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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9233 S Krista Drive
Goodyear, AZ 85338
$2,400,000
4
Beds
4.5
Baths
4,759
SqFt
Status
Active
MLS #
6728156
Property Type
Single Family Residence
Price Type
--
Imagine, Estrella's finest, Custom Retreat, stargazing in your Cascading Waterfall, Saltwater Pool ~ Spa, Resort Backyard: Outdoor Kitchen, Travertine Covered Patio encompassing Panoramic Views w 2 Rooftop Decks! Breathtaking Courtyard entry adorned with Stone Fountain. Stunning Architecture, Exquisite Lighting & Chef's Kitchen boasts Custom Cabinetry, Thermador Appliances, Pot filler, 6 Burner Gas Cooktop w/ Griddle, Gorgeous Granite & Huge Island. Flooring w/ Inlaid Tile, Crystal Chandeliers, Central Vac, 3 Gas Fireplaces, Surround Sound. Primary En-Suite adorned with Luxurious Spa Bath. Thermador Espresso Machine. Designer Secondary Baths w/ Vessel Sinks, Gold Plated Faucets! Surround Sound. Incredible Custom Home located in the Summit of Estrella Mountain Ranch Consisting of 4 bedrooms, 4.5 baths, large office with fireplace, game room with wet bar. 2 roof top decks along with huge windows throughout the house provide breathtaking mountain views from every angle. Paved private drive with ample parking. Custom ironwork & lighting - gorgeous entry w/courtyard & stone fountain. Beautiful woodwork -Chef's Kitchen w/custom cabinetry & built-in Thermador appliances, pot filler, 6 burner gas cooktop w/ griddle, Level 6 granite, huge island. Remarkable flooring w/ inlaid tile - Luxurious spa master bath with jetted tub / built-in-media controls & Thermador espresso machine. Designer secondary baths w/ vessel sinks - central vac, 3 gas fireplaces, surround sound throughout. Spectacular Saltwater pool w/ spa & waterfall. Spacious covered patios w/ Travertine flooring & pool decking, built-in BBQ All of this within the exciting community of Estrella Mountain Ranch with its 72 acres of lakes, 3,000 sq ft fitness center overlooking the 12,000 sq ft water-park with water slides and heated lap pool. Estrella Mountain residents enjoy over 40 acres of parks that include pathways, pavilions, an amphitheater, basketball, tennis, pickle-ball and volleyball courts. On the lake north lake is the Yacht Club that offers sailboats, paddle boats, canoes, and kayaks. Over 50 miles of hiking and well-designed mountain biking trails. Estrella is also home to a par-72, 18-hole championship golf course designed by award-winning Nicklaus Design.
23907 N 83rd Avenue
Peoria, AZ 85383
$2,400,000
10
Beds
9.5
Baths
8,386
SqFt
Status
Active
MLS #
6738116
Property Type
Single Family Residence
Price Type
--
This energy-efficient Multi-Generational home now for sale in Peoria is the one for you! Nestled on an oversized 1.4 acre lot, this gem boasts 2 attached guest houses plus basement guest quarters and a detached casita, for a grand total of 10 bedrooms and 9.5 bathrooms! Tasteful stone accents, a lovely paver courtyard, and 3 garage spaces are just the beginning. The main house features a sizeable dining & living area w/soaring ceilings, tile flooring, graceful archways, and crisp palette throughout. Spend a relaxing evening in the spacious family room, equipped w/soft carpet and a fireplace to keep you warm during the winter months. The gorgeous eat-in kitchen is comprised of ample cabinetry w/crown moulding, a pantry, granite counters, and an island complete w/a breakfast bar. You'll love the primary bedroom, which includes private outdoor access, a walk-in closet, and a full ensuite w/dual sinks. Don't forget about the cozy den w/double doors, laminate flooring, and a 2nd fireplace! Each guest house showcases its own kitchen and many of the same features as the main house, so they're sure to make your friends & loved ones feel right at home! Finally, the backyard includes a large patio, rooftop deck, a convenient storage shed, and tons of extra space perfect for a pool! This is the opportunity of a lifetime, don't let it slip by!
10793 E La Junta Road
Scottsdale, AZ 85255
$2,400,000
4
Beds
4.5
Baths
4,126
SqFt
Status
Active
MLS #
6763577
Property Type
Single Family Residence
Price Type
--
A must-see 4,126 square foot custom home featuring 4 bedrooms and 4.5 baths in the secluded neighborhood of guard gated Artesano in Troon of North Scottsdale. From the 0.406-acre lot, enjoy the spectacular views of city, McDowell, Troon and Pinnacle Peak Mountains. Upon arrival, an open concept living layout welcomes you. The spacious living room features custom cabinets with a gas fireplace. The kitchen is an entertainer's delight with a Wolf gas cook top, double ovens and two Asko dishwashers. Conveniently located between the kitchen and family room, a bar featuring expansive counters, a fridge and an ice maker. The primary bedroom is on the second floor and has amazing city light views, the backyard and the pool. The master shower includes two separate shower controls. The secondary bedrooms have all en-suite bathrooms. The spacious floor plan with large windows and high ceilings allow the natural light to brighten the home. The laundry room is equipped with upper and lower cabinetry and a sink. For golfers and outdoor enthusiasts, the location provides quick access to numerous golf courses, Brown's Ranch and the Tonto national forest. The deep garages can accommodate large SUVs and trucks plus the high ceilings provide enough room for car lift/s. The elementary and high school buses stop just a quick 5-minute walk from the property.
10729 E Acoma Drive
Scottsdale, AZ 85255
$2,400,000
4
Beds
4
Baths
3,770
SqFt
Status
Active
MLS #
6782032
Property Type
Single Family Residence
Price Type
--
Stunning is the word to describe this special view property in popular McDowell Mountain Ranch. Enter through a custom iron door into a spacious entertaining area accented with large picture windows. Every aspect has been updated with unique features not found in similar layouts. Enjoy 4 spacious bedrooms, each with access to a private bath plus a Movie/Bonus Room. Just a short list of other updates include custom cabinetry, under-lit floating cabinets & lighted mirrors, built-in closets, tiled feature walls , automated screens, updated roof & replaced A/C System (including ductless A/C unit in garage). Solar too for added savings. The backyard is an entertainers dream. Relax in the pool w/water feature, cook by the built-in BBQ or take in desert & city light views around the firepit.
4450 N 54th Street
Phoenix, AZ 85018
$2,400,000
4
Beds
4.5
Baths
2,512
SqFt
Status
Active
MLS #
6699085
Property Type
Single Family Residence
Price Type
--
Stunning fully remodeled 4 bedroom, 4.5 bathroom house with soaring Camelback views. Situated between the Royal Palms and the Phonecian in the best stretch of Arcadia proper. Located in the Hopi school district, this open concept living, dining, and kitchen includes stainless steel appliances, gas range, kitchen island, and custom white cabinets. Primary suite holds private entrance to backyard as well as dual sink vanity, oversized shower, and walk-in closet. Additional 3 guest bedrooms, including full pool bathroom with outside access and laundry units, and 2 car garage. Home includes mature landscaping, pool, and backyard perfect for entertaining and enjoying mountain views. Move-in ready or ideal investment opportunity as a rental. Located minutes away from Arcadia and Scottsdale's top resorts, golf, shopping, and dining.
5560 E Stella Lane
Paradise Valley, AZ 85253
$2,400,000
3
Beds
3
Baths
2,501
SqFt
Status
Active
MLS #
6756352
Property Type
Apartment
Price Type
--
Welcome to Paradise Valley! Where luxury meets breathtaking beauty at Mountain Shadows Resort. This exquisite residence offers panoramic views of the iconic Mummy Mountain from your own living room. The gourmet kitchen features top-of-the-line Wolf and Sub-Zero appliances, including a powerful gas stovetop and a Sub-Zero wine refrigerator, perfect for culinary enthusiasts and wine lovers alike. Nestled in the heart of Paradise Valley, Mountain Shadows provides exceptional amenities. Enjoy golf on meticulously maintained courses, relax in expansive swimming pools, and savor fine dining options—all within a guard-gated community that prioritizes your comfort and privacy. This is more than just a home; it's a complete lifestyle experience in one of the most desirable locations! Enjoy the gym at the Mountain Shadows hotel with your Citizens Club Membership that is included with your HOA fee. You also are given a 15% discount on food and gift shop items. And, almost 30% off the golf fees. This community is guard gated 24/7. Additional Member Benefits Sanctuary Resort Spa treatments Tennis, Pickelball 10 % Discount on Spa, Tennis and Pickelball There are NO billing arrangements, so payment is due at Sanctuary. Sanctuary Spa - Sanctuary Tennis - Joya Spa at Montelucia Citizens Club Members can utilize the Joya Spa at Montelucia (our neighbor to the west) and receive a 10% discount on spa treatments. There are NO billing arrangements, so payment is due at the spa. To book a treatment, the concierge at Mountain Shadows at and let them know you are a Citizens Club Member. Our concierge will make the booking and confirm back to you.
3832 E Monterosa Street
Phoenix, AZ 85018
$2,400,000
4
Beds
4.5
Baths
3,195
SqFt
Status
Active
MLS #
6695513
Property Type
Single Family Residence
Price Type
--
Step into the paragon of luxury living at Alta - Aussie Modern, a pristine new development meticulously crafted to embody the finest elements of Australian modern architecture. Designed with a relentless focus on quality construction, this one-of-a-kind residence redefines modern sophistication, catering to discerning homeowners who demand the best in design and functionality. As you enter this breathtaking property, you are greeted by an expansive use of glass that not only enhances the structure's modern appeal but also floods the space with an abundance of natural light at every turn. The thoughtful layout ensures that each living space offers seamless transitions, harmoniously connecting the indoors with the spectacular outdoor setting. Alta - Aussie Modern is engineered for the modern family, integrating cutting-edge smart home capabilities that offer unparalleled convenience and security. The custom interior design speaks volumes of its exclusivity, featuring bespoke finishes and luxurious touches that create an inviting atmosphere of elegance and comfort. This home is not just a dwelling; it is a lifestyle choice for those who value design-forward living and functionality. Experience the future of home innovation at Alta - Aussie Modern, where every detail is a testament to elite craftsmanship and contemporary luxury. Welcome to your dream home in the heart of Arcadia, Arizona.
6801 E Davis Road
Scottsdale, AZ 85266
$2,399,000
4
Beds
4
Baths
2,654
SqFt
Status
Active
MLS #
6777788
Property Type
Single Family Residence
Price Type
--
Discover a car lover's paradise in this custom-built North Scottsdale home, situated on 2.5 expansive acres. Designed with the avid car collector in mind, this residence offers 4 spacious bedrooms, 2 full baths, 2 half baths, and numerous high-end upgrades. A standout feature is the separate, oversized 3-bay garage/shop, fully air-conditioned and equipped to accommodate multiple vehicles, making it ideal for the most dedicated collectors. Beyond the garage, the outdoor space is equally impressive, featuring a custom pool and spa, along with a covered outdoor kitchen and ramada area—perfect for entertaining with top-of-the-line amenities. This large, versatile property offers ample room for further customization to suit your unique lifestyle. Truly a must-see!
4369 E Scorpio Place
Chandler, AZ 85249
$2,399,000
5
Beds
4.5
Baths
5,305
SqFt
Status
Active Under Contract
MLS #
6765739
Property Type
Single Family Residence
Price Type
--
Welcome to unparalleled luxury home in Vasaro, one of East Valley's most coveted gated communities. This exceptional custom estate boasts meticulous care, extensive upgrades, and is completely move-in ready. From the moment you step inside, you'll be captivated by an ambiance of elegance, comfort, and sophistication. The expansive great room flows seamlessly into the gourmet chef's kitchen, featuring custom cabinetry, a large walk-in pantry, dual sink areas, and top-of-the-line built-in stainless-steel appliances, including a 48'' refrigerator, commercial-style range, double oven/convection, and microwave. The formal dining room, separate office/den, and large bonus room provide ample space for all your needs. With 5 spacious bedrooms, each with en-suite bathroom access, this home offers
14432 S 18th Street
Phoenix, AZ 85048
$2,399,000
5
Beds
5.5
Baths
6,600
SqFt
Status
Active
MLS #
6745823
Property Type
Single Family Residence
Price Type
--
This beautiful estate is located on a 1.14-acre mountaintop lot with incredible city lights views in the highly sought-after Tapestry Canyon. Home designed Bob Long of Design Profiles. This custom private residence includes over 6,100 square feet in the main house with an additional 500 square feet for the guest house. The property offers breathtaking panoramic views of the mountains and city lights. The residence includes four bedrooms, one of which is currently being used as an executive office, and 4.5 bathrooms and a guest house with bedroom, full bath, great room, and kitchenette. The property boasts numerous patios and balconies and a five-car garage! As you enter the residence, you'll see a custom glass/iron front door and a fountain that leads to an elegant foyer with a
305 S Starview Drive
Payson, AZ 85541
$2,399,000
5
Beds
4
Baths
4,733
SqFt
Status
Active Under Contract
MLS #
6709852
Property Type
Single Family Residence
Price Type
--
Welcome to luxury living at its finest! This stunning Rim Golf Club home, built in 2018, offers an exceptional lifestyle with 4733 sq ft of livable space. The property features 5 spacious bedrooms, a dedicated office, and an art studio ''ideal for families and creative professionals alike''. Indulge in top-tier amenities designed for both relaxation and entertainment. Perfect your game from the comfort of your home with a golf simulator, or unwind with a game of pool. The outdoor jacuzzi provides a serene escape with unparalleled views of the Rim Golf Club's breathtaking landscape. The home is as functional as it is beautiful, boasting a 3-car garage, solar panels with battery storage, and an EV charging station, ensuring energy efficiency and convenience. Rim Golf Club, this property offers the best views in Payson, AZ. Don't miss the chance to own this exceptional home in an exclusive community. Live in elegance and style with nature's beauty at your doorstep. Contact us today for a private tour! Full golf membership, all TV's, hot tub, pool table, golf simulator all convey.
21234 W Caravaggio Lane
Wittmann, AZ 85361
$2,398,998
4
Beds
2
Baths
2,979
SqFt
Status
Active
MLS #
6750507
Property Type
Single Family Residence
Price Type
--
An oasis in the desert, your new home offers easy living and entertaining space. Horses, toys and friends will all have a place here. NO HOA The main house has 4 bedrooms with a great room concept, overlooking a resort style pool, w/kitchen and bar. The fully climate controlled 4800 sq ft detached garage is a haven for automotive enthusiasts, accommodating a motorhome, trailer, and boat with ease. Beyond its practicality, this space also has a 1600 sq ft guest house an ideal retreat for visitors, and a versatile areas suitable for a teen room or office as well as a home gym. For equestrian enthusiasts, this property unfolds a haven of possibilities. An arena and 40' round pen, along with 2 stalls with ample room for additional facilities.