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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19834 W Rancho Drive
Litchfield Park, AZ 85340
$640,000
4
Beds
3.5
Baths
2,605
SqFt
Status
Active
MLS #
6780734
Property Type
Single Family Residence
Price Type
--
ASSUMABLE FHA LOAN AT 4.25%!! Discover luxury living in this turnkey home, thoughtfully designed for elegance and comfort with beautiful views of the White Tank Mountains. Skip the wait to build and dive into an entertainer's paradise, complete with a heated 10-person spa, sparkling pool framed by travertine and artificial turf, and a built-in natural gas BBQ grill, Blackstone cooktop, and sink. The spacious, open floor plan is well lit with additional LED ceiling lights throughout the home and features four bedrooms, three-and-a-half baths, office, and an inviting loft. The gourmet kitchen shines with stainless steel KitchenAid appliances, pristine 42'' white maple cabinetry, soft-close drawers, LED under-cabinet lighting, a tile backsplash surrounding picture windows, and an island with breakfast bar seating. You will love the main-level primary suite offering an elegant ensuite bath with dual sinks, upgraded cabinetry and drawers, an oversized walk-in shower, and a large walk-in closet. Upstairs, you'll find the loft, laundry room, bedrooms 2 and 3 with walk-in closets, and bedroom 4 with its own ensuite bathroom. This remarkable property is ready to welcome you home!
16812 N 59th Place
Scottsdale, AZ 85254
$640,000
3
Beds
2
Baths
1,662
SqFt
Status
Active
MLS #
6754179
Property Type
Single Family Residence
Price Type
--
You're going to love this North Scottsdale gem! This 3-bedroom, 2-bath home has so much to offer, starting with NO HOA! Recent updates like new vinyl-plank flooring, dual-flush toilets, and a modern epoxy garage floor make it move-in ready. The layout is super open with high ceilings and plenty of natural light. The kitchen, complete with stainless steel appliances and a big island, is perfect for meal prep or hanging out. The master suite is a dream, featuring a walk-in closet, dual sinks, and access to the backyard oasis. Speaking of the backyard, the sparkling pool and covered patio are calling your name! And when you're ready to explore, Kierland Commons and all the fun spots in 85254 are just minutes away. Don't miss out!
3775 S Danyell Drive
Chandler, AZ 85286
$640,000
4
Beds
2
Baths
2,046
SqFt
Status
Active
MLS #
6769582
Property Type
Single Family Residence
Price Type
--
REDUCED $10K! At over 2000 sf, this 4 BR, 2 BA home feels like a peaceful garden paradise from the inside out! Enjoy the beauty of Travertine tile flooring laid in a special Windsor Versailles pattern and wood laminate t/o; soaring ceilings, plantation wood shutters/blinds, custom paint, lighting, ceiling fans, Tuscan iron security doors at front entry and to back patio, solar tubes in gathering room and guest bath for added natural light and upgraded baseboards. Renewal by Andersen energy-efficient windows installed on south side to keep you comfortable and help with lower utility bills. Outside, a refreshing Pebble Tech California Pool (built only 3 years ago) awaits you with a Baja shelf for lounging/wading/kids play and LED lighting for fun and calming color effects. Separate hot tub, lush landscaping, slate pavers and a variety of fruit trees complete this calming outdoor space. Back inside, gather and cook in the kitchen with the added 8' island, granite counter tops, pendant lighting, SS appliances incl a 2023 French door, two drawer Whirlpool fridge, RO system (connected to fridge/ice), trash pull-outs and pantry. There are two spacious living/dining areas; primary bedroom with bay windows, ensuite with garden tub, shower and walk-in closet: three add'l bedrooms, guest bath with Travertine surround in shower/tub and granite vanity, laundry room with upgraded washer and dryer. Built-in cabinets and pull-down ladder in garage. Trane HVAC and roof regularly maintained. Saguaro Canyon in South Chandler offers tot lots, dog stations, ramadas, shade trees, paths and greenbelts. Highly rated year-round Chandler Schools, tasty eateries, shopping, dog parks, and the San Tan 202 Freeway is minutes away!
3114 W Donatello Drive
Phoenix, AZ 85086
$640,000
5
Beds
3
Baths
3,380
SqFt
Status
Active Under Contract
MLS #
6693186
Property Type
Single Family Residence
Price Type
--
Location! Location! Location! Welcome to the neighborhood. This freshly painted (interior and exterior), two-story haven boasts 5 bedrooms, 3 full baths, a spacious loft, and a perfect blend of comfort and convenience. Oversized driveway with pavers. No neighbors directly across the street. Enjoy the natural desert views instead! Dive into community pools, enjoy a multi-acre park, or serve it up on the tennis courts and spike it at sand volleyball. Several tot lots are scattered throughout the community and you can join a pick-up basketball game as well. Schools, shops, and dining just minutes away, plus easy I-17 access, nearby hiking and biking trails...and Lake Pleasant a mere 25 minutes away! Welcome to the incomparable Arizona lifestyle!
13609 W Pinchot Avenue
Avondale, AZ 85392
$640,000
5
Beds
3
Baths
3,626
SqFt
Status
Active Under Contract
MLS #
6735245
Property Type
Single Family Residence
Price Type
--
Discover your meticulously maintained Home Sweet Home in this stunning cul-de-sac property! This residence features 5 spacious bedrooms with ceiling fans, 3 baths, a killer home gym and a versatile loft. Enjoy both living and family rooms, plus a formal dining room for elegant gatherings. The primary bath offers a garden tub, separate shower, and walk-in closet. The chef's kitchen boasts an island with a breakfast bar, granite countertops, a large walk-in pantry, and upgraded cabinetry with ample storage. Additional perks include extra shelving in the laundry room and a huge backyard with a covered patio extending almost the entire width of the home, with plenty of room to add a pool. Plus, there's a park right across the street! Don't miss out on this spectacular home
23919 W Pinnacle Vista Lane
Wittmann, AZ 85361
$640,000
4
Beds
3
Baths
2,484
SqFt
Status
Active
MLS #
6757913
Property Type
Single Family Residence
Price Type
--
Discover your dream homestead on over 1 acre of land, stunning mountain views and just a short drive to Surprise for all your daily needs. This property is perfect for those seeking space and freedom, with no HOA restrictions. Fenced yard closest to the house, the back RV/carport comes equipped with water and 220 AMP electric service, ready for all your vehicles and projects. A car enthusiast's dream, the 5-car garage features extra-tall doors for over height vehicles, a 220 outlet, and climate control, making it comfortable year-round. Inside, the chef's kitchen boasts granite countertops, upgraded maple cabinets with accent lighting, a walk-in pantry, and ample counter space for all your culinary adventures. The spacious primary suite offers a double-door entry, a private exit to the back patio, a huge walk-in closet, and a luxurious bathroom with a spa tub and walk-in shower. Additional highlights include two secondary bedrooms with walk-in closets, and a fourth bedroom with a separate entrance to the front of the home. The open floor plan is designed for entertaining, with seamless flow to the large covered patio, perfect for enjoying the breathtaking views of the White Tank Mountain Range. Don't miss this rare opportunity to own a unique, spacious property in a peaceful setting!
11822 Monarch Drive
Bellemont, AZ 86015
$640,000
3
Beds
2
Baths
1,782
SqFt
Status
Active
MLS #
6780329
Property Type
Single Family Residence
Price Type
--
Stunning & rare single-level home situated on a highly coveted lot backing to FOREST SERVICE LAND w/breathtaking MOUNTAIN VIEWS. Meticulously maintained residence boasts a spacious floor plan w/high ceilings, archways & numerous upgrades throughout like A/C, recirculating pump & wired for heat tape. The upgraded kitchen features granite countertops, recessed lighting, ceramic tile flooring, stainless steel appliances & spectacular views from every window. Primary suite is a serene retreat with vaulted ceilings, an en-suite bath, soaking tub, separate shower, and dual sinks. Unwind on the covered patio, perfect for stargazing or enjoying the sunset over the mountains. Community offers a scenic park with a fountain, pathways, and playground for outdoor enjoyment. Exterior painted 2024.
35783 N Geode Way
San Tan Valley, AZ 85144
$640,000
4
Beds
3.5
Baths
2,900
SqFt
Status
Active Under Contract
MLS #
6763773
Property Type
Single Family Residence
Price Type
--
This stunning Toll Brothers home has all of the upgrades you could want with no wait time for building! Complete with custom light fixtures, fans, window coverings, and a fully landscaped yard saving you time and money. Premium oversized lot with only 2 neighbors! Low maintenance LVP flooring has been installed throughout the house. The kitchen is fit for a chef, with a gas stovetop, luxurious quartz countertops, and white kitchen cabinets. Second family room/game room and separate guest suite with a private bath. You'll love the extended 4-car tandem garage! Community amenities include a dog park, playground, walking trails, grass parks, pickleball courts & basketball court.
11357 E Unger Avenue
Mesa, AZ 85212
$640,000
4
Beds
3
Baths
2,074
SqFt
Status
Active
MLS #
6767449
Property Type
Single Family Residence
Price Type
--
Stunning 2022 build 4/3 bath + BONUS room. Brand new pool, turf front/back valued at $55K. This home's beautiful upgrades include Sherwin Williams custom paint throughout, new hardware, lighting, and Mikasa fixtures. 12X24 Porcelain Tile, auto roller shades in all 4 bds, and bonus room with blackouts in primary. Quartz countertops, Energy efficient AC-HVAC, Whirlpool high profile appliances. Custom paint to match the home in the garage with EPOXY floors. Smart home Pentair upgraded pool equipment with smartphone controls for lights, and waterfall feature from the Pentair app. This north-south-facing home was pet-free. Tile, carpet, grout and sofa were freshly cleaned by Coconut Cleaning. Home borders a corner lot greenbelt with nobody behind you. Turn-key ready for you! TV in Den included in the sale of the home.
6334 E Viewmont Drive Unit 46
Mesa, AZ 85215
$640,000
3
Beds
2
Baths
1,978
SqFt
Status
Active
MLS #
6768584
Property Type
Single Family Residence
Price Type
--
Looking for a peaceful escape in Mesa's sought-after Red Mountain Ranch? This immaculate 3-bed, 2-bath home offers a perfect blend of tranquility & convenience. Nestled on a private north/south-facing hillside lot, this property boasts a resort-style backyard complete with a sparkling pebble-finish pool (recoated in 2024). Inside, enjoy the airy feel of soaring ceilings, ceramic tile floors throughout, and ample living space. The large Primary Suite includes double sinks, a separate shower and tub. With recent upgrades like a new AC (2021) and fresh paint, this home is move-in ready! Set in a gated community, you'll enjoy stunning mountain views and easy access to the 202, placing shopping, dining, and outdoor recreation right at your fingertips. Explore the nearby Usery Mountain trails, or experience the perks of Red Mountain Ranch Country Club, featuring a championship Pete Dye golf course, tennis courts, fitness center, and more (with optional membership). Outdoor enthusiasts will love the proximity to Tonto National Forest, offering hiking, mountain biking, paddle boarding, and boating. With the Salt River and Saguaro Lake just minutes away, adventure awaits! Don't miss out on this serene Arizona retreat, priced BELOW appraised value!
16155 E Glenview Place
Fountain Hills, AZ 85268
$640,000
2
Beds
3
Baths
1,776
SqFt
Status
Active
MLS #
6774302
Property Type
Single Family Residence
Price Type
--
Close to middle school and high school in Glenbrook subdivision. Nice 2 master bedrooms with 2.5 baths. Granite counter tops, stainless steel appliances. Plantation shutters throughout. All one level, no carpet. 2 car garage. Covered patio in back with some artificial turf, and beautiful landscaping.
13672 W Jesse Red Drive
Peoria, AZ 85383
$640,000
3
Beds
2.5
Baths
2,603
SqFt
Status
Active Under Contract
MLS #
6680532
Property Type
Single Family Residence
Price Type
--
Welcome to the Desert Paradise known as Vistancia. Nestled adjacent to the mountains you will enjoy an unobstructed view of the mountainous open desert from your entertainer's delight of a backyard. The outdoor entertainment area features mature tropical landscaping, ample ground and decorative lighting, a large rectangular swimming pool including swim up bar stools, shallow sunning deck and lighting. The large pergola covers a fire pit table, large screen television and a chef's delight of an outdoor kitchen. Accent lighting refines the space while enhancing the ambiance. This home is accented with mountain views from the master bedroom, spacious open floor plan, and an exceptionally large garage offering an abundance of closets and storage. The kitchen has been remodeled with New Kitchen Aid appliances. This beautiful home has far too many extraordinary features and benefits to list. It is a Must See on your home shopping tour. The Vistancia lifestyle offers premium, top rated schools, a Home Owner's Association that provides concerts, clubs, poker tournaments, indoor basketball court and family based activities for nearly every holiday. Call for your private tour of this exceptional property in an absolutely wonderful community.