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
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.
1412 E Windsor Drive
Gilbert, AZ 85296
$575,000
3
Beds
2.5
Baths
2,182
SqFt
Status
Active Under Contract
MLS #
6764765
Property Type
Single Family Residence
Price Type
--
What a BEAUTY this one is**CORNER lot**GREAT curb appeal**Newer front door opens to COZY entry with den and staircase leading up to loft and bedrooms**Downstairs features bamboo flooring, warm tones great room and kitchen with lots of cooking space and good sized walk in panty**FRENCH doors (2020) in great room open to lush quiet pool area**Upstairs bedrooms are all oversized, primary has 2 walk in closets, Large loft can be used as game room, additional TV room, etc**All windows replaced 2023, front door replaced 2020**Newer dishwasher 2023**Exterior painted 2023**Updated pool decking, pool vacuum and cartridge 2024**Gas line to BB on patio**Take a look at the pictures, owners have taken care of their home and it shows**Golf course community**shopping etc all a few min away**
8735 E Via De La Luna Road
Scottsdale, AZ 85258
$575,000
2
Beds
2
Baths
1,213
SqFt
Status
Active Under Contract
MLS #
6769405
Property Type
Townhouse
Price Type
--
Move fast on this beautifully remodeled 2 bed, 2 bath townhome with a 2-car garage in the heart of McCormick Ranch! Features stunning updates, including wood-look tile flooring, wood shutters, automatic blinds with remote, beamed ceiling, quartz countertops and custom marble backsplash. Master bedroom offers a private exit to patio and stylish barn door leads to ensuite with large walk-in shower. Vaulted open great room filled with natural light, skylights and cozy fireplace is perfect for entertaining. Private back patio provides a peaceful retreat. This home offers access to biking and walking paths, a lush pool/spa area surrounded by palm trees and close proximity to top dining, shopping and entertainment at Salt River Fields. Easy access to the 101 freeway!
2989 N 44th Street Unit 3028
Phoenix, AZ 85018
$575,000
3
Beds
3
Baths
1,743
SqFt
Status
Active
MLS #
6723473
Property Type
Apartment
Price Type
--
Sunsets and sparkling city light views frame this urban contemporary condominium in gated Arcadia Grove.Surrounded by towering pines, palms, Koi ponds and waterfalls this luxury property is 10 minutes to galleries, restaurants, Sky Harbor, Scottsdale, Biltmore, Tempe and downtown Phoenix. St. Joe's/Barrows, Phoenix Children's and AZ Heart hospitals are a dream commute.With private garages for 3 cars, this single level unit offers 1,743 square feet, 2 master bedrooms with large walk-in closets, a study (or 3rd bedroom) with custom office furniture and 3 baths. The neutral palette, great room floor plan and large private balcony with views of Camelback, provide a tranquil setting. Resort style heated pool/spa, 24 hour fitness center and clubhouse with catering kitchen complete this property
6788 W Rose Garden Lane
Glendale, AZ 85308
$575,000
3
Beds
2
Baths
1,779
SqFt
Status
Active Under Contract
MLS #
6771051
Property Type
Single Family Residence
Price Type
--
Welcome to this charming 3-bedroom, 2-bathroom home with OWNED SOLAR, nestled in a picturesque lake subdivision! Step inside to a spacious interior featuring new flooring (2022) and abundant natural light streaming through dual-pane windows. The kitchen features white cabinets, granite countertops, stylish backsplash, stainless steel appliances and an island with breakfast bar seating. The separate den is complete with custom-made office cabinets and desk. Recent updates enhance this home, including a newly coated pebble tech pool, variable speed pump, new roof 2020, new water heater 2024, and newer A/C in 2018. The outdoor oasis boasts a large covered patio overlooking a beautifully landscaped, low-maintenance yard with synthetic grass, a sparkling private pool and above ground spa. Convenient access to the 101 freeway, a 2.5-car garage with ceilings storage racks and epoxy floors, and an RV gate complete this fantastic home!
18051 N 5th Avenue
Phoenix, AZ 85023
$575,000
3
Beds
2
Baths
2,088
SqFt
Status
Active Under Contract
MLS #
6772855
Property Type
Single Family Residence
Price Type
--
A PREMIUM, PRIVATE lot backing to a wash, this 3 bedroom PLUS a DEN home, with 2 full bathrooms is simply FABULOUS! The floorpan highlighted by vaulted ceilings and tile flooring throughout consists of a formal living room with dining area, and a family room ideally situated off the kitchen. This kitchen has an eat-in area, stainless appliances, a gas cooktop, granite countertops, pantry and a kitchen island, The backyard boasts VIEW fencing, a covered patio, and a sparkling pool with a spillover spa. There is a 3 car garage and the interior has been freshly painted in 10/24. The subdivision Arroyo Crossing is only minutes to the 101. This wonderful home in such a GREAT location makes it a must-see property for discerning Buyers!
2737 W Wayne Lane
Anthem, AZ 85086
$575,000
4
Beds
2
Baths
1,890
SqFt
Status
Active Under Contract
MLS #
6771096
Property Type
Single Family Residence
Price Type
--
Immaculate and hard to find 4-bedroom 2 bath ''Liberty'' Floor plan home on a superior view lot in Anthem Parkside. Kitchen features Granite counters, kitchen island, white cabinetry and stainless steel appliances. Spacious master bedroom with French door entry and walk-in closet. Master bath offers double sinks, separate garden tub and seamless glass shower. Additional 3 bedrooms with wood like flooring, blinds and ceiling fans. Home also boasts a large living / Dining room. HVAC was replaced in 2023, roof 2020. Located in the community of Anthem that offers a 40,000 sqft Community center and a 63 acre park with too many amenities to list. All items in the home are available for purchase on a separate bill of sale.
8374 W Palo Verde Avenue
Peoria, AZ 85345
$575,000
5
Beds
4
Baths
3,704
SqFt
Status
Active
MLS #
6776559
Property Type
Single Family Residence
Price Type
--
Enormous opportunity for this BIG home in a gated neighborhood. 5 bedrooms, 3.5 bathrooms with the master conveniently located on the main floor. Beautifully updated master bathroom with separate tub and shower, private toilet room and large master closet. First floor has newer luxury vinyl flooring. Breakfast island in the kitchen plus dining area. Adjacent family room allows for maximum entertainment options with an exit to the large covered patio. Upstairs, you'll find a large loft area, 4 bedrooms ( some with walk in closets), 2 full baths and storage closets. Updates include: windows, tankless heater, appliances. Over sized triple garage can accommodate a full size SUV.
7243 E Portland Street
Scottsdale, AZ 85257
$575,000
4
Beds
2
Baths
2,076
SqFt
Status
Active
MLS #
6775154
Property Type
Single Family Residence
Price Type
--
Fabulous South Scottsdale home in New Papago Park community just steps to Scottsdale Sky Song! Spacious home w/4 Bedrooms & 2 bathrooms. Enter into the FORMAL living room that peeks into the updated Kitchen w/pass through to kitchenette & dining room. Flex space ideal as a sunroom, office, or den. Primary ensuite has built-in linen closet, & exits onto enclosed porch w/backyard access. Primary bathroom has updated shower w/white tile surround. All bedrooms feature mirrored closet doors & ceiling fans. Guest bathroom has tub/shower combo. Updates include wood laminate flooring, 200amp electrical panel & dual pane windows. Enclosed porch has closed-in laundry room. Large backyard w/beautiful poured concrete patio. Opportunity to create your perfect dream backyard. Spacious shed (with electricity) in backyard for extra storage. One acre Papago Rotary Park just a few streets away. Minutes to active Scottsdale Green Belt, Vista del Camino, El Dorado Park & Sky Song. Near popular SoSco hotspots DeFalco's, Fellow Osteria, & hidden gem Hai Noon. Tucked into the SkySong neighborhood of South Scottsdale, just minutes to Old Town, ASU, PHX Sky Harbor Airport, freeways, & so much more! Enjoy all the world famous amenities of South Scottsdale AND Tempe!
818 N 87th Street
Scottsdale, AZ 85257
$575,000
3
Beds
2
Baths
1,628
SqFt
Status
Active
MLS #
6761025
Property Type
Single Family Residence
Price Type
--
LOCATION LOCATION LOCATION! Welcome to this spacious home, nestled in the heart of South Scottsdale. With some modern updates, this home will easily return to its full potential. It has great bones and a fabulous layout with both a family room and a living room, spacious kitchen, and a pool that's serviced weekly behind a new wrought-iron fence and a newer variable speed pump and filter. New'ish SS appliances are staying, along with the W&D. An atrium off the family room is a perfect place for a flower garden or water feature. This is your opportunity to put your own touches and style on an affordable home in a prime location with a LOW HOA near the 101 and 202, and a 7 minute drive to both Old Town Scottsdale and ASU.
1844 W Virginia Avenue
Phoenix, AZ 85007
$575,000
3
Beds
2
Baths
1,750
SqFt
Status
Active
MLS #
6770895
Property Type
Single Family Residence
Price Type
--
Charming 3-bed, 2-bath Home backed up to the beautiful Encanto Golf Course, this home offers breathtaking views! With new Anderson windows and a sliding door, plus custom stonework inside and out, this house blends elegance with durability. The AC system is only 2-3 years old and comes with a premium dust-collecting filter, an upgrade valued at $1,250. The kitchen floor is finished with luxurious Colorado stone, New dishwasher and washer ready to go. The property features beautiful landscaping, a large garage that fits both a sedan and a truck. New electrical box. All the fascia and soffits are covered, so you'll never need to repaint. Enjoy energy efficiency with awnings on all windows, and the monthly electric bill is just $168 for this all-electric home. Don't miss this opportunity!!!
2325 Mohave Street
Chino Valley, AZ 86323
$575,000
3
Beds
2
Baths
1,350
SqFt
Status
Active
MLS #
6766952
Property Type
Single Family Residence
Price Type
--
Welcome home to this charming, site-built home on a beautifully level homesite in the heart of Chino Valley. This property is a true gem, boasting a newly constructed, RV garage that offers ample space for cars, toys, or even a workshop. Nestled on nearly an acre, the fully landscaped homesite evokes a park-like atmosphere, complete with mature shade trees and lush green lawns in both the front and back, all maintained by a sprinkler and drip system. As you step inside this single-level home, you're greeted by a great room designed for comfort and relaxation. The open-concept layout flows seamlessly into the kitchen, which is a chef's dream. Outfitted with sleek granite countertops and a full suite of stainless steel appliances, it's perfect for preparing meals and entertaining. The primary bedroom is a peaceful retreat, featuring a luxurious ensuite bathroom, while the two additional bedrooms share a well-appointed full bathroom. Direct access from the 2-car garage to the home is an added convenience. Significant upgrades include a brand-new roof installed in 2024 and a new well pump installed in 2021. Plantation shutters throughout the home add a touch of elegance. The detached RV garage is an ideal space for hobbyists or those needing additional storage and is perfect for storing vehicles as it offers enough room to install a car lift, if desired. This property truly offers it all space, comfort, and modern amenities in a tranquil setting! Owner/Agent