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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20340 N Canyon Whisper Drive
Surprise, AZ 85387
$615,000
3
Beds
2.5
Baths
1,950
SqFt
Status
Active
MLS #
6769126
Property Type
Single Family Residence
Price Type
--
One of the most coveted models in The Grand. Borgata offers a split bedroom floorplan. In addition this home has a detached casita with a 256 sq. ft. guest quarters. As you enter the paver extended patio courtyard, you will instantly feel the privacy ready for your enjoyment. As you enter the front you will feel the openness of the expanded Arizona room complete with gas fireplace. Granite counters in the kitchen.
8720 N 182nd Lane
Waddell, AZ 85355
$615,000
6
Beds
3.5
Baths
4,067
SqFt
Status
Active
MLS #
6775498
Property Type
Single Family Residence
Price Type
--
Beautiful spacious home located in a lovely neighborhood near the mountains, yet still close to the freeway and shops! This beautifully updated home features a brand new patio slider that opens to a spacious backyard complete with a new hot tub, perfect for unwinding. Inside, enjoy fresh paint and updated flooring throughout, creating a modern and inviting atmosphere. The massive master suite provides a peaceful retreat, complemented by very large additional bedrooms. A bonus den and separate office space offer endless possibilities for work, play, or relaxation. Don't miss out on this one!
5418 N Annie Court
Litchfield Park, AZ 85340
$615,000
4
Beds
2.5
Baths
2,961
SqFt
Status
Active
MLS #
6780462
Property Type
Single Family Residence
Price Type
--
Welcome to Luxury Living. Move-in ready NOW - NO waiting on construction delays or dealing w/the dust/noise, and the enormous expense of Professional Landscaping & Costly Builder upgrades. Ready to Enjoy today & Priced Competitively to Sell. This home checks every one of your boxes on your wish list: Custom Sparkling Pool w/Calming Sheer decent water feature, Gas Fire Pit w/ seating area, Low maintenance Lush Extensive/Expensive/inviting landscape w/Mountain Views on a 1/4 acre lot! 3000 sqft, Single level, 3 car-garage on a quiet/friendly corner cul-de-sac lot. Split floorplan, Great Room living for Family & Entertaining Friends. Upgraded Kitchen w/Gas cooking, Extended/Upgraded Cabinetry. HUGE Primary bedroom en-suite that includes His/Her Closets, soaking tub & Walk in Snail shower
2629 W Quick Draw Way
San Tan Valley, AZ 85144
$615,000
4
Beds
2.5
Baths
2,498
SqFt
Status
Active
MLS #
6780392
Property Type
Single Family Residence
Price Type
--
THE HOME YOU'VE BEEN WAITING FOR! This dream home features Elegance, pride in ownership, a backyard oasis & upgrade throughout! Enjoy your spacious home which includes 4-bedroom's, a 3-car garage, RV gate, Interior boasts an inviting living & dining room, wood-look flooring, and tall vaulted ceilings that add to the airy feel. Desirable great room bathed in natural light is perfect for hosting lively get-togethers. Open-concept kitchen provides recessed lighting, abundant cabinetry, stainless steel appliances, quartz counters, a center island with a breakfast bar, subway tile backsplash, and a walk-in pantry. You'll surely love the spacious main retreat, showcasing an ensuite with dual sinks, an enclosed glass shower, and a walk-in closet. The backyard Oasis is every homeowner's dream! Oversized backyard won't disappoint, offering a covered patio, gazebo, storage shed, and a sparkling pool with water features. Seize the opportunity while it's still available!
6979 S Wilson Drive
Chandler, AZ 85249
$615,000
3
Beds
2
Baths
2,137
SqFt
Status
Active
MLS #
6787032
Property Type
Single Family Residence
Price Type
--
Welcome Home to this gorgeous single-level, move-in-ready home in South Chandler. As you enter through the custom steel security screen and front door you are greeted with a neutral color palate, clean lines, and a view straight through to the backyard. This well-cared for two-owner home features a large master bedroom and bathroom with a walk-in closet, water closet, dual sinks, and a separate tub and shower. This master bedroom is split from the 2 guest bedrooms that are located on the opposite side of the house. The flex room, located near the front entrance, offers endless options. The beautiful kitchen has been updated with stainless steel appliances, freshly painted white cabinets, and has reverse osmosis water at the kitchen sink. The cozy gas fireplace is the perfect addition this Welcome Home to this gorgeous single-level, move-in-ready home in South Chandler. As you enter through the custom steel security screen and front door you are greeted with a neutral color palate, clean lines, and a view straight through to the backyard. This well-cared for two-owner home features a large master bedroom and bathroom with a walk-in closet, water closet, dual sinks, and a separate tub and shower. This master bedroom is split from the 2 guest bedrooms that are located on the opposite side of the house. The flex room, located near the front entrance, offers endless options. The beautiful kitchen has been updated with stainless steel appliances, freshly painted white cabinets, and has reverse osmosis water at the kitchen sink. The cozy gas fireplace is the perfect addition this time of year not just for ambiance but to quickly heat the house as well. Throughout the house you'll notice all new door hardware, faucets, light fixtures, baseboards, and electrical outlets. In 2022, two brand new AC units were installed followed by new interior and exterior paint, new carpet and baseboards, and a new 50-year roof in 2023. In 2024, the seller replaced the sunscreens and backyard irrigation. He also added artificial grass to the front yard. The 3-car split garage offers flexibility and includes side-mounted electric openers with battery backup that control insulated doors, tons of electrical outlets, built-in storage, and access to the attic and the backyard. When entering the backyard from the family room or master bedroom you'll find a covered patio with epoxy-coated stamped concrete and an electric rolling shutter perfect for hot summer evenings, cold winter mornings, and those dirty summer haboobs. Past the patio, you'll find beautiful green grass and a mixture of trees, shrubs, and rocks. If that's not enough, this home also includes Ring security devices, a washer & dryer, and all kitchen appliances. The only things you'll need to make this home yours are furniture and clothes. Welcome Home.
2747 N Fairview Drive
Flagstaff, AZ 86004
$615,000
2
Beds
2
Baths
1,476
SqFt
Status
Active Under Contract
MLS #
6785006
Property Type
Townhouse
Price Type
--
HURRY! These golf course lot Townhouses don't come on the market that often. This is your opportunity to own a home in the popular Continental Country Club community. Literally step off your back deck onto the golf course, located adjacent to the 9th green. Also, a very short walk to all the amenities, pool, pickle ball & tennis courts, golf shop, fitness center, including remodeled - The Oakmont restaurant. HOA membership includes the Bear Paw Recreation Center. In 2021 new roof and remodeled kitchen with stainless steel appliances, white cabinets and granite countertops and luxury vinyl tile. Sit and relax on your private deck or from the inside next to your cozy fireplace, while enjoying the beautiful panoramic golf course and mountain views. Vaulted ceilings! Furnished! Hiking trails!
8949 W San Juan Avenue
Glendale, AZ 85305
$615,000
3
Beds
3
Baths
2,428
SqFt
Status
Active
MLS #
6784692
Property Type
Single Family Residence
Price Type
--
Just 1.8 miles from the vibrant Westgate Entertainment District. This beautiful 2,428 SF Fifth Ave Floor Plan is upgraded with over $60,000 in enhancements, Home features include a Wi-Fi-connection a dual-zone AC unit w/independent smart thermostats, Custom Window Treament, Owner Suite has Custom Closet. Custom Floor to ceiling master bedroom shelving Custom drying rack in laundry room Custom pottery barn drapery on first floor, Automatic shade in loft area Complete black out shade in secondary bedroom (perfect for family with young children) Floor to ceiling tile sauna like shower, Soft water System - TOO MANY UP GRADES to MENTION *Come see this home* This Premiun corner Pool Size Lot is next to the green belt with only 1 neighbor The backyard is a blank canvas, offering you the unique opportunity to design and create your own private oasis. Just 1.8 miles from the vibrant Westgate Entertainment District. This beautiful 2,428 SF Fifth Ave Floor Plan is upgraded with over $60,000 in enhancements, Home features include a Wi-Fi-connection a dual-zone AC unit w/independent smart thermostats, Custom Window Treament, Owner Suite has Custom Closet. Custom Floor to ceiling master bedroom shelving Custom drying rack in laundry room Custom pottery barn drapery on first floor, Automatic shade in loft area Complete black out shade in secondary bedroom (perfect for family with young children) Floor to ceiling tile sauna like shower, Soft water System - TOO MANY UP GRADES to MENTION (See Document Tab.) This 3-bedroom home also includes an office (convertible room), a loft, and 2.5 baths, offering plenty of space for family & friends.The Sellers are moving to be closer to family after recently welcoming their first newborn. Don't miss out on this rare opportunity to own a beautifully upgraded brand new home that has Never had Pets, be the 1st, in a prime location! This one won't Last. ALL Wonderfully upgraded Appliances Stay
8858 E Dahlia Drive
Scottsdale, AZ 85260
$615,000
3
Beds
2
Baths
1,349
SqFt
Status
Active
MLS #
6787958
Property Type
Single Family Residence
Price Type
--
This beautiful remodeled 3 bedroom 2 bath home has everything you could ask for including being listed in the coveted 85260 zip code. The home was recently remodeled with new counters, cabinets, appliances, ceiling fans, fixtures, front door, artificial turf, RO System and canned lights. New HVAC system in last 2 years! The floor plan is open and well designed with vaulted ceilings. Covered patio and beautiful backyard! Enjoy the community park, pool & tennis courts, bike and walking paths. Perfect location, just minutes from the 101, shopping and great restaurants.
2724 W Blue Eagle Lane
Phoenix, AZ 85086
$615,000
4
Beds
2
Baths
2,079
SqFt
Status
Active
MLS #
6787668
Property Type
Manufactured Home
Price Type
--
This beautiful 4 bedroom, 2 bath home with NO HOA has over 2,000 sq ft and a perfect blend of functionality, comfort, and breathtaking natural beauty. Nestled on over an ACRE of land, in a serene location with captivating mountain views, this property also has an INSULATED 6+ CAR GARAGE (1500 SF) with ample room for vehicles, storage or WORKSHOP! Inside, the home features a split floor plan with each of the 4 bedrooms having a walk-in-closet providing amazing storage space. The kitchen counters have 4 full slabs of granite (no seams) providing tons of counter space, with a large center island and is complimented by a large dining room and family room with new flooring throughout. This home is truly a rare find. Only 3 houses on this street, so no through traffic. Solar tubes add even more natural light. House has u-shaped/half circle drive with lighted posts on each end. See today and experience all it has to offer.
4257 E County Down Drive
Chandler, AZ 85249
$615,000
5
Beds
3
Baths
2,376
SqFt
Status
Active
MLS #
6771098
Property Type
Single Family Residence
Price Type
--
It's a Beauty! Spectacular T.W. Lewis designed 5 FULL Bedroom/ 3 FULL Bath single level home on corner lot in Chandler's highly soughtafter community, Sun Groves. You'll love this split floor plan model with two master suites-perfect for the extended family. Kitchen boasts lovely white quartz countertops w/complimentary cabinets (including a coffee bar!), stainless steel appliances, pantry and island. Large dining space. Oversized primary suite with separate tub & shower, walk-in closet and private exit to Entertainer's Dream backyard. Cool off in your sparkling play pool and enjoy starlight evenings in spacious 10x10 Gazebo. Parking galore with extended driveway pavers plus RV gate opens to 42'x16' concrete pad.. bring your toys! Awesome Mustang Park is right across the street! WOW! Mustang Park offers a picturesque setting for walkers and runners alike. With its well-maintained trails and scenic surroundings, the park is an ideal location for outdoor activity enthusiasts. Whether you enjoy walking, running, or engaging in various sports activities, Mustang Park has something to offer for everyone. The park features essential amenities such as leisure playgrounds and shelters, providing a comfortable and enjoyable experience for visitors. Additionally, sports facilities including basketball and beach volleyball courts are available, catering to those looking for more active pursuits. If you are looking for a place to engage in walking, running, or other outdoor activities, Mustang Park in Chandler is the perfect destination to enjoy a fulfilling and rejuvenating experience.
14035 S 35th Circle
Phoenix, AZ 85044
$615,000
4
Beds
2
Baths
1,800
SqFt
Status
Active
MLS #
6778875
Property Type
Single Family Residence
Price Type
--
Welcome to this beautiful four-bedroom, two-bath home in the highly sought-after Mountain Park Ranch! Nestled on an oversized cul-de-sac lot, this property boasts an entertainer's dream backyard with a fenced pebble tech swimming pool, extended paver patio, and a spacious grassy area perfect for outdoor fun. Inside, the open floor plan creates a warm and inviting space, with a split-owner suite offering privacy and comfort. The kitchen features an island with a breakfast bar, ideal for morning gatherings. Recent updates include durable, waterproof wood-look vinyl plank flooring and fresh paint throughout. This family-friendly home is conveniently located within walking distance of top-rated schools, dining, shopping, and entertainment. A must-see gem in a fantastic neighborhood!
1325 E Monte Vista Road
Phoenix, AZ 85006
$615,000
3
Beds
3
Baths
1,155
SqFt
Status
Active
MLS #
6787609
Property Type
Single Family Residence
Price Type
--
Discover this very rare 3-bedroom, 3-bath darling bungalow in the Coronado Historic District. Built in 1939, this great home is nestled in a great neighborhood. Inside, you'll find a split floor plan with separate dining, original coved ceilings in the main living area, and stained concrete floors throughout. The kitchen has been refreshed with new appliances, new disposal and new faucet. Two of the bedrooms include ensuite baths and all three bathrooms have been completely remodeled, including plumbing, all new fixtures, tile, and toilets. Newer electrical and insulation. The large backyard features a covered patio, firepit, alley access, and a storage shed. Front and back yard have been overseeded with winter grass. This is not a flip but a fantastic remodel! Must see, you'll love it.