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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2451 W Rowel Road
Phoenix, AZ 85085
$599,990
3
Beds
2.5
Baths
1,964
SqFt
Status
Active
MLS #
6782097
Property Type
Single Family Residence
Price Type
--
Welcome to your NEW HOME at Aster in Union Park! This home offers 1,964 sq ft of living space with 3 bedrooms, 2.5 bathrooms, and a 2-car garage. The primary bedroom has dual walk-in closets and a private deck. The Design features are the Enhanced C package of upgrades including 42'' stone gray cabinets, quartz countertop, custom backsplash, large island, stainless steel gas range and tile flooring. HOA includes Union Park Amenities, front yard landscaping & maintenance along with concierge trash pickup. Union Park residents will enjoy amenities that include, resort styled pool and lounge areas, a 5800 sq ft clubhouse, pickleball courts, basketball courts, 11 parks, playgrounds and walking paths. Easy access to 3 freeways within 10 minutes and 25 minutes to Airport.
20055 W Campbell Avenue
Buckeye, AZ 85396
$599,990
4
Beds
3.5
Baths
2,608
SqFt
Status
Active
MLS #
6776604
Property Type
Single Family Residence
Price Type
--
KITCHEN: Maple Painted White Cabinetry and 3 ½'' shaker crown, Gas GE Profile 36'' stainless steel Cooktop with wall oven, Quartz Countertops, Extended Island, Box-in for 36'' refrigerator. FLOORING: 7X48 Wood look and upgraded carpet & pad. INCLUDED OPTIONS: Spanish exterior, Pre-plumb for soft water loop and Corner sliding door
16373 W Morning Glory Street
Goodyear, AZ 85338
$599,990
4
Beds
3
Baths
2,510
SqFt
Status
Active
MLS #
6787125
Property Type
Single Family Residence
Price Type
--
QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME BEFORE THE HOLIDAYS! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! MOVE-IN PACKAGES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! Lot large enough for a 8' gate. North/South exposure with landscaped area behind the home, so no neighbors. Brick pavers at drive, walk and entry, Multi slide door off the great room perfect for entertaining. Owner's bath has walk in shower with tile & floor surrounds. Stainless steel gas appliance package with a 30'' cooktop, wall oven, microwave and canopy good. Maple Slate-Gray cabinets with pull out trash drawer. AZT Terra guartz ''Linen'' countertops in kitchen and baths. Upgrade flooring includes Firenza 20x20 tile in all areas except for bedrooms and closets. 8' tall garage door with two remotes and so much more. Please verify all information with onsite agent. Thank you!
1193 E Spruce Drive
Chandler, AZ 85286
$599,990
4
Beds
2.5
Baths
1,952
SqFt
Status
Active
MLS #
6723603
Property Type
Single Family Residence
Price Type
--
LAST HOME IN THE COMMUNITY! Close by end of the year. Former Model, Move in ready! Take advantage of great Builder Incentives. Welcome to Willis Commons, a beautiful, private, gated community of only 35 homes with fantastic amenities including Community Clubhouse with fitness room, green spaces, and play park with splash pad. Great Chandler location off the 202 and McQueen Road with nearby Paseo Canal Trail for biking and hikes. Easy access to everything Chandler and Gilbert offer and only 5 minutes from Downtown Chandler. The popular Arcadia plan design features 4 generous sized bedrooms, 2.5 bathrooms, plus 2 car garage. -out. Open kitchen with large island and granite counters include lots of cabinet and pantry storage, plus all stainless appliances included. Owner's suite is on main floor and has spacious attached bathroom with separate tile surround shower and soaking tub as well as a large walk-in closet. Convenient laundry room on the main floor with 3 additional bedrooms upstairs. Lots of architectural character outside and low maintenance size yard. An amazing well-designed new home that is practical yet feels so very luxurious.
16050 S 11th Place
Phoenix, AZ 85048
$599,990
2
Beds
2.5
Baths
1,559
SqFt
Status
Active
MLS #
6768886
Property Type
Single Family Residence
Price Type
--
Nestled in the sought-after Ahwatukee Foothills, this beautifully remodeled WATERFRONT home offers stunning lake and mountain views. The bright, open kitchen seamlessly connects to the living and dining spaces, leading to a tropical backyard and patio overlooking the water. Dual master suites come with private, updated bathrooms, including a spa-like step-in shower on the main floor. A versatile loft is perfect for a home office or gym. Located steps from the lakeside pool, spa, and walking paths. Updates include new windows, roof, AC, kitchen, baths, and more. Close to golf, hiking, and freeway access.
9807 W Cedar Drive
Sun City, AZ 85351
$599,988
3
Beds
2
Baths
1,979
SqFt
Status
Active Under Contract
MLS #
6747649
Property Type
Single Family Residence
Price Type
--
Professionally designed, professionally remodeled from the studs out, meticulously maintained, and lovingly lived in -on the inside this home is the next best thing to a new-build while on the outside it's a ''sleeper,'' retaining the timeless and unassuming charm of its established, original 55+ Sun City neighborhood. The owners had a vision to redesign this home as a vacation destination for their out-of-state family and friends. It was imagined and built to combine stunning visuals with both a casual and comfortable feel. It's practical for a retired couple of two, and equally as practical when all the kids (with all your grandkids) fly in. From 2016 through 2019, this home received the ultimate Cinderella make-over. Click on ''More'' for a sample of the exhaustive list of updates. New plumbing throughout; completely new electrical including recessed lighting and hard-wired smoke detectors to keep you safe; new drywall with rounded corners, high ceilings, and a beautiful Santa Fe texture that makes the walls look plastered; all one tile from the inside laundry room through the kitchen, closets and bathrooms to all three (or four) bedrooms; new bathrooms with uniquely designed, extra-large, travertine showers and chair-height toilets just to make life a little easier; new show-stopper expanded entertainer's kitchen with three ovens, a butler's pantry/laundry room with removable desk, and a 10 foot beverage center with built-in wine cooler, and a whopping 9-and-a-half foot by 5 foot quartz island and two quartz sinks; new dual-pane, Milgard windows; and a new roof with 38 panels of low $ leased solar on a contract that never goes up. Even the formal dining room has an added closet and removable built-in desk, so it can be used for a 4th bedroom, a den , or to sit the whole family for holiday meals. But wait, we still have the outdoor space: step through an over-sized sliding door from the kitchen, from the great room, or from the primary bedroom onto a vast (59'x14') covered patio large enough for five tables of eight, built-in cabinets, and a cornhole set up. There, your eye is immediately drawn to a stunning, propane heated, Pebble-tech pool with a salt system, an in-floor cleaning system, and a marble-topped, raised, and a huge 14-foot-long hot tub with spillway. This show-piece pool sits in an over-sized yard with 6-foot, stucco privacy wall, and it sits next to a gorgeous, granite-topped, 9 foot outdoor kitchen that includes a fridge and a 36 workstation sink with disposal. Finally, the two car garage also has room for up to two golf carts while an extra slab was poured next to the drive way to provide extra, off-street parking. If you're looking for a way to entice the kids to visit and/or a home professionally designed for entertaining, this home was built for you. You should come see.
3221 W Kristal Way
Phoenix, AZ 85027
$599,950
4
Beds
2.5
Baths
2,306
SqFt
Status
Active
MLS #
6752650
Property Type
Single Family Residence
Price Type
--
This beautiful home has a North/South orientation on a large corner lot in the all-one-story Country Ridge neighborhood. A delightfully green back yard features a large covered patio and an open patio adjacent to a Pebble Tec play pool. The family room/kitchen/breakfast area is the center for entertaining friends. .A very large granite counter provides lots of serving space for indoor/outdoor parties. The formal living room and dining room give you that special location for holiday fun. You will be comfy cozy on those chilly winter evenings and you will have No Problem with those ''no burn days'', because the fireplace has a gas log set and an owned propane tank. The walk-in pantry has full shelves and is a room of it's own. The kitchen is a gourmet's delight with pull-outs in the base cabinets and loads of luxurious granite counter space. There is a High Definition Broadcast TV Antenna installed and ready to receive local channels for FREE. An extended Three Car Garage has two garage door openers, an epoxy coated floor, painted walls & ceiling shelf & cabinet storage AND Air Conditioning and Heat from a mini split system. The carport provides covered parking for a fourth car. The deep garage gives you lots of shop space and when you combine this with the bonus covered work area that is adjacent to the car port, you have a dream setup for hobbies, gardening, auto maintenance/restoration or whatever your heart desires. There are multiple Charter, Private and Public educational choices for your children within walking distance. The neighbors are great, the street has very little traffic and the freeway is just a few minutes away. Commuting to downtown Phoenix, the Scottsdale Airpark Area or the Taiwan Semi Conductor Campus are all within easy reach. Welcome Home!
7027 N Scottsdale Road Unit 237
Paradise Valley, AZ 85253
$599,950
3
Beds
2
Baths
1,472
SqFt
Status
Active
MLS #
6745409
Property Type
Apartment
Price Type
--
Location.. Location.. Location.! Situated in the Scottsdale Resort Corridor, this RARE 3-bedroom split floor plan, 2 bath, 2nd level, Gated Luxury Condo is all on one floor. Gently lived in as a second home it comes complete with your own secure detached 1 car Garage, Community Pool, Spa & Fitness Center. All high quality, newer furnishings are available on separate bill of sale. You can Move-Right-In as it's available Turn-Key if you desire! Located adjacent to the McCormick Ranch golf course you'll be walking distance to fine and casual dining at the Seville Shopping Center and merely minutes to the Heart of Scottsdale including the new Paradise Valley Ritz Carlton, Scottsdale Fashion Square, Old Town Scottsdale, Kierland, the Scottsdale Quarter, and Salt River Fields at Talking Stick. Other features and highlights include; Spacious 10-foot ceilings Granite kitchen counters Included full size washer and dryer laminate wood and tile flooring throughout HOA Fees cover - water, sewer, trash 2 of the three bedrooms offer Large Walk-in closets Controlled Gated Entry Grill Areas McCormick Ranch Walking and Bike Trail
207 S Beaver Street Unit 306
Flagstaff, AZ 86001
$599,900
1
Bed
1
Bath
794
SqFt
Status
Active
MLS #
6773451
Property Type
Apartment
Price Type
--
Never lived in before! One bedroom, one bathroom condo with a walk-in closet, located in the heart of historical downtown Flagstaff. Reserved exterior parking spot, common area roof deck with two BBQ's, chairs and views that go on forever. Unit #306 has a private balcony with views of the mountains to the west and its own storage closet. Prime Flagstaff location, walking distance to everything. Upgraded unit on the third level of this stunning new 32-unit building. Seller will consider a seller carry. Don't miss out on this special condo.
606 N Hideaway Circle
Payson, AZ 85541
$599,900
4
Beds
3
Baths
2,382
SqFt
Status
Active
MLS #
6773639
Property Type
Single Family Residence
Price Type
--
Welcome to an unparalleled sanctuary —a single-family retreat nestled in a tranquil private cul-de-sac. This magnificent property sprawls across 1.5 acres of lush land with two seasonal natural springs, offering an idyllic setting that combines elegance and nature's beauty in one breathtaking location. Whether you're seeking a forever home or envisioning a rental or VRBO investment, the possibilities here are truly endless. Boasting an impressive floor size of a combined 2,900 sqft, including main home, finished basement and additional above garage living area, its thoughtfully designed with an open floor plan that instantly captivates. The property features four spacious bedrooms and three bathrooms, providing ample space for families or guests. The finished basement has blue print drawn to convert it to 2 bedrooms, one large bathroom and a kitchen with 2 outside exits,this would be an easy project for the handyman or contractor and opens up much more opportunity for the property. For those desiring additional privacy, the above-garage living quarters, including bedroom, bathroom and small kitchen, offers flexibility and convenience, perfect for guests or as a private retreat or rental home. The finished basement has approval (with reactivated permit ) for a kitchen installation, presenting a unique opportunity to create a self-contained unit or expand your entertaining space. This property design offers a detached two-car garage with pass thru option & separate 200 AMP service, ensuring ease of access and ample storage for vehicles and toys. Step outside onto the deck that promises vacation-style living with great views right at home. Immerse yourself in stunning, million-dollar views that stretch across Payson's breathtaking landscapes as well as watch as the wildlife saunter across your front and backyard truly a sight to behold. Whether enjoying your morning coffee or hosting an evening gathering, these decks offer an unparalleled vantage point to soak in the surrounding beauty. For the horse lover, this horse-friendly property is not only an equestrian's dream but also provides tranquil privacy and space for a variety of outdoor activities. The nearby conveniences enhance this serene setting, with Payson's local shops, restaurants, and schools all within easy reach, making it an ideal location for a balanced lifestyle. This gem promises the tranquility of rural living while maintaining close proximity to the community's amenities. The area's educational institutions are well-regarded, and the leisure opportunities are endless, from nearby parks to delightful eateries. Don't miss your chance to own this piece of paradise that blends luxury, utility, and natural beauty. Experience the lifestyle you've been dreaming of , a place to call home that promises a lifetime of cherished memories, or the perfect VRBO or rental home. Start your journey to owning this remarkable property. *seller owns and is selling vacant lot adjacent 604 N Hideaway. *Buyer to verify all facts
600 S Wilson Street
Tempe, AZ 85281
$599,900
2
Beds
2.5
Baths
1,795
SqFt
Status
Active
MLS #
6772249
Property Type
Townhouse
Price Type
--
Just Listed at the Brownstones at Hyde Park. Beautifully updated 3 story property located within quiet tree lined streets, with great walkability to all Downtown, ASU, and Tempe Town lake. The home boasts 2 bedroom suites, each with large walk in showers. The mail level great room has vaulted ceilings and new light plank flooring. Minka ceiling fans with 99'' fan in the main living area. Large front bay window for morning sun. Lots of room for dining space, and kitchen with granite counters, custom cabinets and new fridge 2021. The lower level has tile and new carpet. 2 car garage with wall storage for your bikes. RO System, and whole home water softener. Updated Lutron smart lights, Nest thermostats, smoke alarms and Nest doorbell too. Large community Pool! All here in the heart of Tempe
16420 N Thompson Peak Parkway Unit 1127
Scottsdale, AZ 85260
$599,900
2
Beds
2.5
Baths
1,640
SqFt
Status
Active
MLS #
6716181
Property Type
Townhouse
Price Type
--
This super clean and well maintained townhome has never been on the market until now. Updated w/new paint & carpet this Cachet Legacy floorpan is one of there most popular as it has soaring ceilings w/office/bedroom down and master plus a second bed/bath up. Nice sized kitchen family room w/gas fireplace and only one common wall so very private and feels like a detached unit. Add to this a direct entry 2 car garage and an unbeatable location in McDowell Mountain Ranch within walking distance to the Big, Bashas, CVS, etc. McDowell Mountain features parks, walking trails, a great community center w/tennis, pickle ball, basketball, and pool. Cachet features its own community pool/spa plus a small workout center & clubhouse. This unit has been well maintained & iis priced to sell quickly.
