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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33601 N 64th Street
Scottsdale, AZ 85266
$1,595,000
4
Beds
2.5
Baths
3,009
SqFt
Status
Active
MLS #
6762787
Property Type
Single Family Residence
Price Type
--
First, this home has an assumable VA loan at 2.75% with a loan a balance of approximately $556k. Great leverage for the qualified buyer and they don't have to be a Veteran. This stunning 3,009 square foot home located in the desirable Terravita Country Club offers a perfect blend of luxury and comfort. With four spacious bedrooms and 2.5 bathrooms, this property caters to both relaxed living and entertaining. As you enter, you are greeted by abundant natural lighting due to the large windows and high ceilings that create an airy, open atmosphere. The expansive living areas feature all tile floors, providing a sleek and modern look that's also easy to maintain. The heart of the home is the gourmet kitchen, which boasts beautiful quartz countertops, ample cabinetry, and top-of-the-line appliances, making it a chef's dream. The adjacent dining area is perfect for family gatherings or entertaining guests, with views of the backyard oasis with heated spool. The primary suite is a true retreat, featuring a generous layout and a luxurious ensuite bathroom with modern fixtures, a therapy tub, and a spacious walk-in shower. The additional bedrooms are well-sized and share a stylish full bath, while a convenient half bath is available for guests. Step outside to discover the heated play pool, ideal for year-round enjoyment, whether for relaxation or entertaining. The outdoor space also includes a covered patio, perfect for alfresco dining or lounging under the stars. With a three-car garage, this home provides ample parking and storage options. Located within the prestigious Terravita Country Club, residents enjoy access to top-notch amenities, including golf, fitness facilities, and social activities. This property is perfect for those who appreciate a blend of elegance and functionality in a community-oriented environment.
11999 N 80th Place
Scottsdale, AZ 85260
$1,595,000
3
Beds
2
Baths
2,473
SqFt
Status
Active
MLS #
6784969
Property Type
Single Family Residence
Price Type
--
Dramatic $500k plus recently remodeled home in the prestigious guard gated community of Scottsdale Country Club East 9. Three bedroom, two bath home with heated pool and spa. Formal dining room open to the living room with stunning fireplace. Amenities include front yard landscape maintenance, guard gated services and tennis courts.
110 W Glenn Drive
Phoenix, AZ 85021
$1,595,000
4
Beds
4
Baths
2,675
SqFt
Status
Active
MLS #
6786084
Property Type
Single Family Residence
Price Type
--
A must-see! This quintessential North Central Phoenix ranch home is nestled between the coveted 7's, exuding charm and warmth. Step inside to find beautiful hardwood floors in the kitchen and third bedroom, with crown molding and elegant wood shutters throughout. The primary bedroom offers a cozy sitting area complete with a fireplace and a spacious walk-in closet. The sun-filled living room boasts a fireplace and large windows. The family room opens up to a large stone patio, perfect for outdoor entertaining. Additionally, there's a detached guest suite with a bedroom and bathroom, perfect for visitors, in-laws, or a home office. Situated on a generous 19,610 sq. ft. lot in a picturesque cul-de-sac, this is an incredible opportunity to live on one of the most desirable streets in North Central Phoenix. Don't miss out!
34 W State Avenue
Phoenix, AZ 85021
$1,595,000
4
Beds
2.5
Baths
3,423
SqFt
Status
Active
MLS #
6788411
Property Type
Single Family Residence
Price Type
--
STOP THE CAR! YOUR DREAM HOME AWAITS! Situated on one of the most sought-after cul-de-sac streets in North Central, with the iconic Bridle Path in the rear view, this home offers thoughtful design and effortless living. The chef's kitchen is a true showpiece, featuring quartz countertops, modern custom cabinetry, a breakfast bar that seats five, and a sleek induction oven. It easily opens to the family room, where a large picturesque window frames stunning views of the backyard. The spacious owner's suite, a thoughtful addition, is a sanctuary of luxury with soaring 10-foot ceilings, dual walk-in closets, and a spa-inspired bathroom. Step outside, the private backyard escape is perfect for entertaining or relaxing. Highlights include a built-in BBQ, flagstone and paver walkways, and lush turf grass. A 300-square-foot detached building, currently used as a gym with its own split AC unit, adds versatility and functionality to the space. This home is further enhanced by dual-pane windows throughout, AC units installed in 2021, and a prime location near North Central's best dining and shopping. This is the one you've been waiting for!
10688 E Butherus Drive
Scottsdale, AZ 85255
$1,595,000
4
Beds
3.5
Baths
3,509
SqFt
Status
Active
MLS #
6762116
Property Type
Single Family Residence
Price Type
--
Beautifully updated home nestled in gated Desert Cliffs in McDowell Mountain Ranch. GORGEOUS MOUNTAIN VIEWS backing to a wash with no one behind! The resort-like backyard oasis features a pebble tech pool w/ water feature, putting green, stone-encased spa w/ a pergola, and a custom-built BBQ entertaining area. Inside is a beautifully remodeled kitchen w/ an oversized granite island, white shaker cabinets, & stainless appliances. Wood-look tile floors are featured throughout the downstairs, additional custom cabinetry in the dining room, & designer paint throughout. Master bedroom is DOWNSTAIRS. Upstairs has 3 spacious bedrooms, 2 bathrooms, loft area and HUGE bonus room which works as the perfect 'game room', office or 5th bedroom. New HVAC upstairs (2020), HVAC downstairs (2023). WOW The three-car garage includes built-in storage cabinets and a water softener. Award-winning McDowell Mountain Ranch is a premier master-planned community located in North Scottsdale. Situated at the foothills of the McDowell Mountains, enjoy the beautiful desert serenity, yet also have all the conveniences of living in-town just outside the neighborhood. The 101 Freeway is 5 minutes away, as well as restaurants, shopping, groceries, and so much more! This friendly neighborhood features 2 heated community pools/spas, playgrounds, basketball courts, tennis courts, and one of the best Pickleball leagues in town! The HOA hosts several events throughout the year for everyone to enjoy and connect with neighbors. Numerous trails, both paved & unpaved that, meander throughout the community. McDowell Mountain Golf Club, designed by Phil Mickelson, with the clubhouse & restaurant, is open to the public. The City of Scottsdale Aquatic Center w/lazy river & Library is close by in addition to miles and miles of hiking, biking & equestrian trails at the landmark Gateway to the McDowell Sonoran Preserve trailhead.
9695 E Addy Way
Scottsdale, AZ 85262
$1,595,000
3
Beds
2.5
Baths
3,558
SqFt
Status
Active
MLS #
6763072
Property Type
Single Family Residence
Price Type
--
Gorgeous home in the private Montecito at Mirabel gated community, available fully furnished, features incredible resort-like backyard, spacious cul-de-sac lot of nearly one acre, spectacular mountain views! Comfortable, spacious family room w/ fireplace & large sliding doors to patio, ideal space to relax & entertain while taking in tremendous views. Elegant eat-in kitchen, gleaming SS Wolf & Sub-Zero appliances, rich espresso cabinetry, granite counters, custom backsplash, huge island w/ bkfst bar, convenient butler's pantry. Luxurious primary suite, gorgeous bathroom, dual vanities, 2 walk-in closets. Backyard is a peaceful outdoor paradise w/ sparkling pool & water feature, spa, covered patio, gorgeous travertine pavers, 2 raised seating areas, firepit, outdoor BBQ station, more... Bright, open layout of this home is very warm & inviting w/ high ceilings & lots of natural light. Entire exterior of the home has been newly repainted. Rich wood-look plank tile flooring in living areas, and quality plush carpeting in bedrooms & dens. Two secondary bedrooms both very light & spacious each w/ walk-in closets w/ beautifully appointed bathroom in between. Two dens at the front of the home, each could be an amazing home office. The larger of the two dens could easily be converted to a 4th bedroom, or could be a home theater, game room, or second family room. The other den could also serve as a convenient dining room. Endless possibilities for both spaces! Two 2-car garages offer plenty of parking and storage space. Large front courtyard w/ stacked stone fireplace offers another private space to relax & enjoy your beautiful surroundings. Plenty of room in this courtyard space to add-on or build a separate casita if desired. This is truly a magnificent property offering some of the finest mountain views in all of Mirabel. Don't miss the opportunity to view this beautiful home today.
6808 N 13th Street
Phoenix, AZ 85014
$1,595,000
4
Beds
3.5
Baths
2,607
SqFt
Status
Active
MLS #
6767254
Property Type
Single Family Residence
Price Type
--
This brand new 2024 home beautifully blends eco-living with nature. Inside, the soaring 10-foot ceilings and clerestory windows fill the home with natural light. The kitchen, featuring a stunning quartzite stone island, 36-inch induction range, European cabinets to the ceiling, and a walk-in pantry, provides ample space for cooking and storage. A 20-foot sliding door opens the living area to the outdoors, creating a seamless indoor-outdoor flow. The primary suite boasts two walk-in closets, a spa-like bathroom with a soaking tub, and calming murals that add an artistic touch. Outdoors, a unique permeable driveway minimizes heat, while Kurapia ground cover provides a lush, low-maintenance, green landscape year-round. The large, sunlit diving pool is surrounded by a cool limestone deck that stays cooler in the summer. The shaded covered patio offers a relaxing space to enjoy the natural surroundings, including the preserved Afghan pines, which create a dappled, cool ambiance and are home to many hummingbirds.
7674 E Aster Drive
Scottsdale, AZ 85260
$1,595,000
3
Beds
2.5
Baths
2,608
SqFt
Status
Active
MLS #
6768836
Property Type
Single Family Residence
Price Type
--
Welcome to pure serenity in this newly renovated home with an organic flare! Discover an excellent curb appeal featuring a 2-car garage, a convenient RV gate, and a well-maintained landscape. Venture into a spacious floorplan with stunning interiors showcasing soaring ceilings, an abundance of natural light, warm wood flooring, a wet bar for entertaining, and a cozy fireplace for intimate evenings. Cook gourmet meals in the delightful kitchen, equipped with quartz counters, abundant wood cabinetry, chic pendant lightings, a tile backsplash, stainless steel appliances, and a large island with a breakfast bar. The master retreat is simply divine, complete with an expanded bath and closet with separate vanities, large walk-in shower and stand-alone tub Enjoy outdoor moments in the enchanting backyard, offering a covered patio, pristine artificial turf, and a refreshing pool. This home has everything! Located in a tranquil community in the heart of Scottsdale. Come see this beauty!
23484 N 76th Place
Scottsdale, AZ 85255
$1,595,000
4
Beds
3
Baths
2,757
SqFt
Status
Active
MLS #
6765677
Property Type
Single Family Residence
Price Type
--
A must-see 2,757 square foot Lennar's contemporary Next Gen® design concept featuring The Home Within A Home® constructed in 2022. The property is located in the sumptuous gated community of Paseo at Pinnacle Peak in North Scottsdale. The floor plan was designed to offer two homes under one roof with upgraded wood floors throughout. The main home features expansive open living areas, a stunning entertainer's kitchen with stainless steel appliances, a spacious center island, white cabinetry, and a walk-in pantry. The three bedrooms - including a sophisticated owner's suite and two luxurious bathrooms. Custom electronic shades and plantation shutters provide privacy in the living and sleeping spaces. The main two-car garage is equipped with a charging station for electric vehicles. The attached guest casita offers lots of flexibility. You could use the space as an integral part of the house or as a multigenerational independent living space complete with a separate garage, private entrance, luxurious kitchen, living room, bathroom, bedroom and even an additional laundry hookup. This space can also be transformed into a private home office. The low maintenance private backyard has an above-ground spa and serves as a haven for outdoor entertainment and relaxation. This part of Scottsdale offers close proximity to popular hiking trails, golf courses, high-end restaurants, shopping and the loop 101.
14147 W Greentree Drive
Litchfield Park, AZ 85340
$1,595,000
4
Beds
3.5
Baths
4,110
SqFt
Status
Active Under Contract
MLS #
6756275
Property Type
Single Family Residence
Price Type
--
This stunning remodeled ranch on Wigwam's Red Golf Course offers luxury and comfort in every detail. Featuring 4 bedrooms, a separate office, and 3.5 bathrooms in 4110 sq ft of living space, this single-level home includes a 3 car garage with a separate golf cart door. The heated pool and spa, covered outdoor kitchen and open floor plan make this property perfect for entertaining and enjoying the Arizona weather. With Vaulted ceilings, spectacular views and chef's kitchen this ranch is a blend of modern luxury and classic charm. Don't miss the opportunity to own this exceptional property in a PRIME golf course location.
77 Palisades Drive
Sedona, AZ 86336
$1,590,000
3
Beds
2
Baths
2,157
SqFt
Status
Active
MLS #
6779091
Property Type
Single Family Residence
Price Type
--
Welcome to your slice of paradise at The Palisades. Just a short, scenic walk down a private path from the crystal-clear waters of Oak Creek, this home blends nature's beauty with luxurious comfort. Imagine stepping out your door to explore serene creekside trails, where the gentle sound of flowing water and the cool shade of lush trees offer a peaceful escape. Perched on a secluded hillside, this retreat boasts breathtaking red rock views that are best enjoyed from the comfort of an open, high-ceilinged living space. Every window frames Sedona's natural splendor, inviting you to relax and savor the luxury finishes and upgrades that make this home truly extraordinary.
