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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2335 E Plum Street
Gilbert, AZ 85298
$2,799,000
5
Beds
4.5
Baths
4,994
SqFt
Status
Active
MLS #
6786931
Property Type
Single Family Residence
Price Type
--
Exquisite Custom Home in the Prestigious Circle G Ranch at Silver Creek. Welcome to a truly magnificent residence where sophistication meets comfort at every turn. Nestled in the coveted Circle G Ranch community, this stunning custom-built home offers 5 luxurious bedrooms and 4.5 beautifully appointed bathrooms. Every detail has been carefully curated to create an atmosphere of timeless elegance, combined with modern amenities designed for effortless living and entertaining. As you enter, you're greeted by a grand formal living room and an expansive office or workout space, setting the tone for the level of refinement throughout the home. The open-concept kitchen, family room, and dining area are the heart of the home, ideal for both intimate gatherings and large-scale entertaining. The gourmet kitchen is a chef's dream, featuring an oversized island with a sleek quartz breakfast counter. Top-of-the-line Monogram appliances, including a built-in refrigerator and double Bosch dishwashers elevate the space. A separate wet bar with glass-fronted cabinetry, a wine rack, and a wine fridge and U-line built in ice-maker, ensures you're always ready to entertain in style. Luxurious finishes abound, with custom-tiled showers, quartz countertops, and rich wood flooring in the master suite. The expansive master closet is outfitted with mirrored doors and a storage island complete with seating. Each bedroom is designed with walk-in closets and private baths. For movie enthusiasts, you will enjoy a state-of-the-art theater room, complete with a surround sound system, projector, and screen, perfect for enjoying a night in with family and friends. Step outside to experience your own private oasis. The PebbleTec pool and spa are complemented by stunning rock waterfalls, one featuring a waterslide, waterfall, and grotto, and the other with a space for a hidden TV that rises from behind the waterfall, adding a touch of magic. An attached sunken bar area with a ramada makes this space ideal for entertaining, while the large outdoor fireplace, built-in BBQ, and custom sports field offer the perfect setting for al fresco dining and relaxation. For those who enjoy active outdoor living, the property also boasts a full basketball court, an in-ground trampoline. For added convenience and flexibility, the property includes an RV gate and a private casita with bathroom and walk-in closet, perfect for guests. This home is fully equipped with smart technology, including a whole house Control4 System, surround sound throughout, and powered security shades on the back of the home for ultimate privacy and comfort. The meticulously landscaped front yard features a roundabout with artificial turf and landscaping, creating an inviting first impression. Conveniently located near Gilbert Park and just minutes from premium shopping, this residence offers the ideal combination of serene privacy and urban accessibility. This is more than a home, it's a lifestyle.
10638 E Yearling Drive
Scottsdale, AZ 85255
$2,799,000
5
Beds
4.5
Baths
4,379
SqFt
Status
Active
MLS #
6714988
Property Type
Single Family Residence
Price Type
--
Welcome to your dream retreat in guard-gated Windy Walk Estates at Troon Village, where luxury meets panoramic beauty. This custom home offers an unparalleled backyard sanctuary with breathtaking up-close views of Pinnacle Peak, ensuring every moment spent outdoors is a masterpiece. The expansive private yard features a majestic Ironwood tree as its centerpiece, surrounded by artificial turf and mature vegetation, providing the perfect backdrop for relaxation and entertainment alike. Step into serenity as you lounge under the covered patio adorned with stacked stone accents, a cozy fireplace, and a built-in barbecue. Descend into tranquility as the tiered yard leads you to a sparkling pool and spa, complete with a mesmerizing rock waterfall and travertine hardscape surround, offering a blissful oasis against the backdrop of the desert landscape. Inside, you will find a remodeled interior completed in 2017 boasting on-trend finishes including high-end quality stonework throughout from a Chicago-based Eastern European craftsman. The French country-inspired kitchen exudes charm with custom white cabinetry, delicate mosaic backsplash, stone counters, Subzero refrigerators, complemented by stainless steel appliances including a Wolf gas cooktop and two wall ovens. Enjoy intimate meals in the attached breakfast nook with corner view windows, or entertain guests in the formal dining room with up-close views of Troon Mountain. Experience seamless living with accordion-style doors in the great room, opening up the space to the outdoors and flooding the home with natural light. A dramatic staircase, stone-clad centerpiece fireplace, and adjacent den create a welcoming ambiance, while clerestory windows and a private alcove offer versatility for office space or additional storage. Retreat to the upstairs primary suite, boasting a private balcony deck with city, golf (8th tee box of Troon Country Clubs private course), and mountain views, along with dual vanities, walk-in closets, and a spacious walk-in shower in the ensuite bathroom. With four additional bedrooms, including two ensuites, a third bedroom adjacent to a bath, and the fourth with a private den/living space and adjacent bath, perfect for in-law quarters. The laundry room has beautifully stained cabinetry, two washers, two dryers, and a prep sink. The owners entry off the two-car garage (with storage closet) has a touchdown station with cabinets and countertop, refrigerator, trash drawers, and an ice maker. Complete with all-new exterior paint and all-new windows throughout, custom window treatments on electric openers, an elegant entry courtyard, and a paver drive for visiting guests, this residence sets a new standard for refined living in the heart of Troon Village. Most furnishings and accessories are available for purchase via a separate bill of sale, allowing you to effortlessly transition into your desert paradise.
24911 N 124th Way
Scottsdale, AZ 85255
$2,799,000
3
Beds
3.5
Baths
4,361
SqFt
Status
Active
MLS #
6718608
Property Type
Single Family Residence
Price Type
--
**Breathtaking Views!** This home offers stunning, unobstructed desert and mountain views—your chance to own the **only Sereno Canyon Estate home priced under $2.8M** AND priced $84K LESS than base price on a similar model new build, even before any upgrades. Located in Toll Brothers' premier, amenity-rich community, Sereno Canyon exemplifies luxury living with impeccable design and maintenance. Key Features Include: - **Guest Suite** with private entrance and living area for ultimate privacy - **Bonus Room** adaptable as a 4th bedroom, gym, or flex space - **Den** ideal for a home office or cozy retreat - **20' Pocket Door** seamlessly blending indoor and outdoor spaces Don't miss this rare opportunity in North Scottsdale's top luxury community.
6914 E 2nd Street
Scottsdale, AZ 85251
$2,798,950
4
Beds
3.5
Baths
3,014
SqFt
Status
Active
MLS #
6768865
Property Type
Single Family Residence
Price Type
--
Introducing Old Town 5! Downtown Scottsdale's newest urban living community with 5 stylish homes available, all with state of the art finishes, fresh design elements and luxurious living spaces. Each home will include a stunning gourmet kitchen, wide plank wood flooring, sleek cabinetry, refined marble, gorgeous custom lighting and fully retractable walls of glass that open to spacious entertainment balconies. The full guest house is an added bonus. High style, architectural excellence, quality, comfort and functionality combine to create an environment like no other. And Located in the center of the ever booming Old Town Scottsdale, where the lifestyle is unparalleled, and walking distance to the finest dining, clubs and shopping in all of The Valley, this unprecendented community of upscale homes promises to be as unique as it is desirable!
9424 E Hidden Spur Trail
Scottsdale, AZ 85255
$2,795,900
6
Beds
4.5
Baths
4,562
SqFt
Status
Active
MLS #
6747522
Property Type
Single Family Residence
Price Type
--
Located in Desert Haciendas of DC Ranch, this 6 bedroom, 4.5 bath residence offers a harmonious blend of elegance and comfort. You enter the foyer from he inviting courtyard which leads to the expansive living areas adorned with high-end finishes and meticulous craftsmanship. The gourmet kitchen boasts custom cabinetry,granite countertops, stainless steel appliances and a butlers pantry. The primary suite with a spa-like bath is on the main level as well as two other bedrooms as well as a wine room under the stair well. The 2nd level includes a spacious game/bonus room opening to deck overlooking the courtyard and three spacious bedrooms. One bedroom makes an ideal guest suite equipped with a morning station with fridge and coffee bar. The resort style back yard is an entertainment....... paradise with beautiful pool with water features, BBQ, dining area and cozy sitting area around the outdoor fireplace. The DC Ranch amenities include clubhouse, public pool, walking trails, tennis, fitness Plenty of restaurants and shopping minutes away. DC Ranch Country Club social and golf memberships are not included but available at additional cost.
4102 E Palo Verde Drive
Phoenix, AZ 85018
$2,795,000
4
Beds
3.5
Baths
3,326
SqFt
Status
Active
MLS #
6778613
Property Type
Single Family Residence
Price Type
--
Experience the pinnacle of contemporary elegance and luxury in this exceptional home. Step inside to an open-concept layout bathed in natural light, highlighting exquisite stone finishes and wide plank wood flooring that flows throughout. The gourmet kitchen, ideal for entertaining, is adorned with sleek stone countertops, top-tier Viking appliances, a stunning lighting installation, and a seamless glass wine display with capacity for 180 bottles. Designed for the ultimate indoor/outdoor lifestyle, the spacious living area opens effortlessly to resort-style grounds through expansive pocket doors. Outside, an artistically designed pool and spa with a serene water feature creates a true oasis with several inviting outdoor patios offer breathtaking views of Camelback Mountain, each equipped with ceiling-mounted heaters or cozy fire features for year-round enjoyment. Retreat to the tranquil primary suite, filled with natural light and featuring a spa-like bathroom with a large seamless glass shower, modern soaking tub, and dual sinks. Three additional en-suite bedrooms provide ample space and privacy for family or guests. Ideally situated near premier attractions like Steak 44, Biltmore Fashion Park, Lifetime Fitness, and Scottsdale Fashion Square, this residence perfectly balances luxury and convenience. Embrace a lifestyle where every detail has been thoughtfully curated for refined, contemporary living.
29121 N 105th Street
Scottsdale, AZ 85262
$2,795,000
4
Beds
4.5
Baths
4,486
SqFt
Status
Active
MLS #
6686109
Property Type
Single Family Residence
Price Type
--
Step into your future sanctuary! Nestled within Candlewood Estates Troon North in Scottsdale, this modern retreat, slated for construction commencing in May 2024, which promises comfort and elegance. Boasting 4 bedrooms, 4.5 bathrooms, and a den/office space, it's designed to cater to your every need. Embrace the feeling of spaciousness with soaring 14-foot ceilings that grace all primary areas, enhancing the sense of openness throughout. Each bedroom offers a private haven, complete with its own luxurious ensuite adorned with bespoke tile finishes for a touch of refinement. Each bedroom also has a private patio. Indulge in the seamless blend of indoor and outdoor living as floor-to-ceiling pocket sliders seamlessly connect the living area to a generously sized covered patio with a two-way fireplace, perfect for cozy evenings under the stars. Enjoy another additional outdoor patios provide even more spaces to unwind and entertain. Outside, discover meticulously crafted desert landscaping in the front yard, while the backyard presents a canvas for you to design your dream oasis. Luxury knows no bounds with upscale amenities including custom cabinets, waterfall kitchen countertops, Dacor appliances, wine fridge, a Vector fireplace in the master bedroom, and exquisite wood flooring. There are 11 skylights throughout home and on patios. With the opportunity to personalize finishes, this home invites you to create a bespoke masterpiece, seamlessly blending indoor and outdoor living.
8509 E Malcomb Drive
Scottsdale, AZ 85250
$2,795,000
5
Beds
4.5
Baths
4,474
SqFt
Status
Active
MLS #
6777209
Property Type
Single Family Residence
Price Type
--
Thomas James Homes presents this beautiful NEW BUILD pre-construction residence! Take advantage of the opportunity to select some interior finishes during early stages of construction! Sitting on a cul-de-sac surrounded by new construction in a highly desirable Scottsdale neighborhood, this beautiful 5 bedroom, 4.5 bathroom modern home is the definition of exceptional design. On the first story an inviting courtyard brings the outdoors inside while working in the office. The game room, and 2 covered patios lend themselves to entertaining and making family memories, & a full ensuite bedroom will make guests feel pampered. On the second story, a covered terrace, a loft and flex space along with 4 other bedrooms are sure to check all the boxes. Don't miss out to own NEW next door to OLD TOWN
4634 E Calle Del Norte --
Phoenix, AZ 85018
$2,795,000
4
Beds
3.5
Baths
4,087
SqFt
Status
Active Under Contract
MLS #
6763616
Property Type
Single Family Residence
Price Type
--
GREAT OPPORTUNITY TO OWN OVER 1/2 ACRE IN ARCADIA FOR UNDER $3M!!! Over 4,000 SF, this 4 Bedroom, 3.5 Bath Home sits on a Very Desirable Street with Backyard Views of Camelback Mountain. Come and tour this beautiful home in the heart of Arcadia, one of Phoenix Valley's most sought-after neighborhoods. As you enter, you're welcomed by an expansive great room with soaring ceilings, elegant wood beams, and a charming brick fireplace. The home boasts wood floors throughout. The kitchen is equipped with Viking appliances, an oversized island, & granite counters. The primary bedroom offers a luxurious retreat with a full bath, separate shower, soaking tub, 2 walk-in closets, & a cozy sitting area. French doors lead out to the large backyard, complete with mature landscaping & sparkling pool.
150 Crystal Sky Drive
Sedona, AZ 86351
$2,795,000
4
Beds
6
Baths
4,992
SqFt
Status
Active
MLS #
6687412
Property Type
Single Family Residence
Price Type
--
Majestic, panoramic Red Rock Views that will take your breath away the minute you step inside this luxury custom home on prestigious Crystal Sky in the Sedona Golf Resort. With soaring 12-foot ceilings, exquisite travertine flooring, and a stunning stacked stone fireplace, this residence epitomizes the epitome of sophistication. Its open and spacious floor plan, adorned with plenty of windows, floods the interiors with natural light. All main living on one level including primary suite with romantic fireplace for ambience as well two ensuites bedrooms and office/bedroom. Situated on the lot to capture the most spectacular panoramic red rock views and backing to National Forest for privacy, this home was perfectly built to capture all that Sedona has to offer. Indulge in evenings spent sipping wine on the front deck, basking in the splendor of magnificent sunsets. The backyard oasis captivates with a stunning koi pond/swimming pool, complemented by a brand new built-in BBQ center and a kiva fireplace. Surrounding this oasis is a supreme gardener's paradise, featuring two raised vegetable beds, an array of fruit trees, and multitude of planted flowers. Discover numerous special retreats within, including a library, a controlled wine cooler, and an entertainment area downstairs, accompanied by ample storage space. A separate private yoga/art studio with a walkout rooftop deck. The property includes a spacious 3-car garage, enhanced with upgraded lighting featuring full-spectrum LED lighting strips. This home has been meticulously maintained with an extensive list of upgrades listed separately. Don't miss the opportunity to make it yours.
8701 E Remuda Drive
Scottsdale, AZ 85255
$2,795,000
5
Beds
5.5
Baths
4,278
SqFt
Status
Active
MLS #
6758247
Property Type
Single Family Residence
Price Type
--
Stunning remodeled Scottsdale home with breathtaking mountain views! This exquisite single-level home located on an acre corner lot offers a split floor plan with 5 ensuite bedrooms, designer upgrades, & incredible outdoor spaces that capture the essence of Arizona living. The kitchen has been beautifully remodeled with quartz countertops & custom cabinetry. The spacious primary suite offers direct access to a private patio with heated spa & outdoor shower. Enjoy stunning desert mountain views from your expansive backyard featuring a heated pool, covered sitting area, a fire pit, & a large turf area with putting green. Close proximity to top-rated schools, fine dining, shopping, & world-class golf courses.
11124 E Del Timbre Drive
Scottsdale, AZ 85259
$2,785,000
5
Beds
4
Baths
4,297
SqFt
Status
Active
MLS #
6753067
Property Type
Single Family Residence
Price Type
--
VIEWS, VIEWS, VIEWS!! 2024 Completely Renovated Single Level Home nestled at the end of a Private Cul De Sac in Prestigious HillCrest at Scottsdale Ranch**RARE FIND Oversized Private Quiet Lot, Away from Noise & Traffic**Stunning Yard Pebble Pool & Spa & Huge Grassy Area**13 Foot WALL OF RETRACTABLE DOORS expands Great Room to a Perfect Indoor/Outdoor Living Experience! New Kitchen w/ Stacked Cabinetry**WOLF Appliances GAS Cooktop, Speed Oven & Convection Oven**''Gorgeous Slab Counters** Built in Bar w/ wine frig**Wide Plank HARDWOOD Flooring*New Master Bath Large Format Tile**Custom Built in Master Closet**High Ceilings**Split Floorplan*3 CAR SIDE ENTRY GARAGE EPOXY FLOOR W/ OVERSIZED SLAB perfect to park your Scottsdale Luxury cars!*NEW ROOF**NEW A/C's**Fabulous Home & Lot, Just Move in City of Scottsdale owned land across the street affords extra privacy and no traffic. Lots like these are Rarely for Sale! Hurry Don't Miss this Once in a Life Time Opportunity to Own this Exquisite Home & Exceptional Lot! Stunning Renovation just completed....Just Move In!