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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4477 E Turnberry Court
Gilbert, AZ 85298
$2,975,000
4
Beds
5.5
Baths
5,514
SqFt
Status
Active Under Contract
MLS #
6781609
Property Type
Single Family Residence
Price Type
--
Your dream home awaits on this over 1-acre lot located at the end of a cul-de-sac in the desirable gated Estados of Circle G. Truly LUXURY from the inside out. Retreat to your own oasis backyard with lighted tennis court that can easily be converted to pickle ball also basketball court, mini golf course with 3 chipping pads, 2 large sand traps, built in BBQ, TV's, all why overlooking a heated sparkling saltwater pool & spa alongside a gas fire pit area to enjoy a cozy night in. State of the art Sonos & WI fi system interior/exterior. The inside does not disappoint, this over 5500sq' 4BR 6 BA home boasts a large home theater /game room with 110'' black diamond screen, Epson projection screen and Sony surround sound system, pool table, shuffleboard with its own beverage fridge, no need to go out, can enjoy family fun night in the luxury of your own home. The gourmet kitchen features Wolf appliances, gas stove top, 2 ovens, walk-in pantry, a walk-through coffee bar area, just around the corner is a separate wine room with large capacity wine fridge. The Master retreat has a cozy fireplace, large walk-in closet with custom shelves & lots of hanging area, also your own washer/dryer. All bedrooms include their own private en suite bathrooms and walk in closets. Wood shutters & solid wood doors throughout. Beautiful mature trees to offer lots of shade, separate gated dog yard. Enormous 4 car extended garage with air-conditioned workshop and lots of storage cabinets, huge driveway for plenty of guest parking, large rolling RV gate. The attic is equipped with a motorized lift with a large walk-in area to store all your Xmas decor. 3 new A/C systems 2023, new pool pump & salt system 2023, interior of home & exterior block wall has been sealed for scorpions. Fully secured by ADT security system and cameras on all doors, driveway, and yard. All of this and still there's more! Enjoy the country club lifestyle with Seville Golf & Country Club, you can ride your golf cart over to enjoy a day of golf, or family fun with 4 pools, water slides, tennis, pickle ball restaurants & more!! For info on the country club lifestyle please visit Seville Country Club.
10465 N 128th Place
Scottsdale, AZ 85259
$2,970,900
3
Beds
3.5
Baths
3,228
SqFt
Status
Active Under Contract
MLS #
6779348
Property Type
Single Family Residence
Price Type
--
Welcome to your dream retreat! This exceptional model home effortlessly blends luxury, style, and comfort, offering everything you need for refined living. Located in a highly desirable Scottsdale neighborhood with breathtaking mountain views, this property showcases exquisite designer finishes and a layout that invites indoor-outdoor living at its finest. The kitchen features custom cabinetry and a striking marble waterfall countertop. Outfitted with top-of-the-line Wolf/Sub-Zero appliances, this kitchen is ideal for entertaining. The expansive open-concept great room, features pocketing doors that seamlessly extend your living space to the outdoors. The pool and spa are complete with a serene waterfall feature surrounded by a lushly landscaped yard for ultimate relaxation.
6521 N 4th Street
Phoenix, AZ 85012
$2,970,000
4
Beds
4.5
Baths
4,014
SqFt
Status
Active
MLS #
6787264
Property Type
Single Family Residence
Price Type
--
Completed in 2021, this Classic Contemporary Home is better than new. Designed by current owner/architect/interior designer of K&I Homes and built by Starion Custom Residences. Tucked away on a large North-South facing cul-de-sac lot in prime North Central Neighborhood, the uber efficient split/open floor plan features 4 large en suite bedrooms, and a super-sized 4 car garage. Perfect indoor/outdoor living with 36-foot sliding glass doors opening up from the great room to the resort style back yard.
28101 N 109th Way
Scottsdale, AZ 85262
$2,950,000
4
Beds
4.5
Baths
3,730
SqFt
Status
Active
MLS #
6655267
Property Type
Single Family Residence
Price Type
--
Serene is brand new gated enclave of 21 cutting edge single level contemporary homes designed by Swayback Architects & Planners and built by Sonora West Development. Each Serene home brings a new definition to the ''Lock and Leave'' lifestyle with open Great Room floor plans perfect for both entertaining and everyday living. There are four different models to choose from with lavish interior finishes created by renown interior designers Est Est. This Model A has a 2 car garage and available only on lots, 2, 4, 6 & 16. (3 car garage only on lots 7, 11, & 18 at additional cost). Base price shown does not include lot premiums but does include 25K pool and a 25k landscape allowance, Subzero & Wolf Appliances & BBQ. Backing to the North side of Pinnacle Peak Mountain in N Scottsdale Serene... is close to shopping, restaurants and over two dozen private and public golf courses. Don't miss your opportunity to take part in the Serene lifestyle.
7486 E Sonoran Trail
Scottsdale, AZ 85266
$2,950,000
4
Beds
4.5
Baths
4,740
SqFt
Status
Active
MLS #
6714935
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home in the exclusive, guard-gated community of Whisper Rock in North Scottsdale. This stunning Spanish-style residence offers 4,740 square feet of luxurious living space, featuring four spacious bedrooms, four and a half baths, and a dedicated office. Enjoy the elegance of arched doorways, multiple fireplaces, including a magnificent canterra stone fireplace in the great room, and a 720-bottle wine cellar for the connoisseur. The separate guest house off the front courtyard provides additional privacy and convenience. Outdoors, entertain with ease around your private pool & spa with a water feature, outdoor BBQ, firepit, and a covered dining area. The property, situated on a desirable corner lot, also boasts a meditation courtyard, an inground trampoline, and a lush grassy area surrounded by mature vegetation. As part of the Whisper Rock community, you'll have access to a community pool, tennis courts, pickleball courts, and a state-of-the-art workout facility. This is not just a home; it's a lifestyle.
10471 E White Feather Lane
Scottsdale, AZ 85262
$2,950,000
3
Beds
3.5
Baths
4,562
SqFt
Status
Active
MLS #
6772437
Property Type
Single Family Residence
Price Type
--
Discover this awe-inspiring, custom Pinnacle Canyon home sitting on over 2.6 acres. This residence showcases truly stunning panoramic views. Surrounded by striking boulders, the home offers ultimate privacy. With beautiful stone floors, elegant fireplaces & a serene backyard oasis, complete w heated pool, this home exudes charm and tranquility. Enjoy your morning coffee or evening wine in the cozy hearth room/breakfast nook or on the inviting patio, surrounded by the gorgeous Phoenix desert landscape. The chef's kitchen is equipped with gas range, a spacious island, granite counter tops and a large walk in pantry. Primary bath features a wet room, including a massive 40'' rain shower head. This unique property also features a state-of-the-art car lift, perfect for showcasing your prized collection or tackling those weekend projects with ease. This one of a kind home is perfectly situated in a gated golf community near Kierland and Scottsdale shopping.
9501 N 52nd Street
Paradise Valley, AZ 85253
$2,950,000
6
Beds
5
Baths
4,389
SqFt
Status
Active
MLS #
6766514
Property Type
Single Family Residence
Price Type
--
Welcome to ''Elegant Oasis in Paradise Valley''—a stunning blend of luxury, comfort, and sophisticated design. This exquisite 6-bedroom, 5-bathroom estate is situated on a highly sought-after corner lot in the heart of Paradise Valley, offering over 4,300 square feet of meticulously designed living space on just over an acre of land. As you step through the grand entrance, you'll be captivated by the home's impressive architecture and the perfect blend of modern elegance and timeless style. The gourmet kitchen serves as the centerpiece of the home, a striking granite waterfall island, sleek cabinetry, high-end stainless steel appliances, and a wet bar—ideal for hosting and entertaining guests. The open-concept layout flows seamlessly into the living room, where a cozy fireplace and beautiful wood-beamed ceilings create a warm, inviting atmosphere. For those who love movie nights, the custom theatre room provides a perfect retreat for family and friends. The spacious primary suite is a true sanctuary, featuring dual walk-in closets, a spa-like bathroom with a luxurious soaking tub, and an oversized walk-in shower. The secondary primary suite is equally impressive, offering its own en suite bathroom and direct access to the backyard. Shutters are featured throughout the entire home, adding privacy and style to every room. Step outside and discover your own private resort. The backyard is an entertainer's dream, complete with a heated pool featuring a waterfall, a relaxing spa, and plenty of patio space for outdoor dining and lounging. The sport court offers endless opportunities for recreation, while the meticulously landscaped grounds provide a serene and tranquil setting for relaxation. The property also features an RV gate for easy storage of recreational vehicles. Recent upgrades make this home truly turnkey. The flooring was completed in 2022, and the ceilings were raised the same year, enhancing the home's open, airy feel. The two AC units and pool pump were replaced in 2024 to ensure ultimate comfort and efficiency. A new tankless hot water heater and a water softener ensure convenience and energy savings. The three-car garage features epoxy flooring and a 220-volt outlet, perfect for charging electric vehicles. This property has been meticulously maintained and thoughtfully designed to maximize comfort and flow, blending indoor and outdoor living seamlessly. Whether you're hosting a large gathering or enjoying a quiet evening at home, this estate offers the ultimate in luxury and style. Located in one of Paradise Valley's most prestigious areas, this home is close to top-rated schools, world-class dining, and upscale shopping. Experience unparalleled luxury in Arizona.
7161 E Rancho Vista Drive Unit 6001
Scottsdale, AZ 85251
$2,950,000
4
Beds
2
Baths
2,590
SqFt
Status
Active
MLS #
6760219
Property Type
Apartment
Price Type
--
This is it. Welcome to the most incredible Optima Camelview condominium to ever be offered on the re-sale market. Designed & originally owned by the developer of this state of the art award winning community. Out of 688 units, this exquisite residence was their choice. Boasting 4 Bedrooms, 2 Baths, 2,590 sqft, ~1000 sqft of both covered and uncovered terrace space & the most breathtaking Camelback Mountain & McDowell Mountain Views. This unit features a fantastic open floor plan, endless floor-to-ceiling glass, 3 Patio/Terraces (perfect for relaxing & entertaining), a natural gas piped in bbq, fire pit and fire place, designer finishes through-out, automated blinds & so much more. The master suite is extremely spacious w/ a huge walk in closet (w/ it's own window!) & a very large bath.
10040 E Happy Valley Road Unit 301
Scottsdale, AZ 85255
$2,950,000
4
Beds
4
Baths
4,632
SqFt
Status
Active
MLS #
6764421
Property Type
Single Family Residence
Price Type
--
A rare opportunity awaits with IMMEDIATE GOLF MEMBERSHIP AT CLOSE OF ESCROW in the prestigious guard-gated community of Desert Highlands. The monthly HOA dues conveniently include member golf fees. This 4-bedroom home, including a detached casita, is perfectly nestled along the 4th fairway of the world-renowned Jack Nicklaus Signature Golf Course, offering breathtaking views of both the course and surrounding mountains. From the moment you arrive, the captivating curb appeal draws you in, and as you step through the door, you're welcomed by an atmosphere of elegance, tranquility, and seamless functionality. Private backyard retreat with pool/ spa, large covered patio, fire pit with seating is a perfect sanctuary for entertaining year round, providing the ultimate living experience.
9027 N 82nd Street
Scottsdale, AZ 85258
$2,950,000
5
Beds
3.5
Baths
4,364
SqFt
Status
Active
MLS #
6781793
Property Type
Single Family Residence
Price Type
--
MUST SEE!!! McCormick Ranch culdesac home on oversized lot (one of the largest in entire neighborhood) that has been completely reimagined & remodeled with a modern floor plan. The single level home offers a 888 sq ft guest home with full kitchen, laundry, & 10 foot ceilings. The main home offers luxury, convenience, & designer touches. Large chefs kitchen with Thermador appliances, including bonus butlers pantry & butlers fridge, water filtration & water bottle filler, built in espresso maker, & oversized quartz waterfall island. Super sized utility room with double washer/dryer & custom lockers & storage. Primary suite with oversized shower, dual shower system & large soaker tub. Open great room with floor to ceiling wood burning fireplace, surround sound & smart features throughout
5430 E Royal Palm Road
Paradise Valley, AZ 85253
$2,950,000
5
Beds
3
Baths
2,733
SqFt
Status
Active
MLS #
6779945
Property Type
Single Family Residence
Price Type
--
One acre + North/south lot close to Paradise Valley Country Club. 3 C Schools. Survey is included and located in document tab. House is a tear down and value is in the land. Property has all utilities - Sewer has been brought to corner of property. Great views- non-hillside lot. Do not walk property without permission. Buyer to do due diligence before writing offer. Owner/agent. Carry is possible with 25% down, 10% interest.
6936 E 1st Street
Scottsdale, AZ 85251
$2,950,000
2
Beds
2.5
Baths
3,000
SqFt
Status
Active
MLS #
6692878
Property Type
Townhouse
Price Type
--
Nestled in Arizona's most sought-after city, The NINES are a new collection of residences in Old Town Scottsdale brought to you by Two Hawks Design and Development. This custom home offers 3,000 SF of living space, 2 bed, 2.5 bath, 1 bonus room, a 2-car garage, and NO HOA FEES!!! Sleek modern architecture opens to three light-filled levels of refined interior luxury. This home offers expansive windows, a private backyard, a rooftop terrace, 2 additional outdoor patios, and bespoke details and finishes. This custom contemporary home invokes a simple refined style of living with unbeatable proximity to Scottsdale's premier lifestyle amenities. Discover fine dining, high end retail, and the Scottsdale Arts District just steps from your door.