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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12210 N 67th Street
Scottsdale, AZ 85254
$2,398,000
4
Beds
3
Baths
3,015
SqFt
Status
Active
MLS #
6780360
Property Type
Single Family Residence
Price Type
--
2022 FULL UPDATE! AWESOME CACTUS CORRIDOR ( SCOTTSDALE-CACTUS AA++LOCATION-1 ACREA+Lots outside storage for toys! 4 BED 3 BATH-3015 SQ FEET-4 CAR GARAGE CUSTOM POOL, SPORT COURT NO HOA! A $2.5Million dollar HOUSE ( FOR RENT UNFURNISHED AT $7500 MONTH ( NO HOA! ON QUIET STREET ONLY 5 MINUTES TO KIERLAND-QUARTER-100+ RESTURANTS AND 5 MINUTES TO FREEWAY full 2023 update ( new wood plank flooring ( no carpet) new counter-doors-hardware- VAULTED CEILINGS-POOL- SPORT COURT-ROOM FOR RV-BOAT-TRAILERS- HAVE $4M NEXT DOOR AND $4.5M ACCROSS STREET- ALONG WITH POOL SETUP HAS SPORT COURT LOTS STORAGE FOR RV OR BOAT POSSIBLE LEASE PURCHASE $2.5 MILLION CAN DO LONG TERM LEASE 1-5 YRS NEWER ANDERSON WINDOWS THROUGHT HOUSE!! THE COMPS WITHIN 5 BLKS ARE $4.2M TO $8M. THIS IS LIKE PV BUT SAVE!
37200 N Cave Creek Road Unit 1111
Scottsdale, AZ 85262
$2,397,900
4
Beds
4.5
Baths
2,631
SqFt
Status
Active
MLS #
6438273
Property Type
Townhouse
Price Type
--
Brand new construction! Spectacular lower level unit. 2,631 sq. ft., 4 beds, 4.5 baths, 2 car garage with golf cart/storage area. The 4th bedroom has a separate entrance from the home and can be used as a guest casita, giving your guests their own privacy! This unit has an expansive covered patio and another off the Primary bedroom. The covered patio off the great room has an outdoor fireplace with stunning mountain and golf course views. Retracting doors optimize your outdoor enjoyment with plenty of room for indoor/outdoor entertaining. Great room features gas fireplace and an enlarged picture window to capture the babbling brook of the Seven golf course. Steps away from the clubhouse. Ready Now! DM approval and Membership required. Avoid the wait list!
13735 E Brookhart Way
Scottsdale, AZ 85262
$2,395,950
5
Beds
4.5
Baths
4,609
SqFt
Status
Active
MLS #
6756479
Property Type
Single Family Residence
Price Type
--
Indulge in the epitome of opulence w/ this exceptional 5 bed 4.5 bath + bonus/media room where every detail is meticulously curated. Step inside to 14ft ceilings & custom lighting throughout. Gourmet kitchen equipped w/ Subzero & Wolfe appliances & extended island. Breathtaking views of mtns every angle. Seamless indoor-outdoor transition w/ 20ft pocket door leading to resort-style backyard feat. putting green & hot tub cascading into oversized, nearly Olympic pool. Entertain by fire pit & keep refreshments handy w/ outdoor refrigerators. 4 car garage w/ epoxy floor & gated storage complements the functionality of this dream home. Beyond luxurious interiors, embrace proximity to nature w/ easy access to trails & nearby forest for outdoor adventures. True haven of extraordinary comfort!
3060 S 3010 --
Colorado City, AZ 86021
$2,395,400
3
Beds
2
Baths
1,666
SqFt
Status
Active
MLS #
6669780
Property Type
Single Family Residence
Price Type
--
Don't miss out on this 479 acre high-desert grassland ranch. Property features 3 BR main house (needs fix up) w/2-car garage & storage, beautiful new Tiny House, huge metal barn & equipment shed. The barn has 3 separate bays, (two 10x14 & one 14x14) roll-up doors, horse stalls, lg. loft for extra storage & electricity. Beautiful Tiny House features spacious living RM/kit. combo w/range-oven, dishwasher, B/I micro, dining area, utility room & 3/4 bathroom downstairs; upstairs features a spacious bedroom, 1/2 bath & spectacular views. 2 wells - one at pump house w/solar & wind mill; the other east of knoll w/solar (fills two 1k gallon tanks on knoll). All this on 479 acres makes this a can't-miss purchase. This sale includes 2 contiguous parcels: 405-53-012 & 405-55-004. Farm equipment... ...available in a separate bill of sale.
5000 E Camelback Ridge Road Unit 204
Scottsdale, AZ 85251
$2,395,000
1
Bed
2
Baths
1,698
SqFt
Status
Active
MLS #
6784595
Property Type
Townhouse
Price Type
--
Welcome to a one-of-a-kind opportunity to own a brand-new luxury condominium nestled within the exclusive Phoenician Resort. This stunning residence combines timeless elegance, high-end finishes, and breathtaking views of Camelback Mountain and city lights. This spacious 1-bedroom + den, 2 full bath home is thoughtfully designed for modern living. An open great room concept features 10' ceilings and expansive walls of glass, flooding the space with natural light and creating a seamless connection to the outdoors. A cozy gas fireplace adds warmth and sophistication to the living area, making it the perfect place to relax or entertain. The Provenza wide-planked oak floors throughout provide a warm and luxurious feel, while the gourmet kitchen—crafted by Bulthaup—is a chef's dream. Complete with sleek glass backsplashes and top-of-the-line Wolf and Sub-Zero appliances, this space is as functional as it is beautiful. The luxury extends to the bathrooms and laundry, which are outfitted with high-end finishes for a sophisticated touch. Step onto the expansive private patio, where a built-in BBQ creates an ideal space for outdoor dining or simply enjoying the serene views. This residence truly blurs the line between indoor and outdoor living. As part of the Phoenician lifestyle, you'll enjoy access to the exclusive Mountain Club, featuring a party room, fitness and movement center, resort-style pool, and a rooftop deck with panoramic views. Additional conveniences include two parking spaces in the secure garage, complete with an E-charging station.
20619 E Pummelos Road
Queen Creek, AZ 85142
$2,395,000
4
Beds
3.5
Baths
4,413
SqFt
Status
Active
MLS #
6772835
Property Type
Single Family Residence
Price Type
--
MODERN, SOPHISTICATED, and UNIQUE! Toll Brothers has done it again. This remarkable 4 bedroom 3.5 bath home with TWO HOME OFFICES, seamlessly blends luxury and practicality, creating the perfect setting for elegant living in the highly sought after gated community of Bridle Ranch community. This luxury kitchen is designed to impress, featuring top-of-the-line appliances and elegant details throughout. At the heart of the space is a Wolf double oven with a 6-burner cooktop plus a griddle, pot filler above and Wolf built in hood. The expansive kitchen island is crowned with a stunning custom chandelier, making it a striking focal point for gatherings. Experience the ultimate in indoor-outdoor living with this stunning great room featuring a pocket slider, allowing fresh air and natural light to flood the room. Perfect for hosting gatherings, offering a versatile layout that brings the beauty of the outdoors into your everyday living. The spacious primary suite offers the ultimate retreat with a cozy fire feature, perfect for unwinding. The luxurious bathroom boasts a soaking tub, dual vanities on opposite sides for added privacy, and a pass-through shower with two shower heads for a spa-like experience and not one, but two walk-in closets! Step outside and indulge in a unique blend of luxury and relaxation with the rain shower feature cascading into the outdoor pool like you've NEVER SEEN BEFORE. This serene element creates the soothing sensation of a gentle rainfall, transforming the pool area into a tranquil retreat. Whether you're taking a refreshing dip or simply lounging poolside, the soft droplets from the overhead rain shower enhance the ambiance, making every moment feel like a spa getaway. Perfect for unwinding after a long day or hosting guests, this elegant touch elevates outdoor living to a whole new level of relaxation and enjoyment. Featuring five backyard fireplaces, creating warm and inviting spaces to gather under the stars. The landscape is surrounded by 100+ lush trees/shrubs, offering privacy and a tranquil ambiance. A modern garden adds beauty and serenity, seamlessly blending nature with contemporary design. The outdoor kitchen makes cooking outside a breeze, transforming this space into an entertainer's paradise. Whether enjoying a quiet evening by the fire or hosting a lively gathering, this backyard retreat offers endless opportunities for relaxation and connection. Located near top-rated schools, shopping, dining, and entertainment, this Queen Creek estate offers a luxurious lifestyle second to none!
3014 N 61st Place
Scottsdale, AZ 85251
$2,395,000
5
Beds
5
Baths
4,223
SqFt
Status
Active
MLS #
6776240
Property Type
Single Family Residence
Price Type
--
Unique Barn-Style Beauty in Old Town Scottsdale - A Must-See! Step into a home like no other! This 5-bedroom, 4.75-bathroom, 4,223 sq. ft. barn-style retreat offers the perfect blend of rustic charm and modern luxury, making it a standout in Old Town Scottsdale's vibrant real estate market. Sitting on a generous 11,692sq. ft. lot, this property combines space, style, and comfort, offering a one-of-a-kind living experience. The distinctive barn-inspired architecture gives the home a warm, inviting feel, with vaulted ceilings and spacious, open-concept living areas that create an airy, relaxed atmosphere, perfect for entertaining! Each bedroom is thoughtfully designed with ample space and privacy. Expansive backyard featuring pool, large covered patio, putting green, and more! Located just minutes from Old Town Scottsdale's popular shopping, dining, and entertainment, this home provides a rare combination of rustic charm and urban convenience. Available turn key fully furnished.
3941 Griffiths Spring --
Flagstaff, AZ 86005
$2,395,000
4
Beds
5
Baths
3,431
SqFt
Status
Active Under Contract
MLS #
6760121
Property Type
Single Family Residence
Price Type
--
Fully updated, SINGLE LEVEL home with tons of room, natural light and privacy. The open floor plan provides exceptional flow to the kitchen as well as the large back deck. A multi-sided fireplace tops off the ambience of this amazing space. The chef's kitchen is equipped with stainless steel appliances, center island an breakfast bar. The floor plan is well designed with the primary suite tucked away on one side and the other 3 bedrooms on the other. All bedrooms have en-suite bathrooms. In addition, there is a large bonus/game room (could be BR #5) with another full bath. The back deck has both covered and uncovered areas complete with a built-in BBQ and large fenced in area for the kids and separate dog run. Complete with a new roof and central A/C, this home is the complete package.
10822 N 53rd Way
Scottsdale, AZ 85254
$2,395,000
4
Beds
3.5
Baths
4,226
SqFt
Status
Active Under Contract
MLS #
6776349
Property Type
Single Family Residence
Price Type
--
Gorgeous, updated home in quiet, gated community with no short-term rentals. Every room has been redone. Chef's kitchen complete with HUGE center island, bev/wine refrigerator & barstool seating. Subzero/Thermador/Bosch appliances, coffee bar & walk-in pantry with additional cabinets & appliance shelf. Wet bar w/ 2nd wine fridge. Huge secondary bedrooms, split floor plan, 3 living areas, separate office and guest wing as well. 3 car garage w/ XL storage room and separate cedar closet. New flooring in 2023 --no interior carpet. Laundry room provides add'l refrigerator/freezer, built-in desk, and plenty of storage. Backyard has pool, jacuzzi, & lrg grass area. Walk to Mountainside Fitness. Fry's, Costco, Trader Joe's, Whole Foods, Target, Sprouts all within 5 minute drive. A TRUE MUST SEE!
11409 E Bella Vista Drive
Scottsdale, AZ 85259
$2,395,000
5
Beds
4.5
Baths
4,207
SqFt
Status
Active
MLS #
6765602
Property Type
Single Family Residence
Price Type
--
Stunning home with unobstructed sweeping desert views & privacy galore. Camelback Mountain on the horizon, & East Valley city lights at night! Nestled in a Guard Gated Community, freshly painted inside & out, NEW ROOF, & wood-like flooring. Kitchen boasts marble counters, Viking/SubZero appliances, commercial ice maker, warming drawer, prep sink, plus bar area with SubZero bev cooler, opening to a family room with a custom fireplace. The split primary suite offers a luxurious bath, dual vanities, a free-standing tub, & walk-in shower. Guest bedrooms offer ensuite baths. Backyard includes a sparkling pool, fireplace, built-in fire table, & travertine pavers. Amazing community amenities like a pool, spa, & sports courts. Minutes from SR 101, top schools, Basis School, & Scottsdale Airport.
8255 E Vista De Valle --
Scottsdale, AZ 85255
$2,395,000
4
Beds
3
Baths
3,743
SqFt
Status
Active
MLS #
6742702
Property Type
Single Family Residence
Price Type
--
Welcome to a captivating retreat in Pinnacle Peak Country Club, perfectly positioned with breathtaking views of sunset, mountains and the double fairways, overlooking the 7th and 4th holes. This beautifully crafted home offers 4 bedrooms, 3 bathrooms, and a den, all set against a stunning backdrop of saguaro cacti, granite boulders, and ironwood trees. Enter through the elegant leaded glass double doors to be greeted by soaring wood beam ceilings that exude both charm and sophistication. The updated kitchen is a chef's dream, featuring a Wolf induction cooktop, SubZero refrigerator and freezer, Asko dishwasher, wine refrigerator, and a spacious pantry. Waterworks fixtures, including polished and hammered sinks, showcase the meticulous attention to detail throughout this custom home, more Multiple fireplaces add warmth and ambiance to the inviting spaces.This exquisite Pinnacle Peak Country Club home harmonizes quality and timeless design, offering ultimate comfort and charm. The open floor plan, with disappearing patio doors in the great room, seamlessly connects indoor and outdoor living spaces. Enjoy breathtaking sunset, mountain, and city light views over the private golf course. This unique blend of indoor and outdoor living creates an unparalleled experience, making every evening unforgettable.
10040 E Happy Valley Road Unit 286
Scottsdale, AZ 85255
$2,395,000
4
Beds
5.5
Baths
4,745
SqFt
Status
Active
MLS #
6753773
Property Type
Single Family Residence
Price Type
--
IMMEDIATE GOLF MEMBERSHIP AT CLOSE OF ESCROW! Architecturally designed by the late, John Rattenbury of Taliesin Architects, this remarkable home is a work of art in the ''Wright Style.'' A classic example of ''organic architecture,'' the home nestles into the site becoming a natural part of the land. The design of the living area is based on space flow rather than an arrangement of rooms. Located in the private golf and recreation community of Desert Highlands with world class community amenities including the Jack Nicklaus Signature 18 hole golf course, an award winning tennis facility, an owners club house with fine and casual restaurants and a state of the art fitness center.