Last week’s economic releases included the National Association of Home Builders’ Housing Market Index along with reports on housing starts, building permits and sales of previously owned homes. Weekly reports on new jobless claims and mortgage rates were also released.
NAHB: Builder Sentiment Dips amid High Demand for Homes
Home builder confidence in current housing market conditions dipped from September’s index reading of 65 to 63. September’s reading was the highest since the peak of the housing bubble. Any reading above 50 indicates a majority of builders surveyed are confident about housing market conditions. Building new homes is essential to relieving intense demand for homes against short supplies of homes for sale. Builders cited obstacles including low supplies of land for development and workforce shortages, but expressed confidence in overall economic conditions that affect construction and sales of new homes.
Housing Starts Fall, Building Permits Rise
According to the Commerce Department, the reading for housing starts was nine percent lower in September than for August. 1.047 million starts were reported in September on a seasonally adjusted annual basis; August’s reading showed 1.150 million starts. Monthly readings tend to fluctuate due to weather, labor and materials supplies. Single family starts provided good news with a higher annual rate of 783,000 starts; this was 8.10 percent higher than August’s reading.
More building permits were issued in September than for August. Overall, 1.225 million permits issued on an annual basis. August’s reading showed 1.152 million permits issued. Building permits for single-family homes rose to 783, 000 on an annual basis, an increase of 8.10 percent over August. September’s increase in single-family permits indicates that builders are shifting their efforts toward single-family construction instead of multi-family construction. This signifies confidence in homeownership and suggests stronger housing markets as renters become homebuyers.
Sales of Previously–Owned Homes Increase
The National Association of Realtors® reported that previously owned homes sold at a seasonally-adjusted annual pace of 5.47 million sales in September as compared to a rate of 5.33 million sales in August. Pre-owned home sales rebounded after slowing in July and August. Home prices rose 5.60 percent year-over-year to an average of $234,200; this was the 55th consecutive month that home prices rose.
Sales of pre-owned home sales rose in all four regions rose year-over-year from 0.90 percent in the South to 5.80 percent in the Northeast. First-time buyers accounted for 34 percent of sales, which was the highest participation rate in four years.
Mortgage Rates Higher
Freddie Mac reported higher average mortgage rates last week. 30-year fixed rates were five basis points higher at 3.52 percent. 15-year fixed rates were three basis points higher at 2.79 percent. 5/1 adjustable mortgage rates rose three basis points to 2.85 percent. Discount points rose from 0.50 to 0.60 percent for fixed rate mortgages and were unchanged at -.40 percent for 5/1 adjustable rate mortgages.
New jobless claims were higher than expected at 260,000 claims; analysts expected 248,000 new claims to be filed based on the prior week’s reading of 247,000 new claims filed. Last week’s reading was the highest in six weeks, but analysts said that layoffs remain very low.
What‘s Ahead
This week’s scheduled economic news includes Case-Shiller home price data, readings on new and pending home sales along with reports on consumer confidence. Mortgage rates and new jobless claims will be released on their regular weekly scheduled.
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5719 E Starlight Way
Paradise Valley, AZ 85253
$50,000,000
6
Beds
8.5
Baths
16,906
SqFt
Status
Active
MLS #
6644810
Property Type
Single Family Residence
Price Type
--
Welcome to an architectural masterpiece situated within Paradise Valley's prestigious Cameldale Estates. Positioned thoughtfully on a nearly 3-acre parcel in the northern face of Camelback Mountain to allow sweeping views of Mummy, Phoenix, McDowell, and Four Peaks mountain ranges. Design by world-renowned architects SAOTA, collaborating with local architect Stratton, and earning world recognition press/awards for innovative design and unparalleled beauty. Nearly 17,000 sqft of living will blend seamlessly into desert surroundings while offering every conceivable modern luxury. Chef's kitchen, cinema, gym/spa, resort-style infinity pool, with emphasis on seamless indoor/outdoor living. The modern organic design, coupled with exceptional craftsmanship, elevates it to a league of its own.
5738 N Casa Blanca Drive
Paradise Valley, AZ 85253
$42,500,000
6
Beds
13.5
Baths
23,417
SqFt
Status
Active Under Contract
MLS #
6762392
Property Type
Single Family Residence
Price Type
--
New modern custom highest end construction build in Casa Blanca & Wilkinson corridor by Regal American Homes. Extremely private estate with stunning mountain views of Camelback, Praying Monk, & Mummy. Central courtyard, open great room & chef's kitchen w/large back kitchen holding hidden bar, pantry, Costco room, & walk-in cooler & freezer. Split floorplan where primary suite includes separate his and hers: vanity, enclosed toilets & closets, large walk-in shower, free standing tub, laundry, gym, office, theatre and therapy rooms. Experience true indoor/outdoor living with massive diving pool & spa, golf simulator, indoor sport/pickleball court, outdoor BBQ & fireplace. Separate guest quarters with 2 bedrooms & kitchen. Private state of the art shooting range & underground bunker lounge. runs, walking path, garden, mature olive, citrus, oak & oleander trees, turf, irrigation, & exterior lighting. Additional rooms include large private gym w/enclosed massage room, office, kid's lounge/playroom, and art and study rooms. Safe room connects to basement with shooting range, lounge and bar, and recreation barn. Short drive to world class resorts, dining, shopping, Paradise Valley County Club & both Scottsdale & Phoenix Airports.
4820 E Perkinsville Road
Seligman, AZ 86337
$42,000,000
5
Beds
3.5
Baths
5,737
SqFt
Status
Active
MLS #
6776308
Property Type
Single Family Residence
Price Type
--
HISTORIC 'FORT ROCK RANCH' for sale in Seligman, AZ. Formerly the Buckman Stage Station, Fort Rock got its name after a battle in 1866 with the Hualapai Indians which was hard fought, and won, in the midst of the majestic rock formations surrounding the skirmish. Picturesque landscape is a feast for the eyes & soul. Breathtaking, panoramic views with widely varied topography. SEE AERIAL VIDEO in PHOTOS slide 2. Water abounds. 22 wells & multiple dirt tanks dot this 104,145 acre property. (52,677 deeded / 51,468 leased) Live water includes Meadow Lake, Upper Trout Creek, Fort Rock Creek, Tom Bacon Lake, Horse Lake & more w/ native species of fish. The Air Strip has been resurrected, with the first plane landing on site in over 30 years. EPIC! * Click 'MORE' for addt'l important details! * The iconic 'Fort', the home of the Ranch Foreman, was built in 1894 and still stands today in all its glory (3,660 sq ft). The main home, affectionately known as 'Headquarters', was built in 1926 and is strategically located by Meadow Lake (5,737 sq ft). Several other structures house ranch employees. Bonus - secluded off grid cabin on the way to Trout Creek. Fort Rock is a working cattle ranch w/ apprx 600 head currently on the ranch. They are primarily black angus bulls w/ mostly black angus cross cows - but still some cross bred mix on the ranch. Cattle may convey with the right offer (954 AU's). 80+ acres of irrigated pasture possible. Ranching, hunting (elk, lion, deer) and other investment prospects abound. Fort Rock Ranch participates with the AZ Game and Fish Landowner Compact and enjoys a longstanding, mutually beneficial partnership. This is a rare opportunity to own a magnificent piece of western history.
6418 E Joshua Tree Terrace Unit 2
Paradise Valley, AZ 85253
$33,900,000
6
Beds
10
Baths
12,500
SqFt
Status
Active
MLS #
6767863
Property Type
Single Family Residence
Price Type
--
This extraordinary 12,500 sq.ft. home is nestled in one of the most desirable locations, offering unparalleled views of Camelback Mountain from the front and Mummy Mountain in your backyard. With its prime position overlooking the Ritz-Carlton and just a stone's throw from Old Town Scottsdale, this property brings the WOW factor to luxury living. Featuring 6 spacious bedrooms and garage parking for 6, this home is designed for both elegance and comfort. The second floor provides a breathtaking panoramic view, stretching from Talking Stick Resort to Downtown Phoenix—perfect for enjoying Arizona's stunning sunsets. The PV Hillside Committee is conducting its concept review, with renderings available in 30 days. Built and Design by The Construction Zone should be ready 12/26.
5500 N Dromedary Road
Phoenix, AZ 85018
$30,000,000
1
Bed
2.5
Baths
4,641
SqFt
Status
Active
MLS #
6781148
Property Type
Single Family Residence
Price Type
--
Iconic Camelback Mountain Estate: A Once-in-a-Lifetime Opportunity. Perched on the side of the iconic Camelback Mountain, this extraordinary estate is a rare gem, offering a more than 180-degree view of the valley below, Camelback Mountain to the rear and is known for its storied history as the infamous ''Merry Christmas House,'' this property has been lovingly owned by the same family for decades and is now ready for its next chapter. Home was built in the 1970s, the original 4,661-square-foot residence exudes the timeless design influence of Frank Lloyd Wright, with its bold integration into the natural surroundings, expansive use of glass, and subtle stone accents that capture the essence of desert living. The home's organic architecture and stunning panoramic views create a tranquil, private sanctuary, while the layout offers a seamless blend of indoor and outdoor living. Set on a generous 23.66 acres, this remarkable property also boasts incredible potential for future development, with subdividable land offering the opportunity for up to 4 parcels. The possibilities are endless, from creating a family compound to building multiple luxury estates. Additionally, a potential floorplan and site plan designed by the renowned architect Mark Candelaria are available, allowing you to bring your vision to life. With its prime location, iconic status, and incredible potential, this estate is truly one of a kindan opportunity that will not come again. The property is privately gated, ensuring seclusion and security while being just moments away from the heart of the city. Whether you choose to preserve the legacy of the existing home or create something new, this is a once-in-a-lifetime chance to own a piece of history on one of Arizona's most sought-after mountain peaks. Don't miss out on this unparalleled opportunity.
2671 Highway 82 --
Patagonia, AZ 85624
$29,950,000
16
Beds
15
Baths
8,934
SqFt
Status
Active
MLS #
6595615
Property Type
Single Family Residence
Price Type
--
This is your opportunity to own the historic Rail X Ranch, set against a landscape that is truly breathtaking! To the West are hypnotic sunsets and to the East is the Coronado National Forest with vistas that seem to go on forever. This is a rare chance to own a piece of Arizona's history. Located at 4,500 feet above sea level temperatures are generally 10 to 15 degrees cooler year-round than in nearby Tucson. This stunning 1739 Acre Ranch Estate features a main residence with casita totaling 11,398 square feet and containing 8 bedrooms, 9 full bath rooms and 3 half baths. The main house was Constructed in 1937 and is nestled in the foothills overlooking a tree lined pond and containing numerous patios and porches to enjoy both sunsets and sunrises. The property also has 2 additional homes for employees or managers as well as 3 apartments for employees or guests. The Ranch features a 1930s barn which serves as a workshop and storage area as well as a steel building which could easily converted to a horse barn. The main compound also includes a large office suite and conference room, the property has everything you need to work from home or to handle ranch operations on site. After decades without hunting, wildlife abounds at the Rail X Ranch, including deer, dove, quail, and even javelina. The birding is exceptional, with more than 260 species documented in the nearby Patagonia Sonoita Creek Preserve. Just South of town, there are myriad opportunities for fishing and boating at Patagonia Lake State Park; and the area is filled with wonderful opportunities for horseback riding and hiking. The Ranch has the added benefit of having an artesian well on the property with Water bubbling up and feeding a transportation ditch to deliver this precious resource throughout the ranch. Combined with 8 wells situated throughout the property the Ranch has a unique and valuable asset in its water resources. To complete the picture, The Rail X is also one of the few ranches in the area which has maintained ownership of the mineral rights for the property. This asset provides land security now and into the future. The Rail X Ranch is truly an iconic and unique part of Arizona's History and Heritage and provides a rustic setting yet with all of the upscale amenities to enjoy and cherish your living environment!
333 Schnebly Hill Road
Sedona, AZ 86336
$29,900,000
8
Beds
9
Baths
13,591
SqFt
Status
Active
MLS #
6784655
Property Type
Single Family Residence
Price Type
--
4 ACRES in Uptown Sedona! Don't miss out on the chance to own this iconic Sedona landmark in the heart of Sedona, just a few minutes walk from Tlaquepaque. Endless possibilities await with this versatile multi-use MASSIVE property with breathtaking views of the Red Rock...in the past, it was a spiritual Life Center, and at one time, there were plans to turn it into a resort. Comprising eight distinct parcels, this property features three adjacent lots along Oak Creek, two huge hillside lots and two individual residences, each accompanied by its own guest house. The larger residence is set on 3.1 acres, built in 2019 and features an unique UPDATED 900 sq ft casita where Elvis Presley worked out at in1967 while filming a Western in Sedona. The smaller residence is a gorgeous two-story cabin built in 1997 with 2230 sq. ft. and 805 sq. ft. guest house. Current zoning is RS-18 and OC (Oak Creek Heritage)
20958 N 112th Street
Scottsdale, AZ 85255
$29,500,000
6
Beds
8
Baths
14,369
SqFt
Status
Active
MLS #
6774989
Property Type
Single Family Residence
Price Type
--
This newly built Modern Mediterranean Estate has been uniquely crafted and perfectly designed to offer the ultimate luxury lifestyle. Nestled on nearly two acres in the prestigious Silverleaf Community and surrounded by uninterrupted panoramic city view- this home perfectly encapsulates everything to be a top- notch entertainment destination. The expert design of this Modern Mediterranean residence was a collaborative effort between Erik Peterson of PHX Architecture, interior designer Laura Kehoe, and custom builder Ted Reisdorf of Paragon Custom Homes. Built with the finest materials by top artisans in the valley, every detail exudes luxury. The grand great room seamlessly opens to the stunning outdoor space for the finest indoor/ outdoor living- made for the ultimate enjoyment of the perfect Arizona evenings. Accompanied by a gourmet kitchen with a separate catering kitchen, casual and formal dining areas, and an additional butler's pantry this home does not miss a single detail. The entertainment hub is thoughtfully designed, featuring a nightclub-inspired bar, billiards area, lounges, multi-game simulator, wine room, and a theater that seats 19. The private office leads to the opulent 2,000 sq ft owner's suite, complete with a sitting area, wet bar, and breathtaking city and mountain views. The suite boasts three custom-designed, boutique-style closets with private laundry, and a spa-like bathroom with dual vanities, a makeup station, a steam shower with multiple heads, and a soaking tub. The bathroom also has access to a private garden with a hot tub overlooking the valley. Guests will enjoy luxurious accommodations in the three full guest suites with their own family room or one of the two guest casitas. Offering a true luxury indoor-outdoor lifestyle, the entertaining spaces extend seamlessly to the multi-level outdoor areas, providing incredible views of mountains, sunsets, and city lights from every angle. The main level boasts a resort-style infinite pool, multiple sun-soaked and shaded patios, an outdoor kitchen, a lush grassy lawn, and two separate hot tubs- perfect for a lifestyle of relaxation and entertainment. Silverleaf is an exclusive, guard-gated community distinguished by its tree-lined streets, private parks, and some of the most exclusive homes in Arizona. At its heart lies the renowned Silverleaf Club, featuring a par-72 golf course designed by Tom Weiskopf, a stunning clubhouse, a luxurious spa, and an array of amenities that offer the ultimate desert resort lifestyle
5815 N Saguaro Road
Paradise Valley, AZ 85253
$28,900,000
15
Beds
16
Baths
22,000
SqFt
Status
Active
MLS #
6792458
Property Type
Single Family Residence
Price Type
--
In the most prestigious neighborhood, in the most prestigious town in Arizona, sits an exquisite 9.14 acre multi-residence compound like no other. This is the largest available non-hillside, fully landscaped, flat estate in Paradise Valley. More information available!
11200 E Canyon Cross Way
Scottsdale, AZ 85255
$22,500,000
7
Beds
8.5
Baths
13,606
SqFt
Status
Active
MLS #
6760021
Property Type
Single Family Residence
Price Type
--
Significant price reduction. Perched high above Scottsdale's most coveted landscapes, the Internationally known Castle on the Hill at 11200 E Canyon Cross Way is the pinnacle of Arizona luxury living. This immaculate 2020-built estate spans over 13,600 square feet of unrivaled craftsmanship and sophistication, set on 3.3 acres within the exclusive Upper Canyon of Silverleaf. From the moment you arrive, you are greeted with sweeping panoramic views of the McDowell Mountains, Camelback Mountain, and the vibrant city lights of Scottsdale. This turnkey estate includes a separate 2-bedroom guest house, fully furnished with exquisite interior and exterior décor. A seamless blend of grandeur and comfort, this estate features a state-of-the-art gourmet kitchen, a climate-controlled wine room, and spa for serene relaxation. Indulge in the opulent primary suite, where Swarovski crystal adorns the bed, leading to a sophisticated en suite bathroom. A floating staircase with gold-inlaid floors and an Italian chandelier ushers you to the secondary bedroom suites, each designed to perfection. Whether hosting in the games room with a full bar or retreating to the ultimate home office with a fireplace, this estate redefines luxury. Live the epitome of elegance, where sunrises and sunsets paint the sky, offering a truly unparalleled experience.
6025 E Cholla Lane
Paradise Valley, AZ 85253
$22,000,888
5
Beds
7
Baths
11,008
SqFt
Status
Active
MLS #
6789296
Property Type
Single Family Residence
Price Type
--
Award-Winning Developer ARCO Custom Homes brings yet another Modern/Transitional Architectural Masterpiece to Camelback Mountain. This privately gated estate features soaring 24-foot ceilings, retractable floor to ceiling custom glass walls and massive view decks with breathtaking Mountain and City Light Views! The expansive great room opens to the chef's kitchen featuring Gaggenau, Miele, Sub-Zero and Wolf appliances, European custom cabinetry and a gourmet Catering Kitchen with an extensive pantry. Offering abundant entertaining spaces including 1,000+ bottle glass climate-controlled Wine Room, Media Room, generous 2-person office and luxurious primary suite wing. The hidden underground garage built in to Camelback Mountain is a Car Lover's Fantasy. Buy now and save years & customize!
10927 E Windgate Pass Drive Unit 1519
Scottsdale, AZ 85255
$21,750,000
6
Beds
6.5
Baths
10,248
SqFt
Status
Active
MLS #
6688744
Property Type
Single Family Residence
Price Type
--
SILVERLEAF GOLF MEMBERSHIP OPPORTUNITY AVAILABLE! Discover an exceptional estate nestled in Silverleaf's Upper Canyon, boasting breathtaking mountain and city vistas. Situated on a rare near-level 2.15-acre lot, this property features expansive grounds with meticulously manicured gardens, offering an array of outdoor entertaining possibilities. Revel in the full outdoor kitchen with a pizza oven, elevated seating area, fire pit, and resort-style pool and spa. This single-level home spans 10,248 square feet and encompasses 5 bedrooms, 6.5 bathrooms, along with a dedicated office with bathroom or potential 6th bedroom. A separate detached guest casita adds to the allure. Unparalleled renovation by Salcito Custom Homes and Salcito Design Group... The residence showcases a gourmet kitchen, a great room complemented by a stunning built-in bar, and boasts the ...finest finishes throughout. From stone and wood flooring to hand-applied Venetian plaster walls and ceilings, no detail has been overlooked. The property boasts a wealth of upgrades, including a Crestron audio/video system, Lutron lighting and shade system, custom pre-finished engineered wood plank flooring, and exquisite slabs of Cristallo Bianco Classic and Taj Mahal Classic marble. Notable features also include Albertini Italian steel entry doors, Loewen wood clad windows, Wolf, Sub-Zero, and Miele appliances, and custom wood cabinetry by Arizona Custom Cabinets. Enjoy the luxury of Carrier Greenspeed HVAC, and Chesney's European marble fireplace surrounds in the living room and master suite. Experience unparalleled luxury living amidst the natural beauty of Silverleaf's Upper Canyon.
