Last week’s economic reports included S&P Case-Shiller Home Price Indexes, along with readings on new and pending home sales. Recurring weekly reports on mortgage rates and new jobless claims were also released.
Case-Shiller: Pacific Northwest Shows Fastest Home Price Growth
According to the Case-Shiller 20-City Home Price Index for August, home prices in Portland, Oregon and Seattle, Washington grew fastest year-over-year. Portland posted an August index reading of 11.70 percent and Portland followed closely with a reading of 11.40 percent. Denver, Colorado rounded out the top three cities with the fastest rates of home price growth with a year-over-year reading of 8.80 percent. The 20-City Home Price Index rose 0.30 percent year-over-year to 5.30 percent in August.
Low inventory of available homes poses challenges for housing markets, but Case-Shiller reported that the national home price index was 0.60 percent lower than its peak reading in 2006. The 20-City Home Price Index was 7.10 percent lower than the 2006 peak. This provides a positive context for healthy home price growth, but concerns linger about a repeat of the housing bubble that burst and caused home prices to crash.
David M. Blitzer, Chairman of the S&P Index Committee said that a new housing bubble is unlikely. Home buyers are not taking out huge mortgages as was common prior to the Great Recession; mortgage lenders have adopted stricter qualification standards to help ensure that borrowers can afford their mortgages.
New Home Sales Rise in September
Sales of new homes rose to a seasonally-adjusted annual rate of 593,000 sales in September according to the Commerce Department. Although lower than analysts’ expected reading of 600,000 sales, September’s reading surpassed August’s reading of 575,000 sales. August’s reading was downwardly revised from its original reading of 609,000, which suggests that new home prices are growing at a slower rate than expected.
High demand for homes boosted September’s reading for pending home sales, which represents homes under contract for sale that have not closed. Pending home sales increased in September with a reading of 1.50 percent growth as compared to August’s negative rate of -2.50 percent. Pending home sales provide indications of future completed sales and mortgage loan volume.
Mortgage Rates Rise, New Jobless Claims Fall
Mortgage rates were lower last week according to Freddie Mac’s Primary Mortgage Market Survey. The average rate for a 30-year fixed rate mortgage fell five basis points to 3.47 percent; rates for a 15-year fixed rate mortgage averaged 2.78 percent, which was one basis point lower than the prior week’s reading. The average rate for a 5/1 adjustable rate mortgage was also one basis point lower at 2.84 percent. Average discount points were 0.60, 0.50 and 0.40 percent respectively.
In spite of growth in home prices and volume of sales, consumer confidence slowed in October. October’s index reading of 98.60 as compared to an expected reading of 101.00 and September’s reading of 103.50. Analysts said that uncertainty over the upcoming presidential election contributed to October’s lower reading.
What’s Ahead
Next week’s scheduled economic reports include readings on inflation, construction spending core inflation, and labor reports. Non-farm payrolls, ADP employment, national unemployment rates will also be released. Freddie Mac’s mortgage rates report and new jobless claims will also be released.
Click Here to See What Your Home is Worth
3182 Rising Sun Ridge
Wickenburg, AZ 85390
$1,249,000
3
Beds
3.5
Baths
2,724
SqFt
Status
Active Under Contract
MLS #
6739253
Property Type
Single Family Residence
Price Type
--
This beautiful Latigo model home has everything to offer. It starts with a beautiful court yard featuring a wood burning fireplace and separate Casita. The inside of this home has numerous upgrades including stunning granite counters, Split Primary Vanities, Separate Tub/Shower and 2 walk in closets, 2 guest ensuites, powder room, den and accent ceiling beams. Even with all the interior upgrades there are even more out back! The 500 sq ft patio has electric shades to enclose the area giving you a secluded out door space. This stunning lot sit on Hole 4 of the Championship course with fairway and water views. Come see your dream home, and I mean DREAM home. Look for additional pictures coming soon.
32619 N 64th Street
Cave Creek, AZ 85331
$1,248,000
4
Beds
3
Baths
3,281
SqFt
Status
Active
MLS #
6769292
Property Type
Single Family Residence
Price Type
--
Nestled on over an acre of serene land with breathtaking mountain views, this stunning 4-bedroom, 3-bathroom home offers the perfect blend of privacy and natural beauty. Enjoy spacious living in a peaceful setting, free from the restrictions of an HOA. Whether you're relaxing in the open living spaces or taking in the scenic views from the large outdoor area, this home provides the ideal retreat. Perfect for those seeking tranquility, room to grow, and a connection to nature, all within easy reach of modern conveniences. Don't miss this rare opportunity!
9845 E Inglewood Street
Mesa, AZ 85207
$1,248,000
5
Beds
3.5
Baths
4,289
SqFt
Status
Active
MLS #
6750670
Property Type
Single Family Residence
Price Type
--
Dream home in gated community of Whisper Mountain! Extraordinary 5-bedroom basement home boasts panoramic mountain views on a huge lot. Resort style property includes a beautiful play pool with built in hot tub, large putting green, RV gate, 3-car garage, and courtyard. Large formal living, dining, and great room on the main floor make entertaining a breeze. Gourmet kitchen is well appointed with Jenn-Air appliances, walk in pantry, granite countertops, large island with bar and an eat in kitchen. Beautiful primary room with large ensuite and direct backyard access offers picturesque desert views. The basement offers extra room for the family with an additional family room with bar, two bedrooms, and a full bath. Motivated sellers w/ concessions available for rate buy down or updating! A finished basement offers a wet bar and space for a media center. Outdoors, enjoy a covered patio, built-in BBQ, fire pit, pool, spa, and stunning mountain views. This home is a haven that won't disappoint. Make it yours today!
7054 E Ingram Street
Mesa, AZ 85207
$1,245,000
5
Beds
3
Baths
3,461
SqFt
Status
Active
MLS #
6717770
Property Type
Single Family Residence
Price Type
--
Welcome to the charming, gated community of Annecy! This executive residence has Incredible curb appeal enhanced with paver steps, stone facade, lush landscaping and low maintenance artificial grass. The split floor plan is perfect for out of town guests or working from home. The open concept living area is perfect for gatherings and features custom built-in cabinetry. A stacked stoned wall is highlighted in the formal dining room. The gourmet kitchen features GE Monogram appliances, gas cooktop, double ovens, expansive island, large pantry, tile backsplash and pullouts. Unwind in the large Owner's Suite which includes dual sinks, tiled snail shower and Jacuzzi tub, complete with an upgraded custom closet from Classy Closets. The backyard is an entertainers dream! You will find a sparkling pool w/ travertine water feature, extended paver patio, artificial grass, fire pit, ramada w/ built-in BBQ and bar. Plenty of room to park your toys behind the RV gate and minutes to Usery Mountain and Saguaro Lake. Garage is pre-wired for an electric car with a 50AMP circuit and one garage is air conditioned for your comfort. This makes it a perfect man cave or workout area! Schedule a showing today of this beautiful property!
18112 N 66th Place
Phoenix, AZ 85054
$1,245,000
4
Beds
3.5
Baths
2,774
SqFt
Status
Active
MLS #
6744507
Property Type
Single Family Residence
Price Type
--
Exceptional opportunity to own a stunning residence in the highly sought-after Paradise Ridge gated community, located in north Phoenix, bordering Scottsdale. This premium view lot backs onto a serene natural desert open area, offering both privacy and breathtaking views. This meticulously designed home features state-of-the-art Smart Home technology that includes upgraded security features, interior lighting, landscape lighting, pool, air conditioning, and sound systems—all easily controlled at your fingertips. With over $100K in builder upgrades, no detail has been overlooked. The interior boasts gorgeous Herringbone wood/porcelain tile flooring throughout the downstairs, a spacious kitchen with a ''Classentino Marble'' backsplash, extended Quartz island, and ample light cabinetry. The large great room opens to a covered patio and pool area through expansive sliding doors, creating a seamless indoor-outdoor living experience. The owners have thoughtfully enclosed a previous side yard to add an additional 146 sq ft playroom/bonus room and an extra bathroom. Upstairs, you will find all the bedrooms, including an en-suite guest room, laundry, and an open loft. The owner's suite is a true retreat, featuring a light and bright bathroom with a separate shower and soaking tub, offering stunning sunset views over the open desert. The backyard is an entertainer's dream, complete with a custom pool and water feature, synthetic lawn with a sitting area, covered patio, and upgraded landscape lighting. The private backyard overlooks the desert and community walking path, providing a tranquil setting for relaxation and entertainment. Conveniently located near Desert Ridge, Mayo Hospital, Scottsdale Quarter, Kierland, Whole Foods, and Lifetime Fitness, this home is also within the rapidly expanding Biomedical Corridor and some of the top restaurants in Arizona.
7607 E Turquoise Avenue
Scottsdale, AZ 85258
$1,245,000
5
Beds
3
Baths
2,508
SqFt
Status
Active
MLS #
6765578
Property Type
Single Family Residence
Price Type
--
Charming and bright 5-bedroom, 3-bathroom home nestled in a family-friendly neighborhood within the highly sought-after 3 C's school district. Perfect for entertaining or relaxing, the backyard features a sparkling pool with water feature and plenty of room for outdoor activities. Step inside and be greeted by skylights that fill the home with natural light. The versatile floor plan includes a bonus room—perfect for a home office, playroom, or gym—plus a cozy fireplace for those cooler Arizona nights. You'll love the breakfast room for casual meals, the formal dining room for special occasions, and the choice of both a family room and a formal living room for all your lounging needs. Located on a charming cul-de-sac lot, this home offers privacy and space, while still being close to all the best that Scottsdale has to offer - shopping, dining, golf, and more. Don't miss this opportunity to live in a prime location with top-rated schools.
4602 E Oberlin Way
Cave Creek, AZ 85331
$1,245,000
5
Beds
3.5
Baths
4,624
SqFt
Status
Active
MLS #
6752881
Property Type
Single Family Residence
Price Type
--
MOTIVATED. BRING ALL OFFERS **SOLAR IS PAID IN FULL. Appraised at $1,250,000. Welcome to this luxurious 5-bedroom, 3.5-bathroom home in the exclusive gated community of Diamond Creek. This residence is a perfect blend of elegance & sustainability. Step inside to discover brand new hardwood oak floors and expansive, sun-filled living spaces featuring energy-efficient remote controlled solar shades. The gourmet kitchen is a chef's dream, equipped with high-end Wolf appliances, sleek new cabinetry, stunning quartz countertops, and an oversized island—ideal for hosting gatherings and holidays. For those who work remotely, a private office space behind double doors offers the perfect retreat. Guests will appreciate the downstairs suite with its own en-suite bathroom, providing comfort and priv The home also features an updated, sleek wet bar, a Sonos surround sound system, a beautiful pool and backyard with outdoor spaces designed for relaxation and entertainment. Each bedroom provides a retreat-like ambiance, with the master suite offering two walk-in closets, a fireplace, and a spa-like bathroom. A brand-new home theater system, complete with a 120-inch screen, projector, and cutting-edge sound system, promises an immersive cinematic experience right in the comfort of your own home. A state-of-the-art security system with three outdoor cameras ensures peace of mind, while three new AC units guarantee optimal climate control year-round. Energy efficiency is enhanced with new insulation, ductwork, and solar panels, significantly reducing energy costs. The updated laundry room is equipped with a new washer and dryer, designed with ample storage and functionality. The property is located in a secure, gated community, which also offers proximity to top-rated schools, fine dining, shopping, and recreational facilities. The new roof, installed in 2019, ensures the home's structural integrity and adds to its curb appeal. This home is a rare find that combines modern upgrades, sophisticated design, and advanced technology. Every detail has been meticulously accounted for to offer the highest level of comfort, efficiency, and style. With its prime location and numerous upgrades, this residence is more than just a home; it's a dream and the lifestyle that you have been searching for. Just appraised at value.
11377 E Diamond Cholla Drive
Scottsdale, AZ 85255
$1,244,900
4
Beds
2
Baths
2,248
SqFt
Status
Active
MLS #
6743404
Property Type
Single Family Residence
Price Type
--
MOTIVATED SELLER! This beautifully maintained home, nestled in the desirable Troon neighborhood, offers a perfect blend of classic charm and modern convenience, set against the breathtaking backdrop of Troon Mountain. Upon entering, you'll immediately appreciate the expansive windows showcasing picturesque desert landscaping and gorgeous mountain views. The spacious split floorplan ensures privacy and comfort featuring three generously sized bedrooms plus a versatile den, ideal for a home office, playroom, or additional guest space. The open-concept living and dining spaces create an inviting atmosphere for both relaxing and entertaining, while the well-appointed kitchen boasts ample cabinetry, counter space, and modern SS appliances, making meal preparation a pleasure. The highly desirable south-facing yard offers a perfect low-maintenance spot for outdoor dining, gardening, or simply soaking in the stunning scenery. This home is ideally located near a variety of amenities, including world-class golf courses, hiking trails, and vibrant dining and shopping options. Troon is renowned for its natural beauty and outdoor recreational opportunities, ensuring you'll always have something to explore right in your backyard.
9116 S Rainbow Road
Buckeye, AZ 85326
$1,244,000
5
Beds
4.5
Baths
4,344
SqFt
Status
Active
MLS #
6748081
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home! This stunning residence, boasting over 4,300 square feet of luxurious living space, is nestled on 1.99 acres in the charming and rapidly growing area of Buckeye. Surrounded by serene farmlands, this beautifully remodeled home offers both luxury and comfort. . Experience the best of both worlds with tranquil country living just minutes from all the conveniences you need With five spacious bedrooms and four and a half bathrooms, there's plenty of room for everyone. The large, contemporary kitchen features brand-new appliances, dual islands with separate sinks, and an expansive walk-in pantry, making it a perfect spot for cooking and gathering. You'll find three master suites, including a luxurious primary suite with a garden tub, walk-in shower, expansive bedroom, and dual walk-in closets. The home also includes an oversized three-car garage and a movie theater abovean ideal retreat for movie nights or entertaining friends and family. The theater features a 165-inch screen, 4K projector with 3D capabilities, Dolby Atmos surround sound, riser seating, and plush carpet. Savor your own private movie experience without the overpriced popcorn! Enjoy the cool breeze from the 72-inch ceiling fans throughout the house, and take in the breathtaking mountain views from the huge by large windows in the formal dining and living rooms. Additionally, dual 5 ton A/C units and a separate mini-split system for the theater ensure year-round comfort. For horse lovers, this property is a true gem. It features a 120x100-foot fenced turnout area, ten covered stalls (each 20x20 feet), and a spacious breezeway. The nearby Buckeye Equestrian Center and Bales Hay Sales make it convenient to care for your thoroughbred companions. The irrigated grounds with private well promise lush, green grass, with no exorbitant costs and the large back patio is perfect for enjoying sunny days with loved ones. One of the standout features of this property is the absence of an HOA, allowing you the freedom to fully enjoy and personalize your space without additional restrictions or fees. This unique combination offers the perfect setting for you to create your ideal lifestyle on your own terms. Priced to sell, this home offers incredible value, with a per-foot cost comparable to smaller properties in the area. Here's your chance to own one of the largest and most beautiful homes aroundand get an extra acre for free! This has been our cherished family home, and while we're ready to downsize, we hope you'll create as many wonderful memories here as we have.
20534 E Marsh Road
Queen Creek, AZ 85142
$1,239,995
4
Beds
3.5
Baths
2,946
SqFt
Status
Active
MLS #
6772938
Property Type
Single Family Residence
Price Type
--
Anticipated completion in January 2025! Located in an exclusive gated community near Queen Creek Marketplace and award-winning schools, this single-level home sits on a large homesite with a private, North-facing backyard, just steps from the community park. The open floor plan offers spacious living areas, including a versatile flex room, and an impressive 90-degree sliding glass door and 78'' electric fireplace in the great room. The well-equipped kitchen features stunning cabinetry, elegant door hardware, quartz countertops, and a huge center island—perfect for entertaining. A must-see!
10555 E Thornton Avenue
Mesa, AZ 85212
$1,239,000
4
Beds
3.5
Baths
3,617
SqFt
Status
Active
MLS #
6758456
Property Type
Single Family Residence
Price Type
--
Stunning move-in ready single story with 4 BRs+2 flex rooms, 3.5 bathrooms on a premium corner lot with ample parking and a 30 second walk to the Club facilities. Fabulous open layout with a stunning kitchen featuring designer backsplash to the ceiling, double stacked soft-close cabinets with pull-out shelving, large island, quartz counters, gourmet GE Monogram appliances, beverage fridge & large walk-in/butler pantry. Inviting entryway with oak beams and timeless wainscoting. The added built in cabinets, custom closet, and tandem garage provide ample storage space. This N/S facing home has tons of natural light throughout! Backyard app-controlled heated pool and spa, 48'' fire pit, water features, marble pavers, turf yard, and citrus trees. Ready to be your home for the holidays!
42023 N Bridlewood Way
Phoenix, AZ 85086
$1,238,000
5
Beds
4.5
Baths
4,319
SqFt
Status
Active
MLS #
6765496
Property Type
Single Family Residence
Price Type
--
This is one excellent deal!. Within 2 blocks of Persimmon Club House. New AC's, interior/exterior paint. 5 bedrooms+office+4 large garages! Custom cabinetry & fireplace. Entertainer's kitchen w/newer high-end appliances, quartz counters, attractive backsplash, ample cabinets & counter space. Large kitchen island. Walk in pantry. Dining room fits 10-12 at table. Huge primary w/HIS & HER vanities, jet Jacuzzi tub, walk-in shower, HIS & HER custom closets. Bedroom #2 w/full en-suite for guests or as additional in-home office. Separate wing for kids or grandparents includes bedroom #3, w/full en-suite; BR #4. BR #5 w/another full bathroom. Entertainer's back yard w/BBQ, fire pit, & covered patio. At this price, add pool of your dreams & still be under market value.