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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19950 W Cambridge Avenue
Buckeye, AZ 85396
$1,258,000
4
Beds
3.5
Baths
2,919
SqFt
Status
Active
MLS #
6736777
Property Type
Single Family Residence
Price Type
--
Beautiful 2919 sq ft 1 level Horse property with Casita and 1 acre with the best of both worlds, space and proximity to everything! Some of the features, include 20-foot ceiling entry in the great room, Shutters, 4 large bedrooms, 3.5 bath, including a master suite, walk-in closet master bath with en suite with a garden tub and skylight, french doors opening to the covered patio, custom tiled bathrooms, rustic wood beams, propane fireplace, chef's paradise kitchen with granite countertops and stainless-steel appliances, built-in wine fridge in the adjacent family Room, tile floors, office with additional outside access, three-car oversized garage/man cave with built-In cabinets, AC/Heat, Fan, 220-volt outlet for a charging station, and a not to forget a dream backyard with space!
10230 N 39th Street
Phoenix, AZ 85028
$1,255,000
2
Beds
2
Baths
2,646
SqFt
Status
Active Under Contract
MLS #
6774365
Property Type
Single Family Residence
Price Type
--
OPPORTUNITY TO MAKE THIS YOUR DREAM HOME! SURROUNDED BY MOUNTAIN VIEWS AND WILDLIFE*FEEL LIKE YOU ARE IN THE COUNTRY BUT WITHIN THE CITY AND EZ COMMUTE TO DOWNTOWN
20970 E Stacey Road
Queen Creek, AZ 85142
$1,254,900
4
Beds
3.5
Baths
3,351
SqFt
Status
Active
MLS #
6776053
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home! Nestled in Bellero, this stunning contemporary residence combines modern elegance with ultimate comfort. Key Features: Stunning Curb Appeal, Open-Concept Living: Step inside to an expansive open floor plan featuring high ceilings and tile plank floors. The spacious living area flows seamlessly into the gourmet kitchen, equipped with top-of-the-line stainless appliances, and HUGE center island with quartz countertops. Elegant Dining Experience. Luxurious Master Suite, 3 Versatile Bedrooms. Casita with separate entrance. Massive RV garage. 4 car attached Garage. Outdoor Oasis with pool, Built in BBQ and amazing entertaining space. Prime Location:Situated in a sought-after neighborhood, this property is just minutes away from top-rated schools, shopping, dining.
14700 S Tuthill Road
Buckeye, AZ 85326
$1,253,632
4
Beds
3
Baths
3,436
SqFt
Status
Active
MLS #
6768652
Property Type
Single Family Residence
Price Type
--
Nestled on a sprawling 5.38-acre estate, this meticulously remodeled ranch home offers a perfect blend of luxury living and agricultural charm. The main residence features 4 spacious bedrms and 3 bathrms, along with a versatile bonus room. Step outside to discover a backyard paradise, complete with a sparkling pool that promises endless fun and relaxation under the sun. This estate is a horse lover's dream, featuring a fully equipped barndominium with 2 cozy bedrooms and 1 ba, perfect for guests or as a caretaker's quarters. The estate is designed to cater to all aspects of farming and equestrian activities, boasting an impressive arena, 10 horse stalls, a riding & corral area for training and enjoyment. The horse walker & multiple water sources across the property ensures the utmost utmost convenience and care for your equine friends. With ample space for gardening, livestock, and other agricultural pursuits, this property offers a unique opportunity to live a life of self-sufficiency and connection to the land. Whether you're a seasoned farmer, an equestrian enthusiast, or simply seeking a serene and spacious retreat from the hustle and bustle, this property is sure to captivate and inspire. Welcome home to your very own piece of paradise, where luxury meets country living at its finest.
16032 E Dale Lane
Scottsdale, AZ 85262
$1,250,000
4
Beds
4.5
Baths
4,124
SqFt
Status
Active
MLS #
6715378
Property Type
Single Family Residence
Price Type
--
Stunning NEXTGEN Builders contemporary just starting. Car collectors and Serious RVers will appreciate this luxury plan offering oversized40' deep 3 car tandem plus 49' deep RV gar. all paved streets, 4 BD, plus office, 4.5 BA, grand kitchen, guest suite w/private living room, owners suite with free-standing tub, walk through shower, & oversized walk-in closets, quality 90/10 smooth walls, 8' doors, quartz countertops throughout, 12' ceilings in the great room and kitchen, Amazing views. Quality build with Energy efficient Spray foam insulation, 2x6 framed exterior, fully sheathed, post tension foundation, Pictures are from model home. Buyer to verify all facts and specs.
3295 W Mesquite Street
Phoenix, AZ 85086
$1,250,000
4
Beds
3.5
Baths
3,038
SqFt
Status
Active
MLS #
6783088
Property Type
Single Family Residence
Price Type
--
Stunning new construction luxury home by NEXTGEN Builders to be built: This luxurious home features 4 bedrooms plus an office/den, 3.5 bathrooms, and high-quality finishes throughout. The spacious design includes an oversized 2-car garage plus a 46+ foot RV garage with a 12x14-foot tall garage door, set on a large lot without HOA restrictions. Highlights include an oversized contemporary front door, 2x6 exterior framing, a large kitchen island with quartz countertops, and walk-in closets in all bedrooms. The Owner's bathroom offers a spacious entry shower, standalone tub, and double sinks. Other features include 8-foot doors, 12 ft ceiling, energy-efficient spray foam insulation, and a post-tension foundation. Choose your options. Please note, photos are of a model home.
23 County Road 1320 --
Greer, AZ 85927
$1,250,000
4
Beds
4
Baths
3,751
SqFt
Status
Active
MLS #
6783284
Property Type
Single Family Residence
Price Type
--
This can be your Dream Log Cabin in Greer. It has everything, 4 bedrooms, 4 baths, open living, dining and kitchen area. Wood fireplace, custom wood cabinets throughout. Upgraded appliances, tile floor & Berber carpet. Master bedroom, full size bath, walk-in closet w/ access to walk out deck. Master & one bedroom on main floor. Living area has access to walk out deck. One bedroom w/ full-size bath & loft upstairs w/ walk-out deck. Full size basement with one bedroom and full-size bath. Wood fireplace. Large family room and pool table. Single car garage. Within walking distance to Greer Village, abundance of wildlife and fishing in area. Greer Lakes minutes away, Sunrise Ski Resort 15 minutes away.
Litchfield Park
AZ 85340
$1,250,000
6
Beds
3
Baths
2,857
SqFt
Status
Active
MLS #
6787434
Property Type
Single Family Residence
Price Type
--
Listing includes 3 additional parcels 508-10-481 501-63-018-J 501-63-018-Z
13621 W Tuckey Court
Glendale, AZ 85307
$1,250,000
5
Beds
3.5
Baths
3,921
SqFt
Status
Active
MLS #
6681963
Property Type
Single Family Residence
Price Type
--
* VA ASSUMABLE LOAN * Must-see STUNNING CUSTOM LUXURY property nestled on a desirable cul-de-sac lot in Luke Ranch Estates! Rare 5 bed/3 bth/2 half bth/3-car garage home has everything on your wishlist and more! Pristine interior features neutral tile floor, dazzling chandeliers, plantation shutters, & 9+ high ceilings. Grand welcoming foyer leads to spacious great room for gatherings, formal dining room for hosting holidays, and the perfectly-sized den for a home office. The bright great room highlights multiple sliding glass doors merging indoor and outdoor entertaining. Chef's kitchen is fully equipped w/ wood staggered cabinets, mother-of-pearl tile backsplash, Sub Zero refrigerator w/wine cooler, Wolf appliances, kettle faucet, ice maker, 2 islands, and 2 sinks for a kosher kitch Septic Tank without leach field and conveniently marked with pavers for easy access. Double doors open to the sizable primary suite with separate backyard access, an accent wall, an immaculate ensuite w/dual vanities, and walk-in closet which also connects to laundry room! 4 of 5 bedrooms have walk-in closets! 5th bedroom makes a great game room and has attached 1/2 bath with access to backyard. Enjoy entertaining in this expansive backyard showcasing a relaxing extended covered patio, mature landscaping, sparkling oversized pool, outdoor shower, pergola, BBQ grill, built-in benches, electric and water RV hookups, RV gate, and gorgeous mountain views! This gorgeous gem is conveniently located near Luke AFB, White Tank Mtn Regional Park, shopping, and so much more! Call for a private tour today!
38718 N 24th Avenue
Phoenix, AZ 85086
$1,250,000
4
Beds
3.5
Baths
2,926
SqFt
Status
Active
MLS #
6719991
Property Type
Single Family Residence
Price Type
--
Your future sanctuary, a stunning custom home in the serene Desert Hills community, scheduled for completion in early 2025. This exceptional 2,926sf residence offers unparalleled luxury and functionality, designed to cater to your every need. The expansive great room features a formal dining area and views through a wall of windows, flooding the space with natural light and offering a seamless connection to the outdoors. With 4 bedrooms PLUS DEN and 3.5 bathrooms, this split floorplan is the perfect size. The fourth bedroom features an en suite and walk-in closet, providing flexibility and privacy for guests or multi-generational living. The luxurious owner's suite is a true retreat, with a private exit to the backyard and large bathroom boasting a spacious shower & separate freestanding tub. A large walk-in closet with built-in organizers ensures ample storage and effortless organization. A gourmet Kitchen is the heart of the home, featuring large double islands with slab granite countertops and a striking full-height backsplash. Equipped with upgraded stainless-steel appliances, a pot filler, a gas range, and custom cabinets, this kitchen is a chef's dream. A large walk-in pantry offers ample storage for all your culinary needs. Recessed lighting, upscale pendant and chandeliers, as well as above and below cabinet lighting add a touch of sophistication and ambiance. Each full bathroom is adorned with tiled surrounds, adding a touch of elegance and sophistication. A conveniently located half bath is perfect for guests, and features stylish fixtures and finishes. Included is an oversized super garage, with an extended length 2.5 car garage and 8ft-high door, as well as an attached RV garage, providing ample space for vehicles, storage, and hobbies. Crafted with care and precision by local builder, Dynamic Desert Homes, who's known for their commitment to quality and excellence in home building. Built with 2x6 construction and spray foam insulation on a post-tension slab, this home is designed for durability and energy efficiency. Nestled on a generous 1-acre lot, there's plenty of space for outdoor activities, gardening, or even adding a pool. No HOA! Bring the toys! Horses, boats, trailers are all welcome here. Located in the serene rural area of Desert Hills, this home offers a peaceful retreat away from the hustle and bustle of the city, yet remains conveniently close to the essential amenities. Taxes are estimated and not yet assessed by county. PHOTOS AND VIRTUAL TOUR ARE OF ANOTHER PROPERTY OF SAME FLOORPLAN. SOME FEATURES, COLORS, FIXTURES AND DESIGNS WILL VARY.
2200 E Aquarius Place
Chandler, AZ 85249
$1,250,000
4
Beds
3
Baths
3,315
SqFt
Status
Active
MLS #
6783026
Property Type
Single Family Residence
Price Type
--
Welcome to an exquisite residence nestled within the prestigious gated community of Windermere Ranch, where unparalleled luxury meets modern sophistication. Built in 2019, this opulent 4-bedroom, 3-bathroom haven offers a grand living experience, perfectly crafted for those with the most discerning tastes. Boasting the largest lot in the community, this home combines expansive space with intimate comfort, epitomizing the pinnacle of lavish living. Set within a serene enclave, this property boasts impressive street appeal with a custom iron entry door that welcomes you into a charming front courtyard adorned with a gas fireplace, all elegantly appointed with 12x36 inch porcelain tiles. The expertly designed landscaping and hardscaping, paired with WiFi-controlled waterfalls, create a tranquil ambiance that frames this remarkable home. Step inside to discover an interior filled with high-end upgrades and sophisticated design choices. The extended kitchen is a culinary masterpiece, featuring quartz countertops, a custom backsplash, state-of-the-art appliances, and ample cabinetry enhanced with undercabinet LED lighting. The island, complete with an integrated sink, makes for a functional yet chic space, perfect for entertaining. In the living room, soaring 12-foot ceilings and a stunning 60 linear gas fireplace, surrounded by custom Italian tile, create an expansive and luxurious gathering area. Enhanced with 5.1 speaker wiring and dimmable downlighting, the room is perfectly suited for both relaxed nights in or lively social gatherings. The primary bedroom suite is a sanctuary of relaxation, boasting an extended space with serene views of the backyard oasis. The primary bathroom is a spa-like retreat, featuring upgraded porcelain tiles and exquisite finishes throughout. Every detail has been thoughtfully curated, from the upgraded carpets in the bedrooms to the custom window shades in the music room and den. A central vacuum system and whole-house water softener ensure convenience and comfort at every turn. Outside, enjoy a lavish outdoor living space with a raised patio area tiled with 12x36 inch porcelain. Unwind under the expansive 19' x 20' pergola, or gather around the built-in linear gas firepit for unforgettable evenings under the stars. For the ultimate indulgence, a heated spa nestled on its own concrete pad awaits for soothing relaxation. This estate is a harmonious blend of indoor and outdoor living, finished with thoughtful touches such as upgraded exterior lighting fixtures, shade sails in the front courtyard, and a motion-activated pantry light. The complete exterior has been recently repainted, offering the perfect finishing touch to this distinguished home. With its formidable array of bespoke features, enhancements, and a prestigious location in Windermere Ranch, this exquisite residence stands as a testament to refined living. It is more than just a home, it is a lifestyle choice for those who seek the extraordinary.
2637 W Frontage Road
Amado, AZ 85645
$1,250,000
4
Beds
3
Baths
2,596
SqFt
Status
Active
MLS #
6773124
Property Type
Single Family Residence
Price Type
--
Huge Opportunity for your ideas for financial growth. This stunning new built home sits on 18 sprawling acres, offering the perfect blend of luxury, tranquility, and creativity. Featuring a modern design 4-Bedroom, 2.5 bath spacious high-end finished home with spacious living areas, a gourmet kitchen, and large windows that flood the space with natural light, providing breathtaking views of the surrounding Mountain Views and Arizona countryside. Outside, the expansive property offers endless possibilities for outdoor living, farming, room for 4 more custom homes, build a guest lodge or simply enjoying the peace and privacy of rural living. Perfect for those seeking a serene escape while still being close to local amenities. Your dream home and future financial opportunity awaits