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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2372 Summer Loop
Forest Lakes, AZ 85931
$2,300,000
4
Beds
3.5
Baths
4,639
SqFt
Status
Active
MLS #
6727951
Property Type
Single Family Residence
Price Type
--
Introducing an exquisite turn key (furnished) residence nestled in the serene Forest Lakes Estates at 2372 Summer Loop—offered for the discerning buyer. This majestic cabin-style house presents a unique harmony of luxury & natural beauty, spanning approximately 4639 square feet of meticulously crafted interior space, complemented by its enchanting outdoor settings. The journey begins on a stately asphalt circular driveway leading to a welcoming front porch. Stepping through the custom-designed front door, one is greeted by an expansive great room framed by soaring ceilings & walls adorned w/rare Aspen wood—an element that can no longer be sourced, adding exclusivity to the home.The great room's open layout flows effortlessly into a culinary masterpiece of a kitchen. Equipped with state-of-the-art Wolf & American (range) appliances, luxurious granite countertops, and an ample walk-in pantry, this kitchen is truly a chef's dream. The kitchen and dining area are not just a place for preparing meals, but an exquisite space for creating memories, surrounded by panoramic views of the lush landscape from the sliding glass doors that reveal an elevated deck, allowing for an immersive natural experience. The deck leads down to a second patio accessible from the walk-out basement, which serves as the ultimate entertainment hub. Here, a striking mesquite bar top with a live edge invites guests to gather around, while amenities such as a refrigerator, built-in ice maker, composite sink, and a cozy gas fireplace enhance the convivial atmosphere. The basement also features a spacious guest room, full bathroom and amazing storage closet. Then off to relax in the primary suite (main level of home), featuring a private fireplace, a sauna, and direct access to the deck, creating a perfect retreat. The ensuite bathroom adds a touch of opulence with a dual-sink vanity, a large jetted garden tub, and a luxurious walk-in shower. Upstairs, a generous loft space includes a second living area, ideal for a playroom or an additional family room, and an office space, providing functionality along with luxury. Two additional bedrooms with ample space and a full bathroom complete this level, ensuring comfort for family and guests alike. Outside, the property showcases terraced entertaining spaces amid a backdrop of towering ponderosa pines and spruces. The lush landscape is punctuated with perennial flowers and seating areas, including a fire-pit, designed for enchanting evenings under the stars. This residence does not just offer a home, but a lifestyle of unparalleled comfort and prestige, ready to welcome those who appreciate luxury merged with natural beauty. For those seeking a haven that espouses both refinement and grandeur, 2372 Summer Loop promises to be nothing short of extraordinary. **Seller spent around 15k leveling area for future detached garage /additional parking but would also make a great pickleball / sports court area.**
5911 E Voltaire Avenue
Scottsdale, AZ 85254
$2,300,000
5
Beds
4.5
Baths
3,647
SqFt
Status
Active
MLS #
6769735
Property Type
Single Family Residence
Price Type
--
Experience soft modern luxury in the magic 85254 zip code! This breathtaking 5 bedroom, 4.5 bath residence was extensively rebuilt with over 1000 sqft of new living space and 10+ ft ceilings in the main living area and primary suite. Experience elegance in every corner, from the grand kitchen featuring stained cabinets and top-tier Thermador appliances to the dreamy butler's pantry. Indulge in the spa-like primary suite with its large walk-in shower, freestanding tub and expansive primary closet. Step outside to an entertainer's paradise, complete with limestone pavers, a newly refinished diving pool, and a brand-new built-in BBQ. The floor plan was thoughtfully redesigned, with 3 ensuite bedrooms with walk-in closets, a moody powder bath, and generously sized laundry room. Premium finishes are evident throughout, including white oak engineered hardwood flooring, elite Brizo plumbing fixtures, and carefully selected designer lighting. Nearly everything is new in this home including updated plumbing, electrical, HVAC, roof, garage door, and landscaping. Nestled in the heart of Scottsdale, this gem is just moments away from top local dining and attractions, making it ideal for those seeking both luxury and convenience.
13735 E Columbine Drive
Scottsdale, AZ 85259
$2,300,000
4
Beds
3
Baths
3,192
SqFt
Status
Active
MLS #
6732872
Property Type
Single Family Residence
Price Type
--
Do you want city views? Do you want mountain views? Do you want a completely remodeled home? Well, you just found it and for under $2.5M! This gorgeous home is on a cul-de-sac street with a south facing backyard for city light views. Your view from the front is only the mountain because the mountain is literally across the street! This home is perfect for cozy family night's in, or entertaining friends and neighbors. With the stunning pool and back yard amenities framed by a southern mountain and city lights view - why go any where else? The modern elegence of this home is enhanced by the quality finishes and design. Absolutely nothing was missed, so your new hillside home is ready for you to move into today!
2543 E Linda Lane
Gilbert, AZ 85234
$2,300,000
5
Beds
5.5
Baths
5,164
SqFt
Status
Active
MLS #
6735153
Property Type
Single Family Residence
Price Type
--
Experience this custom home of your dreams! Over $270,000 in upgrades! BRAND new roof and custom finishes. This exquisite luxury property, located in Whitewing at Wiehl Estates, is a true masterpiece of modern living. Every detail has been meticulously crafted to offer ultimate sophistication. This stunning kitchen is truly a chef's paradise, designed to encourage culinary imagination. Recent updates include a stunning gold-plated range hood, gold pot filler, gold handles on new Monogram gas cooktop that perfectly compliments new black and gold light fixtures and fans. The kitchen features a dedicated espresso area, a built-in Wolf fridge and a Wolf built-in microwave. The large primary bedroom looks out to the best view of the backyard and pool. The primary closet is a dream come true with personalized cabinets that extend to the ceiling, providing ample storage space. Indulge in the beautifully designed primary bath, complete with gold faucets designed for drinking, oval dual sink vanity, surround sound, tile to the ceiling, new commode, make the bathroom experience magical. Relax in the matching oval-shaped soaker tub or enjoy the two-sided, extra-large shower room. Perfect for guests or extended family, the detached casita includes a custom-made Murphy bed and its own bathroom. A spacious three-car garage ensures ample parking, while the property also features a new roof and freshly painted exterior, enhancing its curb appeal. Each of the upstairs bedrooms comes with its own ensuite bathroom, ensuring comfort and privacy for everyone. The expansive, extremely private backyard is perfect for entertaining or relaxing, also including a sports court. This home is a true gem, offering the perfect blend of luxury, comfort, and modern amenities. Don't miss the opportunity to own the finest property in the neighborhood. Contact us today and experience the epitome of lavish living.
22220 N 36th Street
Phoenix, AZ 85050
$2,299,000
6
Beds
4.5
Baths
5,545
SqFt
Status
Active
MLS #
6769829
Property Type
Single Family Residence
Price Type
--
Seller financing available, flexible terms. Bring all offers. Luxurious Mirador style Custom home in Desert Ridge on large view lot with resort style backyard. Enter this mansion, enhanced with twin circular staircase, custom medallion, diagonal travertine tile flooring and designer master bathroom with jetted tub . Enjoy this 6 bedroom 4.5 bath spacious and well lit family home with gourmet kitchen enriched by granite counter tops, stainless steel appliances and rich alder wood cabinets with crown molding through out. Relax in this cozy home with two fireplaces for those chilly winter nights and surround sound music to cuddle your soul. Step into the resort like backyard made for entertaining with heated pool and spa, covered patio, putting green.
24450 N 132nd Place
Scottsdale, AZ 85255
$2,299,000
3
Beds
3.5
Baths
3,559
SqFt
Status
Active
MLS #
6779779
Property Type
Single Family Residence
Price Type
--
Largest NEW single level home in North Scottsdale; large energy efficient silled windows throughout; stacking glass doors at study, familyroom and dining PLUS 90 degree dual sliding doors at family room; 3 bed, 3.5 bath + enclosed study; fireplace at family room; tiled showers in both ensuites; 2nd showerhead at owner's bath, custom appliances, exposed beams at owner's retreat; waterfall island w/custom tile and cabinets; added electrical thruout; wood flooring; custom closet system in owner's retreat; upgraded paint and molding, 2x6 construction and much more; EXTENSIVE NEW HOME WARRANTY.
10416 W Camino De Oro --
Peoria, AZ 85383
$2,299,000
7
Beds
7
Baths
5,105
SqFt
Status
Active
MLS #
6677052
Property Type
Single Family Residence
Price Type
--
Welcome to your oasis in North Peoria, where luxury meets comfort in this exquisite home nestled in one of the most sought-after areas, just moments away from the vibrant Lake Pleasant Towne Center. With exceptional features and meticulous attention to detail, this residence promises a lifestyle of opulence and tranquility. As you approach, a grand circular driveway welcomes you, leading to the impressive façade of this architectural masterpiece. With an RV gate and oversized 3-car side entry garage, convenience and functionality seamlessly blend with elegance. Step inside to discover a sprawling floor plan that effortlessly accommodates your lifestyle, offering seven bedrooms and seven bathrooms, ensuring ample space for family and guests alike. An attached office suite with its own bathroom and separate entrance provides the perfect setting for productivity and privacy. The oversized master bedroom suite exemplifies luxury, serving as a serene retreat with its own fireplace, jetted tub, double closets, and a walk-in shower, offering a sanctuary of comfort and relaxation. Designed for the entertainer, this home features formal dining and sitting areas, perfect for hosting gatherings and creating lasting memories. The oversized kitchen island, adorned with granite counters, sets the stage for culinary excellence, while stainless steel appliances cater to the most discerning chef. A reverse osmosis system and water softener ensure the highest quality of living. Brand new A/C units were installed in August 2024, ensuring your comfort throughout the year. Venture outdoors to discover a backyard oasis reminiscent of a five-star resort. Surrounded by lush tropical plants and banana trees, a private pool invites you for a refreshing dip, while a firepit and outdoor fireplace provide warmth and ambiance on cooler evenings. Two separate gazebo/ramadas offer cozy seating areas, overlooking breathtaking mountain views. A misting system keeps you cool during warm summer days, while a large turf children's play area ensures endless entertainment for the little ones. A built-in BBQ with bar seating enhances outdoor dining and entertainment options, completing this outdoor paradise. With north and south exposure, this home enjoys an abundance of natural light, creating a welcoming and inviting atmosphere year-round. Experience the epitome of luxury living in this unparalleled residence, where every detail has been precisely crafted to exceed your expectations. Welcome home to luxury, welcome home to Peoria, Arizona.
8627 E Wood Drive
Scottsdale, AZ 85260
$2,299,000
4
Beds
3
Baths
3,929
SqFt
Status
Active
MLS #
6695619
Property Type
Single Family Residence
Price Type
--
ACRE lot in the heart of the Cactus Corridor. This home gives you the opportunity to value add big time. Comps well over $800/sf (neighbor sold for 3.25m!), and the buyer will have the opportunity to modify, change, and add on to truly make this property their own. 4 bedrooms, 3 bathrooms, 3 car garage, putting green, batting cage, sand bunkers for chipping, and the home has a phenomenal floor plan. Top notch location with great schools. You're close to shopping, fine dining, grocery stores, 101 access, night life, all of it!! Make this home your own!
4007 E Montecito Avenue
Phoenix, AZ 85018
$2,299,000
5
Beds
4.5
Baths
3,545
SqFt
Status
Active
MLS #
6712091
Property Type
Single Family Residence
Price Type
--
Wow! Discover the unparalleled beauty & exquisite craftsmanship of this 5-bedroom new construction in Suncrest Gardens! This 2023 Thomas James home offers over 3,000 SqFt of exceptional luxury with an impressive open floor design & high-end details. Heated pool with fountains and light settings all easily controlled through an app. Tall ceilings, recessed lighting, wood flooring, abundant natural light, and multi-sliding glass doors are features found throughout. The living room has a textured accent wall with a mounted fireplace. Elegance & modernity seamlessly mix in this magazine-cover white kitchen showcasing stacked shaker cabinetry, herringbone tile backsplash, lavish quartz counters, a massive island with w/breakfast bar, and state-of-the-art stainless steel appliances. The bright owner's suite is split & comes with a pristine ensuite comprised of two vanity sinks, a freestanding tub, an oversized walk-in shower with bench, and a walk-in closet. Secondary bedrooms on the main floor share a Jack & Jill bathroom. Upstairs, you'll find a sizable loft and a second primary bedroom with walk-in closet & an immaculate bathroom with a dual vanity & separate tub/shower. The stunning backyard boasts a covered patio, a pebble-tec pool, lush greenery, and an outdoor shower with travertine stone. This beauty has an excellent location with Camelback Mtn. Views, within minutes from restaurants & shopping, and close to major roads. Words don't make this modern farmhouse gem justice. You must see it!
8157 E Sierra Morena Street
Mesa, AZ 85207
$2,299,000
3
Beds
4
Baths
4,685
SqFt
Status
Active
MLS #
6742442
Property Type
Single Family Residence
Price Type
--
This 2 ACRE Estate Home is a rare find in beautiful Las Sendas. This stunning property offers the most incredible unobstructed south facing views of the surrounding mountains & city lights. Discover the luxury living at its finest with this captivating residence that boasts a circular foyer with water feature, 20+ ft soaring ceilings & a sliding glass wall that blends the interior with the exterior. The professional Viking kitchen, theater room, home office & 2 well located powder rooms complete the interior. Embrace the pinnacle of luxury living with a spacious rooftop deck showcasing the panoramic views of the valley. The extra large 4 car garage will house your vehicles & all your toys. Located near loads of shopping, dining & freeway access.
27874 N 67th Place
Scottsdale, AZ 85266
$2,298,000
3
Beds
3.5
Baths
3,923
SqFt
Status
Active
MLS #
6771037
Property Type
Single Family Residence
Price Type
--
The beautifully updated Toll Brothers Cadiz model is situated in Saguaro Highlands, one of North Scottsdale's premier neighborhoods, just minutes from the 101, hiking, shopping, great restaurants, and golf. Professionally redesigned in 2018, the expansive kitchen and family room are perfect for entertaining. Large covered patios invite you outdoors to enjoy a private backyard with a sparkling pool, fireplace, BBQ, and brand-new artificial turf for easy maintenance. Split floor plan with spacious primary suite and private patio, custom den, bonus area adjacent to 2 ensuite bedrooms. Plenty of storage in the garage and an additional 3rd car garage. Walk to the neighborhood park with tennis courts and a playground that is within walking distance of the elementary school.
7127 E Rancho Vista Drive Unit 4001
Scottsdale, AZ 85251
$2,295,000
3
Beds
2
Baths
2,171
SqFt
Status
Active
MLS #
6708940
Property Type
Apartment
Price Type
--
This incredible luxury renovation is expected to be completed by 12/15/2024. Welcome to this truly special one-of-a-kind Optima Camelview luxury renovation masterpiece. This property features 3 bedrooms + dining, 2 baths, 2171sqft, walk-in laundry and two private patios. Boasting a breathtaking organic modern design throughout, you'll find custom raw stone & wood works, premium lighting designs, light up onyx living room fireplace accent wall, sub zero & wolf appliances, sonos surround sound, automated blinds and so much more. The two private terraces (one off the living & the other off the master) offer lovely lush city & landscaping views. All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Women's Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.