Creek and Munds Creek gracefully converge, The Sedona Beach House offers a unique escape into nature's serene embrace. Imagine waking up to the soothing sounds of cascading mini waterfalls right outside your window. Below these gentle falls, the creeks merge into a clear, refreshing swimming hole, creating your own natural ''beach.'' - Approximately 105 feet of PRIVATE creek-front property right in your own backyard, mere steps from your back patio. The uniqueness of this arrangement, with 3 separate parcels and 3 separate homes, opens up a plethora of opportunities and uses for the new owner. These homes are all behind a power gate for even more privacy and seclusion. This is a stunning chance to own an escape in coveted Oak Creek Canyon! Surrounded by a lush canopy of trees, this haven is perfect for those seeking tranquility and a touch of adventure. Whether you're swimming in the crystal-clear waters, lounging by the creekside, or simply soaking in the serene ambiance, The Sedona Beach House promises a retreat like no other. Experience the beauty and peace of this hidden gem, where nature's soundtrack sets the tone for unforgettable memories. This sale includes 3 total parcels of land, each with it's own dwelling, for a combined total of 3645 sqft, 8 beds and 6 baths. The two main homes are connected via a breezeway, both with stunning matching decks that overlook the water. Each of these 2-story homes are equipped with full kitchens, living rooms, primary suites, additional downstairs living quarters with private entrances, separate laundry rooms, and utilities. No HOA. These homes were all designed with nature in mind, featuring open floorplans, pitched ceilings in the living rooms, and walls of glass to fill your home with light and color. Open the doors or windows and listen to the creeks meander down Oak Creek Canyon. Enjoy an evening sitting by the creekside fireplace, gathering with friends and family, or relax in privacy while having a soak in your hot tub. These homes are just walking distance from the Indian Gardens Cafe and Market, serving fresh sandwiches, salads, coffee, groceries and more! Anglers! Grab your fishing poles and drop a line in the creek in your backyard and fish for trout, stocked regularly in the summer months, just north of the property upstream. The possibilities are endless with a property of this caliber and certainly poised to create lasting memories. A small private family wedding was also held on property at one point.. Imagine the awe on your guest's faces! There is also a cozy guest cottage on property complete with it's own living space, amenities, and parking. It's not uncommon to wait YEARS for a property like this to pop up for sale, don't miss your chance at this one-of-a-kind oasis. The current owners and their family have loved this retreat for many years, and they are excited to share this opportunity with a new buyer. Call for more detailed information or to request a private visit.
5381 E Butte Canyon Circle Cave Creek, AZ 85331
$3,100,000
6
Beds
7
Baths
4,930
SqFt
Status
Active Under Contract
MLS #
6716087
Property Type
Single Family Residence
Price Type
--
Nestled in the serene Canyon Ridge Estates of Cave Creek, this stunning residence spans an expansive 4.8 acres, ensuring privacy and tranquility. The gated courtyard leads to a five-car garage with covered access to the home. The bright interiors begin with a reception foyer flanked by an office and a formal dining room. The main living area features a living room and a chef's kitchen under a coffered ceiling. Large sliding glass doors open to reveal a classic swimming pool with underwater seating beside a sunken bar, a firepit, and a detached one-bedroom guest house. The primary bedroom suite offers a spacious bedroom, a beautifully appointed bathroom, and dual fitted closets. With numerous additional bedroom suites and an executive office, this home epitomizes luxurious desert living. Home sold fully furnished as shown
2214 E Bethany Home Road Phoenix, AZ 85016
$3,100,000
5
Beds
4
Baths
4,401
SqFt
Status
Active
MLS #
6752549
Property Type
Single Family Residence
Price Type
--
Complete extensive remodel, including all new above-ground plumbing, sewer lines, HVAC units, and electrical. This incredible Biltmore area home features a guest house, huge pool, and spa on over half an acre landscaped lot. It boasts a 4.5 car garage, a great room floor plan, formal dining, a butler pantry, a 600-bottle wine room with split unit temperature control, 5 bedrooms, 4 baths, and a spacious office with built-in cabinetry. The home's front entrance is raised above street level for more privacy. It features lush landscaping, a front patio automatic awning, and French doors. The great room has a built-in media wall and fireplace. It overlooks a gourmet kitchen with Viking double ovens, a warming drawer, a built-in microwave, a Wolf six-burner gas stove, a Sub-zero refrigerator... a large island, stainless-steel backsplash, and under-mount lighting. The main home features four bedrooms and three full baths, with fireplaces in the great room and primary suite. Every bathroom is exquisitely appointed, and the primary bathroom has double walk-in closets, double water closets, and a huge shower. The guest house has a private entrance with a great room floor plan, a full kitchen with a stove, microwave, dishwasher & refrigerator, a private fifth bedroom, a full bathroom with walk-in shower, a walk-in closet, and a washer & dryer. The guest house and two secondary bedrooms have full access to the resort-style backyard with synthetic grass, putting green, covered ramada with an electric roof that opens & shuts, a third fireplace, and an outdoor kitchen with a gas grill, double burners & refrigerator. There is a second covered back patio and a third ramada between the guest house and the main house. The play pool is enormous, and there is a separate spa for your enjoyment. Finally, don't miss the split 4.5-car garage with separate entrances to the home, epoxy floors, storage cabinets, a separate mud room, and a pantry/storage room.
10670 E Hedgehog Place Scottsdale, AZ 85262
$3,100,000
5
Beds
6
Baths
4,665
SqFt
Status
Active
MLS #
6675444
Property Type
Single Family Residence
Price Type
--
Welcome to this enchanting Spanish-style home nestled amidst boulder outcroppings with breathtaking views of the McDowells, Pinnacle Peak and Crescent Moon. Located in the gated community of Pinnacle Canyon, this custom home was built by RS Homes with a focus on blending elegant architecture and natural beauty. Inside you will discover a warm and inviting interior adorned with classic accents including wood vegas & fireplace mantels, chocolate Saltillo & travertine tile, wood flooring and divided light windows. The inviting kitchen, with colorful tile countertops and backsplashes and convenient dumb waiter, adjoins a breakfast room with sunrise views. The primary suite, with cozy fireplace and private patio access, includes a bonus room perfect for nursery, exercise room, etc. Outside, the enchanting backyard oasis awaits with elevated covered patio and dining area, pool, spa, outdoor kitchen and pool bath. With extreme attention to detail, this is an opportunity to own a jewel box in the desert.
3368 S Clubhouse Circle Flagstaff, AZ 86005
$3,100,000
4
Beds
3.5
Baths
4,465
SqFt
Status
Active
MLS #
6715531
Property Type
Single Family Residence
Price Type
--
Timeless estate built of quality finish and heart of homeownership. Stunning home with breathtaking views surrounded by serene pine trees and wildlife. This exquisite home blends craftsmanship and meticulous attention to detail throughout. Enjoy fabulous views of a nearby lake, the picturesque 11th hole, majestic mountains, and lush trees from nearly every window. The residence features an abundance of natural light, dual primary suites, two additional bedrooms, a study adjacent to the spacious loft, providing ample space and versatility. The beautiful hickory floors complement the rustic elegance of stone fireplaces and art niches, creating a warm and inviting atmosphere.The gourmet kitchen is a chef's dream, complete with top-of-the-line Wolf and Sub-Zero appliances, a stone countertop, and a large island. This home is a true mountain oasis, offering luxury living with unparalleled views and premium amenities.
8366 E Old Paint Trail Scottsdale, AZ 85266
$3,099,995
4
Beds
4.5
Baths
3,236
SqFt
Status
Active
MLS #
6537091
Property Type
Single Family Residence
Price Type
--
Days on market include build time****MOVE IN READY HOME New Construction Home in the gated community of Reserve at Black Mountain. Gourmet kitchen includes maple cabinets and designer appliances including a Wolf 48'' Rangetop with Griddle, Pro Hood, Micro Drawer, Pro Double Ovens and Cove Dishwasher and overlooks the expansive main living area with soaring 17' ceilings and a 24' Multi-Stacking Door with pocket, opens on to a large covered patio. This home is an entertainers delight. Secluded office or 4th bedroom at the rear of the home with access to the backyard. Full landscape and pool are included in this price.
18720 N 101 St Street Unit 4003 Scottsdale, AZ 85255
$3,097,000
3
Beds
3.5
Baths
3,170
SqFt
Status
Active
MLS #
6756705
Property Type
Apartment
Price Type
--
Membership available separately. Additional fees apply. Here's your chance to own a penthouse with a pool view in the exclusive 24-hour guard-gated community of Silverleaf at DC Ranch. This stunning residence features professional interior design, including elegant white cabinetry and Provenza white oak wood floors throughout. The entertainer's kitchen boasts Taj Mahal Quartzite countertops, an oversized island with storage on both sides, and top-of-the-line Sub-Zero Wolf appliances, including a dual-zone wine fridge. The home also includes built-in cabinetry in the home office. An upgraded Crestron smart home system offers automated shades, a security system, and more.... Enjoy a large private deck, semi-private elevators, and a spacious layout of 3,170 square feet with 3 bedrooms, an office, and 3.5 baths. The community provides resort-style amenities such as walking paths, trails, parks, and community centers.
28011 N 109th Way Scottsdale, AZ 85262
$3,095,000
4
Beds
4.5
Baths
3,730
SqFt
Status
Active
MLS #
6655624
Property Type
Single Family Residence
Price Type
--
Serene is brand new gated enclave of 21 cutting edge single level contemporary homes designed by Swayback Architects & Planners and built by Sonora West Development. Each Serene home brings a new definition to the ''Lock and Leave'' lifestyle with open Great Room floor plans perfect for both entertaining and everyday living. There are four different models to choose from with lavish interior finishes created by renown interior designers Est Est. This Model A has a 3 car garage and available only on lots, 7, 11, & 18 (Model A with 2 car garage only on lots 2, 4, 6 & 16). Base price shown does include lot premium and includes a 25K pool and a 25k landscape allowance, Subzero & Wolf Appliances & BBQ. Backing to the North side of Pinnacle Peak Mountain in N Scottsdale Serene..
8217 E Del Cadena Drive Scottsdale, AZ 85258
$3,050,000
4
Beds
4.5
Baths
2,783
SqFt
Status
Active
MLS #
6743829
Property Type
Single Family Residence
Price Type
--
This beautifully rebuilt McCormick Ranch home, completed in 2024 by a luxury custom builder, is a true gem. The meticulous attention to detail is evident in every corner of this property. Boasting four ensuite bedrooms, including two primary suites in the main house and a two-bedroom guest house, this charming residence has been impeccably reinvented. The renovation spared no expense, featuring stunning wood floors, custom cabinetry throughout, top-of-the-line Wolf and SubZero appliances, exquisite lighting and plumbing fixtures, all-new doors and windows. and bathrooms adorned with impressive tile work. Major enhancements include a new roof, plumbing, electric, HVAC, stucco, paint, landscaping, paver driveway, and garage doors. A large covered patio spanning the length of the home looks out onto sparking pool situated between the main and guest house. Rarely does a home of this caliber come onto the market, it is turnkey, completely redone and ready to move in.
9290 E Thompson Peak Parkway Unit 113 Scottsdale, AZ 85255
$3,050,000
5
Beds
4.5
Baths
4,917
SqFt
Status
Active
MLS #
6743770
Property Type
Single Family Residence
Price Type
--
Located within the premier guard-gated community of The Country Club at DC Ranch, this custom-built estate spans over 4,900 sqft of elegant, thoughtfully designed living space, offering a harmonious blend of modern sophistication and timeless charm. Upon entry, you are greeted by meticulously manicured landscaping and a grand entrance through custom iron double doors. This highly desirable, single level split floorplan seamlessly connects the expansive great room, adorned with soaring ceilings, a cozy fireplace, and views into the backyard. The chef's kitchen is equipped with stainless steel Thermador appliances including dual ovens and a 5-burner induction cooktop, a butcher block island, granite countertops, and large walk-in pantry. The luxurious primary suite features a spa-like bathroom with a soaking tub, dual vanities, a large tiled walk-in shower, and private access to the backyard. Additional amenities include pre-wired surround sound throughout the home, a den which could serve as a home theater, 3 bedrooms and 2 full bathrooms on the East side of the home, as well as a detached casita. The south facing backyard serves as your own private oasis, where a resort-style pool and spa are surrounded by lush landscaping and serene mountain and golf course views. The outdoor kitchen, fire pit, and expansive covered patio create an ideal setting for alfresco dining and entertaining year-round. With its prime location within the DC Ranch neighborhood, this residence offers a lifestyle of upscale amenities and convenience. The community offers 33 miles of manicured paths and trails, 47 community pocket parks, 2 community centers, and is located adjacent to the McDowell Sonoran Preserve and just 5 minutes north of the 101 Freeway in North Scottsdale. The property is also conveniently located within walking distance of Market Street's retail shops and restaurants. Membership to the Country Club at DC Ranch is available by separate application, approval, and membership fee.
30508 N 64th Street Cave Creek, AZ 85331
$3,050,000
5
Beds
4.5
Baths
5,653
SqFt
Status
Active
MLS #
6730262
Property Type
Single Family Residence
Price Type
--
Step into true desert luxury. This custom home takes comfort and convenience and seamlessly integrates with style and sophistication. An open layout that makes entertaining a breeze. Stunning finishes throughout. Resort style pool with reflection fountain and a backyard oasis that turns even the hottest AZ days into the coolest of experiences. Surround sound, home theatre, oversized office, a split primary suite with dual walk-in closets and see-through fireplace two additional bedrooms with ensuites. There is even a pet wash station and dog run. Walk into your new home and have people over as soon as you get the keys. Home furnishings are also available for purchase to make your AZ move a breeze. Your exquisite desert oasis is in the prestigious town of Cave Creek, just outside Scottsdale, Arizona. This unparalleled luxury residence offers a sophisticated blend of modern amenities and timeless elegance, designed to captivate discerning home buyer seeking the ultimate in high-end living. Exceptional Features Include: Master Suite: Indulge in the opulence of the master suite, featuring a jetted tub with a see-through fireplace, his and hers walk-in closets, and two luxurious laundry rooms. Wine Enthusiast's Dream: Savor your finest vintages in the temperature-controlled wine cellar and beverage center, complete with marble countertops, dual drawer refrigerators, and two built-in ice and water dispensers. Gourmet Kitchen: The main kitchen is a chef's delight, showcasing white marble countertops, an island with stunning granite, built-in appliances, a walk-in pantry, and a convenient pass-through window to the outdoor patio. Entertainment Haven: Host unforgettable gatherings in the resort-style backyard, boasting a reflection fountain, a sparkling pool, a sunken hot tub, and an outdoor kitchen with a fire table. Enjoy the seamless indoor/outdoor living experience facilitated by the impressive 20-foot pocket door. Custom Interiors: The great room features high ceilings with faux wood beams, custom pendant lighting, a striking gas fireplace with stone veneer and fiberoptic twinkling lights, and engineered wood floors. Executive Office: A spacious executive office accommodates two workspaces, perfect for those working from home. Pet Paradise: Pamper your pets in the dedicated dog room with a shower, leading to an outdoor dog run enclosed by block walls with deep footers and a steel mesh view fence. Smart Home Features: Enjoy the convenience of motorized shades both indoors and outdoors, wood casement double-pane windows, and comprehensive home automation systems. Energy Efficiency: Benefit from spray foam insulation, three tankless water heaters, whole house filtration, soft water system, hot water recirculation, and three HVAC units with air scrubbers and humidifiers. Safety and Security: Peace of mind is ensured with surveillance cameras, an alarm system, fire sprinklers, and a 500-gallon LP tank. Garage and Storage: The oversized three-car garage includes an electric vehicle charger and a storage room, providing ample space for all your needs. This magnificent property offers breathtaking sunset views from almost every room, mature date palm trees, a large artificial grass area, a stereo system, and a misting system for year-round outdoor enjoyment. This spectacular estate embodies the essence of luxury living and is a must-see for those seeking the finest in desert living. Experience the epitome of luxury in Cave Creek.
26727 N Boulder Lane Scottsdale, AZ 85262
$3,050,000
3
Beds
4
Baths
4,309
SqFt
Status
Active
MLS #
6732548
Property Type
Single Family Residence
Price Type
--
Nestled in North Scottsdale within an intimate gated setting in Boulder Ranch, this home offers expansive single-level living on 3/4 acre lot against a backdrop of mountain & Sonoran Desert views! Priced below current appraisal this home offers a private haven with multiple spaces to entertain, relax indoors & out. The open-concept kitchen features custom quartzite counters with island, Wolf and Sub-Zero appliances, custom cabinets and a secondary prep kitchen for entertaining! Family room has wood beamed ceiling and fireplace that create a warm & inviting atmosphere. Stunning views from many windows! Exceptional master suite w/beautiful large soaking tub, oversized marble shower, dual vanities w/ marble counters, custom designed closet w/amazing built-ins! Restoration Hardware lighting! Relax in the game room while having a glass of wine that's kept cold from the Sub-Zero wine fridge. Guest will enjoy the attention to detail in their private casita or it can be used as an office/studio. As you approach the home, you're greeted by a professionally designed and landscaped front yard featuring a paver drive leading to the three-car garage. This homesite offers the most privacy in the community! The front exterior showcases natural stone accent walls, travertine hardscape, water and fire pit features and low-maintenance desert landscaping, creating an inviting curb appeal for this Mediterranean Mayne floor plan. Step inside, & you'll find a home that effortlessly blends luxury and functionality. Welcome to Boulder Ranch Scottsdale's finest! Experience the beauty of the natural landscape from your own backyard and beyond with exquisite views and extensive hiking and biking trails nearby.