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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28428 N 65th Lane
Phoenix, AZ 85083
$638,000
5
Beds
3
Baths
3,184
SqFt
Status
Active
MLS #
6780195
Property Type
Single Family Residence
Price Type
--
Come by and tour this weekend! Virtual tour available. Beautiful Maracay home located in Summit at Boulder Mountain North. This fabulous home features a 3 car wide garage plus a 4th tandem garage with full access door to the back yard. Downstairs guest bed/office and full bath on the main level. Walk in closets in generous secondary bedrooms. Extended covered patio. Kitchen boasts beautiful cherry cabinets, granite kitchen counter tops , SS steal appliances , double oven and gas cooktop with brushed nickel fixtures. Virtual tour available please request the link.
5771 W Cinder Brook Way
Florence, AZ 85132
$637,500
3
Beds
2.5
Baths
2,590
SqFt
Status
Active
MLS #
6777576
Property Type
Single Family Residence
Price Type
--
JOURNEY TO RESORT STYLE LIVING w/ Private heated POOL & SPA!! Only the best w/ over $130k in builder upgrades featuring a Private Courtyard w/beautiful iron security gate & ornate glass door to designer tile entry & Plantation Shutters, Den w/ gorgeous French Doors, Chef Lux kitchen w/ Gas Cooktop & dbl ovens, Luxurious Black Stainless built-in appliances, u/c lighting, Pendant lighting over a spacious unpolished Granite Island, soft close staggered raised panel cabinets w/ Pots & Pans drawers, pull outs, tiled backsplash, spacious walk-in pantry & Butler's pantry. Owner's Suite features bowed window, stunning walk-in tile shower & Granitex vanities. 2 Guest Bedrooms w/ shared en-suite. Extended Patio w/ Pergola, Private Pool w/ Water Feature & Spa! Poston Butte Golf Course & Grille!!!
2201 N Iowa Street
Chandler, AZ 85225
$637,400
4
Beds
3
Baths
2,408
SqFt
Status
Active
MLS #
6775852
Property Type
Single Family Residence
Price Type
--
Brand New Home Alert! Welcome to Arbor Square, where luxury and convenience meet in the heart of Downtown Chandler. Nestled within walking distance to the vibrant Downtown Chandler Entertainment District, our community provides the perfect balance of urban living and peaceful escape. Each home at Arbor Square boasts top-of-the-line amenities, designed with your comfort and convenience in mind. From elegant quartz countertops to luxury vinyl plank flooring, every detail has been carefully selected to provide you with a high-end yet modern living experience. Our homes also feature pre-wiring for EV chargers, making it easy for you to stay connected and eco-friendly. Our community is designed to give you all the perks of luxurious living without the hassle of upkeep. Experience the best of urban living in a peaceful and modern setting at Arbor Square. Come find your perfect home today! *HOA Fees are an estimate today, the builder has a conditional public report. Photos are of the builder's model of a similar floor plan, actual home is under construction. Contact listing the agent for additional incentives. Agents Must accompany their clients upon their first visit.
7933 E Queensborough Avenue
Mesa, AZ 85212
$637,370
4
Beds
3
Baths
2,358
SqFt
Status
Active
MLS #
6783391
Property Type
Single Family Residence
Price Type
--
MLS#6783391 February 2025 Completion! The Paisley is a thoughtfully designed 2-story floorplan offering 2,358 sq. ft. of living space with 4 bedrooms, 3 bathrooms, a loft, and a 2-car garage. Perfect for hosting guests, the main level features a private bedroom and an open-concept great room, dining area, and kitchen that flow seamlessly into the outdoor living space, ideal for entertaining or relaxing. Upstairs, the versatile loft can be transformed into a playroom, home office, or secondary living area. The primary suite includes a walk-in closet and dual sinks for added convenience. We're confident you'll love calling the Paisley home! Structural options include: gourmet kitchen, soft water loop, pavers on porch and driveway.
4304 Stage Stop Way
Wickenburg, AZ 85390
$637,000
2
Beds
2
Baths
1,969
SqFt
Status
Active
MLS #
6742345
Property Type
Single Family Residence
Price Type
--
Discover the epitome of modern elegance in this nearly new Cypress model in Wickenburg Ranch. Meticulously updated with luxurious features, this home boasts fresh flooring in bedrooms and closets, a sleek gourmet kitchen with a large island, and a stunning sliding glass wall that opens to an expansive outdoor patio and backyard retreat. Enjoy outdoor living at its finest with a BBQ island and cozy firepit, all while backing to a serene wash for added privacy. With PAID SOLAR and a 3 CAR GARAGE, this home combines roominess and sustainability seamlessly.
6411 S River Drive Unit 10
Tempe, AZ 85283
$636,477
2
Beds
2.5
Baths
2,589
SqFt
Status
Active
MLS #
6759930
Property Type
Townhouse
Price Type
--
Remodeled 2 bed 3 bath townhome in the Cottonwoods Community of 68 homes. This home has an open floor plan, lots of light, high ceilings, & lots of space for entertaining. Both bedrooms have en-suites & walk-in closets. New LVP flooring in traffic areas, new carpet in bedrooms and loft & new baseboards. Interior hardwood doors, new canned lighting, new interior & exterior paint. The kitchen has lots of counter space, hardwood cabinet doors & stainless appliances. There is a fireplace, bed 2 has a walkout patio, loft has an exterior Juliet balcony, & lots of storage. The backyard is large and updated, including new exterior wall paint & gate. Close to freeway, shopping & short drive to airport.
16978 W Canterbury Drive
Surprise, AZ 85388
$636,461
3
Beds
3.5
Baths
2,870
SqFt
Status
Active
MLS #
6728478
Property Type
Single Family Residence
Price Type
--
MLS #6728478 February 2025 Completion! Discover The Shire, a single-story floor plan in Paradisi Venture II. This home offers 2,870 sq. ft. with 3 bedrooms, 3.5 bathrooms, a 3-car split garage, and a study. Each bedroom has its own en suite bathroom, providing separate spaces for kids and guests. The open layout of the gathering room, kitchen, and dining room forms the heart of the home, perfect for hosting gatherings or family game nights. Create lasting memories, whether it's a cookout with friends or quality time with family. The owner's suite includes a spacious walk-in closet, split vanities, and a generous shower. Structural options include: interior door at laundry, gas line for future outdoor kitchen, garage service door, and chef's kitchen.
20941 E Via Del Sol Street
Queen Creek, AZ 85142
$636,237
4
Beds
3
Baths
2,537
SqFt
Status
Active
MLS #
6736382
Property Type
Single Family Residence
Price Type
--
WOW - PRICE REDUCED $7,500. IN ADDITION, SELLER CONSESSION AVAILABLE TOWARDS CLOSING COSTS OR RATE BUYDOWN with Rates as Low as 3.875% on this Quick Move-In Home When Financing Thru Builders Preferred Lender(s). Beautiful Cul-de-sac Home Located close to Queen Creek Market Place Shopping, Dining & Entertainment with Community Parks, Tot Lots, BBQ's, Basketball Courts, Soccer Field and Just Steps to the 8-Mile Walking Trail. All Appliances Including Stainless Refrigerator, Stainless Gas Cooktop, Dbl Wall Ovens, Microwave, Dishwasher, White Washer/Dryer. Too Many Beautiful Upgrades to List Here. Primary & Two Secondary Bedrooms Upstairs. One Secondary Bedroom and Full Bath Downstairs. Don't Wait, Come See This Home Today
14655 N Kings Way
Fountain Hills, AZ 85268
$636,000
2
Beds
2
Baths
1,267
SqFt
Status
Active
MLS #
6784020
Property Type
Single Family Residence
Price Type
--
BACK ON MARKET: Don't miss this cute 2 bedroom, 2 bath detached home plus bonus room in the Courtside Villas community. Features include vaulted ceilings, sliding doors to large covered back patio, private pool with water feature. Backyard is super private as it backs to a wash area. Kitchen features granite counters, SS Fridge & Stove and is open to the dining & living room. The Living room also has wood burning fireplace. Bonus room is currently being used as an office/den but could be used as a game room or Formal dining. You have options! Inside laundry room, attached garage with direct access. Home sits in the back of the community so super quiet. Perfect for lock & leave or full time residence.
23176 W Skinner Road
Wittmann, AZ 85361
$635,000
4
Beds
2
Baths
2,242
SqFt
Status
Active
MLS #
6731535
Property Type
Single Family Residence
Price Type
--
Highly upgraded 4 bedroom 2 bath 3 car garage on an Acre lot! NO HOA! Located at the end of a nice road, with tons of room to ride your horses dirt bikes ect... This Beautiful home comes with Quartz counter tops, large center island, tile backsplash, built-in microwave, stainless steel hood, 8' doors and 4'' baseboards, designer tile and upgraded lighting. Split floor plan, 2 walk-in closets in Master.. Located in a very nice area just minutes from Surprise and Wickenburg.
7639 W Nosean Road
Peoria, AZ 85383
$635,000
3
Beds
2
Baths
1,982
SqFt
Status
Active
MLS #
6741345
Property Type
Single Family Residence
Price Type
--
MLS#6741345 Ready Now! The Iris is a 1-story home with 1,982 sq. ft., featuring 3 bedrooms, 2 bathrooms, a 2-car garage, and a flex room. As the only single-story floor plan at Aloravita South Discovery, it stands out for its thoughtful design. The foyer leads to a hallway with secondary bedrooms and a full bathroom. The open kitchen, casual dining area, great room, and flex room create a welcoming living space. The private covered patio is perfect for enjoying Arizona weather. The primary suite offers a private bathroom with double sinks and a spacious walk-in closet, making it the perfect retreat.
16528 W Isleta Court
Surprise, AZ 85387
$635,000
2
Beds
2.5
Baths
2,300
SqFt
Status
Active
MLS #
6677181
Property Type
Single Family Residence
Price Type
--
Welcome to this 2300 sq/ft furnished, Mission model home located in Sun City Grand (The Grand) a 45+ Active Adult Resort Style Community. Open site-lines are evident upon entering into the great room w/gas fireplace and picture windows. A Large Updated Kitchen with 2 Breakfast /Entertaining Bars with An Expanded Island & Granite Counter tops, S/S Appliances, Roll-out shelves, Large Pantry & plenty of Cupboard storage. Large Dining Space with Bay Window Overlooking the Pool. A Nice sized Office/Den with Built-in Double Desks w/large window situated between the Primary Suite & the Private Guest Suite. Master bath has a large shower, Double Sinks & Large Walk-in closet. The Party begins upon entering the Outdoor Covered Patio w/ Pebbletec pool & Baja Deck, Gas Grill, & Patio Seating that create an Entertainer's Delight! Home also boasts a Large Laundry room w/ storage; Powder Bath; a Second Dining area; Ceiling Fans throughout; Central Vacuum; Soft Water. The Leased Solar Panels (non-escalating transferable lease), HVAC (2 units) replaced in 2017, Hot Water Tank replaced in 2020, installation of Patio Misters in 2020, and the 2-Car Garage plus Golf Cart Garage!! Low cost nonescalating solar is $106.30 per month. The Grand is home to 4 championship Golf Courses, 2 Rec Centers, 5 pools, spas, 2 Large Exercise Rooms, Indoor Walking Track, Auditorium, the New Maple & Rye Restaurant, Banking, CVS Pharmacy, along with activities, trips, clubs and much more. Home is Vacant and Easy to Show. Don't Miss This on Your Tour!