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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1331 W State Avenue
Phoenix, AZ 85021
$1,195,000
5
Beds
4
Baths
3,065
SqFt
Status
Active
MLS #
6747201
Property Type
Single Family Residence
Price Type
--
The LAST NEW CONSTRUCTION home in the highly desirable Lexia Manor community - built by Richter Homes. This exclusive, 5-home luxury subdivision is set in a lush garden oasis. The home boasts an amazing 2 story open floor plan with 3,065 sqft, 5 beds (one downstairs that can serve as a guest room/office), and 4 baths. You have the opportunity to choose from an array of available designer-selected options & finishes to make it truly your own: cabinetry, countertops, appliance packages, flooring, showers, fireplace surrounds, lighting, pool, stone accents, landscaping, & more. Make your selections and move in 60 days later! Don't miss out on this opportunity to live in the heart of Phoenix, close to the best amenities, in a luxury home with the options you want and the finishes you select.
2276 E Mercer Lane
Phoenix, AZ 85028
$1,195,000
4
Beds
3
Baths
2,883
SqFt
Status
Active
MLS #
6768209
Property Type
Single Family Residence
Price Type
--
FULLY upgraded home in the Shea Heights neighborhood in Paradise Valley with amazing mountain views. Four (4) Bedrooms and three (3)baths home with pool and spa located next to the Phoenix Mountains Preserve with views! Walk straight to the hiking trails or Christy Cove City Park. This house has a spacious entertaining, vaulted ceiling great room with fireplace next to the large open kitchen with large central island and more dining space! Main bedroom suite is located on main floor with ensuite bath. There is an additional ensuite bedroom upstairs with balcony and mountain views making the perfect home office, in-law suite, or turn into rental. PARADISE VALLEY SCHOOL DISTRICT. MINUTES FROM THE 51 and Cactus. New electric, kitchen, bath, windows and doors. Come take a look for yourself!
2995 W Pinto Place
Wickenburg, AZ 85390
$1,195,000
3
Beds
2
Baths
2,734
SqFt
Status
Active
MLS #
6779164
Property Type
Single Family Residence
Price Type
--
Culinary Haven & Garage Paradise in Saddle Ridge! Luxurious and meticulously crafted, this property offers an exquisite open-plan living area with dual patio access, enhanced by a gas log fireplace and remote for cozy evenings. The kitchen boasts Kropf Craft custom cabinets, Calcutta Quartz countertops, and professional-grade appliances, including double ovens and a 5-burner gas range. A spacious den/office and large laundry/utility room with butler's pantry add convenience. Retreat to the master suite featuring a dual-zone shower and custom-built closet. Energy-efficient amenities include a Four-zone HVAC system and foam insulation throughout. The exterior boasts El Dorado stone veneer, a custom handcrafted front entry door, and a fully finished detached 3-car garage/workshop. Culinary Haven & Garage Paradise in Saddle Ridge! Luxurious and meticulously crafted, this property offers an exquisite open-plan living area with dual patio access, enhanced by a gas log fireplace and remote for cozy evenings. The kitchen boasts Kropf Craft custom cabinets, Calcutta Quartz countertops, and professional-grade appliances, including double ovens and a 5-burner gas range. A spacious den/office and large laundry/utility room with butler's pantry add convenience. Retreat to the master suite featuring a dual-zone shower and custom-built closet. Energy-efficient amenities include a Four-zone HVAC system and foam insulation throughout. The exterior boasts El Dorado stone veneer, a custom handcrafted front entry door, and a fully finished detached 3-car garage/workshop. Enjoy outdoor living with back access to a bike/walking path and close proximity to Sunset Park. Additional highlights include an extensive security system, cameras and lights, fully screened back patio, fenced yard, and Rust-Oleum rock solid epoxy floors in the garages, garden room, and back patio. This home epitomizes luxury living with thoughtful design at every turn. Be sure to check out the List of Features in the Documents tab.
3473 W Mountain Vista Drive
Phoenix, AZ 85045
$1,195,000
4
Beds
4
Baths
3,210
SqFt
Status
Active
MLS #
6782136
Property Type
Single Family Residence
Price Type
--
Welcome to modern luxury living at its finest in this stunning 2019 Taylor Morrison home nestled behind the gates of Promontory at the Foothills in Ahwatukee. This single-level home is located steps away from the park and features stunning panoramic mountain views and extensive upgrades. This home is not only impeccably maintained but has more upgrades than you can imagine. (Refer to the document tab for a complete list!) This Crestone floor plan features not only 4 bedrooms but 4 FULL baths! All bedrooms feature walk in closets and 3 of them have ensuite baths! The 4th bath is located just off the hallway making it convenient for guests. All bathrooms have upgraded cabinetry, Quartz countertops, along with custom tile work in tub and/or shower! Plantation shutters throughout the home allow for abundant natural light. Tile flooring creates a consistent pattern throughout the main living space giving it a clean and inviting atmosphere. The bedrooms, on the other hand, provide a cozy retreat with newly installed Berber carpet that adds warmth and texture. The heart of the home is the open-concept kitchen and great room, with soaring ceilings. Designed for culinary enthusiasts, the gourmet kitchen features a massive island with granite countertops and a apron front farmhouse sink, offering a sophisticated and understated elegance perfect for casual dining or entertaining. You will find high-end french stainless steel appliances, including double wall ovens, a gas cooktop, and modern white cabinetry. The walk-in pantry offers extensive storage and easy access to pantry staples. The primary suite is a peaceful retreat, featuring an extended master bedroom and a spa-like master bathroom with even more storage for towels and linens. The oversize shower and large walk-in closet is sure to please! The three-car garage has convenient overhead storage racks keeping things organized and tidy. Just when you think it couldn't get any better, imagine a home where indoor living seamlessly transitions to outdoor living. Cornerless sliding doors with floor-to-ceiling glass open up effortlessly to the outside, making it the perfect space for entertaining and enjoying the beautiful Arizona weather. The outdoor patio features remote-controlled rolling sunscreens and has plenty of room for your outdoor dining table, a ping pong table, or whatever your heart desires! Your weekends will be filled with enjoying friends and family time while watching your favorite team under this custom-designed pergola complete with a custom-designed outdoor kitchen! The low-maintenance backyard with artificial turf will free up your time to relax and enjoy the outdoors with a four-burner gas grill, Bluetooth speaker sound system, fire table, refrigerator, drop-in cooler, flat-screen TV, and electric fireplace footwarmer. Some days you will just enjoy the serene mountain views, the amazing sunsets, the stargazing, and the peaceful overall setting. You will be reminded daily of the beauty and appreciation of living in Ahwatukee here. And if this isn't enough, the hiking trails are just a stroll away, along with convenient shopping and dining, easy freeway access, and the top-ranked Kyrene School District...Welcome Home!
4065 N Silver Ridge Circle
Mesa, AZ 85207
$1,195,000
3
Beds
3
Baths
3,017
SqFt
Status
Active
MLS #
6781764
Property Type
Single Family Residence
Price Type
--
Gorgeous home high up in Gated Las Sends, is walking distance, via trail, to park, community pool/spa, exercise room, Clubhouse & Tennis. Home has been meticulously maintained & upgraded since it was built. Every interior & exterior finishing, light fixture, decor item in this home is exquisite. Private Master Suite with its own sumptuous bathroom & walk-in closet, has its own chandelier lighted entry. Gourmet kitchen with island, formal living room & a comfy family room. Dining room is perfect for holiday meals. Private enclosed office/den. Out back is a lovely covered patio, play pool & BBQ. Separate 2 car garage (entry to home) & the 3rd car garage is heated & cooled. Most Furnishings, except Artwork, are available under a separate Bill of Sale.
15060 N Forever View Lane
Prescott, AZ 86305
$1,195,000
3
Beds
3
Baths
2,064
SqFt
Status
Active
MLS #
6783023
Property Type
Single Family Residence
Price Type
--
Nestled in an incredible location overlooking the golf course and a peaceful pond, this beautifully upgraded Ranch Cottage offers easy access to the clubhouse, just a short walk away. Inside, you'll find elegant porcelain wood-look tile throughout, a bright and inviting kitchen with a generous island, wine fridge, and ample storage. The spacious great room is highlighted by wood-beamed ceilings and a cozy fireplace surrounded by art niches. The 2-car garage includes a separate third bay specifically for your golf cart. Step outside to an extended patio with a built-in firepit, perfect for enjoying the serene views year-round. Talking Rock is a gated private community for members only with four seasons of golf, on-site dining options and wellness focused amenities & lifestyle.
7750 N Via De Frontera --
Scottsdale, AZ 85258
$1,195,000
3
Beds
3
Baths
2,456
SqFt
Status
Active Under Contract
MLS #
6778224
Property Type
Townhouse
Price Type
--
Well-cared townhouse on a waterfront lot exuding charm and comfort! Be greeted by a 2-car garage, grassy front yard, and a very private courtyard perfect for enjoying your morning coffee. Inside, a hallway leads you toward the sunken living room, boasting a built-in sofa, media niche, sliding doors to the backyard, and a wood-burning fireplace. Pre-wired surround sound, fire sprinklers, and skylights can also be found throughout the house! The formal dining room is perfect for having a feast. The kitchen is equipped with built-in appliances, a walk-in pantry, an L-shaped island w/breakfast bar, Corian counters, tile backsplash, a wine cooler, and a plethora of wood cabinets. Retreat to the owner's suite to find a sitting room with backyard access and a built-in desk. The main bathroom has a dual sink vanity, a floor-to-ceiling tiled shower, and a walk-in closet. All bedrooms are carpeted for comfort and feature their own outside access. Discover a fabulous backyard with stunning lake and golf course views, colorful desert landscaping, a covered patio, a fire pit, and a door leading to the multi-use path that runs directly behind the home. Located close to restaurants, entertainment, and shopping. You don't want to miss this excellent property in the highly coveted McCormick Ranch!
22901 E Camacho Road
Queen Creek, AZ 85142
$1,195,000
4
Beds
4.5
Baths
4,314
SqFt
Status
Active Under Contract
MLS #
6778628
Property Type
Single Family Residence
Price Type
--
Located in the highly desirable community of Spur Cross. Every structural upgrade was included! 12' ceilings in great room/kitchen, huge 20' center slider, 8' nook slider, Executive Gourmet Kitchen with 36'' gas cooktop, SS hood, double convection ovens, built-in microwave and so much more! Everyone will have plenty of living space with 4 BD (one is a 2 BD Gen Suite with separate entry), 4.5 BA and 4 car gar,. Includes a gym that opens up to the courtyard via a pocket slider. Plus a bonus room that can be used as a game or rec room. The entire home has Calypso Oak LVP. The large (1/3 acre) south facing backyard includes a stone gas fireplace, spa, pavers, turf, with 4 large custom planters. What are you waiting for? This one won't last long!
26601 N Aguila Road
Rio Verde, AZ 85263
$1,195,000
4
Beds
2.5
Baths
3,002
SqFt
Status
Active
MLS #
6760527
Property Type
Single Family Residence
Price Type
--
THIS HOME WILL SURPRISE YOU WITH ALL OF THE ELEGANT TOUCHES. PREVIOUS OWNER IS A DESIGNER SO EVERYTHING IS TASTEFULLY DONE. LOTS OF ROOM FOR COMPANY WITH 3 BEDROOMS & 3.5 BATHS PLUS DEN THAT COULD BE A BEDROOM. STORAGE GALORE W/ TONS OF CLOSETS, INSIDE UTILITY ROOM, SPACIOUS LAUNDRY ROOM COULD BE USED FOR HOBBY/CRAFTS. GARAGE CABINETS AND WORKBENCH. THE BACKYARD IS YOUR OWN LITTLE RESORT WITH A FENCED YARD, POOL w/WATER FEATURE; PATIO & VIEWS OF MOUNTAINS TO THE EAST. THIS HOME IS OFFERED COMPLETELY FURNISHED! MOVE RIGHT IN AND ENJOY ALL THE AMENITIES OF TONTO VERDE: TWO CHAMPIONSHIP COURSES (MEMBERSHIP OPTIONAL), PRIVATE RESTAURANT, 18 HOLE NATURAL GRASS PUTTING COURSE, SNACK SHACKS, FITNESS CENTER, HEATED POOL & SPA, BOCCE BALL. BRAND NEW PARK w/PICKLEBALL COURTS & DOG PARK SOON.
6435 E Maria Drive
Cave Creek, AZ 85331
$1,195,000
5
Beds
3.5
Baths
3,209
SqFt
Status
Active
MLS #
6704239
Property Type
Single Family Residence
Price Type
--
5 bedrooms 2.5 bathrooms with a Separate 1 bedroom 1 bath guest house (income opportunity) Incredibily peaceful, quiet location. Hard to believe your minutes away from everything.Courtyard entrance with fireplace accesssible from guest house and main house-great to enjoy on chilly nights. Extended back patio provides shade. Majestic Views of Black Mountain from the pool, view deck, back yard, primary bedroom & main living areas make this a must see home! Lawn in the yard great for the pets. Souring Ceilings t/o the home. All bedrooms are generously sized. Kitchen and Laundry Room all new 2023 quartz counters, shaker cabinets, tile backsplash and stainless steel appliances. Pool remodeled in 2024. Over an acre, County Island, plenty of room for ADU, RV garage, shop, Toys, Horses, ect
819 S 3rd Avenue
Phoenix, AZ 85003
$1,195,000
7
Beds
2
Baths
3,267
SqFt
Status
Active
MLS #
6732426
Property Type
Single Family Residence
Price Type
--
Attention Investors and Visionary Buyers! Discover a rare and valuable opportunity. Where a distinctive residence meets a prime investment prospect. This unique property includes not only a beautifully maintained home but also an adjacent vacant lot, offering limitless possibilities for future development. Situated in a rapidly expanding area near downtown Phoenix, this property benefits from the neighborhood's impressive growth trajectory. The Roosevelt area is quickly becoming one of the most sought-after locations, making this a strategic investment opportunity. Charming Home: Step into a residence with a unique design and historical charm. The inviting atmosphere is highlighted by an elegant hardwood floors, and large windows that fill the space with natural light. Come take a look
262 E Saddleback Trail
Payson, AZ 85541
$1,195,000
4
Beds
2.5
Baths
2,378
SqFt
Status
Active
MLS #
6738248
Property Type
Single Family Residence
Price Type
--
Unobstructed Rim Country VIEWS + privacy in every direction! This custom single-story is masterfully crafted with views, energy efficiency and durability in mind. From the Engineer cement siding to the 16' x 48' Trex rear deck, to the top-of-the-line Thor appliances in the fabulous kitchen, every detail and finish have been carefully selected to create a luxurious reprieve from everyday life. The home is expertly positioned on the 1.7 acres lot to maximize privacy and ensure every room has windows framing the picturesque views that are most treasured in The Knolls Community. The oversized 3 car garage has a bonus workshop for additional toys or fun! A fully fenced side yard is perfect for furry loved ones & kids. Close to the Natural Forrest, great hiking & minutes from GOLF!