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.
Click Here to See What Your Home is Worth
3935 E Rockwood Drive
Phoenix, AZ 85050
$575,000
3
Beds
2.5
Baths
1,924
SqFt
Status
Active
MLS #
6772320
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home! This beautifully maintained property features a bright and spacious layout, perfect for relaxation and entertaining. The heart of the home is the modern kitchen. Boasting sleek countertops, updated appliances, and ample cabinetry, it is a chef's delight. Step outside to your private backyard oasis, perfect for outdoor fun or quiet evenings under the stars. This backyard has everyting you need equipped with a covered patio, patio deck, and above-ground spa. Conveniently near the 51 and 101 freeways, you'll be just moments away from a variety of shopping and dining options at either Desert Ridge mall or the newly renovated PV mall. This home truly has it all! Don't miss your chance to experience the perfect blend of comfort and convenience. See it today!
1635 E Claremont Street
Phoenix, AZ 85016
$575,000
3
Beds
2
Baths
1,792
SqFt
Status
Active
MLS #
6769469
Property Type
Single Family Residence
Price Type
--
This 3 bedroom and 2 bath Central Phoenix home has nearly 1800 square feet and offers incredible potential for renovations or updates and is priced accordingly. The spacious layout can accommodate various living arrangements or modernizing to fit your style. Look at this huge quarter acre lot waiting to be transformed into your dream yard! Conveniently located within walking distance to local coffee shops, exceptional restaurants, and vibrant bars, you'll also be just minutes away from hiking at Piestawa Peak and exploring the Biltmore and Camelback Marketplace. Plus, it's situated in the highly regarded Madison School District. Just imagine the possibilities. Don't let this on slip away!
1607 W Shangri La Road
Phoenix, AZ 85029
$575,000
4
Beds
3
Baths
2,073
SqFt
Status
Active
MLS #
6771002
Property Type
Single Family Residence
Price Type
--
Beautiful 4 bedroom 3 bathroom home with a detached 4 car garage. 2 dwellings attached with 2 separate entrances. Total square footage of both dwellings is 2073. Guest home is 853sqft. Guest home is 1 bedroom with 1 bathroom and its own kitchen. Main home offers large laundry room/storage room, open eat in kitchen. Main living area has vaulted ceilings. Home has both an A/C , Heat and Evaporative system. 4 car detached garage is 30x21 with a front and back garage door and extra concrete in front and rear. Garage slab was poured extra thick for a car lift. Garage does have water, power, sewer, vacuum and cooling system. Property is completely fenced in on large corner lot. No HOA with amazing mountain views and hiking trails. Single family home but zoned for multi family use. Zoned R3.
16733 E Duane Lane
Scottsdale, AZ 85262
$575,000
3
Beds
2
Baths
1,512
SqFt
Status
Active
MLS #
6773011
Property Type
Single Family Residence
Price Type
--
Discover your perfect retreat in the serene Rio Verde Foothills! This stunning home offers mountain views and the freedom of no HOA. The open floor plan features a beautiful kitchen with granite countertops and ceramic wood-style tile flooring, adding warmth to every space. The expansive backyard, complete with an RV gate and power hookup, is a blank canvas for outdoor projects or relaxation. Customize the property to fit your lifestyle. Nestled in a peaceful location with access to nearby amenities, this home blends style, practicality, and tranquility. Have no worries as this great home is signed up with EPCOR! You won't want to miss this home!
1411 N Overfield Road
Casa Grande, AZ 85194
$575,000
4
Beds
3
Baths
3,000
SqFt
Status
Active
MLS #
6765465
Property Type
Single Family Residence
Price Type
--
Home on approx 1/2 acre $575,000, Home with 1 acre pasture, $650,000 LOT SPLIT IN ESCROW Seller will provide water from well located on the adjacent property.
2292 S 155th Lane
Goodyear, AZ 85338
$575,000
5
Beds
3.5
Baths
3,169
SqFt
Status
Active Under Contract
MLS #
6741299
Property Type
Single Family Residence
Price Type
--
Spectacular, totally move-in ready home! Every box will be checked, beginning with the amazing location! Be close to shopping, dining, schools and access to freeways! Being close to Goodyear Ballpark makes Spring Training easy to enjoy, too! Next box to check is this great floorplan! The large foyer and very impressive stairway to the second floor is only the beginning! This floorplan offers the ability to live on the main floor, beginning with the primary suite, featuring a large walk-in closet and newly remodeled bath! Also on the main floor is the large living room/den and a spacious dining room, accented with dentil molding. The upscale eat-in chef's kitchen, with high-end appliances, beautiful granite on the large island with breakfast bar, and the adjoining family room brings everyone together in the heart of the home! But wait, there is more.... Upstairs, you will find 4 additional bedrooms, 2 full baths and a huge bonus/media/game room! To top it all off, the resort-style backyard, with built-in BBQ, fridge, sink and cooktop, heated saltwater pool with waterslide and waterfall, and the heated spa, is your own private oasis! Be settled for the holidays! Freshly painted and new carpet in all bedrooms, you can move in and enjoy!! A quick close is possible!!
7738 S Reseda Street
Gilbert, AZ 85298
$575,000
3
Beds
2
Baths
1,731
SqFt
Status
Active Under Contract
MLS #
6772285
Property Type
Single Family Residence
Price Type
--
Looking for the perfect backyard oasis - look no further! This stunning 3-bedroom, 2-full bathroom home is located in the highly sought after Adora Trails neighborhood with MOUNTAIN VIEWS. As you step inside you will be greeted by an OPEN FLOORPLAN with high ceilings, wood look tile flooring and custom feature walls. The gourmet kitchen is a chef's dream, featuring modern appliances and custom cabinetry, ideal for entertaining and family gatherings. This beautifully upgraded home is the perfect blend of indoor and outdoor living with an oversized slider patio door leading to an entertainer's dream backyard, featuring a HEATED and COOLED SALTWATER POOL, large turf area and built-in OUTDOOR KITCHEN. The Adora Trails community has much to offer with a heated COMMUNITY POOL, community lake, clubhouse, FITNESS CENTER, miles of walking TRAILS, green space, and multiple PARKS!
3849 S Vineyard Avenue
Gilbert, AZ 85297
$575,000
4
Beds
2.5
Baths
2,474
SqFt
Status
Active Under Contract
MLS #
6750289
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home in the highly coveted Power Ranch community! This stunning residence has been freshly painted throughout, offering a crisp, modern aesthetic. The kitchen is a chef's delight, featuring elegant granite countertops, stylish cabinetry, and sleek stainless steel appliances. It seamlessly flows into the expansive great room, where you'll enjoy views of the beautifully landscaped, low-maintenance backyard. Upstairs, you'll find a serene primary bedroom complete with a luxurious full bath and a spacious walk-in closet. The second level also includes three additional bedrooms and a versatile loft area, perfect for a home office or playroom. Step outside to discover your private oasis—a backyard designed for effortless entertaining with its attractive pavers and inviting fire pit. This home is move-in ready and absolutely gorgeous, making it the perfect choice for your next chapter.
13809 N Woodside Drive
Fountain Hills, AZ 85268
$575,000
2
Beds
2
Baths
1,451
SqFt
Status
Active Under Contract
MLS #
6762705
Property Type
Single Family Residence
Price Type
--
Welcome to your beautiful desert retreat, backing to the preserve for total privacy and mountain and city light views! Walking distance to Fountain Hills Park & World Famous Fountain! Open floor plan with spacious great room. Sliding glass door and big windows in the great room fill the home with natural light. Eat- in kitchen with breakfast nook. Primary suite with slider to backyard, walk-in shower, and walk-in closet. Low maintenance backyard with covered patio, built-in BBQ, and gorgeous custom stone water feature overlooking the serene desert view. Enjoy the community pool & spa as well as the convenient location close to trails, shopping, golf, dining, and more. Be sure to check out this beautiful winter retreat!
13233 N 1st Place
Phoenix, AZ 85022
$575,000
3
Beds
2
Baths
1,730
SqFt
Status
Active Under Contract
MLS #
6758241
Property Type
Single Family Residence
Price Type
--
WELCOME HOME FRIENDS!!! TAKE A LOOK AT THIS BEAUTIFULLY REMODELED MOVE IN READY HOME! PRIDE OF OWNERSHIP IS SEEN THROUGHOUT! FALL IN LOVE WITH THE OPEN CONCEPT FLOOR PLAN, VINYL PLANK FLOORING, NEW KITCHEN CABINETS, QUARTZ COUNTERTOPS THROUGHOUT, TILED SHOWERS IN BOTH BATHROOMS, FRESH INTERIOR & EXTERIOR PAINT, WOOD BURNING FIREPLACE, SPACIOUS BEDROOMS, LOW MAINTENANCE FRONT & BACKYARD, LARGE COVERED PAVERED PATIO, RV GATE, OVERSIZED LOT & EXTERIOR BUILT IN FIREPLACE! BEING CENTRALLY LOCATED, MAKE A NIGHT ON THE TOWN SEAMLESS! ENJOY HIKING IN THE WINTER MONTHS? SOME OF PHOENIX'S TOP HIKING TRAILS ARE MINUTES AWAY! DID I MENTION THERE'S NO HOA??? THIS HOME SHOWS LIKE A MODEL & IS A MUST SEE! YOU WILL NOT BE DISAPPOINTED!
14656 W Corrine Drive
Surprise, AZ 85379
$575,000
3
Beds
2.5
Baths
2,506
SqFt
Status
Active Under Contract
MLS #
6761008
Property Type
Single Family Residence
Price Type
--
Absolutely perfect home in Marley Park II! IMMACULATELY maintained and HIGHLY upgraded 3 bed/2.5 bath home, split floor plan, half bath for visitors, butlers pantry with sink and large walk in pantry, quartz counter tops, soft close cabinets with pull outs and drawers, extended cabinets and counter tops in Kitchen, large double slide arcadia door that lets beautiful natural light in, OWNED Soft Water system, RO System, Tray ceilings in entry and Owner's suite, pendant lights above island, built in bookcase/shelving in Den/Dining room, Owner's entrance to Laundry Room with sink and cabinets, key drop by entry of garage door, highly sought after 3rd car garage, epoxy flooring in garage, custom multi colored eave lighting, exquisite landscaped back yard with extended patio, pavered driveway with pavers up to zero entry front door, pavered walk ways on both sides of home and gates on both side as well for easy access around home, eave lighting/Irrigation timer/garage door openers/ring/yard lighting are all on apps and automated, home designed with almost everything in mind and not a dollar spared, too much to list, ask your agent for an upgrades list, this truly is a must see.
43298 W Desert Fairways Drive
Maricopa, AZ 85138
$575,000
4
Beds
2.5
Baths
2,862
SqFt
Status
Active Under Contract
MLS #
6761031
Property Type
Single Family Residence
Price Type
--
Welcome to this immaculate home located on the prestigious Duke Golf Course, offering breathtaking views and luxurious living. The oversized resort-style backyard is a true entertainer's dream, featuring a sparkling pool, a putting green for the golf enthusiast, an RV gate, and two expansive side yards. With OWNED SOLAR, you'll enjoy year-round energy savings, making the most of Arizona's abundant sunshine.The gourmet kitchen boasts beautiful granite countertops, stainless steel appliances, and ample space for any home chef to enjoy. The spacious primary bedroom offers an elegant ensuite bathroom, creating a private and luxurious retreat. There's also a dedicated office space that can serve multiple purposes, from a home office to a hobby room. This home perfectly blends comfort & style.