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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6780 W Yearling Road
Peoria, AZ 85383
$629,900
4
Beds
2.5
Baths
2,658
SqFt
Status
Active
MLS #
6776511
Property Type
Single Family Residence
Price Type
--
Gorgeous Fully Remodeled Home with all the upgrades: Gourmet Kitchen with Granite Counters, Brand New Stainless Steel Appliances, Gas Range and Refrigerator Included. New Interior Paint, and Carpeting. All New Light fixtures and Ceiling Fans. New Blinds. Sparkling Play Pool, Large 2.5 car garage, Fireplace. High Efficiency TRANE A/C units installed last Year. This home is a must see!!
8245 E Bell Road Unit 144
Scottsdale, AZ 85260
$629,900
2
Beds
2
Baths
1,472
SqFt
Status
Active
MLS #
6776536
Property Type
Apartment
Price Type
--
Come see this Stunning luxury condo inside the highly sought after Montana Del Sol gated golf community on the TPC Scottsdale course! Just down the street from the Fairmont Princess Hotel & across the street from multiple parks. Home features a chefs kitchen with newer quartz slab counters, refurbished custom cabinets, & huge kitchen breakfast bar. Gorgeous plantation shutters throughout, both bathrooms have been heavily updated in beautiful modern farmhouse fashion. Huge master en-suite double sinks, large walk in shower, & oversized custom master closet. Rare two car garage is a bonus. Nicely updated baseboard, lighting fixtures, faucets, etc! Close to 101 freeway for easy commute, Kierland commons outdoor mall, countless restaurants and shopping! Can be purchased fully furnished too!
8562 E Pierce Street
Scottsdale, AZ 85257
$629,900
3
Beds
2
Baths
1,819
SqFt
Status
Active Under Contract
MLS #
6759079
Property Type
Single Family Residence
Price Type
--
Spectacularly remodeled 3 bdrm & 2 bath home on LARGE cul-de-sac lot w/ 2-car garage, a low maintenance yard, large covered patio, new pavers, & a concrete slab wired for hot tub (is it?). Open floor plan w/ spacious vaulted ceilings. New, matching cabinets & matching quartz counters throughout the home including a HUGE kitchen island & the perfect peninsula. All new windows. Brand new SS appliances incl. fridge, dishwasher, & drawer microwave convey. New modern tile floors throughout (no carpet). Both showers are newly tiled w/large glass enclosure in master. All new fixtures + ceiling fans w/remotes! Fresh paint in/out. OWNER/AGENT.
6646 S La Rosa Drive
Tempe, AZ 85283
$629,800
4
Beds
2
Baths
1,980
SqFt
Status
Active
MLS #
6766132
Property Type
Single Family Residence
Price Type
--
Come and see this beautiful 4 Bed, 2 Bath, 2 Car Garage, golf course lot home in Tempe. No HOA!! This freshly remodeled home is stunning! As you pull up the new tiered landscaping and fresh paint give the home great curb appeal. Through the front door you are welcomed by an open floor plan featuring brand new wood look flooring in the main living areas and plush patterned carpet in the bedrooms. Your brand new kitchen boasts white shaker cabinets, large island with breakfast bar, custom tile backsplash, new stainless appliances and gorgeous white quartz countertops. The split floor plan has the master suite to the right off of the main living area and it features a new tiled shower, new vanity with quartz top and large walk in closet. The 3 other bedrooms and second bath are on the opposite side of the home. Hall bath also is brand new with a white subway tile wall and new vanity. New door hardware, ceiling fans, light and plumbing fixtures throughout the home give it a modern feel. New window coverings. Oversized laundry room with lots of storage. Out back there is a large patio perfect for outdoor dining with golf course and sunset views of South Mountain. Don't miss out on this gem. Come and see it today!
18238 E Coronado Cave Court
Rio Verde, AZ 85263
$629,783
2
Beds
2
Baths
1,678
SqFt
Status
Active
MLS #
6759503
Property Type
Single Family Residence
Price Type
--
Welcome to this beautiful home in the Resort Collection at Trilogy at Verde River. The Valletta offers a well thought-out layout with 2 bedrooms, 2 bathrooms, and an office. Enjoy upgraded flooring in main areas, upgraded landscape package with pavers and an upgraded outdoor pergola. The kitchen is stunning with White Arctic Shaker Painted Cabinets, Upgraded Rollout and Soft- Close Drawers in the Kitchen, and a spacious kitchen island with a breakfast bar. The great room boasts a 12 foot multi-slide door that open to the covered patio. The primary suite has a lavish ensuite with a huge tiled shower and walk-in closet. Do not miss out on this home The amenities at Verde River are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickleball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails.
14376 W Corrine Drive
Surprise, AZ 85379
$629,711
4
Beds
3
Baths
2,618
SqFt
Status
Active
MLS #
6784276
Property Type
Single Family Residence
Price Type
--
Welcome to this beautifully upgraded 4BR, 3BA home that combines comfort and easy lifestyle. Step inside to discover a bright and open floorplan that offers a seamless flow between the living, dining, and kitchen areas, perfect for both everyday living and entertaining. The heart of the home is the large, updated kitchen featuring a generous island that serves as both a cooking space and a gathering hub. With plenty of cabinetry, modern finishes, and high-end appliances, this kitchen is a chef's dream. The spacious master suite is a true retreat, featuring a custom-designed walk-in closet and a separate dressing room that provides both ample storage and a touch of luxury. The ensuite bath offers a relaxing spa like space. Step outside into the beautifully landscaped backyard, an ideal setting for outdoor gatherings or simply unwinding in a private oasis. Whether you're enjoying the lush landscaping or entertaining guests, the backyard offers a perfect backdrop for every occasion. Other highlights include three additional well-sized bedrooms (one used as an office). Extensive upgraded security system and solar system owned. No expense was spared in making this home exceptional and a MUST SEE! Don't miss the opportunity to own this incredible home.
4757 E Amber Sun Drive
Cave Creek, AZ 85331
$629,500
5
Beds
3
Baths
2,248
SqFt
Status
Active
MLS #
6708250
Property Type
Single Family Residence
Price Type
--
Beautiful 5 BR, 3 FULL BATH home features elegant wood-like tile, an inviting family room, vaulted great room, and *NEWLY UPDATED* kitchen with granite countertops, appliances included! The first floor also has a laundry room (with washer/dryer), a bedroom, and a remodeled full bathroom - perfect for guests or multi-generational living. Upstairs includes additional bedrooms, a remodeled bathroom, and primary bedroom with en-suite bathroom and walk-in closet. The private backyard offers a covered patio, extended paver patio, shade trees, and view fencing. Modern amenities include structured media panel, Nest thermostats, Yale Smart Lock, and Ring doorbell. Excellent school district, close to shopping, and within 20 minutes of the I-17 and 101. Don't miss this opportunity in Cave Creek!
11225 E Ocaso Avenue
Mesa, AZ 85212
$629,500
3
Beds
2
Baths
1,910
SqFt
Status
Active
MLS #
6727396
Property Type
Single Family Residence
Price Type
--
A must see, beautiful 2 bed, 2 bath residence with a den in Sunland Springs Village. Great curb appeal complete with front patio to enjoy the sunsets, artificial turf, and a 2.5 car garage with built-in cabinets. The home has a warm and inviting great room paired with large dining areas, tall ceilings, tile floorings, and lots of natural light. You'll love the gourmet kitchen boasting stainless steel appliances, granite counters, staggered modern white cabinets, a pantry, recessed lighting, and an island with a breakfast bar. Spacious primary bedroom has an ensuite with dual sinks & a walk-in closet. Spare bedroom with double-door entry can be used an office as well. Cozy backyard offering a covered patio with extended pavers ready for you to enjoy and entertain.
220 W Fellars Drive
Phoenix, AZ 85023
$629,500
3
Beds
2
Baths
1,971
SqFt
Status
Active
MLS #
6762329
Property Type
Single Family Residence
Price Type
--
Gorgeous Single-Story Home w/3 Bedrooms Plus Large Den/Office, 2 Bathrooms & Upgrades Galore. Interior Features Diagonal Tile Flooring t/o & Carpet in Bedrooms. Great Room Style with Bright, Open Kitchen w/Large Granite Island, Breakfast Bar, SS Appliances, Chef's Gas Stove, Tons of Cabinets & Walk-In Pantry. Split Bedroom Floorplan with Large Master in Back offering Bathroom w/Step-In Shower, Double Sinks & Walk-In Closet., Exterior offers North facing Backyard w/Low Care Turf & East Side Patio for Shady Afternoons. Front Yard has EZ Care Landscaping w/Paver'd Driveway & Entry Walkway to Gorgeous Wrought Iron Security Door & RING Doorbell. Location is PRIME: Close to Shopping, Dining & Freeway Access! Community is Gated with Children's Playground in Center & in a Great School Boundary
15221 N Clubgate Drive Unit 1031
Scottsdale, AZ 85254
$629,500
2
Beds
2
Baths
1,401
SqFt
Status
Active Under Contract
MLS #
6676920
Property Type
Apartment
Price Type
--
This meticulously designed 2-bedroom condo in Kierland Greens offers a blend of elegance and comfort, from the captivating wood-like tiled floors to the luxurious primary suite. This home is located on the first level with NO STEPS! The unit was just recently painted inside, with new light fixtures as well as new carpet in the bedrooms. This bottom floor corner unit epitomizes luxury living with its attention to detail and sophisticated design elements, making it a desirable space for relaxation and entertaining. The convenient location offers access to a plethora of dining and shopping options, situated near the Kierland Golf Club, Kierland Commons, and Scottsdale Quarter, making it an ideal choice for those seeking a vibrant and dynamic lifestyle.
19973 N Half Moon Drive
Surprise, AZ 85374
$629,500
2
Beds
2.5
Baths
2,732
SqFt
Status
Active
MLS #
6764824
Property Type
Single Family Residence
Price Type
--
Picture yourself hosting gatherings in this spacious & versatile 2,732 sf Ironwood Estate.Discover a seamless flow between the living room, dining area, family room & kitchen, creating a perfect space for relaxing or entertaining.Gourmet kitchen with built in ovens, island, an abundance of counter top space, ample cabinets, walk in & butlers pantry.Primary ensuite retreat has a double vanity, soaking tub & walk-in shower.Cozy guest suite ensures your guests feel welcome & comfortable.Retreat to the comfort of the den for a good read.Inside utility room with sink,cabinets & W/D included. Shutters on many windows.2.5 car garage.Expansive 11, 891 square foot lot provides endless possibilities for creating your outdoor oasis.Save on utilities with Solar.Quality furnishing available separate.
5040 E Boulder Canyon Drive
Cornville, AZ 86325
$629,000
3
Beds
2
Baths
2,280
SqFt
Status
Active
MLS #
6786483
Property Type
Single Family Residence
Price Type
--
Stunning Modern Retreat in a Northern Arizona Golf Course Community! Welcome to your dream home in the gated community of Amante at Verde Santa Fe, where luxury meets comfort in the heart of the Verde Valley. This meticulously upgraded residence, built in 2020 and originally the builder's home, is designed with a focus on elegant detail and functionality, offering a bright and spacious sanctuary that perfectly balances style and practicality. As you step through the grand foyer, you'll be greeted by soaring ceilings and an abundance of natural light that flows throughout the open floor plan. The home is a 3 bedroom, 2 bath with 2,280 square feet. The design features high ceilings, recessed lighting, designer interior paint with a cosmopolitan open floor plan. The heart of the home boasts a cozy fireplace creating a warm and inviting focal point for gatherings. The kitchen is perfect for culinary enthusiasts! This chef-inspired kitchen is equipped with a sleek 5-burner gas stove with modern hood and high-end smart appliances. Enjoy the convenience of pull-out shelves in the maple self-closing cabinetry, complemented by long lasting Corian countertops. The breakfast bar with hanging lights provides a casual dining option along with an oversized nook area. The kitchen floors are luxury vinyl plank flooring adding both style and durability. Retreat to the large and private primary suite, a true oasis featuring a spacious walk-in closet and a private entrance to the expansive laundry room, complete with ample countertop space, cabinets, and a convenient water basin sink. The en-suite bathroom is a true masterpiece, boasting dual vanities, a large tile walk-in shower with a built-in seat, and a Toto Neorest toilet for the ultimate in comfort and convenience. Generously sized guest bedrooms offer flexibility, with the third bedroom featuring double doors, making it ideal for use as a den or office. The guest bedroom is equally impressive, with a large and long deep closet. The guest bathroom showcases a wide soaking tub and thoughtful design elements, including self-closing vanity drawers. Additional highlights of this sophisticated home include deep linen and hall closets, designer interior paint throughout, and plush carpeting in the bedrooms. The home's orientation ensures a welcoming North-facing front and a sunlit South-facing backyard, perfect for outdoor enjoyment. The property is equipped with gutters on all four sides, a rain barrel in back and a new irrigation system installed for the newly planted flourishing trees and plants. As a resident of Amante, you'll have access to a membership offering a luxurious clubhouse, refreshing pool, and relaxing spa, all while being just 20 minutes away from the breathtaking landscapes of Sedona. The entire home has an Aquasana water filtration system, a tankless hot water system, and all appliances are includedsuch as a nearly new front-loading washer and dryer, this home is truly move-in ready. Don't miss your chance to own this contemporary and sophisticated residence in a serene golf course community, complete with an attached spacious two-car garage and a durable tile roof. Clean air and stunning views await. Experience the lifestyle you've always dreamed of.