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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27242 W Wahalla Lane
Buckeye, AZ 85396
$597,700
2
Beds
2
Baths
2,092
SqFt
Status
Active
MLS #
6776160
Property Type
Single Family Residence
Price Type
--
A FULLY FURNISHED, TURNKEY DESTINY MODEL WITH OWNED SOLAR & 3 CAR GARAGE SITUATED ON A PREMUIM GOLFCOURSE, LAKE FRONT LOT! Enter the front courtyard which leads to the open concept floorplan w/ tile plank flooring and neutral palette. The living/dining room boasts a custom stacked stone media wall & panoramic views of the of the course. The dine-in kitchen features a huge center Island, granite counters, custom tile backsplash & breakfast bar. Master Suite is complete w/sep tub/shower, dual sinks & large walk-in closet. Second bedroom & a den on the opposite side of the home provide privacy for guests.The laundry room offers lots of cabinets & utility sink. Enjoy outdoor living on the extended covered patio overlooking the stunning water fountain on this award winning golf course.
21354 E Sparrow Drive
Queen Creek, AZ 85142
$597,594
4
Beds
3
Baths
2,405
SqFt
Status
Active
MLS #
6753924
Property Type
Single Family Residence
Price Type
--
Welcome to this stunning home in Ascent at Jorde Farms, filled with numerous upgrades! Inside, you'll find a gourmet kitchen featuring designer cabinets, quartz countertops, and Whirlpool stainless steel appliances. The open-concept great room offers the perfect space for gatherings. The private primary bedroom includes an ensuite bath and a spacious walk-in closet. This home boasts 3 bedrooms, 3 full baths, upgraded paint, flooring, and more! Enjoy the charming porch and become part of the inviting Ascent at Jorde Farms community, which plans to offer a pool, walking paths, and parks. With great restaurants and shopping nearby, your dream home awaits! Welcome home!!
7637 E Chaparral Road
Scottsdale, AZ 85250
$597,500
2
Beds
2
Baths
1,700
SqFt
Status
Active
MLS #
6777379
Property Type
Townhouse
Price Type
--
Charming Mid-Century Modern Home with Expansive Upgrades. Welcome to your perfect blend of modern comfort and classic mid-century charm! This beautifully updated one-story home is located in a highly desirable Scottsdale 55+ neighborhood, offers a sophisticated lifestyle wrapped in understated elegance. Stylish Interiors Step inside to find an open-concept great room filled with natural light, featuring neutral tones and contemporary finishes that create a warm, inviting atmosphere. The spacious family room flows seamlessly into the dining area and kitchen, perfect for entertaining. Large sliding glass doors lead to the lush backyard, enhancing the indoor-outdoor Arizona lifestyle. The gourmet kitchen is a chef's dream, equipped with gleaming granite countertops, custom wood cabinets Relaxing Bedrooms and Luxurious Baths The home boasts two generously-sized bedrooms, each with updated flooring and custom window treatments. The primary suite offers an expansive retreat with access to the backyard, and it includes a sleek, spa-inspired ensuite bath. The bathrooms have been upgraded with high-end fixtures, frameless glass showers, and stylish vanities, providing an elevated sense of comfort. Outdoor Living at Its Best The spacious backyard is a private oasis, featuring lush artificial turf and mature trees that provide plenty of shade and privacy. Enjoy the extended covered patio, perfect for hosting gatherings or simply unwinding with a good book. A modern epoxy-coated two-car carport offers ample parking, and the front of the house features tasteful xeriscaping, providing a low-maintenance, yet attractive curb appeal. Upgrades Galore This home includes numerous recent upgrades, including modern ceiling fans, updated lighting throughout, a spacious laundry and storage room, and quality flooring in every room. Every inch of this home has been thoughtfully designed to maximize comfort and style. Don't miss this opportunity to own a piece of Scottsdale paradisea property that perfectly embodies the spirit of modern Arizona living, offering a comfortable and stylish retreat while being close to all the amenities and entertainment the city has to offer. Location, Location, Location Beyond the property's attractive features, its location is second to none. Nestled just minutes away from Old Town Scottsdale, residents can enjoy a diverse array of world-class shopping, dining, and entertainment options. Scottsdale Fashion Square, with its upscale shops, is just around the corner, while a variety of local restaurants, cafés, and nightlife venues provide endless opportunities for leisure and enjoyment. Chaparral Plaza and The Shops at Hilton Village offer additional shopping and dining conveniences nearby. Whether you're in the mood for an afternoon of boutique shopping or an elegant evening out, everything is right at your doorstep.
10245 E Trent Avenue
Mesa, AZ 85212
$597,500
2
Beds
2
Baths
1,979
SqFt
Status
Active
MLS #
6782763
Property Type
Single Family Residence
Price Type
--
Corner Lot! Adult Community Living at its finest! Property boasts custom cabinets, three skylights, insulated garage door, with custom cabinets in garage! Open floor plan, with large kitchen island for entertaining. Soft water system! Landscaping includes automatic drip system. Back patio includes electric shades with remote. Community includes pickleball courts, pool, tennis courts, game rooms and restaurant. Select furniture available for sale with the property.
6202 E Mckellips Road Unit 141
Mesa, AZ 85215
$597,500
3
Beds
2
Baths
1,773
SqFt
Status
Active
MLS #
6786590
Property Type
Townhouse
Price Type
--
Welcome to NE Mesa's premier gated & golf course carefree living community! This 3 bedroom 2 bath villa is a must see! Gated private courtyard entry. Enter into an open floor plan. Kitchen offers an abundance of cabinets, prep island, gas stove & informal dining. Plantation shutters thru out the home. Comfortable family room open to formal dining area. Master retreat w/ walk in closet, vanity w/ 2 sinks, soaking tub & walk in shower. Other two bedrooms w/ full bath. Laundry rom w/ cabinets. The backyard is where you live! This west exposure offers very special golf course & sunset views. Large paved patio and built in BBQ.Lush landscaping, fruit trees, covered patio, electric awning all offering relaxing outdoor space. . Community offers heated pool, spa, clubhouse, fitness area, pickle ball, movie room ect.HOA covers: Roof exterior of the home, blanket insurance, front landscaping, cable and internet!
25325 N Naples Street
Paulden, AZ 86334
$597,500
3
Beds
2
Baths
1,980
SqFt
Status
Active
MLS #
6700936
Property Type
Single Family Residence
Price Type
--
Two parcels are seamlessly merged together to equal a total of 9.795 acres. Nestled on sprawling acreage, this picturesque single family home offers an idyllic retreat enveloped by panoramic mountain vistas. Offering 3 bedrooms and 2 bathrooms, this charming residence exudes warmth and character. The inviting living room features a cathedral ceiling adorned with rustic beams, accentuating the space and charm. A wood-burning fireplace with exquisite Mexican brick infuses the room with cozy ambiance for chilly evenings. The ornate front door welcomes guests, while new storm doors on both the front and back entrances providing weather resistance. Recent upgrades include a new air conditioning and heating unit, new windows, and fresh exterior paint, ensuring modern comfort and aesthetic appeal. The home and its accompanying three-car garage, complete with storage and workbenches, boasts new roofs, offering peace of mind and longevity. A newly installed gravel driveway with gated entrance leads to the residence, which sits back a quarter-mile, offering unparalleled privacy and tranquility. The landscaped grounds boasts a variety of trees, including elm, mondell pine, Arizona cypress, juniper, purple robe locus, Arizona ash, locus and chase. Fruit trees, include apple, plum, mulberry, and Arizona walnut, creating a serene oasis. The driveway is flanked by majestic pine trees, while automatic irrigation ensures lush greenery thrives. Additional amenities include a shed, well house, chicken coop, and greenhouse with two garden beds with carrots, sweet potatoes, celery and basil. A fenced and cross fenced perimeter, complete with chain link and wire fencing, ensures security and functionality, while an interior yard with wire fencing and gates offers versatility. Great for children and the family pets. Outdoor enthusiasts will delight in the covered back patio, perfect for al fresco dining, and rustic red barn with four stalls, corrals and turnouts. A horseman's paradise with room to expand. A 10x16 concrete and block patio with redwood railing off the dining area provides a serene spot to admire the breathtaking sunsets to the west. With one RV hook-up equipped with 30 amp, power, water, and sewer access, the additional RV hook-up has 30 amp, power and is near water. This property offers endless possibilities. Update this home to your own personal style. Enjoy the relaxation and recreation of this beautiful property! Parcel numbers: 304-01-032A and 304-01-032B, both parcels combined are being sold at the list price.
321 W Palo Verde Street
Gilbert, AZ 85233
$597,500
4
Beds
3
Baths
2,090
SqFt
Status
Active
MLS #
6759949
Property Type
Single Family Residence
Price Type
--
**Distinctive character and unique SW design on preferred N/S lot ideally situated close to downtown Gilbert!!**Beautifully updated 4 bedrooms with private bath off guest room + additional bonus/media room.**Practical stained concrete flooring throughout, freshly painted with newer light fixtures and ceiling fans and gas fireplace.**Well-planned kitchen with Brazilian Quartzite countertops, custom cabinetry, huge island/breakfast bar & double French patio doors.**Additional amenities include RV gate w/concrete pad, sliding barn door in master suite, stackable washer & dryer, reverse osmosis, soft water and refrigerator!!**Private backyard with no rear neighbors, extended covered patio, shed and lush, mature landscaping.**
23866 N 72nd Place
Scottsdale, AZ 85255
$597,500
3
Beds
2
Baths
1,346
SqFt
Status
Active Under Contract
MLS #
6740738
Property Type
Single Family Residence
Price Type
--
New Price! The best deal in North Scottsdale. Beautiful property located in the gated community of Los Portones. Updates include wood plank tile flooring, newer carpet in bedrooms, and newer paint inside and out. New roof in 2022 and comes with a warranty. Open floorplan. Large backyard with plenty of room for a pool. Located near world class golf, hiking, dining, shopping, and so much more. This property is a must see!
23142 E Thornton Road
Queen Creek, AZ 85142
$597,500
3
Beds
2.5
Baths
1,960
SqFt
Status
Active
MLS #
6763042
Property Type
Single Family Residence
Price Type
--
Why wait for a new build? This property offers a delightful curb appeal with a desert landscape. The interior boasts an open floor plan bathed in natural light with areas that flow together seamlessly, promoting a greater traffic flow. Tall Ceilings, recessed lighting, wood-plank tile flooring, and stylish light fixtures are attributes worth mentioning. The multi-sliding glass doors connect the indoors with the outdoors for easy entertaining. The kitchen showcases wood cabinets, granite countertops, stainless steel appliances, a gas cooktop, and an oversized island. The primary bedroom hosts a full ensuite with a large dual vanity, soaking tub, step-in shower, and a walk-in closet. The tandem garage features an epoxy floor and a paver driveway. The no-fuss backyard has a covered patio, pavers, and artificial turf, allowing you to relax in solitude while sipping your favorite beverage or hosting fun gatherings on the weekends. The choice is yours! This fantastic community offers parks & playgrounds, a splash pad, basketball & pickleball courts, a pool, and much more! Truly a resort-like living! Don't let this opportunity pass you by. Act now!
6202 E Mckellips Road Unit 299
Mesa, AZ 85215
$597,300
3
Beds
2
Baths
1,818
SqFt
Status
Active Under Contract
MLS #
6747158
Property Type
Single Family Residence
Price Type
--
Golf Course Lot! Beautiful Tuscany Villas at Painted Mountain single family with no shared walls.18 in ceramic tile,neutral carpet,10 ft ceilings,great room floor plan,stainless steel appliances,maple cabinets,granite counters,kitchen island,recessed lights.Primary bed with bay window,separate tub & shower,cultured marble, w/in closet.Dining room bay window,breakfast nook.Exterior stone accents, stuccoed eaves, exterior fireplace, covered extended patio with pavers. Built in BBQ. Upgraded ceiling fans, inside laundry, HOA covers: roof, exterior, front landscaping, internet, cable and blanket insurance policy. Clubhouse, heated pool, 2 spas, pickle ball, fitness area and media room. Light & bright, close to everything, including 202 Loop and Superstition Springs Mall, this home has it all!
2625 S Bonarden Lane
Tempe, AZ 85282
$597,000
4
Beds
2
Baths
1,669
SqFt
Status
Active
MLS #
6703367
Property Type
Single Family Residence
Price Type
--
Amazing opportunity to own this nicely updated 4 bedroom, 2 bath home on a corner lot with RV Gate. Step inside and you will find easy care wood like laminate flooring through out and designer baseboards. Clean and bright galley style kitchen with plenty of cabinet space, stainless appliances and bar style breakfast counter overlooking the cozy brick fireplace and family room. Large covered patio overlooks generously sized block fenced back yard with low maintenance desert landscaping. Prime location close to the Orbit Bus with easy access to ASU campus, dining, sporting events and night life! Fantastic central location!
8548 E Inca Street
Mesa, AZ 85207
$597,000
3
Beds
2
Baths
1,753
SqFt
Status
Active Under Contract
MLS #
6781863
Property Type
Single Family Residence
Price Type
--
Pride of ownership speaks volumes in this immaculately kept home on corner lot. Owner's attention and continuous care to Critical Cost Items such as HVAC (2018), Pool and Landscape will put new Buyer mind at ease. New Pebbletec pool surface, New Variable-speed pump, New control panel and filter system syncs w/New Hayward Omni-Logic Remote App. Enjoy days and evenings under your Covered Patio with Remote shades (3 sides), Built-in Grill, Firpit. Kitchen updated (2018) with All New Appliances, New leather-look granite on island/breakfast bar, Cabinet up-lights/under-cabinet lights on dimmer, lower cabinet pull-outs, soft-close doors/drawers. Hunter Douglas remote shades adjust to desired light. Queen-Murphy Bed in 2nd Guest BR (Conveys w/home). There's more! See full list-Doc-tab! There's an attraction to Mountain Bridge that brings community experiences to life where you will find resort style living at its finest. Community amenities (included in HOA): Pool, Tennis, Pickleball, Basketball, Fitness Center, Playground, Clubhouse, Walking and Biking Trails and more. Fantastic location surrounded by Great Schools, Restaurants and Shopping. Minutes to Usury Mountain Park, just 5 mins to Freeway, 15 minutes to Saguaro Lake, 20 Minutes to Sky Harbor Airport and Scottsdale.