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
17801 W Mountainair Street
Surprise, AZ 85388
$2,750,000
4
Beds
4.5
Baths
4,126
SqFt
Status
Active
MLS #
6825806
Property Type
Single Family Residence
Price Type
--
This stunning, newly completed 4-bedroom, 4.5-bath estate home in the prestigious Sterling Grove community offers the largest available floor plan on one of the most private and spacious lots. Surrounded by breathtaking golf course and mountain views, the outdoor oasis is beautifully landscaped with mature trees, a built-in BBQ, and a luxurious jetted pool with a tranquil water feature. Inside, every detail has been thoughtfully upgraded, featuring solid doors and cabinetry, seven types of natural stone countertops, a striking designer iron front door, two waterfall islands, a floor-to-ceiling stone fireplace, and elegant wood flooring. This home is available furnished per inventory. The owner has meticulously enhanced the home with designer lighting, top-of-the-line custom appliances, epoxy flooring in the four-car garage, a whole-home water filtration system, security cameras, custom window treatments, and an additional iron security front door. Plus, the home is still under full warranty and is available turnkey. Sterling Grove is a premier 24-hour guard-gated community offering resort-style pools, a championship golf course, a luxurious spa, multiple sports courts, scenic walking trails, a state-of-the-art fitness center, and a vibrant calendar of lifestyle activities. Ideally situated near the upscale shopping and dining of Prasada, this home is the perfect blend of elegance, privacy, and convenience.
26924 N 35th Lane
Phoenix, AZ 85083
$2,750,000
5
Beds
4.5
Baths
4,776
SqFt
Status
Active
MLS #
6741410
Property Type
Single Family Residence
Price Type
--
NEW HOME TO BE BUILT!!! Wake up in the home of your dreams! Collaborate with Arizona's most acclaimed architects and planners to create a new way of living in North Phoenix. Nestled just north of Happy Valley, this 4,776-square-foot property offers breathtaking mountain and city light views within the prestigious gated community of Deem Hill Estates. This luxurious home includes an 875-square-foot guest suite, complete with a kitchen, living area, full bath, laundry room, and separate garage. The main house features an expansive master suite with a huge walk-in closet, two bedrooms with Jack and Jill bath and walk-in closets, a separate office, and a mudroom. The second floor boasts a spacious concept room with a walk-in closet and full bath. Experience unparalleled elegance and comfort in this exclusive hillside community. Seamlessly transition from indoors to a resort-style outdoor space via multi-slide doors, where a shimmering pool, state-of-the-art BBQ, chic bar, firepit, and a cozy gas fireplace await. For peace of mind, it's pre-wired for security and cameras. Just moments away from schools, exclusive shopping, and the renowned TSMC facility.
86xx E Stagecoach Pass Unit 5
Carefree, AZ 85377
$2,750,000
4
Beds
5.5
Baths
3,619
SqFt
Status
Active
MLS #
6824253
Property Type
Single Family Residence
Price Type
--
Thomas James Homes proudly presents this pre-construction residence in a gated community, offering you the rare opportunity to personalize select interior finishes during the early stages of construction! Located in the secluded Estates of Carefree, this 4-bedroom, 5.5 bath one-level home boasts a striking modern elevation, blending clean lines and timeless design. Every detail has been thoughtfully planned to exude sophistication and modern comfort. The interior features light oak wood flooring, creating a warm, inviting atmosphere throughout. The heart of the home is a chef's kitchen designed for culinary enthusiasts, complete with premium Wolf Sub-Zero appliances and sleek finishes. This home features a 3-car garage.
2706 E Lovebird Lane
Gilbert, AZ 85297
$2,750,000
4
Beds
4.5
Baths
5,023
SqFt
Status
Active
MLS #
6815042
Property Type
Single Family Residence
Price Type
--
Discover the Timeless Ambiance of a French Château in Gilbert's Prestigious Whitewing Community. Step into a world of unmatched luxury and sophistication with this one-of-a-kind 5,023-square-foot estate, nestled within the exclusive gated Whitewing community of Gilbert, Arizona. This five-year-old architectural masterpiece seamlessly blends French Country charm with modern elegance, offering not just a home, but a lifestyle reserved for the most discerning buyer. Arrive in grandeur as you step through a wrought iron gate into a private courtyard that exudes old-world elegance. The courtyard, with its stately fountain, sets a tranquil tone, preparing you for the magnificence within. So many upgrades! New artificial grass installed in March of 2025! The home's French Country elevation features high-pitch roofs, an elegant turret, and a signature spire delivering a striking architectural statement of timeless sophistication and meticulous craftsmanship. Sophisticated Interiors Inside, the estate's soaring 14-foot ceilings amplify its grandeur, showcasing a level of design unmatched in the market. Every element has been meticulously curated to create a space that is both stunning and functional. The gourmet kitchen is a culinary showpiece, outfitted with Wolf dual gas ovens, a Sub-Zero refrigerator, microwave, steam oven, and a 66-inch custom hood. Taj Mahal Quartzite countertops, complemented by coffered ceilings in the kitchen, breakfast nook, and luxurious Primary Bedroom, add layers of elegance you won't find in any other property. From the large crown molding in the family room to the carefully selected finishes throughout, this home is designed to be as unique as it is sophisticated. No detail has been overlooked, making it a truly singular residence. Luxury for Every Lifestyle Built for modern luxury living, this estate offers unparalleled flexibility at every turn. A private casita serves as the perfect guest retreat, executive office, or secluded suite, ensuring both comfort and privacy. The state-of-the-art media room, with sound-enhancing walls, transforms every movie night or soirée into an unforgettable experience. Seamless indoor-outdoor living is achieved with surround sound on both patios and throughout the family and great rooms. Whether hosting an intimate gathering or a grand celebration, this home effortlessly adapts to your lifestyle. Outdoor Living, Redefined Step into a private backyard oasis where luxury meets leisure. Two expansive sliding glass doors seamlessly connect the indoors to the outdoor oasis. A resort-style pool and spa, featuring breathtaking lights, waterfalls, and a Baja shelf that invites you to relax in the water without full immersion. For added charm and fun, the backyard also boasts a life-size checkerboard, providing a playful yet refined touch. A charming gazebo and a fully equipped outdoor BBQ kitchen create the ultimate setting for alfresco dining and entertaining. The meticulously landscaped grounds offer a lush, tranquil retreat, elevating every moment spent outdoors. A Once-in-a-Lifetime Opportunity This is not just a residence it is a singular creation that stands alone in its elegance, comfort, and exclusivity. Located in one of America's most sought-after towns, this irreplaceable Whitewing estate represents the pinnacle of Gilbert's premier living. From its breathtaking architectural details to its thoughtfully designed interiors and unparalleled outdoor spaces, this home is truly one of a kind. Your Dream Home Awaits Don't miss the chance to own the only home of its kind in Gilbert. Arrange your private tour today and experience the timeless luxury of this one-and-only masterpiece. Your journey to unparalleled sophistication begins here.
20402 N 100th Place Unit 1326
Scottsdale, AZ 85255
$2,750,000
4
Beds
4.5
Baths
3,084
SqFt
Status
Active
MLS #
6797805
Property Type
Townhouse
Price Type
--
Nestled in the charming and prestigious neighborhood of The Parks within the gates of the Silverleaf community, this exquisite home offers a rare blend of elegance, modern upgrades, and timeless design. From the moment you step inside, you'll be captivated by the all-wood plank flooring, rare exposed wooden beams, and impeccable designer finishes that create an atmosphere of sophistication and warmth. The gourmet kitchen serves as the heart of the home, featuring top-of-the-line appliances, custom cabinetry and picturesque views of the private pool, perfect for both daily living and entertaining. Adjacent, the spacious living room with its cozy fireplace and beautiful views of the park, invites relaxation and connection. The expansive primary suite is a true retreat, boasting a spa-like bathroom with luxurious marble finishes to enhance your daily routine. The upper-level guest suite offers privacy, mountain views and versatility, ideal for hosting visitors or creating a quiet workspace. Outside, the tranquil backyard is an oasis of calm and privacy with a sparkling pool, beautifully designed for relaxation and outdoor gatherings. The misting system surrounding the rear courtyard are perfect to enjoy even your summer time activities. This stunning property combines thoughtful upgrades, a private location, and access to the unmatched lifestyle of Silverleaf. Don't miss this incredible opportunity to own a home in one of Scottsdale's most coveted communities.
1233 E Salado Circle
Mesa, AZ 85203
$2,750,000
5
Beds
4.5
Baths
5,934
SqFt
Status
Active
MLS #
6811971
Property Type
Single Family Residence
Price Type
--
Introducing 'The House on the Hill,' a one-of-a-kind, recently updated home reminiscent of a French Country Estate, nestled within a privately gated enclave of 24 custom homes. This extraordinary property, recently featured in Phoenix Home and Garden Magazine, is perfectly positioned at the end of its own cul-de-sac. Set on a pristine, one-acre manicured bluff, it offers sweeping views of the idyllic Lehi Valley in North Mesa, with breathtaking vistas of Camelback Mountain, sparkling city lights and Arizona's renowned sunsets. Exuding exquisite craftsmanship and timeless European elegance, the home, with its steeply-pitched roof and dormer windows features coffered and tray ceilings, custom Burdette cabinetry, Anderson casement windows, stunning herringbone-patterned white oak floors and custom trimwork highlighted by a striking high-gloss finish. Architectural details and designer lighting fixtures abound throughout the expansive living spaces, designed with both entertaining and everyday comfort in mind. The grand living room is a true masterpiece, showcasing architectural corbels, a dramatic barrel-vaulted ceiling, and an opulent crystal chandelier and carved Cantera stone fireplace that warmly welcomes guests. Inspired by the charming storefronts of London, a beautifully designed alcove near the foyer provides a perfect showcase for a cherished baby grand piano, a nod to European elegance. Adjacent to the foyer, a private den features sophisticated built-in cherry wood cabinetry and shelving, offering a refined retreat for work or relaxation. Bathed in natural light, the heart of the home is the spacious family room, where coffered ceilings and a floor-to-ceiling stone fireplace create warmth and sophistication. French slider doors and a telescoping wall of glass connect to an expansive covered patio for indoor/outdoor entertaining. The gourmet kitchen is a showstopper, featuring Cambria quartz countertops, intricate trimwork with brass accents, and clean high-gloss white cabinetry. A walnut butcher block countertop on the expansive island, paired with brass-finished pendant lights by Visual Comfort & Co., adds warmth, and a 60 Sub Zero refrigerator/freezer, 48 Viking gas range with dual ovens, warming drawer and dual Bosch dishwashers create the ultimate culinary haven. The owner's suite offers a spacious retreat with serene views of the Valley. The ensuite bath is bathed in natural light, its walls adorned with vertically-laid geometric tiles and the freestanding tub is flanked by two leaded-glass privacy windows. Gleaming white cabinets and quartz counters are accented by brass Kohler Purist faucets and coordinating hardware. A walk-in closet with customized shelving offers a 3-way dressing mirror and a secondary washer and dryer for convenience. Step downstairs to a 1,524 sf finished basement with high ceilings and a 'walk out ' exit, which also features an impressive entertaining space equipped with surround sound and its own built-in stage and wet bar area. Two large bedrooms, a full bath and an oversized storage room also occupy this secluded retreat. Outside, experience the unparalleled beauty of the Arizona landscape, perfectly positioned on an elevated bluff to capture panoramic views of the Valley. The outdoor amenities are spectacular, featuring a custom-designed 10-foot deep swimming pool with a spa and slide, and a lush grassy lawn and private garden seating area has served as the backdrop for elegant wedding receptions and countless outdoor gatherings. Additional backyard highlights include a newly installed putting green, expansive covered patios, an outdoor pool bath, a children's playground, and a built-in BBQ and ramada. A full-size laundry center and craft room features abundant cabinetry and countertop space, a built-in ironing station, and a center island perfect for projects and organizing. The estate also boasts a 1,328-square-foot extended-length three-car garage, complete with built-in cabinets, over-height doors, a 50-amp outlet and ample storage. Above the garage, an additional 987-square-foot air-conditioned bonus space offers endless possibilities, serving as a playroom, fitness room, workshop, or extra storage. Furthermore, the property's generous building envelope could provide the opportunity for the addition of an RV garage or detached guest house, adding even more potential to this already impressive estate. RV hookups are on site, including an outdoor 50-amp charging station, water access and dump station. The community of Pueblo Viejo maintains a stocked koi pond with a casacading waterfall, as well as a private-use lighted tennis and pickleball court. Convenience cannot be understated, as this private retreat is just minutes from Sky Harbor Airport, restaurants and shopping in downtown Scottsdale and Phoenix, and offers close access to world-class golf, hiking, boating, paddling, cycling and mountain biking.
1831 E Palmaire Avenue
Phoenix, AZ 85020
$2,750,000
5
Beds
5.5
Baths
5,186
SqFt
Status
Active
MLS #
6811462
Property Type
Single Family Residence
Price Type
--
Built by Blue Sky Homes, recognized as Arizona's top sustainable builder for two consecutive years by Green Living magazine. This High-Performance Home showcases 5,186 square feet of artistic architecture with 5 bedrooms and 5.5 bathrooms, all designed for a healthier living environment. Offering 50% more energy efficiency than standard new builds, this home features Energy Star and Indoor AirPlus Certifications, ensuring significant cost savings. Abundant natural light streams through expansive windows, creating a bright and inviting atmosphere throughout. The open kitchen seamlessly connects to the dining and gathering room, highlighting a striking 60-inch linear gas fireplace. Culinary enthusiasts will appreciate the kitchen's high-en
22402 N 84th Place
Scottsdale, AZ 85255
$2,750,000
3
Beds
4.5
Baths
4,491
SqFt
Status
Active Under Contract
MLS #
6798996
Property Type
Single Family Residence
Price Type
--
Nestled along a private fairway of guard gated Pinnacle Peak Country Club Estates rests this classic design with sophisticated finishes and elegant comfort throughout. A private gated courtyard welcomes you to the single level retreat, offering soaring wood beam ceilings accentuated by modern chandeliers, a chef's kitchen with stainless Wolf and SubZero appliances, quartz counters and island, custom doors and oversized windows for abundant natural light, and endless views of the magnificent outdoor living space featuring a private pool, spa, koi pond with fountain, fireplaces and lush vegetation surrounding. Truly an entertainer's backyard that embodies the ambiance of a secret refuge made complete with stone walls leading to a private gate for golf course access. A separate guest house offers a living area along with bedroom, kitchenette, bathroom and additional loft with sleeping area. Come enjoy some of the best living North Scottsdale offers in this charming private golf community with convenient access to upscale shopping, dining, world-class golf and more.
7914 E Softwind Drive
Scottsdale, AZ 85255
$2,750,000
5
Beds
4.5
Baths
5,854
SqFt
Status
Active
MLS #
6786609
Property Type
Single Family Residence
Price Type
--
A recently updated 5,854 square foot single-story Santa Barbara style estate featuring 5 bedrooms, a den, an attached recreation room with a private entrance, 4 full baths, 2 powder rooms and a 3-car garage in the prestigious gated community of Vista Monterey in North Scottsdale on a 1.039-acre lot. Upon arrival a gorgeous courtyard welcomes you. The spacious floor plan with high ceilings, large windows, covered with plantation shutters, allowing the natural light to brighten the home. The kitchen is an entertainer's delight with oversized island and finely crafted cabinets. This immaculate home offers a split floor plan, with the primary bedroom located on the West side and five large bedrooms, 3 full baths, extra-large playroom, plus a den on the East side of the property. The lavish primary bedroom boasts a sitting area, a full bath with upgraded his and her closets, separate shower and a tub. Every toilet in the house was replaced by the smart Toto toilets. The resort-style backyard complete with a lagoon-like swimming pool with a real rock water fall with a slide, grotto, a spa, fireplace, fire pit alongside the spa, outdoor shower, built-in BBQ and an expansive grass area. There are natural space buffers around the home providing remarkable privacy. The location provides quick access to shopping, restaurants, several parks, premier hiking trails, golfing and the 101 freeway.
615 N Chaparral Pines Drive
Payson, AZ 85541
$2,750,000
9
Beds
8
Baths
5,484
SqFt
Status
Active
MLS #
6831852
Property Type
Single Family Residence
Price Type
--
Discover this unparalleled executive estate, featuring a stunning 4,334-square-foot home and an 1,150-square-foot guest cabin, all bordering the pristine National Forest. This property offers the perfect balance of seclusion and convenience while in the Payson city limits, with top-rated golf courses like Chaparral Pines and The Rim Club just a stone's throw away. Designed to accommodate up to 30 guests, this property is ideal for a VRBO, corporate retreat, or family getaway. The main house boasts an open-concept great room, including a gourmet kitchen, expansive dining area, and spacious living room. The master suite offers a luxurious en-suite bathroom, and the additional four bedrooms each feature their own en-suite bathrooms. Two versatile rooms in the main house can easily be used as additional bedrooms or offices, providing endless possibilities for customization. Both the main house and guest cabin have been thoughtfully updated, including brand-new roofs and a host of other upgradessee the full list in the Documents tab. The property is equipped with both city water and a private well for added convenience. Enjoy outdoor living with multiple spaces to entertain, including covered back patios, an outdoor kitchen, large grass area, children's play area and a cozy fire pit area. This property is being sold fully furnished, making it move-in ready and perfect for immediate enjoyment.
28080 N 101st Street Unit 116
Scottsdale, AZ 85262
$2,750,000
3
Beds
3
Baths
2,846
SqFt
Status
Active
MLS #
6696862
Property Type
Single Family Residence
Price Type
--
Enjoy the luxury of the LaScala Terracina home, located in the prestigious Estancia community with prime southeast exposure. This residence features a sophisticated office space and a custom-built entertainment cabinet. The patio is equipped with a spa and a gas grill for optimal relaxation and entertaining. The home showcases a classic European design, highlighted by meticulous attention to detail and the use of high-quality materials and finishes. Estancia offers residents exclusive amenities, including a championship golf course, state-of-the-art fitness center, and private access to hiking trails. The gated community ensures privacy and security, making it a perfect sanctuary for those seeking a luxurious and peaceful living environment.
9901 N 51st Place
Paradise Valley, AZ 85253
$2,750,000
4
Beds
3
Baths
3,620
SqFt
Status
Active
MLS #
6823493
Property Type
Single Family Residence
Price Type
--
Welcome Home! Beautifully remodeled Paradise Valley estate situated on an acre+ lot. Walking up the front courtyard you're instantly at peace with the quiet neighborhood and picturesque landscaping. Grand living space makes this home a dream to entertain in. The open concept kitchen was remodeled in 2019 and features a large kitchen island, ample storage, and high-end appliances. Family room features an accent wall fireplace, vaulted ceiling and a wet bar. Spacious primary suite with comfortable sitting room and fireplace as well as a beautiful primary bathroom. All 3 guest bedrooms are generously sized and the perfect place to unwind. Grab your racket and get ready to play! This backyard features a versatile tennis court that can easily double as a pickleball court, all surrounded by lush, mature landscaping that offers refreshing afternoon shade. Plus, enjoy a sparkling swimming pool, perfect for cooling off and unwinding in your private oasis.