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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7471 E Sierra Vista Drive
Scottsdale, AZ 85250
$2,490,000
3
Beds
3.5
Baths
3,206
SqFt
Status
Active
MLS #
6785358
Property Type
Single Family Residence
Price Type
--
Welcome to the swanky sophistication of this guard gated Lincoln Place stunner. From the moment you walk through the front door you will fall in love with this jaw dropping contemporary masterpiece. Impeccably renovated over the past few years this home oozes personality. It's walkable to all of the best restaurants and retail that Scottsdale has to offer. Step through the impressive glass entry with sweeping views of the living room, dining room, family room, kitchen and media room/office. The layout is incredible with multiple living areas separated by a spectacular 440 bottle climate-controlled wall of wine which feels like art. The front living area has great views of the fabulous backyard and the covered patio with stunning gold chandelier, salt water pool and jacuzzi. The great room is an entertainer's delight with large dining and living areas, chef's kitchen including huge island with seating, stainless appliances, 2 beverage refrigerators, warming drawer, pot filler and gorgeous marble and quartz counters. The dreamy media room can also double as a home office with a wall of glass doors overlooking the living areas. The two guest bedrooms both with ensuite baths are split leaving the large master suite with loads of privacy. Incredible luxury master bath has sumptuous soaking tub, large his/her vanities and walk-in closet. $100k Crestron Smart Home system. A 3-car garage is the final bonus. Wow....and welcome home!!!
6147 E Alta Hacienda Drive
Scottsdale, AZ 85251
$2,489,000
3
Beds
3.5
Baths
2,491
SqFt
Status
Active
MLS #
6703124
Property Type
Single Family Residence
Price Type
--
THIS CONTEMPORARY HOME BUILT IN 2022 HAS IT ALL, STARTING WITH GREAT CURB APPEAL AND LOCATED IN THE LUXURY GATED SIGNATURE AT THE PHOENICIAN COMMUNITY WHICH IS CENTRALLY LOCATED IN THE CAMELBACK CORRIDOR AT THE SOUTHERN BASE OF CAMELBACK MOUNTAIN. ENTER THROUGH THE FOYER AND INTO THE SPACIOUS GREAT ROOM FLOOR PLAN THAT FEATURES AN OVERSIZED RETRACTABLE SLIDING GLASS DOOR LEADING TO THE COVERED PATIO AND BRINGING THE OUTSIDE IN, PROVIDING TONS OF NATURAL LIGHT INTO THE SPACE. THE CONTEMPORARY CHEF'S KITCHEN WITH A SLEEK AND MODERN DESIGN OPENS TO THE GREAT ROOM AND BOASTS DUAL TONE CABINETRY, QUARTZ COUNTERTOPS, DESIGNER TILE BACKSPLASH, STAINLESS STEEL APPLIANCES, DUAL OVENS, A GAS RANGE, AND A CABINET FACE REFRIGERATOR THAT PROVIDES A SEAMLESS, CLEAN LOOK. THE OVERSIZED WATERFALL CENTER ISLAND OFFERS PLENTY OF EAT-UP BAR SEATING, PERFECT FOR ENTERTAINING FRIENDS AND FAMILY. INDULGE IN THE OPULENCE OF LUXURIOUS WOOD AND TILE FLOORING GRACING EVERY CORNER, ENSURING EFFORTLESS MAINTENANCE. REVEL IN THE GRANDEUR OF HIGH CEILINGS AND THE SUBTLE ALLURE OF RECESSED LIGHTING THAT GRACEFULLY ILLUMINATES THE SPACE. THE MASTER SUITE FEATURES A SLIDING GLASS DOOR TO THE BACKYARD. THE SPA-LIKE MASTER BATH BOASTS DUAL FLOATING VANITIES, A SPACIOUS GLASS ENCLOSED WALK-IN SHOWER WITH A BENCH AND A LUXURIOUS DESIGNER SOAKING TUB, PERFECT FOR RELAXING AND UNWINDING. ADDITIONAL BEDROOMS ALL FEATURE WOOD FLOORING. THE SPACIOUS LAUNDRY ROOM OFFERS A FRONT-LOADING WASHER AND DRYER, AS WELL AS PLENTY OF BUILT-IN CABINETRY FOR AMPLE STORAGE ALONG WITH A CONVENIENT UTILITY SINK. OUTSIDE YOU'LL FIND A COVERED PATIO ADORNED WITH EXTENDED PAVERS, CREATING A FLAWLESS SPACE FOR AL FRESCO DINING AND RELAXATION. EASY CARE SYNTHETIC GRASS TIES INTO THE SPACE, CRAFTING A SERENE SETTING FOR YOUR ENJOYMENT. LOCATED JUST MINUTES AWAY FROM WORLD-CLASS SHOPPING, DINING AND RECREATION. COMMUNITY AMENITIES INCLUDE A PRIVATE POOL, WELL-APPOINTED FITNESS CENTER AND STYLISH OUTDOOR GATHERING SPACES.
11867 N 118th Street
Scottsdale, AZ 85259
$2,485,000
5
Beds
5.5
Baths
4,350
SqFt
Status
Active Under Contract
MLS #
6781789
Property Type
Single Family Residence
Price Type
--
EXECUTIVE SINGLE LEVEL HOME WITH IDEAL FLOOR PLAN & SPECTACULAR MOUNTAIN VIEWS. The Sellers impeccable eye for detail remodeling the home in 2022 combining elements of modernism with a touch of sophistication attracts the eye & excites the soul. The Primary wing includes a ensuite bedroom that is now an office with a private entrance, The spacious Primary bedroom has an updated spa bathroom. Opposite are 3 additional bedrooms with remodeled ensuite bathrooms for family members or to accomodate visitors. The Gourmet kitchen has been remodeled with top-of-the-line appliances & new countertops for a a sleek, modern feel. It opens to the family room & game room beyond. Expansive doors make indoor to outdoor living seamless. The exterior landscaping & hardscape have been completely redesigned with the addition of a built-in Traeger grill, outdoor refrigerator, there is a fire pit for chilly nights, forever green grass with breathtaking golf course & majestic McDowell mountain views perfect for family fun & entertaining. PLEASE NOTE THAT THE CHANDELIERS & SOUND BARS/FLAT SCREEN TVS & SONOS EQUIPMENT ARE NOT INCLUDED IN THE PURCHASE. In prestigious 24 Hour Guard Gated Ancala Country Club with true sense of community and a very active HOA making it easy to get to know your neighbors. Close to desirable Scottsdale & BASIS schools, hiking & biking trails, fine dining & shopping, the Mayo Clinic & easy access to Freeways. ANCALA COUNTRY CLUB MEMBERSHIP IS OPTIONAL. Ancala, a par-72 championship golf course was designed by Perry Dye. The remodeling was extensive including new high-quality hardwood flooring throughout the entire home for a cohesive, refined look. A new HVAC system has been installed, improving the home's energy efficiency & climate control. See The updated list in documents.
10905 E Oberlin Way
Scottsdale, AZ 85262
$2,479,000
3
Beds
3.5
Baths
2,835
SqFt
Status
Active
MLS #
6655766
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 C has a 2 car garage and alternate dining available only on lots 12 & 13. Price shown includes lot premiums and 25K pool and a 25k landscape allowance, Sub-Zero & Wolf Appliances & BBQ. Backing to the North side of Pinnacle Peak Mountain in N Scottsdale Serene..
5314 N 41st Place
Phoenix, AZ 85018
$2,479,000
5
Beds
3
Baths
4,013
SqFt
Status
Active
MLS #
6752736
Property Type
Single Family Residence
Price Type
--
The kitchen showcases a stunning view of Camelback Mountain & the Praying Monk. This beautifully renovated home features an open, entertaining plan with an inviting entry by way of a charming conversation patio. Spanning over 4,000 sq ft, enjoy 5BR/3BA, handsome library, LR, formal dining and great rm/family rm - complete with a breakfast bar & en suite eating area. The spacious split master suite occupies the entire south wing - 2 access doors to pool/patio areas - one right off the gym room. Resort-style backyard with a heated pool & spa, plus a freestanding 3-car garage equipped with a mini-split. Four private patios, one of which features an automated screen. There are surprises & vignettes everywhere. Please review the detailed list of features & improvements found in the docs tab.
28118 N 109th Way
Scottsdale, AZ 85262
$2,475,000
3
Beds
3.5
Baths
2,875
SqFt
Status
Active
MLS #
6655632
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 C has a 2 car garage and available only on lots 14, 15, 20 & 21. Base price shown includes lot premiums and 25K pool and a 25k landscape allowance, Sub-Zero & Wolf Appliances & BBQ. Backing to the North side of Pinnacle Peak Mountain in N Scottsdale Serene..
5000 N Camelback Ridge Road Unit 201
Scottsdale, AZ 85251
$2,475,000
2
Beds
2.5
Baths
1,847
SqFt
Status
Active
MLS #
6782702
Property Type
Apartment
Price Type
--
Experience elevated living at Ascent at the Phoenician! This brand new luxury condominiums will be ready for occupancy before the end of this year. Nestled on Camelback Mountain, this exclusive home features a high end bulthaup kitchen, Wolf & Sub-Zero appliancesa, beautiful fireplace, window coverings, washer and dryer and Waterworks fixtures. Enjoy a spacious wrap-around patio with a built-in gas grill, perfect for entertaining. Luxurious touches include fantastic tile and stone along with hardwood flooring throughout. Located within a brand new guard-gated community and adjacent to the Phoenician Resort, Ascent has outstanding new community amenities. Don't miss this first chance to be among the new residents of the most desirable resort community in town.
23602 N 84th Place
Scottsdale, AZ 85255
$2,475,000
6
Beds
5
Baths
4,874
SqFt
Status
Active Under Contract
MLS #
6774258
Property Type
Single Family Residence
Price Type
--
Privacy & luxury in prime gated N Scottsdale Pinnacle Paradise. 1.7 acres, 4800+ sq ft, 6bd/5bth incl casita, paved circ. drive, pvt ctyd, 4 car cond. garage w tons of storage. Grand residence, meticulously cared for. Soaring ceilings, grt rm overlooks yard, pool, spa, & casita. Indoor/outdoor living at its finest. Cook's hub kitchen w/prep island, dbl ovens, lg pantry w/new wine cooler & pouring station. Bkfst nook overlooks expansive covered rear patio, htd pool and spa. Spacious fml dining, beamed vaulted ceilings, lots of windows overlook grounds. Wood plank flooring, travertine, 4 fireplaces. Secluded primary w/spa bath, soak tub, dual closets. Owned solar, little or no elec bill! New roof, fresh paint inside and exterior. This is indeed a rare find, near all N Scottsdale offers.
4322 E Libra Place
Chandler, AZ 85249
$2,475,000
5
Beds
4.5
Baths
5,539
SqFt
Status
Active
MLS #
6777241
Property Type
Single Family Residence
Price Type
--
New Custom Home in the gated community of Vasaro. Home is fully completed and move in ready! 5 large bedrooms, all with in suite bathroom access, separate office, formal dining, large bonus room with a barn door, expansive open great room/kitchen plan w/walk in pantry, custom cabinets, large 3 bowl sink, built-in stainless-steel appliances, 48''refrigerator, commercial style range & hood, tile & wood flooring, 10x16 disappearing wall of glass, this home boast 12' & 15' ceilings and a large 4 car garage, meet with our pool & landscaping contractor and design your own custom backyard oasis. Owner is an agent in arizona
11999 N 119th Street
Scottsdale, AZ 85259
$2,475,000
4
Beds
4.5
Baths
5,059
SqFt
Status
Active
MLS #
6733889
Property Type
Single Family Residence
Price Type
--
Welcome to the wonderful lifestyle of Ancala Country Club! This gorgeous property is an entertainer's dream! The inviting front courtyard with stone fireplace welcomes you into the expansive open concept great room with wet bar! A multi-slide door opens to the stunning infinity-edge swimming pool - perfect for indoor-outdoor entertaining. The kitchen is handsomely appointed with knotty alder cabinets, granite counter tops, 6 burner gas cooktop, double ovens, two dishwashers breakfast bar + breakfast nook. The grand formal dining room is where you'll have special celebrations! Private primary suite with tray ceilings, huge custom closet, bath with soaking tub and stone shower. Guests will enjoy the attached casita, or two additional ensuite guest rooms. The office/bonus room has charming front courtyard. The property boasts a total of 3 fireplaces. Step outside to the private low maintenance backyard oasis with pool, spa, expansive covered patios, built-in kitchen and faux grass. All this, and country club amenities, including manned guard gate, golf course, tennis courts, fitness room, kids park, club house and community pool (use of clubhouse, pools, tennis courts, fitness room, and golf course require club membership). WELCOME HOME!
2928 N 83rd Street
Scottsdale, AZ 85251
$2,475,000
4
Beds
5
Baths
3,572
SqFt
Status
Active
MLS #
6760146
Property Type
Single Family Residence
Price Type
--
Stunning ''New Construction'' in a fabulous location just minutes to the shops, restaurants & night life in Old Town Scottsdale! This contemporary masterpiece features 16 foot soaring ceilings, 19 seer, 5 ton, variable speed HVAC, huge sliding glass patio doors, skylights, 3 gas fireplaces, 3 car garage w/electric vehicle charging station, RV Gate & RV Parking, NO HOA, tankless hot water heater, pool w/heater & chilling functions, Wellness Room w/cold plunge, exterior built in BBQ, synthetic grass. Over a 1/4 acre lot, home is all on 1 level with over 3,500 sq ft of interior living space, 4 total bedrooms (2 master suites), 5 baths, separate den/office, wet bar, built in wine refrigerator, 48''gas cooktop (Monogram Appliances) & kitchen island. Wired and plumbed for optional Guest House!
1583 S 155th Street
Gilbert, AZ 85296
$2,457,000
6
Beds
6.5
Baths
3,856
SqFt
Status
Active
MLS #
6769989
Property Type
Single Family Residence
Price Type
--
Be Prepare to be amazed! Check out this newly Custom-built home w/ 6 beds, 6.5 bath now on the market! Stunning curb appeal, 4 garage spaces w/epoxy flooring & an attic, 170ft PVT Driveway and a RV gate. Discover spacious dining & living areas w/elegant wood-look flooring, high ceilings w/exposed wood beams & wood floors. upgraded ceilings fans, and neutral palette throughout. The gourmet kitchen is equipped w/Thermador Appliances the aspiring chef needs, white cabinetry w/crown molding, quartz counters, a farmhouse sink, and a prep island complete w/a breakfast bar. The primary bedroom showcases private outdoor access and a lavish ensuite w/dual vanity, Private access to a full Disability bedroom w/ full bath. Anderson windows & Trane A/C units. Large bonus room is ideal for an entertainment center or lounge area! Laundry room offers tons of additional cabinetry and a convenient utility sink. Lastly, the expansive backyard w/its extended covered patio, is a blank canvas w/more than enough space for a pool or guest house! This is the opportunity of a lifetime, don't let it slip by!