Other than a release on construction spending, last week’s economic readings were dominated by labor and employment data including ADP Payrolls, Non-Farm Payrolls and National Unemployment. Weekly reports on mortgage rates and new jobless claims were also released.
Construction Spending Drops in August
Commerce Department readings on construction spending indicate that overall spending fell in August to -0.70 percent; this reading was lower than the expected positive reading of 0.10 percent. July’s reading showed a drop of 0.30 percent in overall construction spending. The decrease in August spending was largely the result of pull backs on public construction spending, which declined 2.0 percent after July’s decline of 3.50 percent in July. Public construction spending is 8.80 percent year-over-year., and August’s reading was the lowest since March 2014.
Private sector construction spending fell 0.30 percent in August. Residential construction fell by 0.20 percent within the private sector reading. Reasons for falling construction spending include impending winter weather and previously cited labor shortages. Shortages of available homes and high demand for homes are creating pressure on construction companies to build more homes.
Labor Reports: Job Growth Slows in Public and Private Sector
ADP reported 154,000 private sector jobs created in September against August’s reading of 175,000 new private-sector jobs. September’s reading showed the lowest growth rate since April. Analysts said that lower readings for job growth could be expected as job openings are filled.
According to the government’s Non-Farm Payrolls report for September, 156,000 new jobs were added, which fell short of downwardly-revised expectations of 170,000 new jobs added. Analysts said that a reading of 120,000 jobs added represented a healthy rate of jobs growth. As more workers return to or join the workforce, job openings can be expected to decrease. Healthy growth in jobs may signal the Fed to increase interest rates in December.
National unemployment rose from 4.90 percent to 5.00 percent in September; variances can be expected in month-to-month readings that are considered more volatile than quarterly or annual readings.
New jobless claims correlated to fewer job openings and fell to a reading of 248,000 new claims 256,000 new claims were expected based on the prior week’s reading of 254,000 new claims.
Mortgage Rates Nearly Unchanged
Average mortgage rates were unchanged with the expectation of a decrease of one basis point for 5/1 adjustable rate mortgages to 2.80 percent. Average rates for 30 and 15 year fixed rate mortgages were unchanged at 3.42 percent and 2.72 percent Discount points were unchanged at 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.
What’s Ahead
This week’s scheduled economic reports are few due to the Columbus Day holiday Monday. Along with weekly readings on mortgage rates and new jobless claims, reports on job openings and consumer sentiment will be released.
Click Here to See What Your Home is Worth
10039 N Mcdowell View Trail
Fountain Hills, AZ 85268
$5,450,000
4
Beds
5.5
Baths
6,068
SqFt
Status
Active
MLS #
6750498
Property Type
Single Family Residence
Price Type
--
Extravagant custom home to be built in the beautiful hillside community of Firerock. Building to start as early as mid November with an estimated completion time of late 2025 to early 2026. The design of this home accentuates the views of the McDowell Mountains to the North and Four Peaks to the East. This home features 4 bedrooms, a theater room, and a study on the main level. There is a very large bonus room on the garage level. An elevator that brings you from the garage to the main level. Kitchen looks out past an L-shaped slider for an indoor/outdoor living feel. The luxury pool and raised spa are the focal point of the kitchen view. Built in BBQ area, planter boxes and a raised grass/garden area finishes off this luscious outside living space.
5455 E Berneil Drive
Paradise Valley, AZ 85253
$5,445,000
5
Beds
5.5
Baths
7,010
SqFt
Status
Active
MLS #
6753337
Property Type
Single Family Residence
Price Type
--
This luxurious estate is located in the gated Hidden Paradise neighborhood of Paradise Valley, an exclusive enclave known for its seclusion and prestige, featuring 17 exceptional homes which are rarely on the market. As you approach the property, the beautifully landscaped grounds catch your eye, leading you to the circle driveway with a porte-cochère. The grand entrance of the home features a striking 10-foot door that opens into a beautiful stone foyer, offering a glimpse straight through the living room and out to the outdoor spaces. The recently renovated home boasts stunning grounds, light and bright lavish interiors with spacious rooms, soaring ceilings and expansive high windows that bring the outdoors inside. New hardwood floors add warmth and elegance to every room,
8037 N 7th Avenue
Phoenix, AZ 85021
$5,400,000
6
Beds
6
Baths
7,200
SqFt
Status
Active
MLS #
6774614
Property Type
Single Family Residence
Price Type
--
Miami Meets Phoenix!! With a Fashion Glare to Contemporary Lifestyle! Welcome to (Nick-Named) FontaineBleau-New Construction 2024 Just Completed! A Must See to Experience the Quintessential Essence of Sophistication. Features A True Entertainers Style w/ Ease. Starting From Your Fingertips w/a Whole House Programable (RTI) Smart System Including Multiple iPad/Remotes( Lutron, Sonos & more), Full Wolf Appliance Package w/Custom 60inch Stainless Steel Hood, SubZero Frig/Freezer, 18ft Long H2O-Fall Granite Island, 48x48 Tile Floor from Italy, 21ft Enormous Tiled Fireplace, Floating Staircase, 5 Bosh a/c Units, Under-Mount Lighting, RO & Whole House Soft H2O Drinking System, Wine Cellar, 24ft Palm Trees, Resort Style Yrd, Sparking Blue Pool, w/Sunken Fireplace, Full BBQ, & Gazebo. Tons More!!
12232 N 65th Place
Scottsdale, AZ 85254
$5,389,000
5
Beds
5.5
Baths
6,637
SqFt
Status
Active
MLS #
6730125
Property Type
Single Family Residence
Price Type
--
Cactus Corridor Luxurious Estate with Resort-Style Amenities Experience the pinnacle of luxury and sophistication with this exquisite transitional estate, nestled on nearly an acre of beautifully landscaped grounds in the coveted Cactus Corridor. Spanning 6,637 square feet, this home seamlessly blends elegance and functionality, offering a lifestyle of unparalleled comfort and style. Upon entering, you are greeted by a thoughtfully designed layout featuring five spacious bedrooms and five and a half opulent bathrooms. The master suite is a true sanctuary, complete with a luxurious bath and his-and-her walk-in closets, providing a serene retreat. Each of the additional bedrooms also boasts walk-in closets, ensuring ample storage and privacy for every member of the house
4568 S Banning Drive
Gilbert, AZ 85297
$5,375,000
7
Beds
6.5
Baths
10,572
SqFt
Status
Active
MLS #
6702319
Property Type
Single Family Residence
Price Type
--
SELLER FINANCING AVAILABLE! Award winning builder, Luxury Living Homes presents this incredible 10,572 Sq Ft single level estate with 2 Guest Houses in the prestigious gated community, Weston Ranch! Winning multiple awards, this property is the home builder's personal residence and showcase home with architecture inspired by Frank Lloyd Wright. This 7 bedroom, 6.5 bathroom luxury estate offers an NBA indoor basketball court, 6 car garage, detached guest house and exquisite custom finishes throughout. The custom ceiling details, over 23 imported slabs/inlay marbles/tile work, incredible kid bedrooms with play areas that inspire young minds creativity, amazing outdoor spaces including pickle ball court/sport court, and multiple engineered pools within one large pool
4946 N Ascent Drive
Scottsdale, AZ 85251
$5,360,130
4
Beds
4.5
Baths
4,394
SqFt
Status
Active
MLS #
6748851
Property Type
Single Family Residence
Price Type
--
Designer fully Furnished Home Coming Soon! This Cullum Home is designed for that ''Lock and Leave Lifestyle''. Guests will enter into the all Glass 2 story foyer. The elevator or wood staircase will lead you to the second floor of this home. The Chefs kitchen with Custom Cabinetry, Sub Zero and Wolf appliances over look the great room with fireplace wall and large glass of windows that open onto a entertaining deck. The formal dining room with custom cabinetry temperature controlled wine wall is just opposite of the large office, den or movie theater space with sliding glass doors to the entertaining outdoors and wall water feature The two en suite guests suites accommodate King size beds and walk in closets. Both guest suites open onto the fully landscaped backyard. There is a private gate from the yard for quicker access the Mountainside Club. Guests have their own laundry and the stylish powder room complete the main floor of this home. The top floor of this easy living home is dedicated to the Primary Oasis. The large patio space with walls of glass and windows has a tiled fireplace all overlooking the incredible views of the Mountains and city lights in the distance. The Primary suite with high ceilings opens into the bath with large shower, his and hers sinks and soaking tub. Tons of natural light fill the bath with a large skylight. The Primary closet is massive with all the custom built ins. The extra bonus space can be used as another en suite bedroom, office, or work out room. There also is a Full Wet Bar and nice size laundry with plenty of extra storage. The large oversized 3 car tandem garage has epoxy flooring and pre wired for A/C. The Private elevator, outdoor spaces and with this home coming fully furnished is easy living at it's finest.
11540 N 104th Street
Scottsdale, AZ 85260
$5,359,200
6
Beds
7.5
Baths
6,496
SqFt
Status
Active
MLS #
6766641
Property Type
Single Family Residence
Price Type
--
Stunning New Construction Modern Home in the Prestigious Shea Corridor Experience luxury living in this breathtaking modern home, perfectly situated in the highly sought-after Shea corridor. Designed for both elegance and function, this property boasts 16-foot vaulted ceilings that create a grand sense of space and light. At the heart of this home is a chef's kitchen, outfitted with high-end appliances and premium finishes, perfect for gourmet cooking and entertaining. With 6 spacious bedrooms and 7.5 bathrooms, every family member and guest will enjoy unparalleled comfort and privacy. For car enthusiasts, there's a 4-car garage and an impressive 57-foot RV garage, offering abundant storage for vehicles and recreational toys. The resort-style backyard features a brand new pool, making it a personal oasis for relaxation and outdoor gatherings. Whether hosting a grand event or enjoying quiet luxury, this home is a true entertainer's dream. Don't miss the chance to own a masterpiece of modern design in one of the most desirable neighborhoods.
4942 N Ascent Drive
Scottsdale, AZ 85251
$5,341,540
3
Beds
3.5
Baths
4,311
SqFt
Status
Active
MLS #
6670447
Property Type
Single Family Residence
Price Type
--
FULLY FURNISHED AND TURN-KEY READY! HARMONY LUXE RETREAT LOCATED IN THE ASCENT AT THE PHOENICIAN - THE ESTATES. NEW HOME CONSTRUCTION BUILT BY CULLUM HOMES. THIS THREE-LEVEL HOME FEATURES 3 BEDROOMS, 3.5 BATHROOMS, A PRIVATE OFFICE AND A 3-CAR GARAGE. THROUGH THE EXTRAVAGANT FRONT ENTRANCE LOCATED ON THE LOWER LEVEL, A BEAUTIFUL STAIRCASE OR AN ELEVATOR TAKE YOU TO EVERY LEVEL OF THE RESIDENCE. THE MAIN LEVEL BOASTS TWO EN SUITE BEDROOMS, PRIVATE OFFICE, FORMAL DINING AREA, BUTLER'S PANTRY, OPEN CONCEPT KITCHEN, ADDITIONAL POWDER ROOM AND THE GREAT ROOM AREA. SPACIOUS KITCHEN WITH ISLAND, EAT-AT BAR AND WALK-IN PANTRY. A GLASS WALL LEADS YOU TO THE COVERED PATIO OFF THE GREAT ROOM WHERE GORGEOUS VIEWS AWAIT YOU. OWNER'S SUITE WITH WALK-IN CLOSET, DOUBLE SINK VANITY, SEPARATE TOILET ROOM, TUB AND WALK-IN SHOWER SIT ON THE TOP LEVEL. ALONG WITH A LARGE LAUNDRY ROOM WITH EXTRA STORAGE, PRIVATE OFFICE SPACE AND TWO DECKS. THE COMMUNITY IS GUARD GATED FOR PRIVACY AND SECURITY. AT THE BASE OF CAMELBACK MOUNTAIN, YOUR PRIVATE POOL, FITNESS CENTER, AND SOCIAL SPACES OFFER AN INTIMATE GATHERING PLACE FOR WELLNESS, SOCIALIZING AND RELAXATION. RESIDENTS ARE OFFERED THE OPTION TO JOIN THE PHOENICIAN® AMENITY ACCESS PROGRAM ACCESS AND DISCOUNTS TO THE NEW ATHLETIC CLUB, 38,000 SQUARE FOOT SPA, TENNIS FACILITY AND RESORT POOLS AT THE PHOENICIAN® RESORT.
24751 N 90th Way
Scottsdale, AZ 85255
$5,326,000
3
Beds
4.5
Baths
5,326
SqFt
Status
Active Under Contract
MLS #
6705406
Property Type
Single Family Residence
Price Type
--
Discover luxury living in North Scottsdale with a NEW HOME in Solitude. Breathtaking single level retreat is simply defined as, PERFECTION with an owner that is meticulous to detail, none smoker and no pets. As you arrive to the exclusive gated community, your experience of this Desert Gem begins as you enter the home, with its enchanting spa like energy trough the breathtaking entry door with glass floor to ceiling. Entering the home you cannot miss the sliding glass doors, opening out to the breathtaking zero-edge pool with two water features and expansive covered patio & ramada offering the ultimate resort setting. The home was Designed to seamlessly blend indoor and outdoor contemporary luxury living, the great room features a custom fireplace with a chiseled black tile surround No detail was left out even the roof eves done with matching the interior tongue-and-groove Alder. The gourmet kitchen boasts two sprawling white marble islands with waterfall effect, Wolf commercial range, separate Subzero refrigerator/ freezer/ ice maker and Asko dishwasher looking out to the entertainers dream Great room with bookend floor to ceiling Valhalla Quartzite Leathered fireplace and resort back yard. The primary suite is a private haven with views of beautiful pool and water features, a custom tiled fireplace, and on suite with fully tiled walk-in steam shower. The secondary oversized bedrooms include two generous ensuite bathrooms, a bonus flex/media room, and a laundry room with hair sink. Outdoors, indulge in a zero-edge pool, back fire wall, firepit, bocce ball court, and fully covered ramada with bathroom, Misters, ceiling fans, built in heaters and fully equipped built-in BBQ area with a pop-up TV that hides away! This residence is a meticulously crafted haven, where every detail enhances the Contemporary luxurious lifestyle offered in the heart of 85255.
8821 E Havasupai Drive
Scottsdale, AZ 85255
$5,324,900
5
Beds
5.5
Baths
6,016
SqFt
Status
Active
MLS #
6733606
Property Type
Single Family Residence
Price Type
--
Remodeled in 2019 and 2024 this awe inspiring residence on a 1.5 acre lot with impressive views of the McDowell mountains. In the perfect cul-de-sac location in sought after Pima Acres Estates Community. Perfectly located to everything Scottsdale has to offer. Established desert landscaping with front patio, 4 car garage and circular driveway, space to the side for RV garage or sport court. Enter through the newly installed glass front door to find plantation shutters, wood floors, an extensive great room, two Heat & Glo gas fireplaces, glass wine cellar and wet bar area. The Chef's kitchen has Thermador/ Viking appliances, 2 dishwashers, 3 ovens, walk -in pantry, 2 oversized islands and a desk area all finished in quartz counters. There are 2 private offices, upscale baths with designer finishes , walk in closets and generous sized bedrooms. A large media/living room sits perfectly located off the kitchen seating area. Each room is a work of art. The split bedroom layout ensures privacy with a grand owner's retreat with a spa-like en-suite with a stand alone tub, walk-in shower, dual vanities and makeup area. The casita opens to the pool courtyard and boasts a full kitchen, dining and living areas. A fully owned solar system keeps energy bills down. The resort style backyard has a built in summer kitchen, pool with wrap around patio and fire pit all overlooking the extensive mountain views.
9290 E Thompson Peak Parkway Unit 493
Scottsdale, AZ 85255
$5,300,000
5
Beds
6.5
Baths
7,138
SqFt
Status
Active
MLS #
6774780
Property Type
Single Family Residence
Price Type
--
Incredible Bing Hu design masterpiece at the top of the curve in DC Ranch. This almost 1.4 acre elevated lot captures all the views that DC Ranch can provide. Mountains views, City lights and more. The entry experience takes your breath away. Large formal spaces intertwine and seamlessly create the perfect entertainers dream. As you enter the kitchen, the magic continues. Plenty of counter work space adjacent to a cozy family eating area and family room, More than just a split floor plan, this home boasts 3 very separate living spaces. Ideally situated for children, extended family or just extra quiet retreats. Outside living spaces continue to delight. Large turf area leads to a stunning pool and lounging area.
6901 E Restin Road
Carefree, AZ 85377
$5,299,000
4
Beds
5.5
Baths
7,162
SqFt
Status
Active
MLS #
6708852
Property Type
Single Family Residence
Price Type
--
It's ALL ABOUT THE VIEWS - The best views in Carefree! Look out over the valley and see The Boulders golf course, Pinnacle Peak and all of the McDowell Mountains and the city lights are unparalleled! Sitting on a 2.5-acre lot this completely remodeled home boasts a large great room with glass walls, an incredible view of the outdoor living space and beyond, a dream kitchen with a wide-open view of the valley. The fresh clean lines give this home a modern look and feel and beautifully landscaped this move-in ready home is ready for you inside and out. With 10 ceiling heaters and a meandering stream, the outdoor patio living-space is a delight in the winter and summer. Featuring stone and wood floors, gas fireplaces inside and out, recessed lighting. This home is an absolute must see!