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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2132 W Legends Way
Anthem, AZ 85086
$1,299,000
4
Beds
4
Baths
3,950
SqFt
Status
Active Under Contract
MLS #
6726770
Property Type
Single Family Residence
Price Type
--
THE HOME YOU HAVE BEEN WAITING FOR! ABSOLUTELY STUNNING! Nestled at the base of Daisy Mountain in Anthem Country Club is this stunning home, offering a blend of elegance and comfort. You will experience an immediate calming and peaceful feeling as you look to the mountains and desert behind you. As you approach the home, you will find the beautiful desert landscaping outside the private courtyard, offering another sanctuary type setting for your comfort and enjoyment. Upon entering this home your eyes will immediately be drawn to the views out the living and dining room windows. The foyer is stunning with a new Iron and glass door and travertine flooring. Updates galore in this 3 bedroom, 3 1/2 bath home that also has an attached casita with powder room. The gourmet kitchen was updated with a new kitchen island, new granite counters, newly re-faced and beautifully stained cabinetry, and 2023 Subzero fridge, Bosch dishwasher, microwave and range hood. Adjacent to the kitchen is the cozy den/family room with stone surround fireplace and plenty of room to relax and enjoy family and friends. The master retreat features a walk in shower with new glass doors, refinished cabinets and granite counter tops at the vanities, and His & Her walk in closets with organizers. Wonderful views from the master bedroom where you can relax in front of the fireplace or head out the sliding door to the private covered patio. The other two bedrooms are en suite and upgraded with granite countertops, new Toto toilets, tub/shower combos and both have walk in closets. Finishing off the interior of the home is an office with built in cabinetry and a powder room nearby. The lot, which is over 17,000 square feet has a gazebo with fireplace, 2 soothing water features on remotes, artificial turf and lots of space to do whatever your heart desires. Looking for space for golf cart or ATV? The side gate can be changed to a double gate to allow for a secured parking space. Updates to this home include all new windows (42) and French door sliders (3) with Low E Glass, new frames, and a transferable lifetime warranty; 3 Trane AC units including new furnaces (2017);entire home replumbed with PEX in 2022, including all valves throughout the home. New exterior drip system installed with 4 zones, artificial turf and new trees/plantings. New smoke alarms and carbon monoxide detectors with hard wire interconnect. New exterior paint is beautiful! See documents section for a full list of features and upgrades. Welcome to Anthem Country Club offering two 18 hole Greg Nash designed golf courses, 2 club houses with restaurants, bars, and pro shops. 2 work out facilities with tons of classes offered daily, 2 swimming pools, the Oasis Bar and Grill at the Persimmon pool, tennis courts, pickleball courts, bocce ball at The Back Yard at Persimmon, ball room at Ironwood to host large events. In addition to all of that, you also have access to the Anthem Parkside facilities that includes over 60 acres of parks, catch and release fishing pond, sand volleyball, water park, pool, pickleball, tennis, skate park, playgrounds and more!!! Welcome home!!!
8743 E San Victor Drive
Scottsdale, AZ 85258
$1,299,000
2
Beds
2.5
Baths
2,819
SqFt
Status
Active Under Contract
MLS #
6763640
Property Type
Single Family Residence
Price Type
--
This beautifully remodeled home in McCormick Ranch backs onto a serene greenbelt and features an open, bright floor plan with soaring ceilings. The spacious layout includes formal living and dining areas, plus a family room with a fireplace, built-in bookshelves, luxury wet bar & dual master suites. Gourmet kitchen boasts brand new white quartz countertops, Wolf appliances, a Sub-Zero fridge, double ovens, two sinks, & breakfast bar. Both master suites have walk-in closets and backyard access. The backyard is a green oasis offering a built-in BBQ, pool & spa! The master bathroom is a freshly remodeled dream. Roof & AC replaced in recent years. Milgard windows, & garage w/ cabinets & epoxy floors. Bonus, 2 rentable community casitas! Move-in ready!
4850 E Poinsettia Drive
Scottsdale, AZ 85254
$1,299,000
4
Beds
3
Baths
2,902
SqFt
Status
Active Under Contract
MLS #
6738636
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home! This fully remodeled & expanded property is designed with modern comfort & luxury in mind. W/updates to the kitchen, Master suite, HVAC system, roof, windows, & the addition of spray foam insulation, it offers energy efficiency & a nearly new home. It also features an ADDED 2C garage, heated and cooled for your cars & toys. Recognized as the ''Best Home on the 85254 Tour,'' this stunning residence includes dual master suites, 3 spacious bathrooms, & an open-concept floor plan. The chef's kitchen is a true showpiece, perfectly situated to overlook a well landscaped backyard, complete with fruit trees, a gazebo, & maintenance-free synthetic grass. Pool Available too! Car enthusiasts will love the 4+garage, in the best neighborhood and A+scottsdale School distric Property upgrades: New 3-ton AC 2024 Roof 2020/2024 for addition New windows New Master Suite 19x19 New Master Bath 15x19 w/ soak tub, shower, toilet and bidet 2-Master Suites Foam insulation throughout 4+ Car garage cooled/heated Work room All new Electrical Wiring New Low voltage lighting Epoxy Garage floor New Pavered Driveway for 8 cars
8431 E Via De Encanto --
Scottsdale, AZ 85258
$1,299,000
3
Beds
2
Baths
2,159
SqFt
Status
Active
MLS #
6778485
Property Type
Single Family Residence
Price Type
--
This property is immaculate! Located in the desirable McCormick Ranch area, this 2,159 sq. ft. home offers spacious rooms and a thoughtful layout ideal for modern and open-concept living. The remodeled kitchen features quartz counters, white & navy shaker cabinets, an island & breakfast bar, Monogram propane gas stove, large great room with double sliding door, vaulted ceilings and a striking stone fireplace, wet bar & wine fridge. Outside, a large backyard awaits with a sparkling pebble sheen pool, covered patio, a newly installed travertine pool deck, Anderson windows/doors, and a paver courtyard in front, all on a huge 11,592 SF private lot. Beautifully landscaped yard. Conveniently located, minutes from shopping, parks, freeway access, and various dining options.
8507 S 9th Drive Unit 16
Phoenix, AZ 85041
$1,298,000
4
Beds
3.5
Baths
3,063
SqFt
Status
Active
MLS #
6704445
Property Type
Single Family Residence
Price Type
--
Introducing Heard Farm at South Mountain, a brand new community of 24 modern farmhouses with sophisticated architecture designed for healthy, sustainable living! Nestled in South Mountain with quick access to downtown Phoenix, Heard Farm seamlessly blends indoor and outdoor living with fresh floor plans designed for the way you want to live.
6008 E Lone Cactus Drive
Phoenix, AZ 85054
$1,298,000
5
Beds
4
Baths
3,487
SqFt
Status
Active
MLS #
6751191
Property Type
Single Family Residence
Price Type
--
Fall in love with this exquisite home in the desirable Talinn Community! This incredible residence showcases captivating stone accents, a convenient 4-car tandem garage, and a welcoming front porch that invites you to explore further. Step inside to be greeted by a grand hallway that leads to an open-concept living area. This space is beautifully enhanced with soothing paint tones, tall ceilings, wood-plank tile flooring, elegant recessed lighting t/out, and multi-sliders to the back patio. The stunning kitchen is fully equipped with a gas cooktop, a wall oven, quartz counters, a stylish tile backsplash, and two islands, one with a breakfast bar. A walk-in pantry and white shaker cabinetry with crown molding for ample storage space. Versatile den for a home office or a creative studio! Discover a sizable loft upstairs, perfect as a cozy family room or an additional entertainment area. Escape to the romantic main suite, where natural light pours in, creating a serene atmosphere. The ensuite is a luxurious retreat featuring dual vanities, a soaking tub, a glass-enclosed shower, and a spacious walk-in closet. The secondary bedrooms are thoughtfully designed with a Jack & Jill bathroom, providing privacy and practicality. The large backyard is your oasis, complete with a covered patio, pavers, low-maintenance artificial turf, and a children's playgroundexcellent for hosting fun-filled gatherings. This home is a must-seedon't let this opportunity slip away!
7127 E Rancho Vista Drive Unit 2001
Scottsdale, AZ 85251
$1,298,000
3
Beds
2
Baths
1,781
SqFt
Status
Active
MLS #
6745250
Property Type
Apartment
Price Type
--
Exceptional turnkey FULLY FURNISHED 3 bedroom/2 bath second floor corner unit offers spacious, open floorplan. Kitchen and living room overlook wrap around terrace with bbq and outdoor seating. Dual sliding glass doors ideal for luxurious resort style living and entertaining both inside and out. Master suite offers spa-like bathroom complete with bidet and walk-in closet. Two secondary bedrooms and two assigned parking spaces with (1)battery trickle charging station in secure garage. Prime location walking distance to restaurants and Scottsdale Fashion Square. Endless community amenities including indoor and outdoor pools and spas, putting green, racquetball and basketball courts, fitness center and so much more. You will feel like you are on a never ending vacation! Welcome Home!
588 E Peach Tree Street
Queen Creek, AZ 85140
$1,297,900
2
Beds
2.5
Baths
2,367
SqFt
Status
Active
MLS #
6733421
Property Type
Single Family Residence
Price Type
--
This Palermo floorplan creates the perfect indoor and outdoor space. The expansive kitchen with its large center island is a chef's dream, providing ample space for culinary creations and gatherings. This home offers a spacious primary suite, ensuring both comfort and privacy. The thoughtful addition of a ''smart space'' housing laundry facilities and cabinetry further enhances the convenience and functionality of daily living. Both bathrooms have been upgraded with tile surrounds and beautiful light fixtures. Additional features include shutters, a carpet-free environment and gorgeous views of the golf course. The secondary bedroom is also expanded for your guests. Start living the Good Life at Encanterra today!
31904 N 16th Avenue
Phoenix, AZ 85085
$1,297,500
3
Beds
3.5
Baths
3,231
SqFt
Status
Active
MLS #
6783706
Property Type
Single Family Residence
Price Type
--
UNEXPECTED MODERN LUXURY IN SONORAN FOOTHILLS! Experience sophisticated desert living in this stunning single-level home, nestled in the prestigious Sonoran Foothills gated community of Desert Trails. Enter through private, gated courtyard into an expansive layout featuring 3 spacious bedrooms, each with its own ensuite bath, plus a versatile den perfect for office or media room. Designer touches and high-end materials are showcased throughout, offering an elegant, contemporary aesthetic. Gourmet kitchen is a chef's dream, complete with top-of-the-line Wolf, Subzero & Miele appliances, unprecedented island topped with gorgeous, thick marble and dual wine fridge with 300 bottle capacity to showcase your favorite wines! Double warming drawers, built-in espresso machine and custom cabinetry/finishes. Primary suite features luxurious bath boasting spa-like shower, soaking tub, dual vanities and His & Hers walk-in closets both with thoughtful built-ins to maximize closet space. Step outside to your personal oasis...an entertainer's resort-style backyard with sparkling saltwater pool, outdoor kitchen featuring Green Egg smoker, gas BBQ, beverage coolers, side burner, prep sink & more! Full-size bocce ball court, multiple gathering areas and a cozy fireplace to enjoy the Arizona evenings. Generous side yard with raised gardens, potting bench & sitting area. Home is pre-wired for Sonos sound and features Lutron shades and highly upgraded lighting throughout. 3-car split-garage with 220amp outlet for those EV's, tankless water heater, water softener, built-in cabinets & epoxy floors. Meticulously cared for and maintained making this an exceptional turn-key property. Attention to detail abounds as this inviting home blends style, comfort, and luxury in a prime desert location.
1295 Running Elk Road
Payson, AZ 85541
$1,295,855
6
Beds
4
Baths
4,000
SqFt
Status
Active
MLS #
6730079
Property Type
Single Family Residence
Price Type
--
Welcome to 1295 S Running Elk Rd, a hidden gem nestled under the Mogollon Rim! Prepare to be enchanted by this exceptional property that combines the tranquility of a cabin in the woods with the comforts of modern living. This turn key, move in ready, spacious home boasts six generously sized bedrooms and three and a half bathrooms, providing ample space for the whole family or accommodating guests with ease. (sleeps 30-35) With over 4,000 square feet of living space, there is room for everyone to spread out and enjoy their own private retreat. The oversized covered front porch and back deck offer unparalleled mountain views and fresh mountain air. Situated on a sprawling 3.65-acre lot, this property is a nature lover's paradise. The expansive grounds back onto the national forest, offering unparalleled privacy and a breathtaking backdrop of pristine wilderness. Explore the beauty of the great outdoors right from your doorstep, with hiking trails, wildlife sightings, and several rim lakes and rivers waiting for you to explore and enjoy. Equestrian enthusiast? Bring your horses and ride for days! One of the highlights of this property is the fishing pond, providing a serene oasis where you can cast your worries away and immerse yourself in the joys of angling. Whether you're an experienced angler or simply enjoy the peaceful ambiance of a tranquil pond, this feature is sure to be a favorite among outdoor enthusiasts. For added convenience and flexibility, this property also offers potential for separate guest quarters. This property presents an incredible opportunity for multi-generational living, allowing different generations to come together and create lasting memories in a peaceful mountain setting. Considering a corporate retreat? This property would be perfect! Alternatively, it can serve as your ideal cabin in the woods, providing a sanctuary where you can escape the hustle and bustle of city life and immerse yourself in the beauty of nature. Don't miss your chance to own this idyllic retreat at 1295 S Running Elk Rd, where the serenity of the forest meets the comforts of a modern home. Embrace a lifestyle filled with relaxation, adventure, and cherished moments in this truly exceptional property. (Property has two private wells but only one is in use. The other is capped off.)
642 E Cornman Road
Coolidge, AZ 85128
$1,295,000
3
Beds
2
Baths
1,369
SqFt
Status
Active
MLS #
6726835
Property Type
Single Family Residence
Price Type
--
This property is truly a horse lover's dream with all the amenities you could possibly need. The barndominium styled home is perfect for comfortable living, while the bunk house casitas offer additional space for guests or renters. The outdoor living breezeways with a bar and fireplace are ideal for entertaining and enjoying the beautiful surroundings. The horse set up is top-notch, with 37 covered pipe horse stalls, a full-size roping arena, covered hay barn, workshop, and separate barn office. The 8 RV hookups make it easy to accommodate visitors, and the grounds keeper quarters ensure that everything is well-maintained. Don't miss this incredible opportunity to live the Yellowstone life on 17 acres of deeded & leased land w/ endless possibilities for both work and play. Contact us toda Home has new hurricane rated roof! Arena is 100x200, has newer pneumatic remote control shoots, 30 foot steel walled round pen, the barn has finished drywalled and air conditioned office, private owner tack room, All stalls are 100% covered, boarder 3 wash racks, dog kennels, boarder tack and grain rooms, mechanical shop. 14 acre turn-out as well as additional covered stalls not listed above and covered hay bays large enough to fit several squeezes of hay. Dont let this opportunity getaway the property is minutes from the freeway, in the new Pinal County Corridor of trade, business and progress, perfect for the high tech owners who want extra income, and a great work life balance.!!
8503 S 9th Drive Unit 17
Phoenix, AZ 85041
$1,295,000
4
Beds
3
Baths
3,033
SqFt
Status
Active
MLS #
6610457
Property Type
Single Family Residence
Price Type
--
Introducing Heard Farm at South Mountain, a brand new community of 24 modern farmhouses with sophisticated architecture designed for healthy, sustainable living! Nestled in South Mountain with quick access to downtown Phoenix, Heard Farm seamlessly blends indoor and outdoor living with fresh floor plans designed for the way you want to live. Option for 720 sq ft mezzanine/bedroom above garage (not included in list price.)