Last week’s economic reports included new and pre-owned home sales, new jobless claims and Freddie Mac’s weekly mortgage rates survey.
Home Sales Mixed in October
According to the National Association of Realtors®, sales of previously owned homes reached a seasonally adjusted annual level of 5.60 million sales, which exceeded expectations and October’s reading of 5.49 million sales. Analysts had expected a rate of 5.44 million sales.
October sales of preowned homes rose 2 percent over September’s reading and were 5.90 percent higher year-over-year. This was the highest reading for sales of pre-owned homes since February 2007. High demand for homes is driving housing markets in spite of obstacles including rising mortgage rates and tight mortgage approval requirements.
Sales of new homes were lower in October, which indicated continued ups and downs in the economic recovery. October’s reading of 563,000 sales on a seasonally adjusted annual basis was lower than expectations of 595,000 sales and September’s downwardly revised reading of 574,000 new homes sold.
New home sales were 17.80 percent higher year-over year and 12.60 percent higher year to date, but analysts said that housing markets continue to be constrained by a short supply of available homes. Inventories of available homes are slowly increasing, which is expected to help curtail rapidly rising home prices caused by pent-up demand.
The median price of a new home was $304,500 in October as compared to September’s median price of $314,100 and October 2015’s median price of $298,700. There were 246,000 new homes for sale in October, which was the highest quantity of new homes on the market since September of 2009.
Mortgage Rates, New Jobless Claims Rise
Mortgage rates jumped last week in response to an increase in the 10-year Treasury note rate. The average rate for a 30-year fixed rate mortgage rose nine basis points to 4.03 percent; the average rate for a 15-year fixed rate mortgage was 11 basis points higher at 3.25 percent. The average rate for a 5/1 adjustable rate mortgage was five basis points higher at 3.12 percent. Last week’s readings were the first time in 2016 that mortgage rates exceeded four percent.
New jobless claims were also higher last week with 251,000 claims filed as compared to expectations 248,000 new claims and the prior week’s reading of 233,000 new claims filed. Last week’s reading marked the 90th consecutive week of new jobless claims less than the benchmark of 300,000 new claims, an event that hasn’t occurred since 1970.
What‘s Ahead
Economic reports scheduled this week include Case-Shiller Housing Market Indexes, pending home sales and construction spending. Readings on inflation and labor will also be released along with weekly reports on mortgage rates and new jobless claims.
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25635 N 47th Drive
Phoenix, AZ 85083
$2,100,000
6
Beds
4.5
Baths
4,806
SqFt
Status
Active
MLS #
6715717
Property Type
Single Family Residence
Price Type
--
BEST VIEWS IN THE WHOLE WEST VALLEY!!! This is my all time Favorite! This is the most Private ESTATE sitting on top with views of the whole Mountain Range! It takes my breath away!It has everything a property has to offer tucked away in Saddle View Estates with no HOA. It is a Fortress of an Estate. Everything is newer and meticulously kept. Including Owned $80k solar! 2000sf 5 car oversized enormous garage with storage rooms, Newer Roof, Upgraded AC's electronic air filters, Activic Air Scrubbers. New Anderson Windows, new clothes W/D, new kitchen appliances, new whole house filtration, new hot water heaters x2, new toilets, new Pentair water softner, New whole house copper plumbing. New pool pebble Tech surface, filter, pump, propane htr, multi-colored pool light, wireless Pool control The upgraded AC's have electric air filters, and Activek Air Scrubbers, 5yr service plans, new garage Epoxy floors,
8214 E Kael Street
Mesa, AZ 85207
$2,100,000
5
Beds
5
Baths
6,565
SqFt
Status
Active
MLS #
6768451
Property Type
Single Family Residence
Price Type
--
Entertain with elegance or retreat from everything in this opulent one-of-a-kind custom home, priced BELOW APPRAISAL, with statuesque port cochere and brick paver horseshoe drive. Greet guests beneath a 40ft high circular foyer between sunlit travertine staircases. Prepare feasts in a huge gourmet kitchen with extensive granite countertops, dual ovens, dual gas cooktops, pot filler, walk-in pantry, and expansive breakfast bar with dedicated sink. Indulge family and friends with large home theater (14 recliner / 7.2 surround), large heated pool and spa, indoor and outdoor wet bars, full outdoor kitchen and bbq, sound speakers throughout, 3200 sq ft of covered patio, relaxing fountains, and a very large rooftop deck amidst mountains and city lights. Pamper yourself in a very spacious primary suite with dual walk-in closets, dual showers and jetted tub, dual vanities, and private walk-out pool and hot tub access. This 5 bed/5 bath + office with 2 addl ensuites boasts too many features to list. Dual garages, ample storage, newly painted, partial roof updates, newly installed pool heater and pump. It's super energy efficient and boasts fire suppression and safety features. Capture all this with the added bonus of amazing, quiet, exclusive and private gated community - just minutes from: Las Sendas Golf Club, Red Mountain Community College, and dozens of activities. This home features 5 bedrooms and 4 bathrooms upstairs surrounding a circular art gallery, sitting area, and office or den. The pool sparkles through the large back picture window, and the beautiful covered front patio and fountains beckon from the large front picture window. The 12 ft ceilings throughout the home are multi-tiered with coffered ceilings in the office and beautiful columns throughout. The home has four zone temperature control heating and AC with 3 gas fireplaces for ultimate comfort. Additional pool-adjacent storage rooms are perfect to convert to dedicated bathrooms for pool access, provided currently by one of the additional ensuite bathrooms. The rooftop deck boasts amazing sunsets and 360-degree wraparound mountain ranges and city lights featuring the Superstition Mountains and Red Mountain. It can accommodate large family meals, parties, or intimate star-gazing for a silent retreat or vacation. The surrounding area features dozens of golf courses, hiking, camping, horseback riding, boating, Saguaro Lake Marina, Lost Dutchman Park, Tonto National Forest, Salt River tubing, great shopping, restaurants, museums, culture, and more!
3401 N 34th Place
Phoenix, AZ 85018
$2,100,000
4
Beds
4
Baths
3,217
SqFt
Status
Active
MLS #
6759345
Property Type
Single Family Residence
Price Type
--
In the highly desirable neighborhood of Pomelo Park, this Arcadia home has everything you need to make memories that will last a lifetime! This impressive 3,200+ sq ft, 4-bed/4-bath (three en-suite) home features 9-ft ceilings, split master plus a central office with pool/backyard views. As you arrive at the property you'll be impressed with the curb appeal of this home. Mature trees, white crossbuck ranch rail fence, and a three car epoxied garage with lots of extra parking space contribute to the initial impression that continues throughout this beautiful home. Step inside and you're greeted by a true indoor/outdoor living space. Double sided floor-to-ceiling sliding glass doors completely open the interior & make this home ideal for entertaining. The large open concept kitchen boasts marble countertops, two wall-mounted ovens, microwave drawer, side-by-side fridge/freezer combo, pot filler over the stove, a large island and walk-in pantry. There is an oversized farm sink with an additional sink in the kitchen island. The pool is great for year round usage with the newly installed and updated pool equipment, pool heater and salt cell. Additional backyard features include three built-in pool fountains, a heated outdoor shower, a covered oversize patio, built-in BBQ, and large grassy area. The home has energy saving spray foam wall insulation and a synthetic stucco exterior for ease of maintenance. Come and see for yourself why this home won't be on the market long!
3317 E Mcdowell Road
Mesa, AZ 85213
$2,100,000
5
Beds
5
Baths
5,670
SqFt
Status
Active
MLS #
6771162
Property Type
Single Family Residence
Price Type
--
GREAT HOME! Ground Floor: 3,938 sq. ft. of livable space, including a master bedroom, an additional bedroom, a beautiful executive wood office, and a large laundry room. Basement: 1,746 sq. ft. of livable space, finished with a game room and theater room combination, plus three bedrooms (one with a private bath and two sharing a Jack & Jill bathroom). ATTACHED Office/Shop: 827 sq. ft. with 1/2 bath, which can be converted into a 4-car garage or a guest room with a 1-car garage. 5 bedrooms and 5 1/2 bathrooms in total. Energy Efficiency: Solar panels are owned, which means lower utility bills. The Spacious Master Bedroom & Bathroom features a Double-Sided Fireplace, A Sitting or Workout Area, 2 Large Walk-In closets a separate Jetted Tub and Seven Head Shower Combination Steam Room The Wood flooring is Acacia, a breed of rosewood. All cabinets Upstairs and downstairs are cherry stained knotty alder. Solid wood doors are Brazilian cedar. 8- foot doors upstairs and standard 6' 8 downstairs. Den is solid natural walnut with desk inlay of Bubinga and Hard Maple. Entry Medallion is Walnut, Cherry, Hard Maple, and Fiddleback Maple. Built-ins in the Master Bedroom, the Master Walk-in Closets, and the Family Room are Cherry. Fireplace Mantel is Solid Cherry. Stair Bannister and Baseboards and Bar are Solid Hickory. Also lots of storage space areas.
7932 E Dynamite Boulevard
Scottsdale, AZ 85266
$2,100,000
5
Beds
5
Baths
5,631
SqFt
Status
Active Under Contract
MLS #
6758673
Property Type
Single Family Residence
Price Type
--
Santa Barbara Spanish style architecture on almost 2 acres, zoned for horses w/ no HOA just minutes from Troon Golf Course. Incredible amenities including 30 ft. golf chip & putt, pool & spa, pickleball court w/ basketball hoop, outdoor chess, ping pong and more! Flowing river/pond at entrance of property. Separate casita with full living + kitchen + bedroom + full bath. Huge travertine patio w/ pergola (wired for misters) & built in grill. Remodeled throughout with custom cabinets/vanities, quartz counters, saltillo tile floors. Gated entrances on 2 sides. Garage has 2nd laundry & is potential future living space. Vault/safe room. Furnishings & decor included w/ full price offer. Shipping container for extra storage. Home can also be turnkey ABnB! Listing agent related to selle
9175 N 82 Street
Scottsdale, AZ 85258
$2,100,000
4
Beds
3.5
Baths
3,333
SqFt
Status
Active
MLS #
6762990
Property Type
Single Family Residence
Price Type
--
Voted #1 in the Heart of Scottsdale tour!!! This gorgeous, remodeled 4BD/3.5B home has soothing neutral tones & is versatile for so many decorating styles. Make it your own! A magnificent Chef's kitchen w/custom Thermal Foil cabinets, quartz countertops, Thermador SS appliances, incl sep full size freezer & fridge, 2 sinks, 2 dishwashers, 4 ovens, gas stovetop & much more! Beautiful white porcelain floors throughout w/lots of natural light & an abundance of windows! Exquisite 2 sided glass & marble FP, upgraded lighting, spacious BD's w/walk in closets & gorgeous updated baths! Primary BA w/walk-in shower & serene soaking tub. Private backyard w/sparkling pool, ramada & lg covered patio! Close to walking/biking paths, restaurants, golf & shopping! Come be amazed at this Stunning home!
7175 E Camelback Road Unit 902
Scottsdale, AZ 85251
$2,099,000
2
Beds
2.5
Baths
2,041
SqFt
Status
Active
MLS #
6695128
Property Type
Apartment
Price Type
--
Step into luxury living at the exquisite Scottsdale Waterfront Residences, nestled in the vibrant heart of Scottsdale! Perched on the 9th floor, this residence boasts breathtaking views of Camelback complemented by an expansive balcony perfect for hosting gatherings and enjoying the Arizona sunshine. The kitchen is a culinary paradise, featuring top-of-the-line amenities such as a 100+ bottle wine refrigerator, Viking gas cooktop, Viking refrigerator, and a timeless tile backsplash, all seamlessly integrated into the open great room floor plan, ideal for both cooking and entertaining. Experience the epitome of convenience with the Waterfront's full-service building amenities, including 24-hour security, rooftop pool, fitness center and spa services. views, a sophisticated resident club room, a state-of-the-art fitness center, a versatile board room, a fully-equipped business center, and the added luxury of valet parking. Indulge in the ultimate urban lifestyle with the convenience of walking distance access to over 100 restaurants, world-class shopping destinations, and vibrant art galleries, ensuring every day is filled with excitement and possibility. Embrace the essence of the good life at Scottsdale Waterfront Residences, where luxury, convenience, and sophistication converge to offer a lifestyle beyond compare.
13272 E La Junta Road
Scottsdale, AZ 85255
$2,098,337
3
Beds
3.5
Baths
4,034
SqFt
Status
Active
MLS #
6776228
Property Type
Single Family Residence
Price Type
--
Just Completed! Stunning Rosewood luxury home at Storyrock in Scottsdale on 1/2+ acre N/S lot w/ open space on two sides + mountain views in gated Rosewood Canyon w/ miles of walking/hiking trails in McDowell Sonoran Preserve. Enjoy indoor/outdoor living w/ 16-foot wide Disappearing Wall of Glass + custom Andersen ''view windows.'' Stunning Kitchen w/ upgraded cabinetry & custom features, large Island, Quartzite countertops, 6-burner Wolf gas range w/ large convection oven + 2nd convection oven, microwave, 48'' Sub Zero + wine ref! Professionally-designed w/ gorgeous wood flooring, Ortal fireplace, custom iron/glass front door, Master Bath w/ Quartzite + oversized shower & tub. Ensuite Bedrooms, Den, dramatic Powder, ''Pool Bath,'' oversized 3-Car Garage w/ huge Storage Area & much more!
37268 N 110th Street
Scottsdale, AZ 85262
$2,095,000
5
Beds
5
Baths
5,217
SqFt
Status
Active
MLS #
6758268
Property Type
Single Family Residence
Price Type
--
This North Scottsdale desert gem is a stunning retreat with a resort-style backyard. Situated on nearly an acre in a tranquil gated community, this 5 bed, 5 bath home boasts over 5,200 square fee of sophisticated living space designed to capture breathtaking views. The open floor plan features expansive windows, a chef's kitchen and main-level primary suite complete with a spa-like bath and sitting area with stone fireplace. Step outside into your impressive backyard, featuring a sparkling heated pool and spa, sport court, putting green, and built-in kitchen area with grill. The home includes countless upgrades such as custom iron doors, LED lighting, Lutron shades, Control 4 smart home technology, and 4-car garage with cabinets and epoxy floors. Just minutes from top golf courses
15215 N Kierland Boulevard Unit 536
Scottsdale, AZ 85254
$2,095,000
2
Beds
2.5
Baths
2,086
SqFt
Status
Active
MLS #
6786018
Property Type
Apartment
Price Type
--
Now Available For Sale.....Overlooking the Westin Kierland Golf Course, this highly coveted location in the Plaza Lofts Tower also captures INCREDIBLE views of City Lights, the McDowell Mountains, Sunrise and Sunsets. This truly is the ''SWEET SPOT'' of the market for those buyers wanting TWO Spacious Master Suites or TWO Bedrooms with a Study.. Both Master Suites have Spacious Sitting areas and En-suite bathrooms plus there is a separate Powder Room for Guests! Upgraded features throughout include gourmet kitchen, SubZero and Wolf Appliances, floor to ceiling expansive windows, ten foot ceilings, an oversized balcony and covered terrace make this the perfect loft for entertaining. Community amenities include concierge, a private fitness studio, two resort-style sundecks, heated lap pool, grilling stations, pet park, and exclusive VIP discounts at Kierland Commons, Scottsdale Quarter and the surrounding area. (Furnishings available by separate agreement.)
7175 E Camelback Road Unit 702
Scottsdale, AZ 85251
$2,095,000
2
Beds
2.5
Baths
2,041
SqFt
Status
Active
MLS #
6696924
Property Type
Apartment
Price Type
--
Experience luxury living at Scottsdale Waterfront Residences in the vibrant heart of Scottsdale! This turn-key 7th-floor condo, with all furniture included, offers stunning Camelback Mountain views and an expansive balcony. The chef's kitchen boasts premium Viking appliances and a spacious granite island that flows effortlessly into the open great room, creating an ideal space for cooking and entertaining. The thoughtfully designed layout features split primary bedrooms, each with its own ensuite bathroom, offering privacy and comfort. A versatile den adds extra space for relaxation, work, or an additional sleeping area. Enjoy resort-style amenities, including 24-hour concierge, a rooftop pool, fitness center, spa services, a resident club room, valet parking, and more. Steps away from over 100 restaurants, world-class shopping, and art galleries, this is luxury living at its finest. Don't miss your chance to call Scottsdale Waterfront Residences home!
3770 S Bridle Path
Flagstaff, AZ 86005
$2,095,000
4
Beds
3.5
Baths
3,455
SqFt
Status
Active Under Contract
MLS #
6723781
Property Type
Single Family Residence
Price Type
--
Experience unparalleled luxury, comfort, and security in Troon managed Flagstaff Ranch GC. The home is a meticulously designed Luxury Mountain Modern home nestled on a prime Golf Course Estate Lot. The residence has an attached 800 SF Casita with full kitchen and separate entrance for guests and extended family. This single-level residence boasts 2 covered decks featuring a large gas fire pit overlooking the 5th fairway with views of San Francisco Peaks. The gourmet kitchen is equipped with Wolf, Sub-Zero and Asko appliances, Quartzite counters and a 100+ bottle wine cooler. The living room features a floor-to-ceiling oversized fireplace crafted from imported Pennsylvania Blue Stone. Exquisite custom lighting, fixtures, whole-house sound, security, lighting, and temperature control.