Last week’s economic news included readings on job openings, consumer sentiment and the Federal Reserve’s monthly survey of senior loan officers. Weekly reports on mortgage rates and new jobless claims were also released. Freddie Mac noted that last week’s primary mortgage market survey did not include post-election readings as the survey information was gathered prior to election results.
Loan Officers Survey: High Demand for Home Loans, Commercial Lenders Raise Standards
As demand for mortgage financing and homes increase, the Federal Reserve reported last week that banks are tightening the screws on commercial lending requirements. This could present challenges to home builders; they’ve been consistently pressured to build more homes at a faster pace. Less availability of commercial financing may impact home builders and their suppliers. The survey indicated that demand for home and consumer loans also increased.
Mortgage Rates Rise, New Jobless Claims Fall
Mortgage rates rose across the board on average. Freddie Mac reported the rate for a 30-year fixed rate mortgage rose three basis points to 3.57 percent. The average rate for a 15-year fixed rate mortgage increased four basis points to 2.88 percent, which equaled the average rate for a 5/1 adjustable rate mortgage. Average discount points were unchanged at 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.
New jobless claims fell to 254,000, which was lower than the expected reading of 260,000 new claims. Last week’s reading was also lower than 265,000 new claims filed the prior week. Job openings held steady at 5.50 million in September.
According to the University of Michigan’s monthly consumer sentiment index, November’s reading rose 91.60 in November as compared to an expected index reading of 88.00 and October’s reading of 87.20. This reading falls in line with strengthening labor markets. Improving economic conditions can influence consumers who want to buy homes.
What‘s Ahead
Next week’s economic reports include releases from the National Association of Home Builders, Commerce Department readings on housing starts and building permits issued and weekly releases on new jobless claims and mortgage rates.
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40 Roadrunner Lane
Sedona, AZ 86336
$4,645,000
7
Beds
5
Baths
4,630
SqFt
Status
Active
MLS #
6770446
Property Type
Single Family Residence
Price Type
--
PRICE REDUCTION! STR PERFORMING WITH OVER $445k WORTH OF RESERVATIONS from October 2023 until August 2025! Step into luxury living with this exquisite 7-bedroom, 5-bathroom home, perfectly situated in the heart of Sedona with NO HOA! Boasting a modern design, this property is a true entertainer's dream, offering the perfect blend of sophistication and comfort. As you enter through the grand foyer, you'll be greeted by a spacious open-concept great room and kitchen, creating a seamless flow for social gatherings. The split floor plan ensures privacy, with the primary bedroom boasting a luxurious walk-in shower, deluxe soaking tub and also features a spacious walk-in closet. The primary also has direct access to the pool area.
7550 N 21st Place
Phoenix, AZ 85020
$4,600,000
6
Beds
5.5
Baths
7,975
SqFt
Status
Active
MLS #
6715842
Property Type
Single Family Residence
Price Type
--
Experience the pinnacle of luxury living with this exceptional Mid-Century Modern hillside estate, meticulously crafted by renowned architect Arthur Froehlich. As you step into this architectural marvel, you're greeted by a stunning curved staircase that gracefully floats over a tranquil reflection pool, setting the stage for the extraordinary beauty that awaits. This residence embodies sophistication, boasting expansive windows and soaring ceilings that frame breathtaking skyline views, seamlessly blending the magnificence of nature with contemporary design. Revel in the harmonious fusion of indoor and outdoor living with two sprawling green spaces meticulously integrated into the mountainside, offering a serene oasis for both relaxation and entertainment. Encompassing over 7900 square feet, this estate features 6 bedrooms, 5.5 baths, and an array of amenities that redefine opulent living. Nestled beneath the main residence, the pool house beckons you to unwind by the shimmering pool, rock waterfall, and inviting patio, perfect for hosting gatherings and creating lasting memories. Retreat to the luxurious primary bedroom suite, surrounded by private patios and a deck offering panoramic vistas of the entire valley, ensuring a tranquil escape from the everyday hustle and bustle while enjoying 360-degree breathtaking views. Indulge in ultimate relaxation with three indoor fireplaces, an outdoor fireplace, and one in the pool house, along with an indoor steam room, sauna, and a hand-tiled indoor spa that exudes a resort-like ambiance. Immerse yourself in a botanical wonderland with rare plants and mature trees gracing the property, including majestic King Palms and fragrant Plumeria, creating a serene environment that soothes the soul. Every corner of this estate tells a story of luxury and elegance, with water features scattered throughout the grounds and picturesque walkways inviting exploration of this architectural gem. Discover the legacy of Arthur Froehlich, known for his iconic designs that transcend industries, from world-class horse race tracks to iconic structures in Hollywood, showcasing his unparalleled creativity and vision.
7501 E Palo Verde Drive Unit 8
Scottsdale, AZ 85250
$4,559,000
3
Beds
4.5
Baths
4,415
SqFt
Status
Active
MLS #
6758018
Property Type
Single Family Residence
Price Type
--
Nestled among well-established neighborhoods just north of downtown Scottsdale, Palo Verde Lane is like no other community in the greater Phoenix area. While the architecture is desert modern, the home manifests the enduring characteristics of the materials used to create them: the warmth of wood, the permanence of masonry, and the openness of glass. The last in the community to be built, this home is the icing on the cake sitting on almost a 1/2acre lot and boasts a 3 car garage. The 3 spacious bedrooms are all ensuite, plus an office and a gym! Though only a stroll from upscale restaurants and shops, Palo Verde Lane honors its desert heritage. From its very inception, the community has been designed to harmonize with the environment and cultivate neighborliness among its residents.
27390 N 111th Street
Scottsdale, AZ 85262
$4,550,000
4
Beds
3.5
Baths
4,400
SqFt
Status
Active
MLS #
6744434
Property Type
Single Family Residence
Price Type
--
Introducing an exquisite desert contemporary masterpiece by Worth Development and J.Cor Architecture. Set on an expansive 4.22-acre parcel, this custom estate is a sanctuary of privacy and seclusion, offering breathtaking, unobstructed vistas of Pinnacle Peak, Troon Mountain, and Tom's Thumb/McDowell's. Enjoy the rare privilege of no HOA restrictions, and relish in the proximity to the world-class Four Seasons Resort Scottsdale. We invite you to inquire about this remarkable estate, where elegance and tranquility harmoniously converge.
5040 N Ascent Drive
Scottsdale, AZ 85251
$4,548,601
3
Beds
3.5
Baths
4,312
SqFt
Status
Active
MLS #
6702208
Property Type
Single Family Residence
Price Type
--
A NEW PRIVATE RESIDENTIAL COMMUNITY WITH A COVETED LOCATION AT THE BASE OF CAMELBACK MOUNTAIN ADJACENT TO THE ICONIC PHOENICIAN® RESORT IN SCOTTSDALE. ONLY A SHORT DISTANCE TO FASHION SQUARE AND OLD TOWN SCOTTSDALE. THIS COLLECTION OF CUSTOM HOMES TO BE BUILT EXCLUSIVELY BY CULLUM HOMES OFFERS ONE, TWO AND THREE-LEVEL RESIDENCES THAT REFLECT A TIMELESS, MODERN DESIGN AND LOOK OUT OVER THE BEAUTIFUL PHOENICIAN® GOLF COURSE. ALL PLANS ARE FULLY CUSTOMIZABLE. INTRODUCING THE CIRRUS B FLOOR PLAN, A THREE-LEVEL HOME FEATURING 3 BEDROOMS, 3.5 BATHROOMS, A PRIVATE OFFICE AND A 3-CAR GARAGE. THROUGH THE EXTRAVAGANT FRONT ENTRANCE LOCATED ON THE LOWER LEVEL, A BEAUTIFUL STAIRCASE OR AN ELEVATOR TAKE YOU TO EVERY LEVEL OF THE RESIDENCE. THE MAIN LEVEL BOASTS TWO EN SUITE BEDROOMS, PRIVATE OFFICE, FORMAL DINING AREA, BUTLER'S PANTRY, 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 SIT ON THE TOP LEVEL. ALONG WITH A LARGE LAUNDRY ROOM WITH EXTRA STORAGE, PRIVATE OFFICE SPACE AND TWO DECKS. 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.
24444 N 128th Street
Scottsdale, AZ 85262
$4,500,000
4
Beds
4.5
Baths
5,806
SqFt
Status
Active
MLS #
6645982
Property Type
Single Family Residence
Price Type
--
One of three extraordinary & sophisticated contemporary styled Farmhouse homes designed by Encore Design Group on a massive three acre lot with NO HOA! This incredible home combines bright, contemporary design with timeless indoor-outdoor appeal, all in a highly-desirable location a stones throw from Tom's Thumb trailhead. This 5,806 SQFT custom home has a massive open great room floor plan with 4 bedrooms, 4.5 bathrooms, a separate game room or movie room, & an incredible four car garage. All selections & finishes can still be chosen.
10721 E La Junta Road
Scottsdale, AZ 85255
$4,500,000
5
Beds
5.5
Baths
7,208
SqFt
Status
Active
MLS #
6754692
Property Type
Single Family Residence
Price Type
--
Indulge in the epitome of luxury at Artesano Grande, a sprawling estate meticulously maintained and upgraded with remarkable elegance. A connoisseur's dream awaits in the gourmet kitchen, featuring Viking appliances, a butler's pantry, multiple ovens, and two dishwashers. Seamlessly flowing into the great room, this culinary dream kitchen creates an ideal setting for elegant entertaining, including a stunning temperature-controlled wine room. The Multiple living areas offer versatile spaces for relaxation and rejuvenation, complemented by a dedicated home office, a serene wellness room, and a home gym/yoga studio. Each private bedroom is an oasis of comfort, complete with ensuite bathrooms and ample storage. Step outside to discover an expanded covered patio, perfect for alfresco dining and entertaining. The outdoor kitchen and shade structures create an inviting ambiance, while the new, transformed pool, featuring a spacious Baja shelf and captivating fire and water features, beckons for refreshing relaxation. Immerse yourself in breathtaking city-light and sunset views and the allure of a nearby country club. Enjoy substantial energy savings with a 2014 grandfathered whole-home solar system. Modern conveniences abound with two EV chargers, ensuring effortless charging for electric vehicles. The home is equipped with four HVAC units for optimal climate control, while the central vac system simplifies cleaning and maintenance. Discover the unparalleled lifestyle awaiting you at Artesano Grande.
6702 E Cholla Street
Scottsdale, AZ 85254
$4,500,000
5
Beds
5.5
Baths
5,320
SqFt
Status
Active
MLS #
6764687
Property Type
Single Family Residence
Price Type
--
This stunning new build due to be completed May/June 2025, by Mistry Homes, is a timeless modern masterpiece. A sophisticated and sleek, 4266sf single story home with 1054 detached guest house has been designed with high-end finishes throughout, and is constructed with the highest standard of quality. Nestled among a well-established neighborhood, in a highly desirable location, this home is a stand out. Boasting a fresh architectural design with bold accents that create a striking silhouette against the desert landscape and mountain views. The soaring ceilings enhance the home and highlight the thoughtfully designed, dramatic living spaces. And a neutral, monochromatic pallet, is perfect for personal creation and customization. The primary house enjoys a flexible floor plan, w/ 4 generous ensuite bedrooms and an executive office with state of the art features. In addition, the detached 1,054sf guest house offers one bedroom, bath, kitchen and living area that is perfect for in-laws, a live-in nanny or possibly an office or place for your specific interest like art, yoga, or fitness. This home is in process with all selections already made. Builder estimates completion in May/June 2025.
6020 E Doubletree Ranch Road
Paradise Valley, AZ 85253
$4,500,000
5
Beds
5.5
Baths
5,943
SqFt
Status
Active
MLS #
6772169
Property Type
Single Family Residence
Price Type
--
Welcome home to a STUNNING ESTATE in the HEART OF PARADISE VALLEY. This luxurious home boasts 5 ENSUITE BEDROOMS, spanning almost 6,000 sq. ft. of ELEGANT LIVING SPACE, including the DETACHED GUEST CASITA with a MURPHY BED and kitchenette. SPLIT-FLOORPLAN with guest bedroom wing possessing their own SEPARATE LIVING SPACE. Enjoy Arizona's beautiful weather in the RESORT-STYLE BACKYARD, surrounded by the lush, private, and EXPERTLY MANICURED LANDSCAPING. This entire property has been METICULOUSLY MAINTAINED and is perfect for entertaining and relaxing. And to top it all off, the NEW ROOF is less than a year old and has the balance of a 10 YEAR WARRANTY remaining. Come and Experience the EPITOME OF LUXURY LIVING in Paradise Valley.
8000 E Mariposa Grande Drive
Scottsdale, AZ 85255
$4,500,000
5
Beds
8
Baths
7,005
SqFt
Status
Active
MLS #
6773466
Property Type
Single Family Residence
Price Type
--
Welcome to this exquisite Arizona estate, set on an expansive 2 plus acre lot with unmatched luxury and privacy. Enter through a private gate and arrive at the motor court, where you can choose from one of 14 garage spaces. Inside, you'll be greeted by rare 30-inch Beaumaniere French limestone floors and three elegant interior fireplaces as well as one wood burning exterior fireplace. The second level features hand-scraped, pegged oak plank floors, adding warmth and character. The gourmet kitchen boasts cherry, alder, and black poplar cabinetry, highlighted by stunning book-matched Italian Verde Bologna granite countertops. Top-tier appliances include Sub-Zero, Wolf, and Asko, complemented by Franke professional sinks. The main home is over 6000sf of opulent space. The kitchen and great room are adorned with stately hacienda beams, while 8-foot knotty alder solid wood doors enhance the the home's craftsmanship throughout. For outdoor living, enjoy two distinctive outdoor showers, brick patios, and a fully tiled, heated pool and spa. The massive 4648 sf detached garage offers A/C, a full bath, laundry facilities, and even a gun range. A spacious casita with over 1000sf, mature desert trees, and lush landscaping complete the property's appeal all with no HOA restrictions. This estate truly represents the finest in Arizona living.
4704 N 40th Place
Phoenix, AZ 85018
$4,500,000
5
Beds
5.5
Baths
5,007
SqFt
Status
Active
MLS #
6777137
Property Type
Single Family Residence
Price Type
--
Your dream home in the desirable Arcadia area of Phoenix is coming Spring 2025! Take advantage of pre-completion pricing! This stunning residence will offer unparalleled luxury & comfort across its expansive layout. This home is designed for the ultimate in spacious living. Upon entering, you are led seamlessly into the grand living spaces filled with natural light & high ceiling. The gourmet kitchen is a chef's delight, featuring Wolf/Subzero appliances, custom cabinetry, a nicely appointed back kitchen, a large island perfect for both cooking & entertaining while overlooking the backyard oasis. Adjacent is the formal dining room, ideal for hosting dinner parties & gatherings. The primary suite is a true retreat, complete w/a soaking tub, dual vanities, & a large walk-in shower for 2. Each additional bedroom includes its own ensuite. The outdoor area is an oasis unto itself, with a sparkling pool & soothing spa where you can relax & unwind. The expansive patio & landscaped grounds provide ample space for outdoor dining, lounging, & enjoying the Arizona sunshine year round. Additional features of this exceptional home include: High ceilings & an abundant of natural light throughout. A spacious family room perfect for casual gatherings. State of the art technology & smart home capabilities. Three car garage with ample storage space. Located in the Arcadia area, this home is in Hopi Elementary boundaries and a 3 minute drive to Phoenix Country Day School. offers easy access to upscale shopping, dining, & entertainment. Enjoy the nearby hiking trails of Camelback Mountain or some of the finest golf courses.
40160 N 105th Place
Scottsdale, AZ 85262
$4,500,000
5
Beds
5.5
Baths
5,334
SqFt
Status
Active
MLS #
6766192
Property Type
Single Family Residence
Price Type
--
Very private yet open space feel with fantastic city light, sunset and mountain views. Step inside this outstanding all ONE LEVEL contemporary home and experience Arizona living at its finest. The warmth of the courtyard with linear fireplace sets the stage for the ultimate indoor/outdoor living experience. Once inside, a captivating see-through wine structure and main living areas continue through glass telescoping wall to the outdoors combining the inside and outside into one entertaining experience. The two inviting gathering areas with full size bar are open to the gourmet kitchen featuring Wolf and Sub Zero appliances, a large island and hidden walk-in pantry. The dining / morning room is sure to please with its opening up to the front courtyard. Outdoors features negative edge pool, spa, barbecue, conversation area with fireplace, lounging and dining patios areas to relax and enjoy with family and friends. Conveniently located mid-mountain and within walking distance to the Sonoran Fitness Club. Primary suite includes French oak plank floors, a floor-to-ceiling linear fireplace. The primary bath vanity with plenty of storage, a freestanding tub, extra-large walk-in shower and two expansive designer closets. Three en-suite guest bedrooms with private patios. A separate casita opens to the courtyard and provides ample room for family and guests. Shell of home was built in 2007, 2019 all new interiors, finishes, mechanical and more. Listing includes vacant lot rear of pool preserving views.