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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9370 E Wethersfield Road
Scottsdale, AZ 85260
$2,349,000
3
Beds
3.5
Baths
3,343
SqFt
Status
Active
MLS #
6757519
Property Type
Single Family Residence
Price Type
--
Newly built smart home situated in the exclusive gated community at Wildhorse Estates is available now! Perfectly located in the desirable Cactus Corridor in North Scottsdale, minutes from the 101 Hwy with endless entertainment, dining, and shopping - this modern home is in the middle of it all and has all the trimmings. Wolf appliances throughout a spacious kitchen with a walk-in pantry, an oversized island with waterfall edge, stacked cabinets with soft-closing drawers, two dishwashers, multiple ovens, a 48'' Miele refrigerator with a full wet bar and a beautiful fireplace that's perfect for entertaining. Home also comes equipped with reverse accent ceilings, LED lighting throughout, upgraded baseboards, and elegant French-doors leading to office area. The open master bedroom has a great accent wall and luxury bathroom that includes a stand-alone tub and walk-in shower. You must see the grand open corner sliding glass doors leading to your backyard oasis that includes a pool, spa, fire-pit, and BBQ grill. Great insulation with top-of-the-line air purifiers that's built-in throughout entire house. Both garages are fully insulated with dedicated split AC units and stunning epoxy floors that you'll love. Other features include motorized blinds, water softener system, tankless water heater and security cameras safely covering all angles of home. Act now, you don't want to miss this one!
10059 W Villa Lindo Drive
Peoria, AZ 85383
$2,345,000
5
Beds
4
Baths
4,723
SqFt
Status
Active
MLS #
6735584
Property Type
Single Family Residence
Price Type
--
Exceptional custom home in the prestigious gated community of Melton Ranch 1. Spanning 5,679 square feet, this exquisite residence features 5 beds, 4 bathrooms, a 4-car garage with custom cabinetry, a designer pool, an RV garage, and a guest house. Enter through a private courtyard into the charming formal dining and living rooms. Unwind in your spacious master suite, complete with a sitting room, private backyard exit, and a cozy two-way fireplace. The master bath offers a whirlpool tub and a walk-in shower for ultimate relaxation. Perfect for entertaining, the gourmet kitchen opens through sliding glass pocket doors to a backyard oasis. Enjoy swimming or sliding into the designer pool, making this home an entertainer's dream.
8675 E Thoroughbred Trail
Scottsdale, AZ 85258
$2,340,000
5
Beds
3
Baths
4,340
SqFt
Status
Active
MLS #
6778966
Property Type
Single Family Residence
Price Type
--
Welcome to the best of luxury living in McCormick Ranch! If you're looking for exceptional quality and design, this is it! Newly remodeled 5 Bedroom home PLUS over $150,000 in additional upgrades! 2 Bedrooms, including Primary are downstairs. You'll be wow'd from the start when you enter through the dramatic floor to ceiling glass doors and are met with vaulted ceilings, exposed beams, porcelain laid floors, stunning chandeliers, exquisite wood paneling, and quartz fireplaces! Bright and open floor plan leads out onto a beautiful terrace overlooking the stunning pool, lounging gazebo with fireplace, built in grill and beverage bar, putting green, and outdoor bamboo floored shower all complete with lush landscaping. No need to worry about privacy as it has overgrown oleanders surrounding the backyard. The beautifully crafted Signature Designer '2 tone' kitchen is top of the line with Wolf/Subzero appliances & quartz waterfall island, and complimented by a floor to ceiling cocktail/beverage bar and built in wine fridge! Incredible and spacious primary suite with large walk-in closet and dressing room. Don't forget the amazing 'Hollywood Style' en-suite bathroom featuring dual vanities, a make up station, soaking tub with views of the enchanting garden. Take the stunning wrought iron staircase to the second floor where you will find 3 additional bedrooms, another luxurious bathroom, and the best room yet: the playroom/den/media room, just bring your popcorn! The perfect space to relax and enjoy quality time with loved ones! This home also includes a spacious laundry room, 3 car garage with electric car charging station & signature lighting, dual pane windows throughout, 3 Restoration Hardware chandeliers, and custom remote window treatments and blackout curtains. Check out the attached feature list for a full list of the amazing upgrades! This home truly offers the best of luxurious living in the 3 C's school district. Close to the Greenbelt and just across the street from Mountain View Park. It's located in a private cul-de-sac and is close to dining, shopping and golfing. Convenient living, only minutes away from highway 101 for an easy commute. Welcome Home!
6437 N 28th Street
Phoenix, AZ 85016
$2,330,000
3
Beds
3
Baths
3,026
SqFt
Status
Active Under Contract
MLS #
6763074
Property Type
Single Family Residence
Price Type
--
Discover the epitome of elegance in this stunning Golden Heritage residence plus casita, where modern luxury meets classic charm. Nestled in a serene neighborhood at the foot of the Phoenix Preserve, this beautifully appointed home features 3 spacious bedrooms and 2 lavish bathrooms, along with a separate casita that enhances both functionality and style. The private gated courtyard welcomes you to the main home where, once inside, the 12' ceilings offer a light and airy open floor plan. Timeless flagstone and neutral tones set off the quiet elegance drawing you into the the flow of the home. Beautiful cabinetry, recessed lighting, custom electric shades, dual direction fireplace and surrounding wall of windows -with four unique abutting corners- form the backdrop that brings natural in. Past the open office/flex space is the lavish Master Retreat. Indulge in the tranquil master suite featuring a spacious layout that offers privacy and comfort. The opulent master bathroom is a true sanctuary, showcasing dual vanities, a luxurious soaking tub, and a separate walk-in shower and sizeable walk-in closet, all designed for relaxation and rejuvenation. The beautifully landscaped backyard features a covered patio, perfect for enjoying sumptuous breakfasts, lazy afternoons, alfresco dining or quiet evenings under the stars. Low-maintenance landscaping makes the serene environment ideal for entertaining or unwinding in your own private retreat. The separate, much sought after, one bedroom Casita with full bath is a rare find in the Biltmore Hillside Villas, and offers versatile living options. Whether utilized as a guest suite, home office, or private spa, it provides an additional layer of privacy and convenience. Experience the perfect location, close to everything - dining, shopping, golf courses - but hidden on a quiet street, in a secluded, guard-gated, luxury community with plenty of walking and hiking trails, tennis courts and views of Piestewa, mountains and cityscape. Experience the best of urban living with easy access to major highways and airport. This exceptional property harmoniously blends luxury and comfort, making it a true gem in the Phoenix market. Don't miss the opportunity to call this exquisite residence your home. Schedule your private showing today!
7180 E Kierland Boulevard Unit 1211
Scottsdale, AZ 85254
$2,327,777
2
Beds
2.5
Baths
1,579
SqFt
Status
Active
MLS #
6726808
Property Type
Apartment
Price Type
--
Amazing unobstructed views of the McDowells on the Penthouse floor! 10 ft. floor-to-ceiling windows. Highly upgraded 2 bedroom, 2.5 bath. Gorgeous gas fireplace in great room. Kitchen features Azul Fantasy granite slabs with waterfall edge and full backsplash. Cabinet-style appliances. Wine refrigerator. Oversized (24x48) tile throughout unit and patio. Custom closets. Nest thermostat. State of the art fitness center, steam rooms, pickleball, basketball, racquetball, massage & yoga rooms, party & theatre rooms, indoor putting area and golf simulator & dog park. Rooftop deck has lap pool, lots of seating, running path, fire pits, BBQ's and many entertainment areas... all in the heart of Kierland. Restaurants, shopping and golf all nearby.
6832 E Stevens Road
Cave Creek, AZ 85331
$2,327,500
4
Beds
4.5
Baths
4,656
SqFt
Status
Active
MLS #
6708723
Property Type
Single Family Residence
Price Type
--
WOW..Incredible TRANSFORMATIONAL REMODEL (2022) just north of the town of Cave Creek near the Carefree border, on a very private acre lot, all on one level. This peaceful oasis features 4 bedrooms, 4.5 baths 3CG, all bedrooms en suite. FULLY REDESIGNED KITCHEN with 10' quartz waterfall island, Thermador appliances, dual sinks, and a HIDDEN PANTRY with expansive storage and BEVERAGE CENTER. Luxurious primary suite with spa-like bath remodel. COLLAPSIBLE GLASS-WALL OFFICE and designer lighting and fans throughout. NEW (2022) flooring, HVAC, water treatment system, custom steel front door, premium wifi enabled garage doors, 50-amp EV charger. Huge rooms and storage abound. Large backyard with enough space to create your own personal retreat. Peaceful and private, but close to town. NO HOA NUMEROUS FEATURES, UPDATES and IMPROVEMENTS ABOUND. - High end Thermador smart appliance package with wifi connection - Package includes induction smooth top, multiple ovens, dual sinks - New high efficiency Carrier heat pumps with air scrubbers and wifi enabled thermostats - New wifi enable security system with 2 touchscreen control stations - Large extra storage space throughout, including walk-in hall closet - New premium garage doors with wifi enabled automatic openers - Garage includes: - Mini split climate control - Separate storage room and elevated storage space - 50 amp EV charger - City-approved plans for expanded backyard development - New sewage ejection pumps - Replaced pressure relief valve on main water line
8211 E Candelaria Drive
Scottsdale, AZ 85255
$2,325,000
3
Beds
3
Baths
3,218
SqFt
Status
Active
MLS #
6773922
Property Type
Single Family Residence
Price Type
--
Welcome home to your own, enchanting, private retreat. Located on a corner lot this beautifully landscaped, incredible home boasts an oversized private, gated courtyard, large resort style backyard and 3 car side garage. Charm and character abound in this tranquil sanctuary from the moment you enter the spacious courtyard and experience the gorgeous southwest architectural details to the stunning backyard oasis. The Great Room with soaring vega ceiling opens to the dining area and offers a fireplace and large windows overlooking the spectacular backyard. Updated kitchen captures the front courtyard and rear covered patio and opens to the family room area. Split floor plan has Primary suite with cozy sitting area and fireplace and the spa like primary bathroom has double sinks, separate vanity and large walk-in closet. Both spacious additional bedrooms have access to the private courtyard. The fabulous, lushly landscaped backyard offers true indoor/outdoor living with covered patio with fireplace, separate Ramada, pool with waterfall and spa. In addition, this special home is located close to shops, restaurants and easy access to the 101
8447 E Nightingale Star Drive
Scottsdale, AZ 85266
$2,325,000
4
Beds
4.5
Baths
5,044
SqFt
Status
Active
MLS #
6717319
Property Type
Single Family Residence
Price Type
--
Experience the epitome of luxury in North Scottsdale's tranquil Sierra Boulders North community, situated within the prestigious 85266 ZIP code. Step through a private courtyard to enter this exquisite custom-built residence, showcasing a wrought iron entry, 18-inch travertine flooring, and 8-foot alder doors, all designed with a seamless, step-free interior. The den features coffered wood ceilings, while the fully remodeled kitchen is outfitted with premium Wolf appliances, a Sub-Zero refrigerator, a Wolf coffee maker, and an impressive 600+ bottle wine wall. This home also includes 4 new AC units, installed in 2022, ensuring year-round comfort. All guest bedrooms are ensuite, and the primary suite provides a versatile office/gym area, an expansive closet, a fireplace and outdoor access. Outdoors, enjoy panoramic views, travertine patios, an updated outdoor kitchen, landscape lighting, mature landscaping, and a heated pool and spa. Additionally, a detached casita offers extra accommodation for guests. The 85266 area boasts a harmonious blend of desert landscapes and upscale residential communities, many with breathtaking mountain views. It is home to several world-class golf courses and exclusive resorts, catering to those seeking a premium, sophisticated lifestyle
9958 E Graythorn Drive
Scottsdale, AZ 85262
$2,300,000
3
Beds
3
Baths
2,290
SqFt
Status
Active
MLS #
6718523
Property Type
Townhouse
Price Type
--
Full golf membership available. We are delighted to present an exceptional opportunity for you to become a part of the esteemed Desert Mountain community. Complete transformation by Black Stone Development, the Sonoran Cottage nestled within Desert Mountain has been meticulously renovated to epitomize luxury living in the heart of the Sonoran Desert. This remarkable residence is essentially brand new, boasting a myriad of updates and enhancements. From the kitchen to the roof, no detail has been overlooked in this renovation endeavor. Step into a home adorned with new kitchen appliances, elegantly crafted fireplaces, state-of-the-art HVAC systems, new roofing, immaculate drywall, custom cabinets, upgraded plumbing fixtures, and exquisite lighting fixtures illuminating the rich wood and tile floors throughout. Every aspect has been carefully considered to ensure the utmost comfort, functionality, and aesthetic appeal. Perched on an elevated lot, the Sonoran Cottage offers breathtaking panoramic vistas of the surrounding mountains, picturesque sunsets, and the twinkling city lights below. Its thoughtfully designed three-bedroom layout, each equipped with its own full bath, provides an ideal sanctuary for both relaxation and rejuvenation. Moreover, its prime location places you at the epicenter of Desert Mountain's unparalleled amenities. From the rejuvenating retreat of the Sonoran Club spa to the exhilarating recreational offerings of pickleball, tennis, swimming, and fitness facilities, you'll find endless opportunities for leisure and wellness right at your doorstep. Additionally, easy access to all other clubhouses, championship golf courses, scenic hiking trails, and exclusive Ranch amenities ensures that every day is filled with adventure and indulgence. As a testament to our commitment to providing you with the ultimate Desert Mountain experience, we are pleased to offer a golf membership with the purchase of this exquisite property (seller would sell without membership at a lower price). Take advantage of this rare opportunity to join an esteemed community renowned for its unparalleled luxury, natural beauty, and vibrant lifestyle. We invite you to seize this extraordinary opportunity to make the Sonoran Cottage your own and embark on a life of luxury and leisure in the prestigious Desert Mountain community.
27222 N 64th Drive
Phoenix, AZ 85083
$2,300,000
5
Beds
4.5
Baths
3,685
SqFt
Status
Active
MLS #
6718683
Property Type
Single Family Residence
Price Type
--
Gold Mountain Preserve, custom home exuding modern luxury living inside & out! This stunning 5 bed/4 full bathrooms and an elegant powder room, home and is absolutely stunning; enjoy 14' ceilings in common areas with 10' ceilings throughout rest of home, office area (or game area), 3 car garage w overheight glass garage doors, RV gate! The spectacular backyard features a dazzling heated pool with Baja entry and marble surround alongside an elevated spa, half a basketball court, over 3500sf of articial grass, putting green, built in bbq with shade for comfort, elevated area in the back of the yard for additional seating, and surrounded by lovely white rose bushes, a variety of citrus and other plants, for a dream backayrd whether you love entertaining or just love enjoying famaily time in your own resort-like backyard! Inside the home, you'll enjoy a chef's kitchen with two Monogram ovens, a steam microwave/oven, a Miele automatic coffee machine, Monogram built in refrigerator, Italian cabinetry, quartz countertops throughout, a large pantry, built in drink fridge, and lots of attention to detail you will appreciate! There are ceiling soffits with colored LED accent lights in common areas, speakers throughout the house, as well as surround sound in family room! The garage has cabinets on two walls, a storage, a door directly from exterior (near the RV gate) as well as gorgeous metallic epoxy nicely highlighted through the glass garage doors. There are three bedrooms that feature their own walk in closets and bathrooms while two other bedrooms share a jack and jill bathroom! The laundry room is very spacious with plenty of storage and counter space! There is a mud room with hooks, seating and additional storage! There is lots of attention to detail at every turn at this stunning two year old home in the gated, luxury subdivision of Gold Mountain Preserve! The subdivision itself has access to hiking trail and consists of primariy large, elegant custom homes and semi-custom homes!
2055 E Ranch Road
Tempe, AZ 85284
$2,300,000
5
Beds
3
Baths
3,997
SqFt
Status
Active
MLS #
6784896
Property Type
Single Family Residence
Price Type
--
Welcome to the ''Arcadia'' of Tempe. This charming and cozy Santa Barbara-style estate is located in Circle G Ranches Tempe, a custom home neighborhood boasting a tree lined entrance, private park, riding arena and large lots. Meticulously maintained, this Ranch Road Estate has a pre-listing inspection that reflects this, making the home VERY move-in ready. From the moment you pull into the circular driveway, you will be greeted by lush landscaping and a tree tunnel that lines the long westward driveway and a spacious front porch area with fountain feature. As you enter the home, you'll be welcomed by high vaulted ceilings with rich wooden beams. The open area great room, dining room and kitchen has ample storage and counter space which makes it an entertainer's delight. You will feel right at home & so will your guests! The home has a newly remodeled kitchen with updated quartz and honed granite countertops, farmhouse sink, ice maker and new Bosch induction stove. The main home has 5 bedrooms and 3 bathrooms and the 500+ SF casita with half kitchen and full bath is perfect for guests, a gym, office, or whatever you'd like! The backyard is inviting with its covered patio area and ample areas to enjoy the outdoors, including a private patio offset from the primary bedroom and backyard with great depth. Other amenities include Pebbletec pool, block construction, misting system, & mature orange, grapefruit, lemon and kumquat trees. This expansive property also has front and back irrigation system which dramatically cuts back water costs and has better efficiencies. Casita A/C and air handler installed 2019. Three other units new installed in 2023. High quality Milgard windows and Bella wood floors throughout the home. N/S Orientation of this Circle G abode is also ideal. Close access to airport, freeways and restaurants too!
11420 E La Junta Road
Scottsdale, AZ 85255
$2,300,000
4
Beds
4.5
Baths
3,746
SqFt
Status
Active
MLS #
6753284
Property Type
Single Family Residence
Price Type
--
Welcome to the Troon Mountain Treasure! Wake up to breathtaking mountain views and majestic boulders in this meticulously remodeled custom home. Nestled within the prestigious Troon Village, it offers the perfect blend of contemporary design & serene natural beauty. The open-concept layout & soaring ceilings create an inviting atmosphere, perfect for entertaining. The chef's kitchen, with its oversized waterfall island and top-of-the-line appliances, is a dream come true. Retreat to the spa-like master bathroom for ultimate relaxation. Outside, the entertainer's backyard awaits with a sparkling pool, spa, and built-in barbecue. Every detail has been thoughtfully considered to create an exceptional living experience. Embrace your Vibe!