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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9940 E Aleka Way
Scottsdale, AZ 85262
$4,950,000
4
Beds
4.5
Baths
4,802
SqFt
Status
Active
MLS #
6786804
Property Type
Single Family Residence
Price Type
--
Discover refined luxury in this newly completed, never-occupied 4,802 sq. ft., modern estate in the exclusive Mirabel golf community. Built by MDF Development and architect Matt Thomas, this distinct single-level home offers 4 bedrooms, 4.5 bathrooms, and a den or office. Expansive glass doors blend indoor and outdoor living, with stunning desert and expansive mountain views. The gourmet kitchen features top-tier appliances and a spacious island. Enjoy a private heated pool, spa, and covered patio with outdoor kitchen. Located on a quiet cul-de-sac with other similar, newly constructed homes and the convenience of an immediate coveted golf club membership available. Experience the vibrant North Scottsdale lifestyle, with fine dining, shopping, and outdoor recreation just moments away.
18826 N 101st Place Unit 10
Scottsdale, AZ 85255
$4,900,000
3
Beds
3.5
Baths
3,693
SqFt
Status
Active
MLS #
6699585
Property Type
Single Family Residence
Price Type
--
Discover refined elegance in this single-level residence ideally situated in Horseshoe Canyon near the prestigious Silverleaf Club. The charming front courtyard features a soothing water fountain and sitting area, setting the tone for the luxury within. Inside, the great room boasts a gorgeous tongue and groove wood ceiling and grand pocketing doors leading to the stunning outdoor living area. The gourmet kitchen is equipped with granite counters, Viking appliances, and an expansive butler's pantry with additional ovens and refrigerator drawers for seamless entertaining. The principal suite offers tranquility with a spacious bedroom, small refrigerator, dual sinks, separate shower, jetted tub, and large walk-in closet. Two additional en suite bedrooms provide comfort, while a ... sizable office with courtyard access ensures working from home is a breeze. Outside, the resort-style living area is an entertainer's dream, featuring a pool and spa, firepit, and BBQ center under a picturesque gazebo. The covered patio offers elegant dining options, complemented by roller shades and an outdoor fireplace for year-round enjoyment. A pristine synthetic turf lawn adds a touch of green luxury. The home also features travertine and hardwood floors throughout, a subzero wine chiller, a well appointed laundry room with sink, and powder bath. Experience sophisticated living in this exceptional luxury residence.
14545 E Rincon Creek Ranch Road
Tucson, AZ 85747
$4,900,000
14
Beds
16
Baths
14,462
SqFt
Status
Active
MLS #
6710405
Property Type
Single Family Residence
Price Type
--
Welcome to your dream come true! Whether that dream includes providing brides with their fairytale weddings; hosting exciting corporate retreat adventures; catering a high end spa and/or spiritual experience; furnishing a quiet escape for high profile individuals; operating a quaint bed and breakfast; or even creating a family compound for generation after generation to enjoy, this property is equipped to bring any of these scenarios, or whatever your vision may be, to fruition. Rincon Creek Ranch boasts a completely remodeled 4772 sq. ft. main ranch house surrounded by an acre of lush lawn and mature mesquite trees adorned with fairy lights, as well as 60 foot pines; ramada/dance floor illuminated by chandeliers and string lighting; seven newly built, upscale Southwestern style casitas ranging from 915 to 1192 sq. ft. each; a shop; detached garage; carports; coop and aviary; BBQ area; swimming pool; pastures; and a Spanish Mission style event hall inclusive of a gathering room, galley kitchen, two restrooms, and a carpeted massage room and rubber-floored exercise room - both with separate entrances. This 87-acre property has numerous vistas and sanctuaries in which to enjoy breathtaking mountain and desert views and abundant wildlife sightings. Rincon Creek Ranch shares a half- mile border with the Saguaro National Park and has direct, legal, gated access into the Park. The whole of the property encompasses the stunning beauty of the Sonoran Desert. Although situated for consummate privacy, the Ranch has quick access to Tucson International Airport and is within a short driving distance of many tourist destinations, recreational activities, cultural and art exhibits, and restaurants. Realize your dreams with Rincon Creek Ranch - the possibilities are endless!
9333 E Pinnacle Vista Drive
Scottsdale, AZ 85262
$4,900,000
5
Beds
4
Baths
6,022
SqFt
Status
Active
MLS #
6663839
Property Type
Single Family Residence
Price Type
--
360 views on nearly 7.5 acres in North Scottsdale overlooking Pinnacle Peak, The McDowell's and Camelback! The main home features 4 bedrooms and 3 baths. Guest casita has 1 bedroom, 1 bath at 864 sq ft with full kitchen and laundry. As you enter you are welcomed by floor to ceiling windows with breathtaking views, natural desert, and distant city lights. Store your favorite wines in the temperature controlled custom wine wall. This completely updated home includes a gorgeous kitchen complete with a white marble waterfall island, walnut bar-top counter, top of the line appliances and custom cabinetry. These views are a must see!
8788 E Branding Iron Road
Carefree, AZ 85377
$4,900,000
7
Beds
6.5
Baths
8,132
SqFt
Status
Active
MLS #
6773339
Property Type
Single Family Residence
Price Type
--
Exceptional Desert Contemporary w/ 360-degree mountain views. Atop nearly 15 acres of pristine land nestled within the natural desert surround, offering immense PRIVACY. Gourmet kitchen w/ WOLF, Subzero & Cove appliance package, soaring ceilings, curved walls, sauna, exercise room, office & basement, coffered ceiling details, electronic roller-shades through-out home, Detached guest house w/ full kitchen & living room, fireplace, 2 bedrooms, W&D, 1 car garage 30 x40 separate garage/workshop w/ Heat, AC & exhaust fan, gated paved driveway, Elan AAA security system, negative edge pool, spa, boulder water & slide, putting green & large synthetic grass areas, multiple covered patios. Generator, Private Well, Forest of Saguaros. Main House is 6,753 sq ft and Guest house is 1,379. NO HOA.
29672 N 77th Place
Scottsdale, AZ 85266
$4,900,000
6
Beds
6.5
Baths
6,430
SqFt
Status
Active
MLS #
6760786
Property Type
Single Family Residence
Price Type
--
Totally reimagined in 2023/24, this luxurious North Scottsdale estate is situated on 1.78 acres in an exclusive, gated community of 5 homes. This home captures the incredible views surrounding its peaceful & serene setting. An expansive split floor plan w 5 spacious bedrooms, 5 1/2 baths, game area & full wet-bar in the main house (AC 4 car garage) & a guest house/casita w/ 2 bedrooms (1 is an exercise room), bath, kitchenette & living area. Gourmet kitchen includes Quartzite counters, custom Alder wood cabinetry & Miele, Wolf, Sub-Zero appliances. A 1600 sf covered patio offers you sunrises over the majestic McDowells & sun sets over the Valley all while you are having coffee, gathering friends in the evening, swimming or playing tennis on your private lighted court. No expense spared on this magnificent home! You will love all the amenities of this home & the incredible outdoor/indoor living it offers. Minutes from Carefree and North Scottsdale dining, shopping and entertainment.
11475 E Paradise Lane
Scottsdale, AZ 85255
$4,899,000
5
Beds
5.5
Baths
6,782
SqFt
Status
Active
MLS #
6690112
Property Type
Single Family Residence
Price Type
--
If you love to ENTERTAIN, this REMODELED custom estate with mountain views from almost every window is for you! Located on a 1.2 acre hillside lot on a cul-de-sac in the guard gated community of the Retreat at 100 Hills in McDowell Mountain Ranch. Drive up the new, winding exposed aggregate driveway with plenty of onsite parking for guests leading to the auto court situated adjacent to the 4+ car/2400 square foot garage. Next, enter this Modern Mediterranean home through the gated courtyard which includes a cozy gas fireplace and serene fountain. Enter the home through the custom iron and glass entry door into the domed foyer. Architectural details throughout the home include new engineered oak wood flooring, knotty alder doors and cabinets, coffered ceilings, expansive rooms with ceiling heights ranging from 18 to 11 feet, re-textured walls and ceilings with a 90/10 drywall finish painted bright white. The Chef's kitchen equipped with a large island with waterfall quartz counters is the ideal place to prepare a gourmet meal or host friends and family. The dining room with adjacent butler's pantry with secondary prep area, bar, dishwasher, warming drawer and microwave is just steps from the kitchen. After dinner relax and entertain in the expansive game room with wet bar, family room and home theatre. The property includes 4 bedrooms plus an office/den on the main level and an attached casita with a kitchenette and ensuite bedroom. The primary bedroom has a separate patio overlooking the mountain preserve. The primary bathroom includes a large walk-in shower, his and hers vanities and a free standing tub. The outdoor spaces include numerous patios, extensive hardscape, a large negative edge playpool with swim up bar, firepots, spa, fire pit, outdoor kitchen and room for a play area or putting green. Interior remodel includes new wood and tile flooring, quartz countertops, plumbing fixtures, lighting fixtures, ceiling fans and more. The 100 Hills community is conveniently located near freeway access, golf courses, dining, shopping, schools, hiking trails and much more. 100 Hills has a private tennis courts and a community pool and spa. McDowell Mountain Ranch offers access to recreational amenities including pickleball courts, tennis courts, pools, parks, hiking trails and community activities for all. Nearby is the McDowell Mountain Aquatic Complex with multiple pools, a lazy river and waterslide, fitness facilities and skate park. Owner/agent
8901 N 58th Place
Paradise Valley, AZ 85253
$4,895,000
5
Beds
7
Baths
5,841
SqFt
Status
Active
MLS #
6764671
Property Type
Single Family Residence
Price Type
--
Located in the prestigious sought-after neighborhood of Camelback Country Estates in the 3 C's school district, this charming newly updated property with large grassy area and sport court boasts a perfect floor plan with five ensuite bedrooms, including an attached guest house, plus a separate paneled library. The luxurious primary suite features two new his and her bathrooms, custom closets, an exercise room and sauna. Set on a full acre, the expansive grounds offer a fire pit, multiple patios and a brand new pool (owners dug out and moved the location of the new pool). Recent upgrades include fabulous 3,000 sq. ft. of hardwood floors, a lovely remodeled kitchen with quartz counters, new landscaping and a new roof (2021) with a 15-year transferable warranty!
5567 E Mcdonald Drive
Paradise Valley, AZ 85253
$4,895,000
5
Beds
5.5
Baths
3,148
SqFt
Status
Active
MLS #
6738950
Property Type
Single Family Residence
Price Type
--
Welcome to Your Dream Retreat in Paradise Valley! Access to the amenities of The Sanctuary including security, gym, maid service, pools, food service & more. This exquisite home was torn down to the foundation in 2012, and 3m was spent on the re-build. Enjoy Stunning views of Camelback Mountain and city light views. The main house boasts elegant living areas and a gourmet kitchen perfect for entertaining. Step outside to enjoy the sparkling pool, or engage in friendly competition on the private tennis and basketball courts. 3 separate guest casitas are perfect for friends and family. Experience extraordinary living with luxurious amenities, stunning views, and unrivaled tranquility in this exceptional Paradise Valley estate. Your perfect oasis awaits
25763 N 116th Street
Scottsdale, AZ 85255
$4,875,000
4
Beds
3.5
Baths
4,785
SqFt
Status
Active
MLS #
6683896
Property Type
Single Family Residence
Price Type
--
Experience the pinnacle of luxury living on this elevated lot in Troon North, offering unforgettable views and an unmatched lifestyle. This property boasts one of the finest lots in North Scottsdale, situated in a private cul-de-sac. Your arrival is marked by a private entry gate, leading you up a long, secluded driveway to your own three-plus-acre estate. Every inch of this property is a destination in itself, with spectacular views in every direction. Designed by a visionary woman in collaboration with Graffin Design, this estate is a testament to meticulous planning and love for every square foot. The result is a sophisticated custom home that exudes warmth and functionality. The unique design blends timeless appeal with resort-style living, elevating your lifestyle to new heights. At this elevation, you can enjoy the outdoors all year round. Choose from warm winter days, cool summer evenings, or relax under expansive covered patios. Whether you're sunbathing in complete privacy or enjoying the dramatic entry behind the massive custom iron door, every outdoor space invites you to linger and take in the breathtaking mountain views. The main living areas redefine open-concept living, featuring large sliding doors that open to a zero-edge pool, seamlessly blending indoor and outdoor spaces. The gourmet kitchen is a chef's dream, equipped with high-end appliances, a huge center island, granite slab countertops, and a spacious walk-in pantry equipped with a build in Popcorn machine. The kitchen's sleek design is complemented by sweeping views and abundant natural light, making it perfect for entertaining. The romantic owner's suite offers unobstructed mountain views, sliding doors to the patio, a fireplace, and a spacious walk-in closet. The spa-like owner's bath features a luxurious soaking tub, a large walk-in shower with a bench, dual vanities, and a makeup vanity. Just outside, a private hot tub and tranquil outdoor shower await your relaxation. Two generously sized secondary bedrooms come with en suite bathrooms, walk-in closets, and stunning mountain views. Each room is designed to maximize the views from every window. The huge office is beautifully presented with custom built-in cabinetry and desk, French doors opening to the courtyard, and a fireplace, making it a serene workplace sanctuary. This creative space includes a craft/painter's sink, a built-in sewing machine, and ample storage. A fourth room, currently used as an executive office/library, can easily convert to a fourth bedroom. It features custom built-in cabinetry and French doors leading to the expansive courtyard. The seamless flow of indoor and outdoor spaces creates a living sanctuary. The lush, park-like backyard features a built-in BBQ with a prep sink, poolside firepots, pool deck jets, a water feature, outdoor showers, a large observation deck, and a raised dog wash with hot and cold water. The huge upper deck is perfect for watching monsoon lightning shows, meteor showers, and full harvest moons, while enjoying the fresh desert air after a rainstorm. The sparkling infinity pool, framed by mountains, offers spectacular night skies, sunrises, and sunsets, along with twinkling town lights. This estate is more than a house; it's a lifestyle. The romance of the property, the sounds of birds and wildlife, the wind rustling through hundreds of mature trees, midnight swims, and courtyard conversations all contribute to a unique living experience. The 4.5-car garage, with lofty ceilings, a lift for additional parking, custom cabinets, a workbench with a sink, and over 200 square feet of enclosed storage, provides ample space for vehicles and hobbies. Minutes from two world-famous golf courses in the Troon North portfolio, Monument and Pinnacle, consistently ranking among the top must-play courses. You're also minutes from the renowned Four Seasons Resort & Spa, and perfectly situated near amazing shopping and dining at Kierland Commons, The Quarter, and the charming events in Downtown Carefree. Come take a look at your new lifestyle and experience the splendor, new memories, and joy this property offers. This home is a private and tranquil Arizona resort, with no detail left out, blending architectural design and indoor-outdoor spaces to create a timeless splendor. Your private oasis is ready for you to move in and enjoy.
9957 E Larkspur Drive
Scottsdale, AZ 85260
$4,850,000
4
Beds
4
Baths
4,014
SqFt
Status
Active
MLS #
6754138
Property Type
Single Family Residence
Price Type
--
The unexpected home of your dreams ... with the cool of steel combined with the warmth of wood, walls of glass and lush grass- This is Estate 48. Just like Arizona, the 48th State , Kent Architects and Argue Custom Homes built a strong , unique and warm home that rebels against the expected architecture. Brilliant floor plan featuring wide open entertaining spaces, temperature controlled garages with lounge area with sauna. Oversized storage room with hvac easily can be another bedroom or workout room! Serene pool and sun deck , monster spa , bocce ball and deep covered patios. For a couple or a family, this is PARADISE.
39494 N 105th Street Unit 74
Scottsdale, AZ 85262
$4,850,000
4
Beds
4.5
Baths
5,620
SqFt
Status
Active
MLS #
6757276
Property Type
Single Family Residence
Price Type
--
Discover the epitome of luxury living in this stunning 4-bedroom, 4.5-bathroom new custom home by Black Stone Custom Homes and Graffin Design. This exceptional new build offers a perfect blend of modern design, craftsmanship, and attention to detail. Spanning an open and airy floor plan, the home features a spacious great room with vaulted ceilings, large windows for natural light, and a sleek fireplace as the centerpiece. The gourmet kitchen will include top-of-the-line stainless steel appliances, custom cabinetry, a large island, and a walk-in pantry—perfect for both everyday living and entertaining. Each bedroom is designed as a private retreat, with its own en-suite bathroom. The primary suite will serve as a luxurious haven, complete with a spa-like bath featuring a freestanding tub, walk-in shower, double vanities, and an expansive walk-in closet. The additional bedrooms are equally spacious, offering comfort and privacy for family members or guests. With a second story, The second story of this custom home offers a versatile space that can easily be adapted to meet your needs. Currently designed as a large bonus room, it provides endless possibilitiesa perfect setting for a home office, media room, or game room. For those seeking additional guest accommodations, this space can be seamlessly converted into a spacious guest bedroom offering comfort and privacy for overnight visitors. Outside, the home is set to feature a covered patio ideal for outdoor dining and relaxing. With high-end finishes and customizable options still available, this home by Black Stone Custom Homes and Graffin Design offers a unique opportunity to create your dream living space. A golf membership is available with approval from the membership committee, allowing you to enjoy exclusive access to the community's world-class golf course and amenities. Additionally, a rental home is available for up to two years during the construction of your new custom home, providing a comfortable and convenient living arrangement while your dream home is being built.