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.
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2226 N Shannon Way
Mesa, AZ 85215
$595,000
2
Beds
2
Baths
1,586
SqFt
Status
Active
MLS #
6772985
Property Type
Single Family Residence
Price Type
--
LOCATED ON THE 4TH TEE BOX OF APACHE WELLS GOLF COURSE. THIS EXCELLENTLY MAINTAINED 2 BEDROOM 2 BATHROOM HOME IS READY TO MOVE RIGHT INTO. NEWER KITCHEN CABINETS AND BACKSPLASH. NEW QUARTZ COUNTERTOPS. NEW FLOORING IN LIVING ROOM. PATIO HAS BEEN EXTENDED AND AN ELECTRIC AWNING INSTALLED IF IN NEED OF SHADE. BEAUTIFUL ARIZONA SUNSETS FROM BACK PATIO. THIS WILL NOT LAST LONG. SHOW AND SELL!
8053 E Natal Avenue
Mesa, AZ 85209
$595,000
3
Beds
2
Baths
1,995
SqFt
Status
Active
MLS #
6773042
Property Type
Single Family Residence
Price Type
--
This gorgeous home has a true deep 3 car garage. The kitchen overlooks a large, vaulted living room and dining room. The kitchen also is vaulted and shows upgraded cabinets, quarts countertops, breakfast bar, designer tile backsplash, upgraded stainless steel appliances and much more. 24'' designer tile flooring in all traffic areas. Newer roof and A/C.
16566 W Saguaro Park Lane
Surprise, AZ 85387
$595,000
4
Beds
2.5
Baths
2,326
SqFt
Status
Active
MLS #
6777846
Property Type
Single Family Residence
Price Type
--
Lifestyle is Included with this Turn-key, 4 Bedroom, 2.5 Bathrooms, 2023 New Construction home in the most desirable Asante Master-plan Community. With a Rare Sparkling Pebble-tech Heated Swimming Pool featuring a Baja Deck & Self cleaning pop-ups, this backyard features a large Turf Grassy Play-yard, White Travertine Decking, Covered Patio & Mountain Views. Large Desert Wash behind the home. Add this Lifestyle to the perfectly upgraded interiors with a Gas Stove/Oven Kitchen, Microwave, & Refrigerator/Washer/Dryer Included. 3 Car Tandem Garage, Ring Doorbell, Walk in Pantry, Split Floor-plan. Easy access to the 303, Shopping, Dining, Restaurants, Services. Location, Location, Location.
1392 E Sierra Madre Avenue
Gilbert, AZ 85296
$595,000
4
Beds
2.5
Baths
2,039
SqFt
Status
Active
MLS #
6773240
Property Type
Single Family Residence
Price Type
--
Welcome to this stunning, updated two-story home situated on a prime corner lot directly across from a large community park. Enjoy easy access to a playground, volleyball courts, ramada, and open green spaces—perfect for outdoor activities and relaxing afternoons. This home offers north/south exposure, filling the interior with natural light throughout the day. All bedrooms are located upstairs, providing extra privacy from the main living areas. The kitchen has been fully updated with modern appliances and a reverse osmosis system, making it as functional as it is stylish. The backyard is a true oasis, featuring a large pebble tec pool, ideal for cooling off during hot Arizona summers or hosting weekend gatherings.
21199 E Domingo Road
Queen Creek, AZ 85142
$595,000
4
Beds
3
Baths
2,241
SqFt
Status
Active
MLS #
6775346
Property Type
Single Family Residence
Price Type
--
Welcome to your beautiful home in Nauvoo Station! This stunning 4-bedroom, 3-bathroom home offers a light, bright and open concept layout, perfect for modern living. The spacious great room flows seamlessly into the bright and open kitchen, complete with stainless steal appliances and plenty of storage. The primary suite is a true retreat, featuring a large shower, expansive walk-in closet, and ample space to unwind. A versatile bonus room can be used as a home office, kids playroom or teen hangout space, allowing flexibility to meet your family's needs. Step outside to the entertainer's backyard, where you'll find a sparkling pool, turf, low-maintenance hardscape, a cozy fire pit area, and a built-in gas grill - perfect for gathering with family and friends. Don't miss out on this home!
4513 Jackpot Road
Wickenburg, AZ 85390
$595,000
2
Beds
2
Baths
1,818
SqFt
Status
Active
MLS #
6777905
Property Type
Single Family Residence
Price Type
--
Discover 4513 Jackpot Rd, a gem in the Trilogy at Wickenburg Ranch! 55+ and Living Resort. Part of the rare and discontinued Maverick Collection, this 2021-built, single-level home offers 1,818 sq ft of modern living with 2 master bedrooms, each with a full bath, plus a guest half bath. The open floor plan includes a versatile den, a stylish kitchen with GE appliances, and a large island with a double basin sink. Enjoy breathtaking views of the Weaver Mountains from the backyard, featuring a built-in BBQ, firepit, and stone patio with a cover. Complete with a 2-car garage, this home is listed at a great price! Don't miss out! Home will be sold unfurnished.
5104 N 32nd Street Unit 105
Phoenix, AZ 85018
$595,000
2
Beds
2
Baths
1,277
SqFt
Status
Active
MLS #
6779143
Property Type
Apartment
Price Type
--
This beautifully remodeled condo in the most desirable building at The Meridian, it's just steps away from a resort-style pool, shopping, and dining. This 1277 square foot two-bedroom, two-bath condo has been meticulously reimagined. The interior boasts modern flooring, custom baseboards, unique doors, and a custom-designed media wall cabinet that enhances the living space. A custom designer kitchen with elegant cabinetry, a premium stainless Hansgrohe faucet, designer series Kitchenaid stainless steel appliances, a built-in 24'' two-zone beverage and wine center, and a stunning black satin granite countertop. Just wait if the living room and kitchen weren't enough to make your jaw drop. The large Pirmary suite includes a spa-like bath featuring a James Martin vanity, Taj Mahal quartzite countertops, a free-standing soaking tub, and designer Kohler fixtures. Additional features include custom-designed closets, designer lighting, a Nuvo water system, a new sliding glass patio door, new windows, and a solar patio sunshade. This condo offers a perfect blend of style, luxury, and efficiency in the heart of Arcadia and Biltmore living, making it an ideal place to call home.
5711 E Greenway Street
Mesa, AZ 85205
$595,000
4
Beds
3
Baths
2,201
SqFt
Status
Active
MLS #
6780661
Property Type
Single Family Residence
Price Type
--
Welcome to the desirable Alta Mesa neighborhood! This spacious cul-de-sac home features a versatile finished split-level basement, complete with a large bedroom and full bathroom, perfect for an in-law suite, home theater, game room or gym. Enjoy energy savings with a brand-new, paid-off solar system—no complicated lease! The new roof and AC provide comfort and peace of mind year-round. The stunning kitchen boasts custom cabinets, granite island countertops, and a large pantry. Freshly painted interiors create a bright, inviting atmosphere, ready for your personal touch. The expansive private backyard is a summer oasis, adjacent to a sparkling pool for relaxation. Nestled among lush golf courses and community parks, this home combines serene living with easy access to outdoor recreation. Located just minutes from Boeing, grocery stores, Mendoza Elementary, and Shepard High School, this property has it all. Don't miss your chance to own a beautiful home in a fantastic location!
7610 W Orangewood Avenue
Glendale, AZ 85303
$595,000
3
Beds
2
Baths
2,105
SqFt
Status
Active
MLS #
6782224
Property Type
Single Family Residence
Price Type
--
Huge lot Ranch and horse property in the middle of the West Vally. More than half an acre for your RV, boat and toys. Two way fireplace from master bedroom to living room. HOME CONVEYS AS-IS AND VERIFY ALL IMPORTANT INFORMATION NECESSARY at BUYER'S EXPENSE. HOME INSPECTION ENCOURAGED. SELLER WILL NOT DO REPAIRS OR CLEANING. NO SIGN ON PROPERTY. With some updating & proper cleanup this property will be a lot more than the asking price. Compare the price on the active listing on the same street.
15646 S 43rd Way
Phoenix, AZ 85048
$595,000
4
Beds
2.5
Baths
1,947
SqFt
Status
Active
MLS #
6781941
Property Type
Single Family Residence
Price Type
--
This 4 bed 2.5 bath home offers ample yet cozy space. As you step in you will notice the cathedral ceilings and the pillar off of the foyer. The kitchen has the space for entertaining and cooking as it flows directly into the family room and you will find all the bedtooms upstairs. The backyard features a pool and even more room to entertain or just relax on a sunny day. The home is located close to shopping dinning and is minutes away from major freeways.
2105 W Yucca Drive
Wickenburg, AZ 85390
$595,000
3
Beds
2
Baths
1,846
SqFt
Status
Active
MLS #
6783979
Property Type
Single Family Residence
Price Type
--
Welcome to this bright and airy home, where every room feels welcoming and filled with light. The large great room, complete with a cozy fireplace, is perfect for gatherings or quiet nights in, offering plenty of space for everyone to relax. Each bedroom is generously sized, giving you room to stretch out and create your own sanctuary. The layout flows beautifully, with natural light enhancing every corner and making the entire space feel open and inviting. Experience the ease of owned solar as you enjoy living in this fantastic home! Outside, this home continues to impress. Set on a larger lot, the property includes a fully fenced yard that offers both privacy and space to enjoy. The backyard is a true retreat, featuring a private pool for warm Arizona days and a lush grassy area ideal for greenery, adding character and charm to the outdoor space. Covered front and back porches extend your living area, perfect for morning coffee, evening unwinding, or hosting friends and family. For those with projects or hobbies, the property includes a 31' X 14' RV garage with 12' doors that includes electricity;a versatile space ready to meet any need. With room to breathe, beautiful views, and thoughtful details throughout, this home offers comfort and functionality, creating a welcoming retreat inside and out.
7122 W Spur Drive
Peoria, AZ 85383
$595,000
3
Beds
2
Baths
1,737
SqFt
Status
Active
MLS #
6785445
Property Type
Single Family Residence
Price Type
--
Don't wait for a new build—you have it all in this 2020 built Pulte Sagebrush model! This stunning 3-bedroom, 2-bathroom home is perfectly situated on a desirable corner lot in the sought-after Aloravita neighborhood, featuring multiple playgrounds and beautiful green spaces for gathering with friends and family. The home boasts a thoughtfully designed floor plan with a stunning color palette throughout, a large covered patio for outdoor living, and a beautifully landscaped backyard with room for entertaining and children's play. Inside, you'll find a modern kitchen with quartz countertops and premium finishes, a spacious primary suite extended 2 feet in the bedroom and luxurious en-suite bathroom. The separate laundry room is complete with cabinets and a laundry sink. Additional upgrades include a tankless water heater and water softener. An ideal location near shopping, top-rated schools, and within a popular school district. This home offers comfort, style, and conveniencedon't miss this opportunity!