Last week’s economic news included reports on inflation, construction spending, the Federal Reserve’s announcement regarding interest rates and several labor and employment related releases. Weekly reports on new jobless claims and Freddie Mac’s survey of interest rates were also released.
Construction Spending Rises, Fed Holds Steady on Interest Rates, Suggests December Increase
Construction spending remained in negative territory for September according to the Commerce Department. The month-to-month reading decreased by 0.40 percent against the expected reading of +0.40 percent and August’s reading of -0.50 percent. Approaching winter weather is a likely reason for less spending, but ongoing challenges with shortages of buildable lots and labor are also factors. Spending on residential construction rose 0.50 percent, which is good news in terms of a persistent shortage of available homes.
The Federal Open Market Committee of the Federal Reserve announced that it would hold federal interest rates in the target range of 0.25 percent to 0.50 percent. Analysts have been monitoring Fed policymaker pronouncements in anticipation of a rate increase. With strengthening labor markets and other economic indicators, policy makers hinted at raising the Fed target rate in December.
Labor Data: Slower Job Creation, Lower Unemployment
ADP payrolls showed that only private-sector jobs 147,000 jobs were created in October as compared to September’s reading of 202,000 jobs created. The Labor Department reported 161,000 government and private-sector jobs were added in October as compared to an expected reading of 175,000 jobs added and September’s reading of 191,000 jobs created. Healthcare, professional jobs and financial sector jobs showed the highest job gains.
National Unemployment met expectations with an October reading of 4.90 percent. September’s reading was 5.00 percent Unemployment readings are reported as a percentage of workers seeking work and do not include workers who’ve left the workforce. New jobless claims rose last week to 265,000 as compared to expectations for 258,000 new jobless claims and the prior week’s reading of 258,000 new jobless claims.
Mortgage Rates Rise
Freddie Mac reported higher average mortgage rates last week. 30-year fixed rate loans had an average rate of 3.54 percent, an increase of seven basis points. The average rate for a 15-year fixed rate mortgage rose six basis points to 2.84 percent. The average rate for a 5/1 adjustable rate mortgage was three basis points higher at 2.87 percent. Discount points for fixed rate mortgages averaged 0.50 percent; discount points for 5/1 adjustable rate mortgages held steady at 0.40 percent.
Low mortgage rates have helped to offset the effects of high demand for homes and rapidly rising prices; if mortgage and refinance rates continue to rise, affordability and mortgage qualification issues are likely to arise for some home buyers.
What’s Ahead
This week’s scheduled economic reports include job openings, consumer sentiment and weekly reports on mortgage rates and new jobless claims.
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231 W Denton Lane
Phoenix, AZ 85013
$645,000
2
Beds
2
Baths
1,964
SqFt
Status
Active Under Contract
MLS #
6781050
Property Type
Single Family Residence
Price Type
--
STOP THE SEARCH THIS IS THE ONE!! THIS FULLY DETACHED PATIO HOME IS LOCATED ONLY STEPS FROM ALL THAT NORTH CENTRAL PHOENIX HAS TO OFFER. THIS HOME FEATURES 2 BEDROOMS, 2 BATHROOMS AND A HUGE OFFICE SPACE THAT COULD EASILY BE CONVERTED INTO A 3RD BEDROOM. THE NEWLY RENOVATED KITCHEN IS A CHEFS DREAM WITH A HUGE CENTER ISLAND AND MODERN FINISHES. THE MAIN LIVING SPACE HAS TOWERING CEILINGS AND TONS OF NATURAL LIGHT FROM AN ATRIUM VISIBLE FROM NEARLY EVERY ROOM. STEP OUT TO THE LOW MAINTENANCE AND PRIVATE BACKYARD WITH MATURE FICUS TREES. NEW A/C IN 2023 AND A NEW ROOF IN 2024. THIS PROPERTY WOULD BE PERFECT AS A FULL-TIME RESIDENCE OR A LOCK AND LEAVE FOR SEASONAL RESIDENTS. HOA FEE IS ONLY $100 PER MONTH. BETTER HURRY, THIS ONE WILL BE GONE QUICK! WELCOME HOME!!
18936 E Amethyst Drive
Rio Verde, AZ 85263
$645,000
2
Beds
2
Baths
2,015
SqFt
Status
Active
MLS #
6745521
Property Type
Townhouse
Price Type
--
Corner unit townhome in a quiet setting. 2 Bedrooms, 2 Baths. Den/Office- currently set up as an art studio with barn doors. Primary Suite has dual vanities, walk in shower, linen storage, large closet. Guest room currently set up as an office w/ walk in closet and hardwood floor. Guest bath with single vanity and new Kohler therapeutic walk- in tub/jacuzzi/shower. Great room adjacent to kitchen with patio access. Gourmet kitchen with desirable 6 burner Gas Range with dual ovens, warming drawer, microwave, Bosch fridge, appliance garage, granite counters. Casual dining area. Laundry room w/ sink & built in desk. Covered patio with extension for plenty of outdoor seating & entertaining. Lush landscaping. 2 car plus golf cart garage. Whole house water filtration system. Come , see, buy
28210 N Crook Court
Rio Verde, AZ 85263
$645,000
2
Beds
2
Baths
1,543
SqFt
Status
Active
MLS #
6618358
Property Type
Single Family Residence
Price Type
--
This delightful Desert Retreat entices from arrival with the oversized cul-de-sac homesite. The thoughtfully designed one-level contemporary floor plan emits an abundance of glass that bathes the space in natural light while seamlessly blending indoor and outdoor living. The resort-like back yard is a private oasis, featuring a sleek linear pool, contemporary stacked stone water features and a harmonious mix of desert landscape, artificial turf and citrus trees. The heart-of-the-home is a designer kitchen combining style with functionality. A spacious island with bar seating invites both casual meals and lively gatherings, while the oversized walk-in pantry ensures ample storage space. The attention to detail is evident in every corner enhancing the overall aesthetic. The private primary suite is a sanctuary of comfort, boasting sitting space and a graciously proportioned spa-like bath with generous walk-in closet. The well-appointed guest bedroom and bath are thoughtfully separated from the primary suite, providing privacy and convenience for both residents and visitors. Beyond the allure of the home itself, the Trilogy Verde River Golf and Social Club adds another layer of luxury to the lifestyle. Enjoy breathtaking views of the adjacent Tonto National Forest with panoramic vistas of the Mazatzal Mountains and the iconic Four Peaks. Whether indulging in golf, tennis, pickleball, or unwinding at the spa and fitness center, this community offers a diverse range of amenities. Dining and events further enrich the social fabric, making every day an opportunity to experience the best in contemporary living. Welcome to a home where modern elegance meets Arizona's stunning natural beauty.
17227 W Middlebury Street
Surprise, AZ 85388
$645,000
2
Beds
2.5
Baths
2,001
SqFt
Status
Active
MLS #
6669966
Property Type
Single Family Residence
Price Type
--
Brand new home! The Potomac's inviting covered entry and foyer reveal a spacious office, expansive great room (with 20 ft MULTI-PANEL SLIDING STACKING DOOR) and casual dining area, and the desirable covered patio beyond. The well-designed kitchen is equipped with a large center island with waterfall edge, breakfast bar, plenty of counter and cabinet space, and huge walk-in pantry. The serene primary bedroom suite is highlighted by a sizable walk-in closet and spa-like primary bath with dual-sink vanity, large luxe glass-enclosed shower, linen storage, and private water closet. The sizable 2nd bedroom features an ample closet and private full bath. Or buy as a rental (the Sterling Grove Grove Golf & Country Club rental market is HOT right now). House is 100% virtually landscaped/staged.
13198 W Crestvale Drive
Peoria, AZ 85383
$645,000
4
Beds
3
Baths
2,222
SqFt
Status
Active
MLS #
6682953
Property Type
Single Family Residence
Price Type
--
HUGE PRICE REDUCTION! ATTACHED PRIVATE GUEST SUITE! This space could also be used as a tucked away kids space. With 4 beds, 3 baths, & a 2-car garage with storage, this gem offers comfort & convenience. A desirable open layout enhanced with tall ceilings, an accented wall, a trending palette, wood-plank tile flooring, & sliding glass doors, merging the indoor with the outdoor poolside living. The gourmet kitchen is a homemaker's dream, featuring granite counters, recessed fixtures, a walk-in pantry, ample wood cabinetry with crown molding, an island with a breakfast bar, & SS appliances, which includes a gas cooktop & a wall oven. Retreat to the carpeted main suite, highlighting a pristine private bathroom with dual sinks, a step-in glass shower, & a walk-in close The sizable guest's quarter provides a living room, a kitchenette, & a bathroom. Have fun in the large backyard, complete with a covered patio, artificial turf, pavers, an outdoor wooden swing, & a crystal blue pool. Move-in ready!
18419 W Elwood Street
Goodyear, AZ 85338
$645,000
5
Beds
3.5
Baths
3,660
SqFt
Status
Active
MLS #
6736532
Property Type
Single Family Residence
Price Type
--
Like New Taylor Morrison Home w Custom Pool! Pride of Ownership! 5-Bedroom Smart Home with Resort-Style Backyard Oasis. This 5-bedroom, 3.5-bathroom residence offers the perfect blend of luxury, comfort, and modern convenience. With a spacious layout of 3660 Sq Ft and top-of-the-line features, this home is designed to cater to all your needs. Enjoy year-round swimming with a heated AND cooled Pebble Tec custom saltwater pool, complete with a cascading water feature for a resort-like feel. The home is the perfect setup if you work from home~ With cat 5 wiring throughout. Take a break during lunch and dip the refreshing pool! The roomy backyard that features an added extended patio for ample shade and a grassy astro turf play area for children or pets. Perfect for entertaining family and friends year-round This modern home offers Energy Efficiency with Solar panels that keep your home cool during the hot Arizona summers while greatly reducing energy costs. With Smart Home Technology that includes convenience to control solar panels, thermostat, pool, lights, oven, refrigerator, and security system with cameras with ease using integrated apps. A special feature includes a convenient central vacuum system on both levels. The gourmet style kitchen is upgraded with rich maple/alder cabinets with soft-close drawers, roll outs, light rail, crown molding, granite countertops, a large kitchen island, and stainless-steel appliances including a café French door refrigerator and gas stove for the chef in the family. Spacious living areas include a formal living room, formal dining and family room. A large upstairs loft, perfect for a children's play area, hobby space, work out area or office. The oversized master suite features French doors leading to a private patio with mountain views and beautiful Arizona sunsets. Relax in the master ensuite with a walk-in shower, soaking tub, dual sinks, private toilet room, and an expansive master closet. Additional features include paved cobblestone driveway and front porch, double RV gate, 4-car garage, complete R/O system, soft water system, upgraded maple/alder stair rails with dramatic entry, faux wood window treatments, utility sink & cabinets in the laundry room and additional half bath near family room. Community perks in Las Brisas include open grassy parks, ramadas, basketball courts, volleyball courts, and many play structures and grassy open areas. Conveniently located near schools including La Brisas Academy. I10 Freeway and Goodyear Ballpark plus eateries close by! Nearby Estrella Mountain Regional Park, with 20,000 acres of pristine desert, is nearby with mountains and a large wetland. Many amenities are available to visitors, including baseball fields, the only grass picnic area (65-acres) in the Maricopa County Park System, a golf course, fishing from the Gila River, and over 33 miles of trails for hiking, mountain biking, and horseback riding. Don't let this one slip by! Move in ready with all the bells & whistles included!
931 N Senate Street
Chandler, AZ 85225
$645,000
4
Beds
2
Baths
2,340
SqFt
Status
Active
MLS #
6730503
Property Type
Single Family Residence
Price Type
--
BEAUTIFUL CHANDLER CUL-DE-SAC! Quiet neighborhood - close to parks and schools. This lovely 4-bedroom, 2-bathroom residence boasts a 3-car garage, huge lot, fenced pool, and lots of room to entertain. Enjoy the open and bright living areas with new upgraded back doors, plantation shutters, skylights and custom security iron work on front door and garage windows. Newer AC and roof ensure the big items are taken care of for you. The large primary bedroom includes a fabulous walk-in closet and separate exit to the backyard. The attached bathroom includes a soaking tub, separate shower, and private toilet. In the backyard you'll love the private fenced pool surrounded by gorgeous tile work, grass and fruit trees. Great space with plenty of room to entertain friends and family! Quiet neighborhood located close to food and shopping - what more could you ask for?
6826 E Monterey Way
Scottsdale, AZ 85251
$645,000
3
Beds
2
Baths
1,980
SqFt
Status
Active
MLS #
6733512
Property Type
Single Family Residence
Price Type
--
LOOKING FOR INVESTMENT PROPERTY! RENTAL or REMODEL! Looking for a 3 bedroom, 2 bathroom with a den located in South Scottsdale? Look no further! Charming single level home features a spacious open floor plan, new floors in the living room area, fresh interior paint, new light fixtures with plenty of natural light! Spacious bedrooms with ample closet space, den, dining area, over-sized laundry room and flex space for office. Enjoy the private and peaceful backyard. Covered patio with mature landscaping. A perfect gathering spot for friends and family. Close to Old Town shopping, ASU and Scottsdale Fashion Square.
2809 E Hillery Drive
Phoenix, AZ 85032
$645,000
3
Beds
2
Baths
2,015
SqFt
Status
Active
MLS #
6738520
Property Type
Single Family Residence
Price Type
--
Location Location Location! This beautifully updated 3-bedroom, 2-bath home is perfect for those seeking modern comforts and a prime location on an almost 1/4 acre lot! Nestled in a great neighborhood at the base of Shadow Mountain, this property boasts several recent upgrades and desirable features to include: Freshly painted both inside and out, offering a clean and modern look; updated lighting fixtures throughout the home providing a bright and inviting atmosphere; new vanities in both bathrooms; a huge pantry provides ample storage space, making the Kitchen a dream for any home chef. Large sparkling diving pool in the private backyard. Huge pantry and updated lighting fixtures. New vanities. Enjoy your completely fenced, large sparkling diving pool in this beautiful backyard ensuring you can enjoy the outdoor space without all of the hassle! The home is ideally situated with a north/south facing orientation, maximizing energy efficiency and comfort. Don't miss the opportunity to own this move-in-ready home in a fantastic location - this one is special!
29273 N 129th Avenue
Peoria, AZ 85383
$645,000
2
Beds
2
Baths
1,925
SqFt
Status
Active
MLS #
6751375
Property Type
Single Family Residence
Price Type
--
This SOLAR Nice floorplan is situated on an Extremely PRIVATE homesite with GOLF COURSE & MOUNTAIN VIEWS! Enjoy STUNNING WOOD FLOORING throughout (tile in baths & laundry). The Chef's Kitchen is remarkable - features HIGH-END Cabinetry w/ a CUSTOM glaze that are staggered w/ LARGER CROWN, dramatic GRANITE SLAB & BUILT-IN SS GAS APPLIANCES w/DOUBLE OVENS!! Both Baths are HIGHLY UPGRADED w/ CUSTOM TILE, stone c-tops & FRAMED MIRRORS. Covered patio SPACE brings the outdoors inside w/ a GAS fireplace w/ STONE ACCENTS. Enjoy MOUNTAIN VIEWS from the extended paver patio-back yard is fully fenced!! Add'l upgrades: cabinet built-in at den, soft water, RO, bay window, PLANTATION SHUTTERS, high-end fans/lighting/hardware thru-out. Garage has tons of storage & EPOXY FLOORS, Garbage enclosure & & another storage area outside. SMART SPACE with a huge workspace and plenty of STORAGE - This home has it all!
5100 E Rancho Paloma Drive Unit 2059
Cave Creek, AZ 85331
$645,000
2
Beds
2
Baths
1,990
SqFt
Status
Active
MLS #
6749719
Property Type
Townhouse
Price Type
--
VIEWS, VIEWS, VIEWS! Discover the best location for this end-unit condo in a beautiful newer and spacious gated community in Cave Creek. This residence offers generous square footage, featuring 2 bedrooms +an open den, and bright, open floor plan freshly painted & move-in ready! Meticulously maintained, home showcases modern contemporary design with neutral finishes, quartz countertops, 42'' cabinets, and a lg kitchen island. Refrigerator, washer, and dryer are included. The Primary Bedroom offers breathtaking views & includes an updated walk-in shower in the Primary Bathroom. This condo is Energy Star certified, equipped with Energy Star appliances, Low-E windows, & impressive energy efficiency rating from 2018. Spectacular views from the 14' sliding door that opens to large balcon
16197 W Berkeley Road
Goodyear, AZ 85395
$645,000
4
Beds
2.5
Baths
2,677
SqFt
Status
Active
MLS #
6757161
Property Type
Single Family Residence
Price Type
--
New Listing Alert: The Unicorn of Goodyear! Welcome to 16197 W. Berkeley Road, a rare and remarkable find in one of Goodyear's most desirable locations! This home stands out from the rest—combining charm, beauty, and all the modern features you've been searching for. Prime Location: Situated in the heart of Goodyear, this home is just minutes from brand-new restaurants, shopping, and the highly anticipated Goodyear Civic Center. It's more than just a home—it's a gateway to a vibrant lifestyle! Inside the Home: -4 spacious bedrooms that provide plenty of room for everyone. -2.5 bathrooms, beautifully maintained and designed with functionality in mind. -Chef's kitchen with double ovens, granite countertops, and ample storage—a central hub perfect for entertaining, and enjoying time with loved ones. -The open-concept living space offers an inviting flow from the kitchen to the living areas, ideal for large gatherings or cozy family nights. -A versatile dining room that can easily transform into a home office or playroom to suit your personal needs. Backyard Retreat: Step outside and unwind in your private outdoor oasis: -Brand-new turf for low-maintenance landscaping. -A sparkling pool, perfect for cooling off on hot summer days. -Elegant travertine pavers, ideal for outdoor dining or lounging, creating a resort-style vibe in your own backyard. This home offers a rare combination of location, design, and outdoor living. Opportunities like this don't come along often. Don't miss out on this unicorn!