Last week’s economic releases included reports on new and pending home sales, S&P Case-Shiller Home Price Indices and regularly scheduled weekly reporting on mortgage rates and weekly jobless claims. Readings on consumer sentiment and confidence were also released.
New and Pending Home Sales Lower as Peak Sales Season Winds Down
August readings for new and pending home sales were lower than for July; analysts said that slim supplies of available homes and rising home prices contributed to slower home sales. Peak home sales typically occur during spring and summer. Homebuyers with school-aged children prefer to be settled into a new home when school starts in August and September.
According to the Commerce Department, new home sales achieved their second highest reading since the Great Recession. Although lower than July’s reading, August sales of new homes reached 609,000 on a seasonally-adjusted annual basis. Analysts expected a reading of 600,000 new home sales based on July’s reading of 659.000 new homes sold. August’s reading was 20.60 percent higher year-over-year. High demand for homes appears to be kicking home builders into higher gear as they strive to ease slim inventories of available homes.
The impact of short inventories of available homes was reflected in August’s reading for pending home sales. Home sales awaiting closing fell in August from July’s reading of +1.20 percent in July to 2.40 percent in August. The National Association of Realtors® said that home sales are declining due to very limited inventories of available homes. Rapidly rising home prices and strict mortgage qualification requirements also contributed to slipping sales. After home buyers sign a purchase contract, they are at the mercy of changing mortgage rates their ability to qualify for a mortgage. Pending home sales supply an indication of future closings and mortgage loans.
According to the S&P Case-Shiller 20-City Home Price Index for July, home price growth dipped from June’s seasonally adjusted annual rate of 5.10 percent to 5.00 percent. Slim inventories of homes for sale and high demand were again cited as primary reasons for slower home price growth. While demand is high, slim supplies of available homes can cause would-be buyers to postpone their home search until more homes are on the market.
Mortgage Rates Fall, New Jobless Claims Rise
Mortgage rates fell across the board last week according to Freddie Mac’s weekly survey of rates. The average rate for a 30-year fixed rate mortgage fell six basis points to 3.42 percent; the average rate for a 15-year fixed rate mortgage was four basis points lower at 2.72 percent. 5/1 adjustable rate mortgages had an average rate of 1.81 percent, which was one basis point lower than the previous week’s reading Discount points were also lower and averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.
New jobless claims rose last week to 254,000 claims, but new claims were lower than the expected reading of 259,000 new claims which was based on the prior week’s reading of 251,000 new jobless claims. New jobless claims have stayed below 270,000 new claims for three months for the first time since 1973.
In prepared testimony before the Financial Services Committee, Federal Reserve Chair Janet Yellen discussed problems facing two major banks and said the Fed’s goal was managing its regulatory stance to support financial stability.
September’s Consumer Confidence Index reading rose to 104.1, which exceeded analysts’ estimated reading of 99.3 and August’s reading of 101.1.
What’s Next
Next week’s scheduled economic reports include readings on construction spending and several labor-related releases including ADP Payrolls, Non-Farm Payrolls and the National Unemployment Rates. Weekly reports on mortgage rates and new jobless claims are set for release as usual.
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6310 E Dove Valley Road
Cave Creek, AZ 85331
$1,895,000
5
Beds
4
Baths
4,445
SqFt
Status
Active
MLS #
6681590
Property Type
Single Family Residence
Price Type
--
This amazing home is now $100,000 below a recent appraisal and ready for you to make your own! This exceptional custom-built 3,757 sq ft estate boasts a gorgeous main home accompanied by a full 688 sq ft guest home with full kitchen and garage! You will enjoy a wonderful pool and spa for play, relaxation or enjoying Arizona's spectacular sunsets! Summer comfort awaits with the Newer HVAC's on the main home with solar! Situated on over an acre of maintained desert landscape in the prime location of the highly sought-after N. Scottsdale/Cave Creek corridor. The captivating main residence features 4 bedrooms, 3 full bathrooms, a private executive office, and breathtaking views of Black Mountain and the Boulders. As you step into your dream home, you're greeted by a picturesque ... front courtyard adorned with custom iron gates, two outdoor fireplaces and a striking fountain. Inside, the home boasts an inviting open floor plan with rich wood flooring, beamed ceilings, and NEW custom oversized windows that frame the stunning mountain vistas. The kitchen, a chef's haven, showcases Quartz countertops, a Subzero fridge, stainless steel appliances, stylish cabinetry, and a GE Profile oven with a center island induction cooktop. The spa-inspired master ensuite offers dual sinks, a separate soaking tub, and shower, ensuring a luxurious retreat. The spacious one-bedroom guest home is strategically positioned on the property, providing separate living quarters complete with its own private driveway, single car garage, full bath, eat-in kitchen, and covered patios, catering ideally to multi-generational families, guests or even renters. It has been used as an $AirBnB$ earning an average of $3,000 per month. Outside, the sprawling resort-style backyard is an entertainer's paradise, featuring a covered patio, built-in BBQ, bar seating, and a second Kiva fireplace. Overlooking a beautifully gated, pool, spa, Baja shelf and rock waterfall, the outdoor space offers mesmerizing mountain views, complemented by custom hardscapes, lush landscaping, and extensive stone walkways, inviting you to explore your desert sanctuary. This is a must see!
40455 N 26th Street
Cave Creek, AZ 85331
$1,893,500
4
Beds
3.5
Baths
3,157
SqFt
Status
Active
MLS #
6727474
Property Type
Single Family Residence
Price Type
--
Exquisite custom home in Cave Creek on 3.6 acres, with privacy and panoramic mountain views and no HOA. Hacienda style residence with split floor plan and spacious rooms, new hardwood floors, beams and corbels, vaulted ceilings, and elegant finishes. The master suite offers scenic views, fireplace, and spacious bathroom. The backyard is an oasis with a sparkling pool and covered BBQ area with high-grade turf and spectacular mountain scenery. Situated adjacent to Cave Creek Regional Park with extensive trails for horseback riding, hiking, and biking. Features include a horse turnout area with three covered stalls, equipped with water spigot, arena, and a tack shed. Car enthusiasts will love the 3-car garage and the permitted 3,000 sq. ft. insulated metal building which can be expanded.
5452 E Windstone Trail
Cave Creek, AZ 85331
$1,890,000
4
Beds
3.5
Baths
3,944
SqFt
Status
Active
MLS #
6780789
Property Type
Single Family Residence
Price Type
--
Welcome to Montevista, a highly desirable community in Cave Creek, Arizona. This gated community with impeccably manicured common areas, lush landscaping, and large grassy community park, complete with a playground, basketball/pickleball courts, social events, and covered spaces, creates a welcoming atmosphere. One of the best lots in the community, this home is nestled on a private, premium lot, that backs up to a serene NOAS with mountain views, offering unmatched privacy. As you enter the grand entrance, you'll be greeted by soaring ceilings, stunning chandelier lighting as well as an abundance of natural light. With almost 4,000 square feet of meticulously maintained living space, you will step into a world of elegance. The open concept split floor plan allows for comfort and privacy for family and guests. The spacious living room has a wet bar, built-in drink shelf, wine closet, and fireplace. Off that area is space for a dining room, piano room or additional sitting room. The kitchen, which opens to the family room, is tastefully updated with high end appliances, a prep island, walk-in pantry and tons of counter and cabinet space. Eat at the breakfast bar or dine in kitchen. Retreat to the amazing primary suite complete with dual vanities, a step-in shower, and two walk-in closets. Relax in front of the fireplace, soak in the tub, read in the sitting area or dream your nights away. Walk out to your private garden area with citrus trees, grassy area and lined path. Bedrooms 2-3 share a bath with dual sinks and a step-in shower. Bedroom 4 is an ensuite with it's own bath. The final room can be a bedroom, office or workout room, you choose. Outside, you're greeted by a resort-style backyard. The private heated pool with water feature and spa, surrounded by lush greenery, offers the perfect space to relax or entertain. Sit under the pergola and enjoy the fire on chilly Arizona nights. The BBQ grill area with bar area, also covered is another space to entertain. The covered patio with motorized shades, the oversized fire pit, turf area with fountain and all other areas to enjoy the serene views of the desert and create a true Arizona outdoor living experience. This community is perfectly located near shops, dining, the quaint towns of Cave Creek/Carefree. This is more than a home; it's the ideal fusion of luxury, comfort, and privacy. Envision yourself here, embracing everything that Montevista and Cave Creek have to offer. Upgrades include; 3 brand new HVAC systems, new ducts, furnace, pool motor, BBQ grill, outdoor lighting boxes, plants and more!
6044 E Hodges Street
Cave Creek, AZ 85331
$1,890,000
5
Beds
4.5
Baths
4,025
SqFt
Status
Active
MLS #
6726429
Property Type
Single Family Residence
Price Type
--
Beautiful (like new-seasonal owners)! Fantastic Black Mountain views and large NAOS area. Four bedrooms, 3.5 bath, full guest suite/casita with separate entrance, 3-car garage, putting green, pool, spa! Grassed and rock entrance. Courtyard and gate to covered porch. Separate entrance to Guest Suite/Casita from porch. Guest suite/casita has living area, bedroom, full bath and walk-in closet. The foyer at entry into main home has over-sized office/den with double glassed doors on one side and formal dining room on the other side. Dining room has butler's pantry with beverage cooler, glass top cabinetry fronts and wet bar. Powder room off this area. Large beautiful chef's open kitchen design. Lots of rich cabinetry and granite counters. Click the More tab for more information. Large island has bookend design with step-up counter for private prep/clean-up. Designer pendants over island. Built-in SS refrigerator, wall microwave and oven, gas range top with stainless range hood. Walk-in pantry. Breakfast/dining nook area. Great split primary bedroom plan. Primary bedroom large with dual walk-in closets and convenient oversized laundry room off largest closet. Primary bathroom is spa paradise. Walk up soaking tub and walk-in shower with partial glass enclosure. Dual vanities. Opposite side of house has remaining bedrooms. Second bedroom has mountain views and bathroom with walk-in closet. Third and Fourth bedroom have connecting full bathroom. Garage entrance to home has valet area for electronic/technology drop and coat hang/shoe change area. Garage has cabinetry for additional storage. Back and side yards beautifully landscaped with grass (both real and artificial), a putting area, pool, spa, multiple seating areas including firepit area, patio with seating and dining, travertine paving, RV gate and NAOS plus gorgeous mountain views! Fabulous home!
23461 N 80th Way
Scottsdale, AZ 85255
$1,890,000
4
Beds
5.5
Baths
3,829
SqFt
Status
Active
MLS #
6785634
Property Type
Single Family Residence
Price Type
--
Nestled in the exclusive gated community of Desierto Vida, this luxurious custom territorial home offers unparalleled privacy and breathtaking views of Pinnacle Peak and lush saguaro cacti throughout property. Boasting 12' ceilings and a bright, open, single-level split floor plan, whole house sound system the home is designed for effortless elegance. Floor-to-ceiling windows frame the serene backyard, where a sparkling pool, spa, water feature, and 3600 sq. ft. of pavers create an entertainer's paradise. The gourmet kitchen features a large island, gas cooktop, Sub-Zero refrigerator, dual ovens, and a walk-in pantry, flowing seamlessly into the family room and nook. The beautiful primary suite includes a fireplace, dual walk-in closets, dual vanities, a soaking tub, and backyard access.. Secondary Bedrooms feauture either an ensuite or jack and jill bath set up, both with walk-in closets. On nearly an acre, this estate also offers a circular driveway, a 3-car garage with epoxy floors, a new roof, and newer AC units, embodying luxury at every turn.
6405 N 75th Avenue
Glendale, AZ 85303
$1,890,000
3
Beds
1
Bath
1,904
SqFt
Status
Active
MLS #
6633881
Property Type
Single Family Residence
Price Type
--
Property is currently zoned for R-1 Max 3.525 units/dwellings per acre Can be subdivided for high density allowing for smaller lot sizes. Rezoning is not a requirement for high density Rezoning would be required for multi-family and a pre-application meeting is required. Great investment opportunity for multi-family or multi housing, rezoning would be required. The main entrance is from 75th Avenue. This property is the perfect opportunity for multifamily development, a rehabilitation center, the possibilities for capital gains are endless! Main home will need to be demolished per seller's instructions.
5541 E Crocus Drive
Scottsdale, AZ 85254
$1,890,000
5
Beds
3
Baths
4,073
SqFt
Status
Active
MLS #
6697564
Property Type
Single Family Residence
Price Type
--
Gorgeous 5 bedroom 2 office remodel. Dramatic vaulted ceilings. Open floor plan. Solid hardwood flooring. Custom cabinets. Magnificent Gourmet kitchen perfect for entertaining. High end thermador appliances, 2 refrigerators, wine bar with wine refrigerator, and built in coffee machine. Formal dining room, separate large eat in kitchen with solid wood top that seats 8.Split floor plan.Theater room.Large master bedroom suite with separate seating/office/exercise area.Private grotto off master bedroom w/ private access door. Just remodeled master bath with oversized walk in shower.Lush landscaping front and back. Expansive entertaining backyard with huge pool, waterfall/slide, big built in bar, bbq for pool days/nights. Gazebo with fire place. Full mister system, fire pit, new putting greens
5178 W Encanto Paseo Drive
San Tan Valley, AZ 85144
$1,890,000
5
Beds
3.5
Baths
5,158
SqFt
Status
Active
MLS #
6725778
Property Type
Single Family Residence
Price Type
--
This stunning 5,158sqft custom home exemplifies luxurious living and beautiful design. Perched on an acre corner lot inside a private, gated community. A huge 4+ car garage with AC complements the modern design. The main living areas unfold with an open-concept living room, dining area, and gourmet kitchen. High-end appliances, custom cabinetry, and a generous island define your culinary experience. A sunken gazebo with an outdoor kitchen offers secluded relaxation, a well appointed outdoor kitchen, and sheltered design ensuring year-round enjoyment, The detached RV car garage with AC for multiple vehicles and ample space for grown up toys. Thoughtful design and high-end finishes throughout ensure comfort and elegance, perfect for both quiet retreats and lavish entertaining.
8347 E Arroyo Hondo Road
Scottsdale, AZ 85266
$1,890,000
4
Beds
3.5
Baths
3,567
SqFt
Status
Active
MLS #
6749616
Property Type
Single Family Residence
Price Type
--
BEAUTIFULLY updated home on a large PRIVATE lot w/ Black Mountain Views! This 4 bedroom/3.5 bath/ 3 car garage home with a den is the PERFECT retreat ! Endless tasteful upgrades include: light fixtures, ceiling fans, hardwood floors, beamed ceilings, remodeled kitchen & bathrooms, master bathroom w/ a Miele Coffee Bar & fridge. Enjoy the outdoor living with plenty of space for entertaining. Enter the spacious backyard area through a expansive retractable glass wall to a large outdoor dining area w/ patio heaters, bar/TV, fireplace, fire pit, built in BBQ w/fridge, newly surfaced Pebble-Tec pool, hot tub & grass areas. This home is a turnkey opportunity fully decorated by a professional interior designer. Furniture/decor can be purchased on a separate bill of sale. Just move in & relax!
6525 E Cave Creek Road Unit 18
Cave Creek, AZ 85331
$1,890,000
4
Beds
4.5
Baths
3,502
SqFt
Status
Active
MLS #
6764016
Property Type
Single Family Residence
Price Type
--
Indulge in the epitome of luxury living with this impeccably crafted residence nestled in the heart of Cave Creek's coveted Hidden Rock community. Offering a seamless fusion of contemporary sophistication and timeless charm, this home is a true masterpiece. Step inside to discover a captivating open floor plan, adorned with soaring ceilings that invite natural light to dance throughout the space. The gourmet kitchen, a culinary enthusiast's dream, showcases top-of-the-line Thermador appliances and a magnificent 8-foot wine fridge, elevating every cooking experience to new heights of culinary delight. Designed for ultimate comfort and convenience, the ground floor boasts not one, but two master bedrooms, providing unparalleled flexibility and privacy. Ascend the staircase to find two additional master suites, each exuding a sense of opulence and tranquility, along with a versatile loft area that beckons for moments of relaxation or entertainment. Outside, a haven of serenity awaits, where meticulously landscaped grounds blend harmoniously with the surrounding natural beauty. Take in breathtaking mountain vistas from the front deck, or retreat to the rear deck to marvel at the awe-inspiring sight of Black Mountain, a majestic backdrop to your daily adventures. The backyard is a sanctuary of leisure and luxury, featuring a picturesque blend of stone accents and lush artificial turf, creating an idyllic setting for outdoor gatherings or quiet moments of reflection. Immerse yourself in pure bliss as you unwind in the private inground spool/hot tub, enveloped by the soothing embrace of warm water and starlit skies. Conveniently located just moments away from a myriad of coffee shops, restaurants, and boutique stores, this home offers the quintessential Cave Creek lifestyle. Don't miss your chance to experience the pinnacle of elegance and exclusivity in this exceptional Hidden Rock retreat.
4102 E Scorpio Place
Chandler, AZ 85249
$1,890,000
7
Beds
5.5
Baths
6,751
SqFt
Status
Active
MLS #
6772164
Property Type
Single Family Residence
Price Type
--
You won't believe how low the utilities are on this meticulous 7000 sf custom home! Averaging just $200/mo year round, you won't find another house more energy efficient. Welcome to the gated community of Falcon Estates in Chandler, AZ. This 7 bedroom, 5.5 bathroom home with detached casita sits on a basement and is full of luxury upgrades, top of the line finishes and superior construction. Enter through the custom iron door into the grand entry with beautiful tempered glass windows, tons of natural light, 14 foot ceilings, 24'' travertine and open concept floorplan. The chef's kitchen is complete with an oversized island, eat in bar, Sub Zero separate refrigerator and freezer, 48'' dual gas stove , beverage station, trash compactor, warming drawer, wine cooler, butler's/prep pantry and walk in pantry. The eat in kitchen nook is completely surrounded by windows that overlook the peaceful backyard. The master retreat features a beautiful fireplace, separate sitting area full of windows, beautiful natural bamboo flooring, huge ensuite with 2 walk in closets, jet spa, and snail shower as well as direct access to the backyard patio. First floor has 3 additional bedrooms (all with beautiful bamboo flooring) 2 featuring a private full bathroom and walk in closet and the third is currently an office with dual closets. The gorgeous spiral staircase takes you downstairs to the basement that is perfect for more entraining. With a large open family room, expansive wet bar with barstool seating equipped with mini fridge, dishwasher and trash compactor, 2 more bedrooms, jack and jill bathroom and a separate powder bath, you have everything you need in this bright airy space. The detach casita is perfect for guests with a private entrance, large bedroom and full bathroom. The low maintenance serene backyard is full of mature fruit trees, multiple covered patios, seating/gathering areas, water fountain, extended pavers, beautiful trellises, outdoor fireplace and many variations of plants. A gardener's dream. Plenty of room for a pool, virtual design available. Centrally located to the 202, SanTan Mall, dining, entertainment, hospitals, top notch schools and community parks, this home is a must see! Welcome home!
150 E Wing Drive
Sedona, AZ 86336
$1,890,000
3
Beds
2.5
Baths
2,117
SqFt
Status
Active
MLS #
6783845
Property Type
Single Family Residence
Price Type
--
Discover a stunning private retreat in a dream outdoor setting! This turn-key vacation rental, located in the charming Cup of Gold Estates, features a huge fenced yard, a saltwater pool/spa, + oversized party patio. Just steps from Oak Creek, local hiking/biking trails, and miles of national forest, this idyllic home boasts 3 BD 2.5 BA 2119 sq ft on .73 acres. Total renovation completed in 2021, this home offers tranquility, comfort, and luxury. Enjoy breathtaking sunsets over the expansive 18,500-gallon pool, surrounded by rolling red rock hills and endless outdoor adventures. Currently an award-winning 5-star Airbnb for 3 years, there's an option to purchase all furniture and supplies for a turnkey vacation rental, complete with 2025 bookings. Seller is owner agent. See supplement. 10 REASONS YOU WILL FALL IN LOVE WITH THIS PROPERTY: 1. PRIME LOCATION: Situated on the nature park side of West Sedona, this home is walking distance to Oak Creek, Red Rock State Park, local hiking trails, and endless national forest. Located blissfully away from the traffic congestion of Uptown Sedona & VOC, this property offers seclusion yet convenience. Enjoy peace, privacy, and a feeling of being away from it all while still only a 5 mile drive to the conveniences of West Sedona. 2. SO MUCH MORE THAN A HOUSE: This stunning property features a spacious 2,119 sq ft primary residence, complemented by a charming 352 sq ft fully screened Arizona Room. Enjoy outdoor living on a sprawling 2,000+ sq ft red rock flagstone patio, a luxurious oversized saltwater pool with a hot tub, and a fully fenced backyard complete with a fire pit and cozy seatingall nestled on .73 acres of serene private land in the picturesque Cup of Gold Estates. 3. TURN KEY VACATION RENTAL: With airbnb bookings on the calendar through September 2025 & a $100K furniture package option (through separate bill of sale), this property can be purchased as a fully furnished, turn key vacation rental, complete with the important items necessary to run a successful STR: TVs, furniture, beds, mattresses, plenty of towels, sheets, bedding, dishes, pots/pans, appliances, ping pong table, pool floats, guest robes, baby crib, toys, coloring books, patio furniture and more. Step into ownership of an award-winning 5-star vacation rental easily and quickly. All you need to do is take over the booking calendar! 5. OAK CREEK ACCESS: Experience the beauty of nature just steps away from Sedona's year-round Oak Creek. With community access for Cup of Gold property owners via a designated parcel adjacent to the property, you can stroll along the creek, exploring the scenic paths that lead east to Cross Creek Ranch or west into miles of expansive national forest. Don't miss the enchanting falls at Oak Creek, where you can relax on majestic boulders while enjoying the soothing sounds of gentle waterfalls. 6. UNPARALLELED OUTDOOR SANCTUARY: Immerse yourself in resort-style living with an 18,500+ gallon, beautifully curved saltwater pool, ideal for a refreshing dip under the Sedona sun. The extra-large beautifully curved red rock flagstone patio offers the perfect space for outdoor grilling, dining al fresco, sunbathing, and taking in the surrounding red rock views. The 8-person saltwater hot tub/jacuzzi adorned with cobalt blue Spanish tile gets piping hot with the touch of a button, providing the ultimate spot for unwinding and stargazing. 7. EMBRACE NATURE'S WONDER: Discover the enchanting beauty of the outdoors, with delightful surprises around every corner. Witness year-round hummingbirds, hot air balloons gracing the early morning skies, and gentle deer, along with spirited javelinas strolling through the front yard. Experience the vibrant colors of changing leaves in the fall and the serene charm of a snow-covered landscape in winter. The property is alive with butterflies, vibrant songbirds, morning doves, and curious dragonflies, all drawn to the wild rosemary and blooming desert flora. 8. OUTDOOR ENTHUSIAST'S PARADISE: Step out the front door of this property to endless outdoor adventures! Walk to nearby Lime Kiln Trail, where a brief hike leads you to breathtaking views of the surrounding landscape and Sedona's iconic Cathedral Rock. For nature lovers, the neighboring Red Rock State Park offers a stunning 286-acre preserve featuring a five-mile network of hiking trails (please note that an entrance fee is required). Equestrians will delight in the numerous scenic trails available for horseback riding. Additionally, thrill-seekers will appreciate the proximity to off-roading trails like the Cliffhanger Trail, located just one mile from your doorstepperfect for exhilarating ATV and UTV rides. 9. TOP TO BOTTOM RENOVATION: Experience the luxury of a fully remodeled home, where every detail has been meticulously upgraded. Revel in the grandeur of a brand-new, spacious kitchen, all new appliances, as well as beautifully renovated bathrooms and bedrooms. Fresh doors, trim, and new interior and exterior paint enhance the home's appeal. The Arizona Room has been transformed with new screens, flooring, and doors, providing a seamless connection to the outdoors. You'll also find new blinds on all windows and stunning new flooring throughout. The pièce de résistance is the addition of a resort-style party patio, complete with a saltwater pool and spa, an inviting outdoor fire pit, and a sprawling fenced yardperfect for entertaining and relaxation! 10. ULTIMATE PRIVACY: Whether you envision this home as your primary residence, a cozy second vacation home, or a fully functional short-term rental, you'll truly value the privacy it offers. Surrounded by mature juniper trees and featuring a spacious, fully fenced backyard, this property ensures the perfect blend of seclusion and tranquility, allowing you to unwind in peace.