Last week’s economic reports included readings on the National Association of Home Builders Housing Market Index, Commerce Department releases on Housing Starts and Building Permits issued and weekly reports on new jobless claims and mortgage rates.
Builder Sentiment Holds Steady, Demand for Homes Pushes Builders
November’s reading for the National Association of Home Builders Housing Market Index held steady with a reading of 65. Any reading above 50 indicates that a majority of home builders surveyed has a positive view of current and future housing market conditions. Tight supplies of available homes, steep competition for homes in desirable metro areas and rising home prices pressure home builders to produce more homes, but builder sentiment and housing starts are not always aligned, but data released by the Commerce Department indicates that builders are ramping up construction.
The Commerce Department reported that October’s reading of 1.323 housing starts exceeded September’s reading of 1.054 million starts and also surpassed the expected reading of 1.170 million starts. This suggests that builders are ramping up construction to quench ongoing demand for homes. October’s reading was 25.50 percent higher than September’s reading, which was the highest number of housing starts posted since 2007. Starts for multi-family homes of five units or more jumped 75 percent and starts for single family homes of four units or less increased by 11 percent.
Building permits issued in October rose to 1.229 million as compared to September’s reading of 1.225 million permits issued. Approaching winter weather and holidays typically cause slowing of construction.
Mortgage Rates Rise after Election
Last week’s survey of mortgage rates was mostly completed by the time presidential election results were released; this week’s readings showed higher rates for all types of mortgages. The average rate for a 30-year fixed rate mortgage increased from 3.57 percent to 3.94 percent; rates for a 15-year fixed rate mortgage rose from 2.88 to 3.14 percent and the average rate for 5/1 adjustable rate mortgages was also higher at 3.07 percent as compared to the prior week’s reading of 2.88 percent. Discount points were unchanged at 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages. Low mortgage rates have helped home buyers qualify for financing they need to buy homes; if rates continue to trend upward, demand for homes is likely to ease.
New jobless claims reached a 43-year low last week. 235,000 claims were filed as compared to expectations of 255,000 new claims and the prior week’s reading of 254,000 new jobless claims. Low layoff rates point to stronger economic conditions; job stability can encourage first-time home buyers to enter the market and existing home owners to buy larger homes.
What’s Ahead
Readings on new and pre-owned home sales, the Federal Reserve’s post meeting FOMC statement and reports on mortgage rates and new jobless claims will be released this week.
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3225 W Blue Eagle Lane
Phoenix, AZ 85086
$1,799,999
4
Beds
4
Baths
4,164
SqFt
Status
Active
MLS #
6784863
Property Type
Single Family Residence
Price Type
--
Own the top of the world, the view will BLOW YOUR MIND 360 degree views and totally PRIVATE. With 350k in updates this home is MOVE IN READY. (keep reading at the end there is a surprise) Step into your new home with confidence of peace, luxury, and comfort. Come into the first floor, this kitchen has new appliances, pantry, and of course stunning views, the living room will give you the WOW factor with ceilings soaring into the next level! Jump in the elevator to the master suite upstairs. This master bed has its own fireplace and lots of extra room for a seating area. (lets not forget the views from the garden tub) This home will amaze everyone who enters with its architecture. Plenty of room with 4 beds and 4 baths. An office/bedroom steps right out to the ''always ready to use pool'' the best part is the pool, hot tub, and outdoor grilling area, entertaining has gone to the next level with this home! This home also has a secret....an UNDERGROUND BUNKER...a preppers DREAM!
29615 N 55th Place
Cave Creek, AZ 85331
$1,799,999
3
Beds
3.5
Baths
2,943
SqFt
Status
Active
MLS #
6757984
Property Type
Single Family Residence
Price Type
--
Unbelievably Motivated Sellers - Priced to Sell! Don't miss out on this rare opportunity to own a breathtaking single-story, 3-bedroom, 3.5-bath home, meticulously upgraded with over $28,000 in custom features. The sellers are already moving on to their next chapter, so this gem is priced to move quickly! From the moment you arrive, you'll be captivated by the fresh, elegant look of the newly painted exterior and stucco finish. Inside, rich coffee-stained French oak wide-plank flooring flows seamlessly throughout the main areas, while plush carpeting adds a touch of luxury in the bedrooms. Six-inch baseboards, custom wood shutters, and a sleek rectangular fireplace bring sophistication to every corner of this home. The open dining area, with chic bar seating, leads to a gourmet kitchen crafted for the modern chef. This kitchen showcases a 6-burner gas cooktop, a stunning waterfall-edge island, under-cabinet lighting, and double-sided storageideal for hosting gatherings with ease and style. Step outside into a designer backyard oasis, upgraded with over $10,000 in enhancements. Featuring lush landscaping, turf, and grey limestone framing a contemporary pool with three tranquil waterfalls, this outdoor space is perfect for relaxation or entertaining under the stars. With motivated sellers and a competitive price, this luxurious property won't be available for long. Act fast to make this dream home yours!
N Bell Road Unit 4
Queen Creek, AZ 85144
$1,799,900
5
Beds
4
Baths
3,712
SqFt
Status
Active
MLS #
6345746
Property Type
Single Family Residence
Price Type
--
Brand new single level home with approx 3,712 sq ft, on 2+ acre lot with NO HOA! 5 Bedrooms and 4 baths. Plenty of time for Buyer to make selections for cabinets, paint, flooring, granite, etc. Standard features include granite throughout, tile surrounds covered patio, tile roof, and 4-car attached garage, plus a 1600 sq ft double-car RV garage... Much more! Estimated completion time is 9-10 months from ground-breaking. Drive by only. Ground has not been broken as of Nov 2024. Photos are of a recently completed version of this plan.
3120 S Eagle Drive
Chandler, AZ 85286
$1,799,900
5
Beds
4
Baths
4,639
SqFt
Status
Active
MLS #
6753951
Property Type
Single Family Residence
Price Type
--
Seller may carry.. Welcome to your dream oasis in the desert! Nestled on over 1.25 acres in the highly sought-after area of South Chandler, this custom-built 3000 sf home offers an exquisite fusion of luxury, privacy, and space. More than just a home, this fully remodeled gem is a lifestyle.Step through the custom steel front door and onto light oak engineered hardwood flooring that exudes warmth and elegance. The living room centers around a stunning 72'' fireplace, surrounded by shiplap with built-in cabinets and chic floating shelves. Whether you're hosting or unwinding, the ambiance here is unmatched.For the culinary enthusiast, the kitchen is nothing short of a dream. Featuring a gas stove with a custom steel hood, pot filler, and pristine custom cabinetry, designed for both beauty and functionality. The oversized quartz island offers ample workspace, perfect for gatherings or quiet mornings.The expansive primary bedroom boasts 10' ceilings and leads to a spa-like ensuite. Indulge in the freestanding soaking tub or relax in the large tiled shower with glass surround. Dual sinks, custom cabinetry, and luxurious lighting make this space a true retreat.An automated gate offers entry into a world of convenience. The 22x35 man cave, complete with a 50A outlet for large tools, compressors, or EV charging, is ideal for any hobbyist or car enthusiast. Plus, with three additional attached garage spaces, you'll never run short on storage or parking.Step outside through the 16x8 sliding patio doors and immerse yourself in resort-style outdoor living. A 35,000-gallon pool, lined with travertine decking, invites you to bask in the sun or take a dip to cool off. A full outdoor kitchen, including a BBQ grill, double burner, fridge, and sink, makes this the perfect spot for entertaining friends and family.In 2022, a 35'x52' shop was transformed into a fully finished living space, featuring 12' ceilings, a new insulated garage door, and a 25'x10' gym with expansive windows that offer breathtaking views of the pool. The 1700sf man cave area includes a sink, cabinets, a 50A outlet, and multiple power outlets for all your needs. The space also features a large TV/living area with French doors that lead directly to the pool, making it the ultimate indoor-outdoor experience.To complete this perfect retreat, a brand-new furnace and AC system ensures year-round comfort in the bedroom, bathroom, living room, and gym, while a mini-split system keeps the man cave cool and inviting.This home truly has it allstyle, functionality, and endless luxury. Make it yours today! Seller financing available/wrap first mortgage at 3.65%!!!
21743 S 140th Street
Chandler, AZ 85286
$1,799,900
5
Beds
3.5
Baths
4,081
SqFt
Status
Active
MLS #
6759514
Property Type
Single Family Residence
Price Type
--
Gorgeous custom home, w/ BASEMENT on nearly 2 acres! Discover the epitome of luxury living in this breathtaking 5-bedroom, 3.5-bathroom home nestled on a rare 2-acre lot in Chandler. Custom features throughout include coffered ceilings, custom tile, snail shower, jetted tub, upgraded carpet, tile, stamped & stained concrete floors. Gourmet kitchen with hickory cabinets and large island. Modern kitchen with high-end appliances and plenty of counter space. Open-concept living areas filled with natural light and designed for comfort.This property boasts a perfect blend of sophistication, comfort, and outdoor entertainment, making it an ideal sanctuary for families and entertainers alike. Key Features: 5 spacious bedrooms designed for relaxation and privacy. 3.5 elegantly appointed bathrooms featuring modern finishes. A finished basement offering additional living space, perfect for a home theater, gym, or play area. Bonus Rooms: Two versatile bonus rooms that can be tailored to suit your needsideal for an office, craft room, or guest accommodations. Outdoor Oasis: Dive into your own private paradise with a stunning swimming pool complete with a grotto and waterslideperfect for family fun and entertaining guests. The expansive 2-acre lot provides ample space for outdoor activities, gardening, or future expansion. Detached Garage: An extra detached garage offers additional storage or workspace, ideal for car enthusiasts or hobbyists. Additional Highlights: . Beautiful landscaping that enhances the property's curb appeal. Oversized 3 car garage with custom cabinetry and epoxy floor. Detached 24'x30' shop with 8' rolltop door and 220 amp panel. Custom saltwater pool with rock grotto and waterfall, slide, and in-floor cleaning system. 2 separate pastures for the horses and plenty of room for all the toys. Custom built 40'x50' Barn, with 20' ceilings, and built in loft. Perfect for additional living, storage, or entertaining space. NO HOA! Don't miss out on this rare opportunity to own a piece of paradise in Chandler! Contact us today to schedule a private tour.
000k Bogey Drive
Williams, AZ 86046
$1,799,000
3
Beds
3.5
Baths
3,095
SqFt
Status
Active
MLS #
6681636
Property Type
Single Family Residence
Price Type
--
LUXURY AWAITS! All the I's have Been Dotted and the T's are Crossed When It Comes to this This Amazing Nearly 3100 Square Foot 3 Bedroom / 3.5 Bath, Great Room Concept Home on Over 2 Acres. High Vaulted Ceilings, Butler Pantry, Office, Additional Craft Room, Oversized Front and Back Covered Patios, Both Additional Bedrooms are On-Suite Bedrooms, Mud Room, Separate Laundry Room, 2 Air Conditioning, Units, 3 Car Garage and City Utilities. All of this is Conveniently Nestled in the Perfect Location Between Elephant Rocks Golf Course and National Forest. Experience Beautiful Mountain Views with Cool Breezes in the Summer or Listen to the Pop of the Fire as You Watch the Snow Fall in the Winter. Escape to the Trails for Hiking and Biking or Put Your Cowboy Boots on a Go Dancing Downtown.
Bogey Drive
Williams, AZ 86046
$1,799,000
3
Beds
2.5
Baths
2,709
SqFt
Status
Active
MLS #
6681641
Property Type
Single Family Residence
Price Type
--
AWESOME FLOORPLAN! You Will Absolutely Fall in Love with This Highly Functional 2700 Square Ft 3 Bedroom / 2.5 Bath, Great Room Concept Home on Over 2 Acres. High Ceilings, Butler Pantry, Jack and Jill Bath, Giant Walk-In Closet, Office, Huge Back Covered Patio, Mud Room, Separate Jack and Jill Laundry Room, 2 Air Conditioning Units, 3 Car Garage and City Utilities. All of this is Conveniently Nestled in the Perfect Location Between Elephant Rocks Golf Course and National Forest. Experience Beautiful Mountain Views with Cool Breezes in the Summer or Listen to the Pop of the Fire as You Watch the Snow Fall in the Winter. Escape to the Trails for Hiking and Biking or Put Your Cowboy Boots on a Go Dancing Downtown. NO HOA! So Start Thinking about Picking Out Your Finishes and Colors Today!
2295 Dragon Fly Lane
Lakeside, AZ 85929
$1,799,000
6
Beds
7.5
Baths
7,645
SqFt
Status
Active
MLS #
6733991
Property Type
Single Family Residence
Price Type
--
This one-of-a-kind property, inspired by grand design, offers a private indoor Pool, a separate Guest House, a fully remodeled kitchen equipped with top-of-the-line Viking ranges and a convenient butler's pantry. The expansive layout includes 6 well-appointed bedrooms and 7.5 bathrooms, ensuring ample space for family and guests alike. The residence boasts 5 fireplaces, adding warmth and ambiance to the already inviting atmosphere, in common living spaces as well as private bedroom! The attached guest house offers privacy and comfort, while the master suite provides a sanctuary of luxury with its opulent design. Artistic hardwood staircases lead to a great room with impressive second-level ceilings and a catwalk that overlooks the sophisticated formal dining room and parlor. The property also includes a vast bonus room, perfect for entertainment or leisure activities. The wrap-around covered porch and open sun deck invite residents to enjoy the picturesque sunsets over the lake, adding to the home's charm. Practical features such as the three-car garage with a new Trex-Deck mud porch provide convenience and functionality. With a total of 7,645 square feet, including a 180 square foot pool room, a 693 square foot guest house, a 741 square foot bonus room, and a 665 square foot storage room, this estate is not only spacious but also meticulously planned to accommodate a variety of needs. It stands as an absolute must-see for those who appreciate the blend of adventure and refined living, with the promise of year-round enjoyment in a setting that is both breathtaking and exclusive. What furnishings are there stay with the home. NEW Roof 2023 Screened in porch off of Master FIVE fireplaces Double / 2 sets of washer/dryers Recreational amenities are abundant, featuring an indoor swimming pool complemented by a hand-crafted stone water fountain, creating a tranquil oasis for relaxation. Additionally, The Shores presents a unique opportunity for those seeking a luxurious lifestyle in a gated community, which includes a private boating dock, tennis/pickle ball courts, and a community area. For the 2 Bonus Rooms, there are endless possibilities, including but not limited to:
7329 N 173rd Avenue
Waddell, AZ 85355
$1,799,000
7
Beds
4.5
Baths
5,380
SqFt
Status
Active
MLS #
6769187
Property Type
Single Family Residence
Price Type
--
Truly remarkable, multigenerational, estate! The tastefully appointed main home offers quality updates throughout. The expansive gourmet kitchen has been completely reconfigured and remodeled and offers a bright and airy eat in nook, upgraded SS appliances, large island, and custom cabinetry. This split level floorplan offers two large bedrooms, full bath, and a large family room with 1 of 2 wood burning fireplaces on the lower level. The main level offers another spacious and bright living area, also with a charming wood burning fireplace, plus additional space for an office or formal dining area. The upper level offers a very large primary retreat with fully remodeled en suite and a large balcony, plus 2 very spacious additional bedrooms and the updated guest bath. Stepping out of the main home you will be greeted with a large covered patio and play area, as well as the sparking pool and spa, completely fenced for added peace of mind. The pool area is conveniently accessed by both the main home and guest home. The beautiful, fully independent, and completely remodeled guest quarters, offers a full eat in kitchen, bath, living area, laundry, and 2 bedrooms. This is a perfect space for multigen living, home office, or even an income producing rental. As if that were not enough to intrigue even the most discriminating buyer, this unique property offers a two car garage as well as covered and gated parking for several oversized vehicles PLUS a brand new septic system, irrigated pastures, and a modest horse set up. Truly all that's missing is you, schedule a showing before it's too late!
2912 E Houston Avenue
Gilbert, AZ 85234
$1,799,000
4
Beds
3
Baths
3,600
SqFt
Status
Active
MLS #
6769708
Property Type
Single Family Residence
Price Type
--
Country Paradise hidden in the city! Nestled on over an acre of lush greenery, this stunning 4-bedroom, 3-bathroom dream home is surrounded by 55+ irrigated trees, including mature oaks, ash, and fruit-producing orange, lemon, tangerine, grapefruit, peach, and plum trees. Summers feel cooler amidst the natural beauty. The master suite is conveniently located on the main floor. The recently updated exterior boasts new siding and a redone front porch (2023). Inside, the kitchen shines with white cabinets, soapstone countertops, and a full-sized refrigerator/freezer. The family and dining rooms feature gorgeous wood beams and hardwood floors throughout. A red barn 4-car garage with a 220V outlet and a covered horse stall complete this incredible property. This one is unique come and see it!
2522 E Turnberry Drive
Gilbert, AZ 85298
$1,799,000
3
Beds
3
Baths
3,847
SqFt
Status
Active Under Contract
MLS #
6780298
Property Type
Single Family Residence
Price Type
--
Step into a dream home that feels like it's straight out of a Pottery Barn catalog. This immaculate 2018 Toll Bros semi-custom is a stunning display of designer finishes & thoughtful upgrades. Nestled in the exclusive, gated Calliandra Estates, this home offers the luxury of single-story living in a serene, upscale community. The open, split floor plan features vaulted ceilings, a custom double corner slider, & North-South exposure, creating a perfect setting for year-round entertaining. Outdoors, a resort-inspired backyard boasts a swim-up bar, sunken kitchen, complete w/ SS, custom lighting, BBQ, kegerator, imported pizza oven, & a big screen TV for the ultimate in alfresco dining & relaxation. The chef's kitchen is a true highlight, featuring a gas range, expanded cabinetry & luxury.
3089 S Prospector Circle
Gold Canyon, AZ 85118
$1,799,000
4
Beds
3.5
Baths
3,072
SqFt
Status
Active
MLS #
6142764
Property Type
Single Family Residence
Price Type
--
Build your Dream Home in Prospector Village at Superstition Mountain Golf and Country Club. Top of the line Luxury Finishes. Lot 5 (Golf Course Lot). Two single level 3,000+sqft, 3Bdrm + Den 3.5 Bath floor-plans available. Three car garage option. Superstition Mountain Golf & Country Club is a private guard gated community with two Jack Nicklaus courses, magnificent clubhouse, sports club with swim/tennis/fitness and so much more! Built by Landmark Custom Home Builders. Photos are of previous models. Prices are subject to change