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.
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11044 N 36th Street
Phoenix, AZ 85028
$1,175,000
4
Beds
2
Baths
2,169
SqFt
Status
Active
MLS #
6756829
Property Type
Single Family Residence
Price Type
--
Rare half acre lot in Phoenix! Amazing renovations recently done on this charming 4 bed/2 bath house on enormous lot! Press coffee, the newly renovated Paradise Valley Mall area, all the shops/dining at Tatum & Shea are only minutes away, and direct 51 freeway access is a 2 minute drive from your house. House opens up directly to large living, dining, and kitchen space, perfect for entertaining. Large backyard with mature landscape and plenty of room for entertaining or putting in a new pool. There is a separate office space in the in backyard as well as a large separate garage space with 952 sq/ft that could be turned into an income property, mother in law suite or workshop with separate entrance and private backyard space. Incredibly unique property in the heart of the city.
6735 E Dove Valley Road
Cave Creek, AZ 85331
$1,175,000
4
Beds
2.5
Baths
2,887
SqFt
Status
Active
MLS #
6773699
Property Type
Single Family Residence
Price Type
--
INVESTORS DREAM HOME!!!!! Discover a unique opportunity in Cave Creek with this off-market home at 6735 E Dove Valley Road. Set on a beautiful, expansive lot, this territorial-style property offers stunning desert views and plenty of space to enjoy the tranquility of the area. While the home could use a little TLC, it presents a great chance for someone to make it their own at a competitive price. With its spacious lot and peaceful surroundings, it's a rare find in this area. If you're interested in learning more or scheduling a time to see it in person, feel free to reach out. SW Capitol Hard Money loan ASSUMABLE 792K 1 year, 400K Seller Carryback assumable Call for Detail
37907 N 17th Place
Phoenix, AZ 85086
$1,175,000
4
Beds
3
Baths
3,059
SqFt
Status
Active
MLS #
6736434
Property Type
Single Family Residence
Price Type
--
Welcome to this gorgeous North Phoenix home, a true gem offering luxurious living on over an acre of land. This property features a custom casita, perfect for guests or rental income, currently generating $1,450 per month. The main house and the casita host 4 spacious bedrooms, 3 bathrooms, den office and a 3-car garage. The centerpiece of outdoor living is a beautiful brand new sparkling pebble sheen fenced pool, providing a refreshing retreat in the desert heat. Enjoy stunning mountain and desert views from every angle of this pristine home. Step inside to be greeted by 14-foot ceilings adorned with custom dark beams, enhancing the sense of space and elegance. The kitchen is a chef's dream with a beautiful breakfast bar illuminated by pendant lighting. This property is equipped with three iron gates, offering ample access and convenience. The cozy, full-length back patio is perfect for relaxing and watching the scenic Arizona sunsets. Although this is a horse property, it does not currently have any horse facilities, giving you the flexibility to customize it to your needs. The home is in pristine condition, surrounded by many new custom homes. Located just 5 miles from Scottsdale, this home is close to hiking trails, golf courses, downtown Cave Creek, and much more. Embrace the fantastic lifestyle this North Phoenix home offers!
31811 N 16th Avenue
Phoenix, AZ 85085
$1,175,000
5
Beds
4.5
Baths
4,830
SqFt
Status
Active
MLS #
6735613
Property Type
Single Family Residence
Price Type
--
Look at the Price per square foot! Prepare to be captivated by this awe-inspiring Santa Barbara-style residence, boasting 5 spacious bedrooms and 4.5 luxurious baths, along with a generous finished basement that's perfect for entertaining or relaxation. The exterior charm features a striking stone façade, a 3-car garage, and meticulously designed desert landscaping that complements the inviting courtyard, creating an ideal first impression. Inside, the interior showcases elegant new wood floors in both the family room and kitchen, enhancing the overall aesthetic. A cozy two-way fireplace serves as a focal point for both the family room and den, while an abundance of dual pane windows floods the space with natural light. The formal dining room is perfect for gatherings. The spacious den can serve as a quiet retreat or home office. The fully finished basement, complete with new carpet in the bedrooms, provides additional living space for guests or family activities. Culinary enthusiasts will appreciate the chef's dream kitchen, fully equipped with a brand-new oven, an expansive island featuring a breakfast bar, a walk-in pantry, and ample cabinet space for storage. The romantic owner's suite is a true sanctuary, offering private access to the serene backyard, and a spa-like bathroom complete with dual sinks, a separate tub and shower, and a generous walk-in closet for all your storage needs. Step outside to discover an entertainer's dream backyard, where you can unwind around the gas fire pit beside the sparkling pool, indulge in the built-in BBQ for alfresco dining, and relax in the spa while soaking in the breathtaking mountain views. This splendid home combines elegance, comfort, and functionality in a way that is truly unforgettable. A must-see gem that you won't want to miss!
20826 S Hadrian Way
Queen Creek, AZ 85142
$1,175,000
5
Beds
3
Baths
5,093
SqFt
Status
Active
MLS #
6758470
Property Type
Single Family Residence
Price Type
--
A Rare Gem in the Heart of Queen Creek! Discover a one-of-a-kind basement home nestled on a spacious 0.41-acre lot in the highly sought-after area of Queen Creek. This beautifully designed home offers 5 bedrooms, 3 full bathrooms, a dedicated office, a huge game room, and a luxurious theatre room—perfect for entertaining or family fun. The main level boasts the master suite, an additional bedroom, and the office for those working from home. The gourmet kitchen is a chef's dream with granite countertops, stainless steel appliances, a cooktop, double ovens, and a built-in microwave. Step outside to your private entertainer's paradise, featuring a sparkling diving pool, built-in BBQ, and expansive patio space perfect for gatherings. An extended driveway with an RV gate and a concrete pad concrete pad behind the gate provide the perfect spot for storing a boat or other recreational toys. The 3-car garage and abundant storage complete this rare find. Don't miss this incredible opportunity to own a stunning home in the heart of Queen Creek!
21914 N 36th Way
Phoenix, AZ 85050
$1,174,950
3
Beds
3.5
Baths
2,841
SqFt
Status
Active
MLS #
6755849
Property Type
Single Family Residence
Price Type
--
BACK ON MARKET WITH LOTS OF UPDATES!! Step into the realm of luxury living with this exquisite architecturally designed single-story residence nestled in the prestigious Aviano at Desert Ridge community. With a pristine paver driveway circling around a Desert Willow tree is the gateway to your long flowing entry. Boasting 3 bedrooms, each adorned with its private ensuite bathroom, alongside a den, which can be easily converted to a 4th bedroom. This home exudes unparalleled sophistication from the moment you cross the threshold. The expansive foyer features a beautiful hand cut travertine center medallion continuing with the elegance of travertine floors throughout a majority of the home. Indulge your culinary aspirations with top-of-the-line Viking Pro appliances complemented with with top level granite counters, backsplashes, and Knotty Alder cabinetry. The kitchen and great room tie together in a sprawling open floor plan design. The primary suite features double walk-in closets, and a gorgeous expansive ensuite bathroom with granite counters. Prepare to be mesmerized by its impeccable condition and an array of upgrades that rival even the most esteemed model homes. Delight in the finer details with a separate air purification system, soaring 12-foot ceilings, plantation shutters, custom paint, a separate glass-door office, three water systems, freshly painted exterior, and an abundance of additional features. This home is a testament to true luxury living. Outside, discover a resort-style oasis featuring a captivating pool, rejuvenating spa, and cascading waterfalls that offer an ambiance of tranquility. The outdoor fire pit and built-in BBQ is perfect for entertainment. This stunner also features a covered patio across the entire back of the home with electronic shades creating the perfect sunroom. Situated on a view lot with amazing sunsets, this home offers unobstructed views allowing you to bask in the natural beauty that surrounds you. A true sanctuary for the discerning homeowner. Beyond its opulent interior lies a prime location within walking distance of Desert Ridge Marketplace and an array of dining options, ensuring every convenience is at your fingertips. Don't miss the opportunity to make this exceptional property yours and experience the epitome of refined desert living. The Aviano Community has a magnificent 16,000sf Community Center, Massive Pool, Workout Facility, Tennis, Pickleball, and Basketball Courts. Everything you could ask for in Resort Style Living!!
11264 N 128th Place
Scottsdale, AZ 85259
$1,174,900
5
Beds
3.5
Baths
3,720
SqFt
Status
Active
MLS #
6723945
Property Type
Single Family Residence
Price Type
--
Beautiful Family Home with Mountain Views and Pool Welcome to your dream family home! This exquisite property is meticulously maintained and ready to welcome a new family. With its stunning features and prime location, it offers everything you need for comfortable and luxurious living. Grand Entrance as you step inside, the gorgeous grand staircase immediately captures your attention, setting the tone for the elegance that awaits throughout the home. High ceilings create an airy and open feel, and unique flooring adds a touch of sophistication. Spacious Living Areas. The spacious downstairs primary suite is a true retreat, featuring its own private fireplace for cozy evenings and a sense of serenity. The huge loft upstairs opens to a balcony that showcases spectacular mountain views a perfect spot for morning coffee or evening relaxation. Gather around the stunning family room fireplace, ideal for family movie nights or entertaining guests. The formal living and dining rooms are designed for memorable family gatherings and special occasions. The upstairs family room or entertaining area offers a versatile space for various activities. Whether you need a game room, a home theater, or a secondary living room, this area provides ample space and comfort for your family's needs. The chef-style kitchen is a highlight, equipped with top-of-the-line appliances and ample space for culinary adventures. Its layout ensures that cooking and entertaining are a breeze, making it the heart of the home. Outdoor Oasis Step outside to the large lot and discover your personal oasis. The fenced pool invites you to cool off on hot days, while the covered patio and outdoor grill area are perfect for summer barbecues and outdoor dining. The turf grass provides a lush, green space for play and relaxation, and the spiral staircase from the balcony to the backyard adds a unique touch of charm. Prime Location located in close proximity to top-rated schools such as Desert Mountain High School and BASIS Scottsdale, this home is perfectly situated for families seeking quality education and a friendly community. Enjoy the convenience of nearby shopping, dining, and recreational opportunities. Don't miss the chance to make this beautiful home yours. With its blend of elegance, comfort, and prime location, it's the perfect place to create lasting family memories. Newer Seller owned 18KW Fusion Power solar panel system with transferable 25 year warranty buyer can assume monthly payments or payoff at buyer's discretion.
10024 E Grandview Street
Mesa, AZ 85207
$1,174,900
3
Beds
3
Baths
3,236
SqFt
Status
Active
MLS #
6765662
Property Type
Single Family Residence
Price Type
--
PRICED TO SELL!! Welcome home to this stunning VIP semi-custom home in the quaint community of La Jara Estates that allows RV's , boats and trailers to be parked ON property. Featuring 3 bedrooms, 3 bathrooms, private den that can be used as a 4th bedroom, standard 2 car garage along with a full sized RV garage with double doors, 50 amp outlet, water and sewer hookup. The beautiful custom security door with a glass insert is perfect for our upcoming fall nights. Enter the grand foyer to wood look plank tiles throughout the estate. This split floor plan features 2 of the over-sized bedrooms near the front of the home along with a full bath with a dual vanity and an exterior door that is perfect for access for your pool parties that you can host all year long with your heated pool. Pass through to the highly upgraded gourmet kitchen. This kitchen is what dreams are made of. Upgraded 42' upper cabinets with soft close doors and drawers, stainless steel Bosch appliances, tile backsplash, induction glass cooktop, double basin undermount sink, built-in wine cooler, custom lighting, a walk-in pantry and granite countertops with a breakfast bar for multiple people. While in the kitchen you can overlook all of the living space from the formal dining/flex room, massive great room and dining nook. Admire your private oasis with sparkling pool while looking through your massive 4 panel slider door with mountain views and no rear neighbors. The master retreat is generous in size with it's own private sliding door to your over-sized covered patio and pool access. The en-suite bath offers a super shower with rainfall shower head, dual vanity with custom bowl sinks and walk-in closet. VIP offers 2x6 construction, energy efficiency, spray foam insulation and so many other upgrades that are not standard on other homes. All of this with a prime location within minutes of Salt River Recreation area, Saguaro Lake, Usery Pass and a short 30 minutes to Sky Harbor. Allow yourself some room to breathe away from the city but close to everything you can imagine. This home is ready for you but don't delay! Schedule your private viewing and prepare to be blown away.
8048 N Via Palma --
Scottsdale, AZ 85258
$1,174,000
4
Beds
3
Baths
2,035
SqFt
Status
Active
MLS #
6775626
Property Type
Single Family Residence
Price Type
--
Turn-key and move in-ready both aesthetically and mechanically in one of Scottsdale's most historically sought after neighborhoods, McCormick Ranch. Brand new roof, water heater and newer AC. It is steps to both the golf course and the pool! Driving up to this home, you'll be welcomed by manicured grounds and new, smooth stucco and paint that creates curb appeal and a modern feel. Walking to your front door, you'll enter a charming courtyard flooded with natural light and double doors inviting you inside and illuminating the large entryway foyer. Consistent WOOD floors throughout offer a cohesive design. Around the corner you will find the great room with an open concept, featuring custom woodwork. The kitchen has custom cabinetry, an oversized chef's range, a pot filler and so much more. On one wing of the home, you'll find two bedrooms with en-suite bathrooms and walk in custom closets. You'll be welcomed to your primary suite by double doors. The bathroom features a gorgeous double sink vanity with a marble style counter, private toilet room and an incredible all-tile wet room with two shower heads and a beautiful, large soaking tub. The second primary bedroom is down a long hallway, offering privacy and comfort for each bedroom. It features a walk-in closet, vanity and custom tiled shower. The additional third and fourth generously sized bedrooms are located on the opposite wing of the home near your third full bathroom. Upon stepping out onto your patio, you'll find a large shade tree and new landscaping growing to provide a serene, private and peaceful outdoor living experience. The McCormick Ranch lifestyle is sought after by many for good reason. You'll have dozens of restaurants within just minutes, Scottsdale Fashion Square Mall just down the road, beautifully landscaped walking paths, charming coffee shops, mature tree-lined streets and plenty of golf courses to enjoy Scottsdale's beautiful sunny weather. With all furniture available if you wish, you could be settled in before the holidays! Welcome home.
6802 N 22nd Place
Phoenix, AZ 85016
$1,174,000
4
Beds
3
Baths
2,662
SqFt
Status
Active
MLS #
6747574
Property Type
Single Family Residence
Price Type
--
Experience elevated living in this completely remodeled 4 BD, 3 BA Lincoln Estates home, where every detail speaks of luxury and innovation. Fully owned solar panels bring energy efficiency, while breathtaking Piestewa Peak views and a resurfaced pool create a tranquil outdoor haven. Nestled on a private cul-de-sac with no HOA, this home offers a great room designed for effortless entertaining with a wet bar and fireplace. The master suite is a sanctuary, opening to your backyard oasis. Perfectly positioned near Biltmore, downtown Phoenix, and Old Town Scottsdale, this is more than a home—it's a statement.
593 E Peach Tree Street
Queen Creek, AZ 85140
$1,173,900
2
Beds
2.5
Baths
2,143
SqFt
Status
Active
MLS #
6716810
Property Type
Single Family Residence
Price Type
--
This Positano floorplan creates the perfect indoor and outdoor space. The two huge sliding walls of glass on the interior of the home connects your living space to a private courtyard with a welcoming fireplace. The expansive kitchen with its large center island is a chef's dream, providing ample space for culinary creations and gatherings. This home offers a spacious primary suite, ensuring both comfort and privacy. The thoughtful addition of a ''smart space'' housing laundry facilities and cabinetry further enhances the convenience and functionality of daily living. Both bathrooms have been upgraded with tile surrounds and beautiful light fixtures. Additional features include shutters, a carpet-free environment and gorgeous views of the golf course.
6767 E Nightingale Star Circle
Scottsdale, AZ 85266
$1,170,000
2
Beds
2
Baths
1,974
SqFt
Status
Active
MLS #
6765472
Property Type
Single Family Residence
Price Type
--
This highly desirable Crista model offers soaring ceilings, abundant natural light, and a private split-bedroom layout. Then newly installed Sue Bickerdyke-designed kitchen includes dual-tone cabinetry, Taj Mahal Quartzite countertops, a Bellagio Chachet Crème backsplash, and new stainless steel appliances. The center island has storage and a breakfast bar. The family room is cozy with a gas fireplace and the flooring though out the house is either tile and luxury wood vinyl. Located on a cul-de-sac with stunning mountain views, the peaceful backyard features a natural stone patio, fountain raised garden, covered patio, and a built-in BBQ island. The roof and AC units have been updated.—a perfect blend of style and comfort.
