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
11124 E Del Timbre Drive Scottsdale, AZ 85259
Open House
$2,999,000
5
Beds
4
Baths
4,297
SqFt
Status
Active
MLS #
6753067
Property Type
Single Family Residence
Price Type
--
2024 Completely Renovated Single Level Home nestled at the end of a Private Cul De Sac in Prestigious HillCrest at Scottsdale Ranch**RARE FIND Oversized Lot perfectly Positioned to Capture Mountain Views**Stunning Yard with Pebble Pool & Spa & Huge Grassy Area**Front & Sides to NAOS**13 Foot WALL OF RETRACTABLE DOORS expands Great Room to a Perfect Indoor/Outdoor Living Experience! New Kitchen w/ Stacked Cabinetry**WOLF Appliances GAS Cooktop, Speed Oven & Convection Oven**''Gorgeous Slab Counters** Built in Bar w/ wine frig**Wide Plank HARDWOOD Flooring*New Master Bath Large Format Tile**HUGE Custom Built in Master Closet**High Ceilings**Split Floorplan*3 CAR SIDE ENTRY GARAGE EPOXY FLOOR W/ OVERSIZED SLAB perfect to park your Scottsdale Luxury cars!*NEW ROOF**NEW A/C's Lots like these are Rarely for Sale! Hurry Don't Miss this Once in a Life Time Opportunity to Own this Exquisite Home & Exceptional Lot! Stunning Renovation just completed....Just Move In!
4849 N Camelback Ridge Road Scottsdale, AZ 85251
$2,995,000
2
Beds
2.5
Baths
2,157
SqFt
Status
Active
MLS #
6636465
Property Type
Apartment
Price Type
--
Tucked at the base of revered Camelback Mountain, Ascent is a new, private residential enclave adjacent to The Phoenician Resort - one of Arizona's premier luxury resort destination. This community incorporates the Sonoran Desert landscape directly into its design, at the most enviable location in Scottsdale. Ascent offer views overlooking the Valley & Camelback Mountain. Home designs feature contemporary architecture integrating warm, natural materials, expansive windows, and large outdoor patios. Thoughtfully designed by Nelsen Architects and Vallone Interior Design. Luxury finishes include exquisite Bulthaup Kitchens, Provenza wood floors, Sub Zero Wolf appliances & 10' ceilings.
10958 E Taos Drive Scottsdale, AZ 85262
$2,995,000
5
Beds
3.5
Baths
5,554
SqFt
Status
Active
MLS #
6740654
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home nestled in the heart of Scottsdale, where comfort and style meet in perfect harmony. This stunning residence offers a blend of classic elegance and serene living, ideal for those seeking both relaxation and convenience. Spacious Interior: Step into a beautifully designed open floor plan that maximizes space and natural light with soaring high ceilings . The generous living area features high ceilings and large windows, creating a bright and airy atmosphere perfect for entertaining or unwinding after a long day. Gourmet Kitchen: The chef's kitchen is a true centerpiece, boasting sleek granite countertops, stainless steel appliances, and ample cabinetry. A center island provides additional prep space and a casual dining option, making it a great spot for both cooking and casual meals. Luxurious Master Suite: Retreat to the expansive master suite, complete with a private en-suite bathroom featuring dual vanities, a soaking tub, and a separate shower. Enjoy the convenience of a large walk-in closet, attached gym or flex space and direct access to the outdoor living space. Outdoor Oasis: The beautifully landscaped backyard offers a serene escape with a covered patio, ideal for alfresco dining or relaxing with a good book. The lush greenery and well-maintained garden provide a picturesque setting for outdoor activities and gatherings. A view deck with panoramic views of the mountains and city lights, gas fire place, putting green, baja deck in the pool, and so much more. Additional Features: This home also includes a versatile den/office space, perfect for working from home or as a guest room. The attached four-car garage offers ample storage and convenience, as well as a detach 5th car garage for extra storage or toys. Prime Location: Situated in a desirable North Scottsdale yet with no HOA, you'll enjoy easy access to top-rated schools, upscale shopping, dining, and recreational amenities. With its proximity to major highways, commuting and exploring the vibrant Scottsdale area is a breeze.
17321 N 99th Place Scottsdale, AZ 85255
$2,995,000
6
Beds
6
Baths
4,512
SqFt
Status
Active Under Contract
MLS #
6750762
Property Type
Single Family Residence
Price Type
--
Welcome to this stunning home in the highly coveted, family-friendly Windgate Ranch community! Situated on a premium private lot, offering stunning mountain views from the master bedroom balcony. With 5 spacious bedrooms upstairs, including laundry room, and 6 bathrooms, this home is perfect for a growing family. The property also features a charming casita with a private entrance and full bath, providing direct access to the resort style backyard. The backyard is a true oasis, complete with a heated pool/spa, putting green, and a 2 cozy fireplace sitting areas, ideal for entertaining! Inside enjoy a chefs kitchen, elegant dining room, office, and a versatile bonus room. This Windgate Ranch gem combines comfort, style, and the best of Arizona living.
500 N Skyview Street Flagstaff, AZ 86004
$2,995,000
4
Beds
3
Baths
3,747
SqFt
Status
Active
MLS #
6711474
Property Type
Single Family Residence
Price Type
--
ORSE PROPERTY IN FLAGSTAFF CITY LIMITS!! Indulge in the serene beauty of Lakeside Acres with this exquisite home nestled on 3 lots spanning over 4.35 acres. Meticulously remodeled to perfection, this residence boasts unparalleled craftsmanship and attention to detail. Embrace the tranquility of the picturesque surroundings while enjoying the convenience of modern amenities. The home has not been lived in since its remodel. Just a snippet of the remodel: Beautiful, Upgraded Kitchen, Entertainment Bar, Entire home sprayed with Foam Insulation, All Interior Walls Painted and Retextured with Smooth Finish. With two primary suites and two additional bedrooms this home is ready to accommodate full-time, vacation or multi-generational living. Perfect for horse enthusiasts as the property... fe
10040 E Happy Valley Road Unit 243 Scottsdale, AZ 85255
$2,995,000
3
Beds
2.5
Baths
4,320
SqFt
Status
Active
MLS #
6737328
Property Type
Single Family Residence
Price Type
--
Step into elegance with this beautifully remodeled home featuring three significant upgrades. A long, private driveway welcomes you to an open-concept space with soaring 30 ft. ceilings, large windows, and sliding glass doors that frame breathtaking mountain views. The property includes two custom-designed water features and a spacious deck, perfect for entertaining. The Desert Highlands community offers unparalleled amenities, such as a Jack Nicklaus signature golf course, a comprehensive tennis center, pickleball courts, a fitness center, and a luxury country club.
12424 E Poinsettia Drive Scottsdale, AZ 85259
$2,995,000
5
Beds
4.5
Baths
4,137
SqFt
Status
Active
MLS #
6744270
Property Type
Single Family Residence
Price Type
--
Nestled near the McDowell Mountains in North Scottsdale lies the opulent Southwestern home of your dreams. Beyond the private gates, a community of seven custom homes awaits, untouched by the market for the past eight years. Adorned with charming blue shutters, driveway pavers, natural stone accents, and a meticulously landscaped desert-themed front yard, this residence is a sight to behold. Step through the solid wood front doors to be greeted by the grand bay windows in the formal living room, revealing a serene sanctuary with remarkable architecture and exposed beams throughout. The outdoor oasis boasts a sparkling pool, spa, and a covered patio equipped with a mister system. The interior features five generously sized bedrooms with 4.5 elegant travertine bathrooms. The primary bedroom includes a lavish custom closet, while flagstone and engineered hardwood floors, welcoming fireplaces, and top-of-the-line appliances grace the entire home. Relax with a glass of wine on the rooftop terrace offering breathtaking panoramic sunset views. This exclusive opportunity provides unmatched seclusion while being conveniently located within walking distance to the local schools and a short drive to esteemed medical centers, upscale dining, shopping destinations, golf courses, and stunning mountain vistas.
39742 N 103rd Way Scottsdale, AZ 85262
$2,995,000
3
Beds
3.5
Baths
4,108
SqFt
Status
Active
MLS #
6755023
Property Type
Single Family Residence
Price Type
--
The ultimate in serenity, privacy and exquisite vistas of open desert, sunsets, and city lights in Desert Mountains village of Turquoise Ridge! This lovely home embraces Arizona architecture seamlessly blended with a modern interior. Sited on a cul-de- sac with north/south solar orientation, it overlooks expansive natural open space area offering a slice of paradise with breathtaking views. On approach the lengthy driveway reaches the motor court, 3-car finished garage and gated front courtyard with authentic banco seating, mature vegetation and double arched double door entry. Step into the expansive great room adorned with high white walls, the circular sun ray viga ceiling design and an abundance of picture windows framing the natural Sonoran Desert. A floor-to-ceiling stone fireplace anchors the space, creating a cozy ambiance complemented by the circular dining room with its chandelier, cove lights and unique niches a perfect setting for intimate dining experiences. Flowing into the streamlined kitchen any chef would be delighted with the spacious island with sink and bar seating, Alder wood cabinets with Quartz counters, high-end appliances, viga ceiling detail, casual dining space and outdoor access. The new spacious walk-in pantry is to die for, the comprehensive laundry and powder with wood plank wall detail provide living necessities first-rate. The refined adjacent den with modern kiva fireplace, banco seating, viga and latilla ceiling detail and large picture window invite casual comfort and leisure. The west side of the home unveils the luxurious Primary suite, boasting viga ceiling details, a modern style kiva fireplace, wide plank wood flooring and newly remodeled bath with a free-standing tub, walk-in steam shower and large designer closet. An adjacent open space with picture windows offers versatility for an office, fitness area or studio.The second Primary bedroom, a unique haven, showcases viga wall decor, wood plank floors, built-in wood desk space and a luxury bath with a double vanity, walk-in shower and soaking tub.The new spacious designer closet provides ample luxury and storage.The third ensuite bedroom on the east side, ensures comfort and privacy, with decorative details and an ensuite bath with granite counter and a whimsical walk-in snail shower. Indulge in the spectacular vistas around the outdoor oasis with a pool, spa, water feature and a spacious covered patio. The negative edge pool and raised spa, accompanied by a boulder water feature, offer hours of enjoyment. Multiple areas for conversation, sunning and dining create the perfect backdrop for intimate gatherings or large get togethers. Wind down the day sitting by the fire pit, appreciating the sunset and night lights magically become the twinkling stars of the dark sky. Located in the prestigious Desert Mountain community, enjoy proximity to the Sonoran Club for pickleball, tennis, fitness classes and more. Explore the seven golf courses and scenic trails bordering the Tonto National Forest. This residence is not just a home; its a lifestyle a harmonious blend of elegance, comfort and the allure of the desert landscape. Welcome to your desert sanctuary.
23414 N 84th Place Scottsdale, AZ 85255
$2,995,000
6
Beds
6.5
Baths
7,413
SqFt
Status
Active Under Contract
MLS #
6645358
Property Type
Single Family Residence
Price Type
--
Prime Pinnacle Peak Location - this sprawling custom estate is located behind the gates of Pinnacle Paradise and provides the best in privacy and location. The sprawling grounds cover close to 2 acres including the main house, separate guesthouse, four car garage, large resort style pool and grass area and expansive auto court with circle drive. The main house captures picturesque views of the McDowell Mountains and pristine desert surroundings, with an open floorplan perfect for entertaining and guests. A large Primary retreat, private guestrooms, large office, lower-level game room/bonus room and fully-appointed one bedroom guesthouse complete this one-of-a-kind property. NEW ROOF IN AUGUST 2024. Enjoy stunning sunset and mountain views from the large rooftop view deck or relax by the pool in the secluded backyard sanctuary. This estate offers the best of Arizona living and is just minutes from DC Ranch, The Quarter, Kierland and several top resorts that North Scottsdale has to offer.
8634 E Overlook Drive Scottsdale, AZ 85255
$2,995,000
5
Beds
4.5
Baths
4,696
SqFt
Status
Active Under Contract
MLS #
6709247
Property Type
Single Family Residence
Price Type
--
Incredible Opportunity on this Beautiful Custom Home in Serenity at Grayhawk. Enjoy plenty of space to entertain from the Chef's kitchen which features GE Monogram Professional grade oven, Sub Zero Fridge, 2 pantries+Butler's pantry. Large Family and Living Rooms and an eat in kitchen provide an abundance of space for entertaining friends and family. Enter through double Arcadia Doors to a Tranquil, Resort Style backyard Complete with: Massive Fireplace w/Stone Hearth, Outdoor BBQ Kitchen Bar, Putting Green, Spacious Covered patio with Views of Pinnacle Peak, Troon and the McDowell Mtns as well as an ideal pebbletech pool and spa. Location within Serenity is the perfect combination of a Quiet Lifestyle at home, while being minutes from countless Restaurants, Shopping and other Amenities.
34749 N 83rd Way Scottsdale, AZ 85266
$2,995,000
4
Beds
4.5
Baths
3,627
SqFt
Status
Active
MLS #
6659874
Property Type
Single Family Residence
Price Type
--
Welcome to the epitome of contemporary luxury living in the exclusive gated community, The Reserve at Black Mountain. This brand-new contemporary single level showpiece, crafted by the renowned Toll Brothers, fulfills every item on today's discerning buyers wish list offering an open great room floor plan, a resort-style outdoor oasis, generous 3 car garage space and breathtaking panoramic views of the majestic mountains, colorful sunsets and lush Sonoran Desert. As you step through the inviting front portico entry into the front courtyard, the metal and glass front door opens to the foyer and sets the stage for the grandeur that awaits. The great room with a stunning 60'' linear fireplace with floor to ceiling tiled surround, draws the eye upward to the soaring 16' beamed ceilings extending through the open dining space, while south-facing windows frame the picturesque mountains of Pinnacle Peak and beyond. Designed for both culinary enthusiasts and entertainers alike, the adjacent kitchen boasts an oversized island adorned with sleek Quartz countertops, Wolf/Subzero appliances, 2 dishwashers, modern pendant lighting and bar seating for 4. Abundant Shaker cabinetry, subway tile backsplash and a generously sized walk-in pantry add both style and functionality to this culinary dream. The seamless indoor-outdoor flow is achieved through a four-paneled glass wall system, effortlessly connecting the dining area to the outdoor patio- an ideal setting for alfresco dining and conversation. Retreat to the expansive Primary Suite, where numerous windows invite natural light and showcase panoramic vistas. Indulge in the luxurious bath featuring double vanities, a freestanding soaking tub and a double walk-in shower graced with floor-to -ceiling tile - a sanctuary for relaxation and rejuvenation. The spacious designer closet offers ample storage and organization, adding a finishing touch of opulence. Adjacent to the main living area, a doorless office overlooking the front courtyard provides a tranquil workspace for remote endeavors. For family and guests, a beamed ceiling den beckons with its wall-to-wall entertainment center and glass wall system opening to the front courtyard, ensuring comfort and enjoyment for all. The home's thoughtful design extends to the two connecting ensuite bedrooms, each appointed with ensuite baths and plush low pile carpeting - a retreat of privacy and serenity. The comprehensive laundry with outdoor access caters to pool time, anytime. The poolside casita offers an additional retreat, complete with a breakfast bar, wood plank look tiled floors and a luxury bath - an ideal space for extended stays or hosting guests in comfort and style. The resort-style backyard entices with a linear pool with Baja shelf, raised spa, patio sunning space, and an expansive covered patio with heaters offering living and dining space - perfect for outdoor gatherings and leisurely afternoons. The Astro turf and desert landscape provide an effortless outdoor experience. For enchanting sunsets, starry nights and warmth, gather around the substantial firepit with lava rocks. Thoughtful upgraded finishes throughout have elevated the distinction of this home. Nestled in North Scottsdale, this home offers a wonderful life refuge remaining in proximity to dining, shopping and fabulous outdoor adventures. Welcome to a lifestyle of unparalleled luxury and refinement. Home has been pre wired for shades as well.
41633 N 102nd Way Scottsdale, AZ 85262
$2,995,000
4
Beds
4
Baths
4,017
SqFt
Status
Active
MLS #
6550769
Property Type
Single Family Residence
Price Type
--
Golf Membership Available- Striking Southwest Contemporary located in the elevated village of Saguaro Forest in Desert Mountain. The generous homesite located off the 6th hole of the Chiricahua golf course provides privacy with outstanding views of the boulders of Apache Peak all the way around to the blazing sunsets of Black Mountain. Stacked stone walls and columns, clean lines and angles and an abundance of glass are admired inside and out. Enjoy family and friends in the open and inviting great room with soaring multi-level curved ceiling details, the walls of windows to the patio and the cozy warmth of the fireplace. The stately wet bar with bar seating adds to the appeal of the great room experience. Seamlessly move into the well-designed kitchen with two islands, one with stainless steel farm sink and appliances, pendant lights and bar seating, the other a buffet-like linear island with lots of counter space, bar seating and cabinets for storage ideal for larger gatherings. The open dining space furnishes seating for up to12 along with patio access allowing for the Arizona casual indoor-outdoor lifestyle. Step outside to a desert oasis for a dip in the pool, listen to trickling water of the boulder fountain and relax any time of day on the expansive patio. The view fencing allows exquisite desert and mountains vistas at the same time protecting the privacy of the home. The built-in barbecue is perfect for Alfresco dining and the spa and firepit a joy for star gazing at night. Back inside, through a double door entry, the owners retreat is a treasure. The spacious bedroom with fireplace and outdoor access to a private patio invites rest and relaxation. The luxury spa bath with jetted tub, two vanities, one with make-up space, double walk-in shower, separate water closet and two walk-in closets delivers ultimate lavish living. First thing enjoy coffee in the morning or wind down with wine in the evening with the coffee/wine bar. The sizeable workout room will keep you fit while enjoying the stunning views. In the same wing of the home the spacious office with built-in double desk and murphy bed with shelves is the perfect office and can also be a 4th bedroom if needed. The adjacent full bath with walk-in shower serves as a 4th bedroom bath or powder for all. Two beautifully appointed ensuite bedrooms, one with patio access, are found in the opposite side of the home. Privacy and comfort appear foremost in these family and guest accommodations. The roomy laundry with upper and lower cabinets, sink and faucet, folding counters and ironing station turn chores into pleasures. Easy access from the finished 3-car garage completes the guest wing of the home. The finest of finishes; Cherry doors and Shaker style cabinetry, granite and tiled vanities, counters and surrounds,18 polished limestone floors, carpeted bedrooms and office and contemporary light fixtures are seen throughout. Saguaro Forest is a superb location within Desert Mountain, close to club houses, golf courses, restaurants and the award-winning private hiking trails. Membership available to be purchased with this property. A 30-day Membership application review and approval is required. Contact the Desert Mountain Club for details.