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.
Click Here to See What Your Home is Worth
Tbd San Rafael Valley Road
Patagonia, AZ 85624
$7,000,000
2
Beds
3
Baths
1,500
SqFt
Status
Active
MLS #
6781316
Property Type
Single Family Residence
Price Type
--
This is arguably the most beautiful ranch in Arizona in one of the most scenic, coveted ranching locations in the American West. Covering 6,066 +/- acres in the heart of the spectacular San Rafael Valley in southeast Arizona. The Lazy J2 Ranch is a working cattle ranch with a carrying capacity of 200 head year round. The ranch consist of 954 +/- deeded acres with six large pastures, several smaller pastures & a charming ranch home. It also includes the 5,112 +/- acre A-Bar Draw USFS allotment with five large pastures. The deeded & leased land are very well watered with multiple wells, tanks, water lines & fences are in very good condition. Entering this very private, heavenly valley is a truly a breath taking event every time. VERY ATTRACTIVE SELLER FINANCING AVAILABLE!! The flowing grasslands surrounded by the blue & lavender mountains create a site that is easy to fall in love with. It lies between the Patagonia Mountains west, Huachuca Mountains east and the Canelo Hills north. The San Rafael is an uncommon, sequestered hidden valley unknown to many native Arizonans, yet is the location for over 50 feature films including OKLAHOMA. It is an extraordinarily unique piece of the American West, steeped in history as the western entry point for the Europeans into what is now the United States in 1539, to the Apaches and Buffalo Soldiers in the 1800s. The San Rafael Valley has been a successful ranching landscape for generations of many families for hundreds of years. Perfectly situated between 4,800 and 6,000 feet elevation, the climate is mild and pleasant year round. Temperatures range from the 80s to 90s in the summers and 50s to 60s in the winter. Annual rainfall is typically 17 to 20 inches. It is the one of the last intact short grass prairies left in the western United States. The headwaters of the Santa Cruz River originate in this valley and is adjacent to the ranch. The San Rafael and these estate parcels are blessed with a collection of gorgeous, sweeping rolling hills with a myriad of native grasses, scattered Oak trees and towering Cottonwoods in the meandering creek beds that run seasonally. Eighty percent of the San Rafael Valley, including the Lazy J2 Ranch Estates, have been placed under Conservation Easements by private property owners to protect the unparalleled beauty and pristine environment. The building envelopes have been discretely placed out-of-site to preserve the sweeping landscape vistas and magnificent view shed. J2 South has a building site of 17.8 acres and J2 North has a building envelope of 20 acres. Underground power and telephone run through the valley and are available to both sites. The Conservation Easements are held by the Arizona Land and Water Trust. This is an amazingly rare opportunity and maybe a once in a lifetime chance to own a part of this very special valley. Normally the ranches here are passed along by families from one generation to the next. Come and visit and see for yourself the remarkable property that is the Lazy J2 Ranch Estates. Parcels start at $3,225,000 with excellent seller financing possible for both remaining parcels. Seller's successful San Rafael Valley Grass-Fed Beef business available.
2007 E Ranch Road
Tempe, AZ 85284
$7,000,000
4
Beds
4.5
Baths
6,480
SqFt
Status
Active
MLS #
6771578
Property Type
Single Family Residence
Price Type
--
This custom new construction home in the prestigious Circle G community in Tempe is a stunning 6,480-square-foot masterpiece, nestled on a spacious 33,890-square-foot lot. With its Bali resort-inspired design, this home embodies luxury and tranquility, showcasing a harmonious blend of white oak wood and natural tones that flow throughout. Thoughtful attention to detail is evident in every corner, from the elegant lighting to the custom finishes. The grand entrance features a circular driveway leading to a welcoming patio area with a cozy gas fireplace, perfect for sipping coffee in the morning. As you approach the large iron front door, you'll find a private attached casita to the east. (click More for the full description and remarks). This casita offers built-in custom cabinetry, a sitting area, a full bathroom with intricate stonework, and a charming Dutch door, allowing guests to enjoy the front patio ambiance. Across from the casita, the Parisian-inspired office is a showstopper, featuring black-and-white checkered flooring, built-in cabinetry, and a picturesque view of the gas fireplace on the front porch. Upon entering the main house, you are greeted by soaring 14-foot ceilings and a dramatic double-sided gas fireplace, clad in stone on both sides, which creates a seamless flow between the living areas. The kitchen is a chef's dream, with a 16-foot island, two dishwashers, a custom built-in Sub-Zero refrigerator, a gas cooktop and range, a Meile espresso machine, and a pot filler. The oversized single-basin sink and endless cabinetry provide both function and style. The formal dining area is a true entertainer's delight, featuring cantilever doors that open up to the exterior pool and patio space, creating a seamless indoor-outdoor experience. Located in the dining area is a wine chiller room, designed to hold over 800 bottles, ensuring your collection is stored in perfect conditions. On the east side of the home are the secondary bedrooms, both of which share a bathroom with a large walk-in shower and custom tile finishes. Also on this side is a large office with an iron door that matches the main entryway, overlooking one side of the double-sided fireplace. The office includes a walk-in closet with built-in storage for files and office supplies. The entertainment room is designed for hosting, featuring cantilever doors, built-in cabinetry, a microwave, an ice machine, and a TV video wall that allows you to watch four different screens simultaneously. This room offers one of the best views of the backyard and pool, making it a perfect space for relaxation and entertaining. The primary bedroom is a private oasis, located to the west of the home, complete with a serene sitting area and an outdoor shower for an added touch of resort-style living. The room offers two private exits to the backyard and private side sitting area, with custom electronic shades on the bedroom windows and main door. This space feels like a 5-star retreat, offering a spa-like bathroom with dual vanities, extensive cabinetry, a one-piece marble tub, and a walk-in shower equipped with a state-of-the-art shower head system. Additionally, the suite includes a personal gym, leading to a grand walk-in closet with custom cabinetry and a built-in island for storing jewelry, watches, and accessories. The backyard is designed for entertaining, featuring a full-size pickleball court with built-in surround sound and a designated area for hosting guests and their beverages. The pool ranges from 5 feet to 3.5 feet deep and offers multiple sitting areas, loungers, a waterfall, and even a floating bed. The outdoor open gazebo includes a hidden storage area for tables, chairs, and pool items, perfect for hosting gatherings. Along the exterior edge of the home, nestled within the ficus hedges, you will find water spigots and electrical outlets, making large-scale entertaining a breeze. With multiple locations throughout the property for entertaining, this home offers details that go above and beyond the usual. Commercial-grade water filtration stations are located in three parts of the home for the utmost convenience. The home also features a 1,500-square-foot attic space, and finishes that have been collected from all over the world for the past several years. Construction is slated to be completed by the end of 2024, and the buyer still has the opportunity to select finishes. Custom furniture pieces have already been ordered, and the buyer has the option to purchase them. The butler's pantry and laundry room are equally impressive, featuring another island with a single-basin sink, two washers, two dryers, ample storage, and a full-size Sub-Zero refrigerator for additional cold storage. It's also pre-plumbed for an additional dishwasher, oven, and built-in pet water bowls. This home is the epitome of thoughtful design and luxury living, where no detail has been overlooked. You must see it to believe it.
5330 N Palo Cristi Road
Paradise Valley, AZ 85253
$6,999,999
5
Beds
6
Baths
8,311
SqFt
Status
Active
MLS #
6773512
Property Type
Single Family Residence
Price Type
--
This private gated estate sits on nearly two acres of lush, manicured grounds in a highly coveted Paradise Valley neighborhood. Imagine a home that perfectly combines luxurious living, high end entertaining opportunities and loads of fun for all generations. Enjoy cooking in the impressive kitchen with more than enough room to prep, serve and enjoy, work at home from the private office, end the day with a steam and cold plunge, or work on your golf game; all options are on the table in this unique residence built for family fun. With 8,331 square feet of living space, 5 oversized bedrooms, 6 beautiful bathrooms, a golf simulator and putting green, sport court/pickle ball court, heated pool and spa, and huge yard with fabulous seating vignettes meandering throughout
25&55 Cibola Drive
Sedona, AZ 86336
$6,999,888
6
Beds
7
Baths
8,988
SqFt
Status
Active
MLS #
6751848
Property Type
Single Family Residence
Price Type
--
Welcome to ''La Aguilera'' -the epitome of luxury, perched high in the prestigious Cibola Hills of Uptown Sedona. This estate borders the National Forest and commands jaw-dropping, panoramic views of Sedona's awe-inspiring red rocks. Two exceptional homes, offered together, encompass approximately 9,000 square feet of serene, private living spaces, designed for the discerning buyer who values both elegance and comfort. With amenities like a sparkling pool, a sophisticated Wine Spectator Featured wine cellar, an elevator, and multiple decks and patios, ''La Aguilera'' offers a lifestyle that embraces the natural beauty of Sedona year-round. 25 Cibola: This 5,411-square-foot residence is an entertainer's dream, offering breathtaking red rock views to the North and the Mogollon Rim to the E The grand atrium's artistic double entry doors set the tone for a home that blends rustic Southwest charm with modern luxury. The lower level features a guest ensuite bedroom, a spacious gym or guest suite with a wet bar and fridge, and access to the convertible indoor/outdoor pool. Upstairs, the light-filled Great Room boasts pitched wood ceilings with exposed trusses, wood floors, a desert-toned brick fireplace, and an office nook. The guest bath offers convenient access to the pool, while the HUGE East viewing deck is the perfect spot for afternoon cocktails. The Primary Bedroom, with its granite dual vanities, tiled waterfall walk-in shower, and jetted tub, is a retreat in every sense of the word. The chef's kitchen is a culinary masterpiece, featuring granite counters, custom wood cabinets, stainless steel KitchenAid appliances, a breakfast bar, and a large walk-in pantry with additional prep space. Host grand gatherings in the massive 1,575-square-foot Party Room, complete with 12-foot ceilings, built-in speakers, a professional bar, and a stone fireplace. Whether it's casual dining, playing the Grand Piano, or a game of pool, this space accommodates it all with style. When the weather turns, move the party indoors to the HUGE indoor commercial grill, or relax in the intimate private patio. The convertible indoor/outdoor pool is a highlight of this home, featuring a mesmerizing mosaic tile and pebbled lighted water wall. The elevated spa offers a soothing escape, while the pool itself provides a perfect place to swim in comfort, no matter the weather. With additional amenities like owned solar, a security alarm system, multiple HVAC zones, an elevator, remote shades, stained glass accents, a Home Hydrant Talco Fire Safety System, and so much more, La Aguilera is the ultimate in luxury living. World-class hiking & biking trails are just steps away, offering an unparalleled Sedona lifestyle. For the buyer who demands the best, this estate is your gateway to the extraordinary. 55 Cibola: This magnificent 3,577-square-foot home is a showcase of refined craftsmanship. Custom hardwood floors, soaring ceilings, and expansive windows and sliders perfectly frame the iconic red rock vistas. The Great Room, anchored by a stunning smoky brick beehive fireplace with an Alligator Juniper mantle, invites you to relax and admire the beauty outside. Step onto the massive main deck for an even closer connection to nature, or ascend to the covered SKY deck for 360-degree views of Sedona's most iconic formations. Whether it's the clarity of the day or the brilliance of the night sky, every moment here is an experience. The Primary Bedroom Suite is a sanctuary unto itself, featuring a spacious walk-in closet, dual vanities, a separate tub and shower, and a custom red rock mural. The exterior deck offers a private hot tubperfect for unwinding while soaking in the views. A guest bath with dual vertical shower panels, each boasting sixteen heads, ensures every visitor enjoys a spa-like experience. The lower level includes a bonus living room/office, a 12x12 storage room, laundry, and garage access. Prepare to be wowed as you lead your guests to one of the most unique wine cellars you'll ever encounter. Greeted by a majestic water feature, planted grapevines, and wrought iron gates, this historic, high-tech, award-winning wine cellar is a marvel. Native red rock walls, inventory security sensors, and stained glass accents create an atmosphere of sophistication. Whether you're entertaining indoors or savoring the sunset from the covered outdoor sitting area, this space is designed to impress.
6630 E Stallion Road
Paradise Valley, AZ 85253
$6,999,500
5
Beds
5.5
Baths
6,985
SqFt
Status
Active
MLS #
6758313
Property Type
Single Family Residence
Price Type
--
Stunning luxury home nestled near Mummy Mountain. Breathtaking views. Ample scenic windows. Vaulted ceilings with tasteful wood beams create spacious feel throughout. Backyard welcomes you with pristine heated pool & spa, ramada with fire pit, built-in barbecue, expansive covered patio, putting green. Kitchen boasts dual islands, top Wolf and Sub-Zero appliances. Large great room gives way to stunning bar with newly upgraded wine room. Home features wood floors, limestone fireplaces, marble countertops. Recent addition offers state-of-the-art theatre room with wet bar, wine fridge, theatre seating, built-in projector. Control4 smart home system recently installed with 18 security cameras on property. Oversized five-car garage. Large driveway, ample parking. A true treasure inside and out. In the heart of Paradise Valley. Ideally located moments from shops and restaurants. Don't miss this incredible opportunity.
5255 N 47th Street
Phoenix, AZ 85018
$6,999,500
7
Beds
10
Baths
10,184
SqFt
Status
Active
MLS #
6664595
Property Type
Single Family Residence
Price Type
--
The perfect balance of a sprawling private estate & hillside views. Views of the city face SW for epic evening sunsets & vistas of Camelback's Red Rocks provide an awe inspiring setting. This split floor plan home has touches of spanish & tuscan architecture blending with elements of modern luxe including massive glass sliders and pivot doors that make the most of the spacious indoor living & extensive covered patios for outdoor entertainment. Primary bedroom features two full bathrooms w/walk in closets. 3 additional bedrooms are spacious ensuites. 2 upstairs bedrooms could also work as separate offices for work at home in style & comfort. Enjoy the game room, theater, negative edge pool, full tennis court, putting green.
3699 S Woodland Hills Drive
Flagstaff, AZ 86005
$6,995,000
5
Beds
5.5
Baths
5,900
SqFt
Status
Active
MLS #
6723410
Property Type
Single Family Residence
Price Type
--
Introducing the first one-of-a-kind custom residence from The Ranch Mine and Two Hawks Design and Development in the highly desirable Pine Canyon community. This extraordinary mountain contemporary estate can be found on the 5th hole of the renowned Jay Morrish golf course, with breathtaking golf and mountain views. With over 5,900 sf of living space this home features 5 beds, 5.5 baths, 2 bonus rooms and a 3 car garage. This custom residence showcases a truly thought-out floor plan with exceptional privacy and a functional layout, perfect for enternaning family and friends! The home's outdoor living is truly spectacular, enjoy breathtaking views and majestic sunsets from multiple patios. Optional 1,500 SF of bonus basement space available to build out (not included in the current price).
10755 E Stoney Lane
Scottsdale, AZ 85262
$6,995,000
4
Beds
6
Baths
5,812
SqFt
Status
Active
MLS #
6784219
Property Type
Single Family Residence
Price Type
--
Golf Membership Available- Contemporary Desert Oasis with Unmatched Panoramic Views nestled within Desert Mountain's most coveted enclave, the prestigious lakeside ''Gold Coast''. This modern masterpiece offers elevated Southern to Northwestern panoramic views, capturing the beauty of mountain ranges, vibrant sunsets, serene water features, golf courses, and vast starry night skies. Originally built in 1992 and impeccably remodeled by renowned Manship Homes from 2015 to 2019, this home was further enhanced in 2022 with the addition of a stylish guest casita or private office/den. The home's contemporary architecture is showcased through clean lines, sharp angles, and a masterful use of stone, wood, metal, and glass, creating a perfect balance of style and functionality. The open floor pla flows seamlessly, starting with the Great Room featuring a floor-level fireplace, an intimate office alcove, and a spacious dining area. At the heart of the home lies the chef's kitchen, bathed in natural light from six skylights. This kitchen is a haven for entertaining, featuring a generous island with bar seating, a temperature-controlled 240-bottle wine wall, and an adjacent den complete with a wet bar and cozy floor-level fireplace. Both living areas showcase expansive floor-to-ceiling sliding doors that invite the outdoors in, creating a harmonious blend of indoor and outdoor living. The split-floor plan ensures privacy for the luxurious primary suite, which impresses with a double-door entry, a dropped and illuminated ceiling detail, and a see-through fireplace connecting to the spa-inspired bath. The suite also includes a glass slider wall system opening to the patio. The spa bath features an oversized soaking tub with fireplace views, a picture window, double vanity with integrated sinks, a steam shower, and a spacious designer closet. From the primary suite, access the rooftop deck directly for a tranquil escape with unmatched views of the surrounding landscape. On the opposite side of the home, two beautifully designed guest ensuites offer serenity, each with double-door entries and modern ensuite baths featuring linear vanities and floor-level walk-in showers. One guest suite also enjoys patio access, enhancing the guest experience. Two additional powder baths, each with floating vanities, add convenience and elegance to the home's layout. The outdoor living space is a stunning visual showcase of Southwestern beauty, featuring a negative-edge pool with an in-pool spa, terraced hillside patios with conversation areas, sunning decks, an outdoor grilling station, and alfresco dining areas. A ground-level linear firepit and a walk-in snail outdoor shower complete the exquisite exterior amenities. The private entrance casita is a world of its own, equipped with a full kitchen, including bar seating with own refrigerator, freezer, microwave, cooktop, dishwasher, and laundry facilitiesmaking it ideal for long-term guests or a private office suite with living space and separate bedroom. Throughout the home, attention to detail is evident with custom contemporary slab cabinetry, oak plank and stone flooring, slab stone countertops with 4 mitered edges, Smart Home technology and a whole-home entertainment system elevate this property to the pinnacle of modern living. Positioned mid-mountain, this home offers easy access to all of Desert Mountain's world-class amenities, including seven golf courses, seven clubhouses, tennis and pickleball courts, over 20 miles of hiking trails bordering the Tonto National Forest, and a short distance to the back gate for convenient access to nearby towns. Experience unparalleled desert living in this one-of-a-kind retreat, where luxury, nature, and modern design converge in Desert Mountain's most distinguished address.
10938 E Wildcat Hill Road
Scottsdale, AZ 85262
$6,995,000
4
Beds
4.5
Baths
6,272
SqFt
Status
Active
MLS #
6672199
Property Type
Single Family Residence
Price Type
--
Construction is underway, the view will be even better than we thought it would be! Golf course lot with mountain views, still time to add your finishing touches! Images are intended to convey overall design direction for this home but final specifications are subject to change. Calvis Wyant Luxury Homes to provide up to date details.
6112 E Quartz Mountain Road
Paradise Valley, AZ 85253
$6,995,000
6
Beds
9
Baths
9,372
SqFt
Status
Active
MLS #
6620435
Property Type
Single Family Residence
Price Type
--
PRICE REDUCED $1.5M! This exquisite single-level property offers a blend of luxury and sophistication. Featuring 6 bedrms + 8 bathrms spread across its expansive 9,372 sqft, it showcases breathtaking views of Mummy Mountain, McDowell Mountain, + city lights. The guest casita, complete with a living rm, kitchen, bedrm, + bathrm provides a private retreat for visitors. The main house features 5 ensuite bedrms, a gym, media rm, library, + flex rm ensuring a perfect balance of comfort + entertainment. The spacious chef's kitchen with large white quartzite island also features an additional full catering kitchen. Floor-to-ceiling windows + sliding pocket doors seamlessly merge indoor + outdoor living, while the zero-edge pool, spa, artificial turf + magnificent views create a resort-like oasi $1 MILLION PRICE REDUCTION!!!
4645 N 56th Street
Phoenix, AZ 85018
$6,995,000
5
Beds
5.5
Baths
5,710
SqFt
Status
Active
MLS #
6634116
Property Type
Single Family Residence
Price Type
--
Another masterpiece from Santorini Homes, one of the finest Luxury home builders in Arizona. Construction to begin early 2024, so to put your touches on this beautiful mountainside home you must hurry. Santorini was also the developer of this 3 home subdivision, this home is destined to be another classic home with 5,710 sq ft, a 4 car garage, pool, pickle-ball court, and stunning views of Phoenix. Centrally located to all the best attractions in the Phoenix/Scottsdale/Paradise Valley areas, this new home will exude class and sophistication for decades to come
9926 E Kemper Way
Scottsdale, AZ 85255
$6,995,000
4
Beds
5
Baths
6,649
SqFt
Status
Active
MLS #
6704911
Property Type
Single Family Residence
Price Type
--
Welcome to Silverleaf Arcadia's European inspired masterpiece home situated at the top of the cul de sac and surrounded by lush park like landscaping featuring 4 bedrooms and 5 bathrooms. The ideal layout for entertaining, with soaring 20 foot+ ceilings, a large great room open to the gourmet kitchen featuring both a breakfast room and formal dining plus a butlers pantry. The main level owners suite features a beautiful fireplace, and a large bathroom with his and hers vanities plus a walk in closet with custom cabinetry. Upstairs features 2 bedrooms, 2 bathrooms a game room and movie room plus fabulous oversized patio with beautiful mountain and sunset views. The guest casita has a fabulous private entry, beautiful kitchen and living room plus two large guest bedrooms. Plus a Brand new laundry/craft room with amazing storage and island. Step outside to a beautiful outdoor patio with large fireplace and outdoor kitchen. The sparkling pool with spa and water feature add beauty and the hidden wall of fire behind the pool dazzle for evening entertaining. Plus a splash pad for days the kids or pups want to Cool off and play. The park like back yard offers several patios with private water features and more incredible views.