Last week’s economic news was abundant with releases on home builder sentiment, housing starts, building permits, sales of previously owned homes. The Federal Open Market Committee of the Federal Reserve released its customary statement at the conclusion of its meeting; Fed Chair Janet Yellen also gave a press conference. Weekly readings on new jobless claims and mortgage rates were released as usual.
NAHB: Builder Sentiment Increases in September
Home builder confidence in housing market conditions increased in September according to the National Association of Home Builders Housing Market Index. Builder confidence rose five points to 65; analysts expected a reading of 60 based on August’s reading of 59. NAHB said that September’s reading was boosted by more “serious” buyers entering housing markets.
Components used to determine NAHB HMI readings were also higher. Builder confidence in current market conditions rose six points to 71; builder confidence in housing market conditions over the next six months rose by five points to 71. Builder confidence in buyer traffic in new housing developments rose four points to 48. Buyer traffic readings have not reached 50 since 2005; 50 is a neutral benchmark for NAHB HMI readings.
Home prices continue rising at a higher pace than wages; this is pressuring first-time and moderate income buyers out of the market. An ongoing shortage of available homes is pressing prices higher as demand increases. Analysts pay close attention to the NAHB HMI as building more new homes is a key factor in easing the shortage of homes for sale.
Housing Starts, Building Permits Lower
Commerce Department readings on housing starts and permits issued were lower for August Housing starts were lower in August at 1.142 million starts on a seasonally-adjusted annual pace. Analysts expected 1.182 million housing starts based on July’s reading of 1.212 million starts. Regional readings showed a dip in starts in the South. Severe flooding in Louisiana contributed to the lower reading for housing starts. August’s reading for housing starts was 5.80 percent lower than July’s reading and 0.90 percent lower than for July 2015.
Building permits issued were nearly flat in August; this was likely due to the prime building season winding down 1.139 million permits were issued as compared to 1.144 million permits issued in July. Single-family starts were six percent lower than for July and were 1.20 percent lower year-over-year.
Existing Home Sales Dip: High Demand, Low Supply Cited
Sales of pre-owned homes fell by 0.90 percent in August to a seasonally-adjusted annual rate of 5.33 million sales. Analysts expected a reading of 5.48 million sales; July’s reading for sales of pre-owned homes was 5.38 million sales.
Low inventory of available homes continues to impact housing markets as demand for homes increased and prices rose; the national average home price was $240,000 in August. Rising home prices continued to be driven by high demand and low supplies. These conditions also impacted first-time and moderate income home buyers who were pressured to keep up with rapidly rising home prices.
While mortgage rates remain relatively low, higher home prices and tight mortgage credit requirements remain obstacles for first-time buyers.
Mortgage Rates, Weekly Jobless Claims Lower
Freddie Mac reported lower mortgage rates last week. The average rate for a 30-year fixed rate mortgage fell by two basis points to 3.48 percent; the average rate for a15-year fixed rate mortgage fell on one basis point to 2.76 percent. The average rate for a 5/1 adjustable rate mortgage was lower by two basis points at 2.80 percent.
Analysts expected new jobless claims to remain flat at the prior week’s reading of 260,000 new claims, but 252,000 new claims were filed for the lowest reading since July. The four-week rolling average of new jobless claims fell by 22250 claims to 258,500. The four-week reading is considered a less volatile reading than week-to-week readings.
Federal Reserve: No Increase in Fed Rate
The Federal Open Market Committee said in its post-meeting statement that the target federal funds rate would not be raised. In a press conference given after the FOMC statement, Fed Chair Janet Yellen said that although the economy continued to improve, the Fed had concerns over the labor market and decided not to raise rates. Any increase in Federal Reserve rates triggers increases in consumer lending rates.
What’s Ahead
This week’s readings include Case-Shiller Home Price Indices, readings on new and pending home sales and weekly readings on mortgage rates and new jobless claims.
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7220 N 185th Avenue
Waddell, AZ 85355
$1,900,000
3
Beds
2
Baths
1,000
SqFt
Status
Active
MLS #
6691951
Property Type
Single Family Residence
Price Type
--
Here's your chance to one a piece of Waddell history...the iconic LITTLE KENTUCKY! Equestrians, trainers, breeders, this is the property you have been looking for. Offering an impressive 140 x 250 covered arena, 3 enclosed barns offering 16x16 stalls fully trimmed out with high pressure mister systems, water and electric, the large barn also offers a workshop shop and trainers office with kitchenette area, there is an additional 4 stall shed row offering 12x 32 stalls, 60' trainers round pen, hot walker, covered hay storage, several tack and storage areas, wash rack,. multiple pastures, exercise track, 32 stalls in total and not to mention the very comfortable and nicely appointed 3 bedroom apartment AND ASK US ABOUT THE POSSIBILITY OF PURCHASING THE MAIN HOME AND ADDTIONAL 4 ACRES!!!
18610 W Porter Drive Unit 93
Goodyear, AZ 85338
$1,900,000
3
Beds
3.5
Baths
4,122
SqFt
Status
Active
MLS #
6779817
Property Type
Single Family Residence
Price Type
--
Welcome to this 2021 custom-built, luxury home in Estrella Mountain Ranch. Designed for energy efficiency with ICF construction, it boasts a main house featuring 2 beds, 2.5 baths, a chef's kitchen with butler pantry, & a state-of-the-art-theater. An 811 sf. casita offers additional private quarters with a bedroom, kitchen and bathroom. Enjoy Arizona's indoor-outdoor lifestyle with an enclosed outdoor kitchen that extends to a large patio, fire pit, fountains, privacy & tranquility. Built with structural integrity & energy-efficiecy, this home provides durability & low operating costs. Additional features include a 7kW solar system, 4-car garage, advanced security, and proximity to South Lake, Estrella Golf Club, Phoenix Raceway, and MLB Spring Training. A must-see to believe! This property is situated on a corner street, a cul-de-sac designed for privacy, security, and low maintenance. It provides outstanding 3G durability and resilience and low ongoing operating costs. ICF Construction (Integrated Concrete Forms) provides high energy efficiency and reduces fire risks and other natural disasters. 29 truckloads of concrete were poured inside 6- and 12-inch-thick blocks from 10 to 16 feet in height without thermal breaks or energy escapes. The HVAC system was designed to optimize the ICF construction and uses high-efficiency Daiken mini-splits with very high SEER ratings. Fire sprinkler system throughout the entire house, including garages. 4.5 spray foam insulation cathedral application on all roof lines. Windows and Patio doors are 100% Fibrex® composite material with superior strength and performance. Wired and wireless security systems designed with four levels of redundant protection video and audio utilizing 16 cameras managed on the Cloud and owned internal server by UniFi Dream Machine professional gateway with 3 Wi-Fi points providing 360-degree property coverage. State-of-the-art, Custom-Designed 3D audio and Dolby 7.2.8 Home Theater System with 19 speakers and custom Acoustics; video system includes 4K Dual Laser Projector and 135-inch Wall Screen (66x118). 7kW 20 Solar Panel system provides from 11k to 14k annual kW Hours. Integrated battery backup power: 6 cells provide 18kWh, capable of powering a 200-amp circuit in the main living area, including HVAC. A 10 to 25-year warranty is conveyable to the new owner. Automated whole house wi-fi Water-Valve monitoring system 24x7. Automated internal patio and landscape lighting system integrated with photocell for security and enhanced the property's beauty. Located on a hillside with views, and to maximize privacy on a .85-acre lot.
4502 E Calle Tuberia --
Phoenix, AZ 85018
$1,900,000
4
Beds
3
Baths
1,953
SqFt
Status
Active
MLS #
6716154
Property Type
Single Family Residence
Price Type
--
Welcome to this gorgeous oasis in the heart of Arcadia! Nestled on a generous .24-acre lot, this 4-bedroom, 3-bathroom home offers amazing views of Camelback Mountain. Step into the backyard and discover the lush landscaping creating a serene backdrop for outdoor gatherings and al fresco dining. The sparkling pool begs you to take a refreshing dip on hot summer days, while the meticulously manicured gardens offer a peaceful sanctuary for quiet reflection. With new A/C units and fresh exterior paint, this home is not only a feast for the senses but also a practical investment in your future. Don't miss this rare opportunity to own a piece of paradise in Arcadia.
6407 E Old Paint Trail
Carefree, AZ 85377
$1,900,000
3
Beds
3.5
Baths
4,339
SqFt
Status
Active
MLS #
6772625
Property Type
Single Family Residence
Price Type
--
Discover a tranquil oasis on nearly 2 acres in the prestigious gated community of Black Mountain Foothills. This 4,339 SqFt estate boasts a single-level, split floor plan with 3 bedrooms, a spacious office, and 3.5 baths. Enjoy the serene Sonoran Desert landscape, complemented by spectacular mountain vistas, dazzling sunsets, and unobstructed city light views. Unique floor-to-ceiling glass wall corners seamlessly blend the interior with an expansive covered patio, pool, and spa, all surrounded by mature desert landscape. The home features soaring 18' ceilings, an enormous Principal Suite with a fireplace and large bathroom, and a beautiful formal Dining Room perfect for entertaining. The well-appointed Kitchen includes a huge walk-in pantry, island, breakfast counter, and ... informal dining area that opens to a large Family Room. Additional amenities include a 3-car garage with 2 EV chargers, an air-conditioned exercise room, and indoor-outdoor speakers. Every window offers a view, enhancing the peaceful and private atmosphere of this luxurious estate.
1804 E Senna Point
Payson, AZ 85541
$1,900,000
3
Beds
4
Baths
3,606
SqFt
Status
Active
MLS #
6748495
Property Type
Single Family Residence
Price Type
--
Stunning new WTM Construction home located in the prestigious gated golf community of Chaparral Pines awaits you. This beauty is completed and displays an elegant masterpiece that this builder creates including 2X6 exterior walls, spray foam insulation, concrete fiber siding, Windsor Pinnacle Series Wood Clad windows, and a 50-year GAF Roof. This single level, open split floor plan home sits on a large lot backing to 2 water ponds with a waterfall and is not to be missed. Starting with a grand front entry to the great room is a wall of windows to capture the views where you will notice a stone ceiling to floor gas fireplace highlighted by a beamed ceiling bringing it all together. Kitchen boasts SS Wolfe Subzero appliances such as a 48'' refrigerator, 48'' gas cooktop, built in oven and microwave, Sollid Brand soft close doors/drawers done in Shaker White style with black hardware, upgraded granite throughout, farm sink, an oversized kitchen island and breakfast nook which make it truly a chef's delight. Separate study/office with barn doors also has a beamed ceiling and can be a multi purpose room. Primary bedroom is a dream with a beamed ceiling and exterior doors to the back patio. Bath has dual vanities with large mirrors, walk through shower, 2 closets, and a free standing tub highlighted by a Chandelier. Guest bedrooms are both ensuites with large walk in showers and closets. Garage is oversized and can hold an RV/Boat and has epoxy floor finish and leads into a mud room/breezeway for added convenience. Flooring is all engineered wood with tile in all the wet areas. Large driveway and all patios are done in pavers. Too much to mention! Come experience this amazing build.
2800 E Portola Valley Drive
Gilbert, AZ 85297
$1,900,000
5
Beds
4.5
Baths
4,067
SqFt
Status
Active
MLS #
6763587
Property Type
Single Family Residence
Price Type
--
This stunning single-level home, built in 2022 and located in the highly sought-after Belmont at Somerset community, was crafted by the prestigious Blandford Homes. Spanning 4,067 sq ft, this 5 bed, 4.5 bath plus den & 4 car garge showcases soaring 12 ft ceilings, an abundance of natural light, and modern finishes throughout. The home features beautiful wood-look tile flooring, sleek quartz countertops, a gourmet kitchen with a natural stone backsplash, walk-in pantry, stainless steel appliances, and a striking wood beam ceiling. Designer lighting, ceiling fan fixtures and custom motorized Hunter Douglas window treatments add elegance throughout the space. The expansive primary suite includes a luxurious soaking tub, lighted floating cabinets, and a spacious walk-in closet. Step outside to an entertainer's dream backyard, complete with travertine pavers, low-maintenance artificial turf, a cozy fire pit with seating area, and a large removable fenced-in pool perfect for both relaxation and family fun. Beautifully situated near the vibrant San Tan Village, this home offers unparalleled convenience with easy access to premier shopping, dining, and entertainment options just minutes away. Located in a highly sought-after neighborhood, you're close to top-rated schools, parks, and recreational facilities. Quick access to the 202 freeway makes commuting a breeze, putting the rest of the Valley at your fingertips. Whether you're looking to enjoy the nearby golf courses, explore local hiking trails, or experience the lively community events, this location has it all. Don't miss the opportunity to experience this exceptional Gilbert home!
9811 W Monte Lindo --
Peoria, AZ 85383
$1,900,000
4
Beds
3.5
Baths
3,853
SqFt
Status
Active
MLS #
6772283
Property Type
Single Family Residence
Price Type
--
Beautiful residence sitting on a desired corner lot! This resort style beauty offers a fenced grassy front yard & a welcoming courtyard. Come inside to find formal dining, wood-style flooring throughout, fire sprinklers, a gas fireplace in the living area, & 4-panel sliding pocket doors that merge perfectly the indoor/outdoor living areas giving you the resort feel. Create gourmet dishes in the eat-in kitchen showcasing SS appliances w/double ovens, quartz counters, subway backsplash, farmhouse sink, & a large breakfast bar island. The flexible den boasting double doors is perfect for an office, game area, media room, yoga studio, etc. Retreat to the split owner's suite to discover private backyard access & a lavish bathroom. Too many upgrades to list! Two vanities, a glass enclosure shower, a soaking tub, & oversized walk-in closet complete the main bathroom. You will love the Jack & Jill bathroom with a convenient dual sink vanity. Utility sink & plenty of cabinets in the laundry room! Oasis-style backyard has a sparkling blue pool & spa combo w/lovely waterfall that is the heart of the backyard, a Ramada, grass area, covered patio, & ample dog run w/pet door leading into the house. Don't miss the air conditioned 3-car sided garage, paver driveway for extra parking, & RV gate. This home combines comfort & elegance. Seize this opportunity!
14500 N Centennial Drive
Prescott, AZ 86305
$1,900,000
3
Beds
4
Baths
3,288
SqFt
Status
Active
MLS #
6774674
Property Type
Single Family Residence
Price Type
--
This exquisite modern ranch-style masterpiece is being built on a premium 1.02 acre lot# 56. Nestled amidst the serene Boulders - natural trees, ensuring privacy and tranquility for its owner. The Buyer will have the opportunity to handpick every finish, thanks to the generous Allowance package added, ensuring a truly personalized living experience that perfectly matches your unique style. The spacious single level home is 3288 SF with a 3 car RV/ Workshop garage. The open-concept design of this home offers a sprawling great room and a gourmet kitchen. The home is being built by Approved Talking Rock Home Builder known for his attention to detail and is a joy to work with.
25231 S 194th Street
Queen Creek, AZ 85142
$1,900,000
5
Beds
5
Baths
4,452
SqFt
Status
Active
MLS #
6784395
Property Type
Single Family Residence
Price Type
--
Prepare to be amazed! This stunning 5-bed, 5-bath home, thoughtfully designed by a professional interior designer, blends luxury and functionality. Custom wall trimwork and designer lighting flow throughout, creating an elevated ambiance. The living room features a marble-surrounded fireplace and a 20-foot glass slider wall for seamless indoor-outdoor living. The gourmet kitchen includes quartz countertops, a quartz slab backsplash, double islands, and a beverage center. High-end appliances include a 48'' gas range with a pot filler and a Frigidaire refrigerator/freezer with filtered water and ice. A walk-in pantry and an eat-in nook complete the space. The mudroom adds convenience with enclosed storage, a drop zone, and an Elkay water bottle filler. Lastly, the backyard includes a covered patio and extended seating area where you can spend quality time w/friends & loved ones! Hurry, act now!
3353 S Tourmaline Drive
Flagstaff, AZ 86005
$1,900,000
3
Beds
3.5
Baths
2,720
SqFt
Status
Active
MLS #
6757489
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home in the prestigious Pine Canyon Golf Course community of Flagstaff, Arizona! This beautifully maintained 3-bedroom, 3.5-bathroom residence offers 2,720 square feet of luxurious living space, perfect for those seeking both comfort and elegance. Step inside to discover a freshly painted interior and exterior, along with updated lighting fixtures that complement the home's warm, mountain-inspired design. The main floor features a spacious primary bedroom, providing convenience and privacy, along with a second bedroom ideal for guests or family. The heart of the home is the open-concept living area, where vaulted ceilings and a cozy fireplace create a welcoming ambiance. Welcome to your dream home in the prestigious Pine Canyon Golf Course community of Flagstaff, Arizona! This beautifully maintained 3-bedroom, 3.5-bathroom residence offers 2,720 square feet of luxurious living space, perfect for those seeking both comfort and elegance. Step inside to discover a freshly painted interior and exterior, along with updated lighting fixtures that complement the home's warm, mountain-inspired design. The main floor features a spacious primary bedroom, providing convenience and privacy, along with a second bedroom ideal for guests or family. The heart of the home is the open-concept living area, where vaulted ceilings and a cozy fireplace create a welcoming ambiance. Large windows frame stunning forest views, allowing you to fully immerse yourself in the natural beauty that surrounds you. Venture upstairs to find a versatile loft area, perfect for a home office or entertainment space, leading to a secondary primary suite. This upstairs retreat ensures everyone has their own sanctuary within the home. Situated in a peaceful cul-de-sac, this home boasts updated landscaping and a wrap-around deck, perfect for enjoying the picturesque Flagstaff outdoors. Additionally, the property features a fenced dog run, providing a safe and convenient space for your furry friends. Enjoy the close proximity to the community's top-notch amenities, including the clubhouse, dog park, and kids park, making it easy to embrace an active and social lifestyle. Don't miss your chance to own this exquisite home in Pine Canyon, where luxury living meets the beauty of nature. Schedule a tour today and experience the unparalleled lifestyle that awaits you in Flagstaff!
40072 N 110th Place
Scottsdale, AZ 85262
$1,900,000
3
Beds
3
Baths
2,393
SqFt
Status
Active Under Contract
MLS #
6737304
Property Type
Townhouse
Price Type
--
Apache Cottage in a fantastic location!!! Overlooking the 9th fairway of the Apache golf course offering wonderful mountain, sunset, and city light views! This comes fully furnished with everything you can think of all on one level. It is the perfect desert retreat just steps away from the community pool and a short walk to the fabulous Apache Clubhouse!'' MEMBERSHIP AVAILABLE to be purchased with this property. A 30-day Membership application review and approval is required. Contact the Desert Mountain Club for details.
3506 E Ivyglen Circle
Mesa, AZ 85213
$1,900,000
8
Beds
6.5
Baths
8,103
SqFt
Status
Active Under Contract
MLS #
6754378
Property Type
Single Family Residence
Price Type
--
This rare estate spans three floors & offers the equivalent of three homes in one with 3 full kitchens. The main floor inspires w/ soaring ceilings & abundant natural light that fills both formal & casual living spaces. Here, you'll find a stunning gourmet kitchen, a guest bedroom, a full bathroom, and a private casita suite (ADU) complete with its own office, spacious living area, garage and fully equipped kitchen. On the second floor, the master suite awaits, a luxurious retreat. Plus 2 additional bedrooms & an office, perfect for work or relaxation. The lower level offers a second ADU w/ 3 bedrooms, 1 bathroom, & its own living/dining area & kitchen— perfect for extended family or rental potential. The backyard features a pool, spa & fire pit. Room for pickleball ct. Virtually staged