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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8325 W Cantera Avenue
Peoria, AZ 85383
$2,250,000
6
Beds
4
Baths
7,272
SqFt
Status
Active
MLS #
6745117
Property Type
Single Family Residence
Price Type
--
Welcome home to this absolutely stunning North Peoria estate! Nestled in the private Cantera Gates community, sitting on an almost 22,000 SF cul-de-sac lot, with a 7000+ SF block home plus additional office/casita, double RV garage, pool and spa. This home is the picture of luxury with a huge chefe's kitchen featuring a wrap around breakfast bar, and large island giving you ample cooking space, professional Wolf gas stove and double ovens, two dish washers, a full size Sub Zero refrigerator, walk-in pantry, beverage cooler, and tons of storage. Enter the primary suite through double doors, to an oversized bedroom, and bathroom offering a huge walk-in shower, soaking tub, double sinks with, dream walk-in closet, and full size stackable washer/dryer. The primary and one other guest room are located on the main floor with three additional bedrooms in the basement. All guest rooms offer walk-in closets and on-suite bathrooms. Basement also includes a large movie/game room with professional home theater system, and full size bar, a golf simulator room, large laundry room, and an extra room that would make a perfect home gym. Smart Home Control 4 system runs throughout, controlling TVs, music, cameras, and much more. RV garage is temperature controlled and includes an office/workshop that could easily be converted to a guest house. Home offers 2 EV charges. Also, two good size storage rooms. Just a few upgrades include new LVT flooring throughout the main level in 2023, permanent Christmas and accent lighting on both the house and RV garage 2021, new roof 2021, new ACs between 2019-2023, two tankless water heaters installed in 2019, remote control window treatments 2020, and so much more.
8526 N 82nd Street
Scottsdale, AZ 85258
$2,250,000
3
Beds
2.5
Baths
2,925
SqFt
Status
Active
MLS #
6763740
Property Type
Single Family Residence
Price Type
--
DESIGN PERFECTION & TIMELESS SOPHISTICATION captured in this enchanting Santa Barbara Style home. Meticulous attention to detail has been given to this flawlessly remodeled home loaded with high-end upgrades. Located in the highly sought after neighborhood, The Islands at McCormick Ranch, on a premium size corner lot. The beautifully designed interior captures you upon entry with a stately great room, lofty ceilings adorned with tongue & groove detail, inviting fireplace, and large picture windows flooding the space with natural light. The thoughtfully designed split floorplan offers privacy and space, featuring a spacious primary suite, two guest suites, versatile den/office and elegant formal living & dining rooms. A chef's dream kitchen with custom cabinetry, Thermador appliances, induction cooktop, farmhouse sink, ambient lighting, walk-in pantry and eat-in breakfast area. Other Signature Elements that elevate the home include designer chandeliers, custom closet systems, sophisticated window treatments, 2-fireplaces, intricate ceiling details throughout, Anlin windows, new HVAC units (2021) and more. To complete the high-end design, the exterior underwent a complete renovation by Berghoff Design Group creating a resort style atmosphere. Lush mature landscaping, custom iron gates, courtyard entry, expansive paver patios/walkways, designated entertaining areas, private pool with tranquil water feature, beautifully illuminated landscape lighting making this home a true haven for relaxation or hosting gatherings. McCormich Ranch offers Fabulous Living & Lifestyle with greenbelt walkability and biking paths, nearby conveniences, shopping, restaurants and more. Minutes to Old Town Scottsdale, Spring Training, Arts, hiking and world class event venues. **Furniture can be available on a separate bill with the exception of staging pieces**
2543 E Linda Lane
Gilbert, AZ 85234
$2,250,000
5
Beds
5.5
Baths
5,164
SqFt
Status
Active
MLS #
6735153
Property Type
Single Family Residence
Price Type
--
Seller is MOTIVATED!! Experience this REMODELED custom home of your dreams! Over $270,000 in upgrades! BRAND new roof and custom finishes. This exquisite luxury property, located in Whitewing at Wiehl Estates, is a true masterpiece of modern living. Every detail has been meticulously crafted to offer ultimate sophistication. This stunning kitchen is truly a chef's paradise, designed to encourage culinary imagination. Recent updates include a stunning gold-plated range hood, gold pot filler, gold handles on new Monogram gas cooktop that perfectly compliments new black and gold light fixtures and fans. The kitchen features a dedicated espresso area, a built-in Wolf fridge and a Wolf built-in microwave. The large primary bedroom looks out to the best view of the backyard and pool. The primary closet is a dream come true with personalized cabinets that extend to the ceiling, providing ample storage space. Indulge in the beautifully designed primary bath, complete with gold faucets designed for drinking, oval dual sink vanity, surround sound, tile to the ceiling, new commode, make the bathroom experience magical. Relax in the matching oval-shaped soaker tub or enjoy the two-sided, extra-large shower room. Perfect for guests or extended family, the detached casita includes a custom-made Murphy bed and its own bathroom. A separate entrance for the casita for convenience. A spacious apoxy floor three-car garage ensures ample parking, while the property also features a new roof and freshly painted exterior, enhancing its curb appeal. Each of the upstairs bedrooms comes with its own ensuite bathroom, ensuring comfort and privacy for everyone. The expansive, extremely private backyard is perfect for entertaining or relaxing, also including a sports court. This home is a true gem, offering the perfect blend of luxury, comfort, and modern amenities. Don't miss the opportunity to own the finest property in the neighborhood. Contact us today and experience the epitome of lavish living.
7262 E Baker Drive
Scottsdale, AZ 85266
$2,250,000
5
Beds
4.5
Baths
5,741
SqFt
Status
Active
MLS #
6725493
Property Type
Single Family Residence
Price Type
--
Major price improvement! Don't miss this stunning Monterey Home situated on the best private 1.6 acre lot in the coveted gated community of Trovia! The incredible open concept floor plan with gorgeous site lines is the perfect mix of form & function. This well-designed, single level home features the primary bedroom and office on one side, and four large bedrooms and a plush game room on the other. Spacious open kitchen features top notch appliances, granite countertops, kitchen island, upgraded cabinetry, Viking six-burner gas stove and a built-in refrigerator. That is just the beginning as this home features a top of the line cinema-like home theater, a full sauna and exercise room and a 4 car oversized garage! The backyard oasis is incredible for entertaining and family gatherings. A large over-sized pool, separate heated spa, built-in Viking BBQ, and huge extended covered patio tops off the outdoor experience. Furnishings and accessories available on separate bill of sale.
6111 E Hearn Road
Scottsdale, AZ 85254
$2,250,000
4
Beds
3
Baths
3,260
SqFt
Status
Active
MLS #
6759479
Property Type
Single Family Residence
Price Type
--
SELLER SAYS - BRING AN OFFER!! The Magic Zipcode just got more Magical! Welcome to 6111 E Hearn Rd, a very special extensive rebuild that is like none other! This beautifully re-imagined property has spared no expense to deliver all the essentials and luxury touches you desire, with the feel of new construction on a large lot in a fantastic established neighborhood. The split floor plan offers additional privacy for the main primary suite, which features a jumbo sized master shower and separate soaking tub, dual sinks, water closet, and walk in closet with custom cabinetry and shelving. The secondary primary suite on the east wing was specifically designed with additional accessibility in mind, the zero grade shower also has a full bench and an enlarged door less entry with separate shower heads and controls for comfort and ease. The gorgeous, jaw dropping kitchen includes quartzite countertops and a huge custom island with drawer microwave, imported Italian Bertazzoni appliance package with induction stove, under cabinet lighting and a bedroom sized walk in pantry with shelving and cabinets. The custom built wine cooler has double sided dry bars with ice maker and mini fridge, plus shelving and storage. Enter the large grassy backyard through the multi-directional arcadia doors and enjoy mountain views, plus a full sized play pool ready for soaking, sunning or volleyball. Large, three car garage and no HOA makes this the perfect home for anyone.
5535 W Corliss Circle
Prescott, AZ 86305
$2,249,900
5
Beds
5.5
Baths
3,712
SqFt
Status
Active
MLS #
6770392
Property Type
Single Family Residence
Price Type
--
Truly one of the more magnificent homes in the entire community of Whispering Canyon and the Williamson Valley area. Perched atop a level 1.97 acre mountain ridge with sweeping and dramatic long distance views this home makes a statement. Single level residence with 5 Suites, 5.5 bathrooms, an oversized 3.5 car garage, patios for outside entertaining and plenty of space for storage. Features include beamed ceilings, Porcelain tile flooring, real stone accents throughout, ''Milgard'' clerestory windows, power blinds, two fireplaces, premium built-in appliances and Wine Cellar. Mountain modern finishes throughout the home add a touch of contemporary elegance, while every window strategically captures a picturesque view. Professional landscaping in front & back with drip systems.
8513 E Belgian Trail
Scottsdale, AZ 85258
$2,249,000
4
Beds
2.5
Baths
3,079
SqFt
Status
Active
MLS #
6760712
Property Type
Single Family Residence
Price Type
--
Step into this stunning McCormick Ranch home, located in the desirable Arabian Trail Loop of Paradise Park Trails. Nestled on a quiet cul-de-sac with greenbelt access, this Scottsdale gem offers privacy and convenience, just minutes from shopping and dining. Renovated in 2024, it features a brand-new roof, two HVAC systems, ductwork, windows, doors, and engineered wood floors. The kitchen boasts high-end appliances, including double dishwashers, a 36'' electric cooktop, and 33'' all freezer/refrigerator. With 4 spacious bedrooms, a flex room, den/office, full-size laundry, oversized 2-car garage, and a resort-style backyard with pool and travertine patio. This home offers luxurious living in the 3 C's school district.
3765 E Palm Street
Mesa, AZ 85215
$2,245,000
6
Beds
4.5
Baths
5,454
SqFt
Status
Active
MLS #
6782523
Property Type
Single Family Residence
Price Type
--
Don't miss 3D walkthrough and fly through video links! Rare custom home on almost one acre with RV garage, sparkling pool and flood irrigation! 6 bedrooms, 4.5 baths, and parking for 4 cars plus RV garage! New HVAC units and roof in 2023! Extended pavered patio area next to pool, pool fence, above ground spa, sunscreens, and soft water system in 2022. Master suite features large bedroom area with walkout to back patio, coffered ceilings, engineered wood floors and space for sitting area. Separate tub and shower and two closets! Beautiful kitchen with double stacked white cabinets with glass doors, wall oven, cook top and quartz counter top at island. Two large secondary bedrooms on same side of home as master that share jack and jill bathroom. Two more bedrooms on other side of home that also share jack and jill bathroom. Dedicated office with built-ins. Formal living and family rooms with an addition that includes large bonus/game room, and second master bedroom with full bath and separate tub/shower and RV garage. Bonus area opens up to pool and has wet bar with mini fridge and full upper and lower cabinets. Huge laundry with lots of counters that can also be used as craft room. RV garage is almost 34' deep, almost 23' wide. 4 car garage is 26' feet deep. Lots of covered patio area for entertaining and huge irrigated grassy backyard!
21413 W Glen Street
Buckeye, AZ 85396
$2,227,300
4
Beds
3
Baths
4,204
SqFt
Status
Active
MLS #
6641942
Property Type
Single Family Residence
Price Type
--
Designed, approved and ready to be built New VIP Custom Home! VIP has built thousands of quality energy efficient custom homes across the valley and several in Verrado. Click on the documents tab to see this beautiful layout. Selections have been made but buyer able to make some changes. Buyer can visit design center to see all selections.
6515 N 31st Way
Phoenix, AZ 85016
$2,225,000
3
Beds
3.5
Baths
3,315
SqFt
Status
Active
MLS #
6769804
Property Type
Single Family Residence
Price Type
--
Stunning views of Camelback Mountain and the Phoenix Mountain Preserve from one of the best lots at Biltmore Hillside Villas. This is a rare opportunity to enjoy privacy & nature from a beautifully maintained lock 'n leave home backing to natural desert that will never be developed. The light-filled floor plan takes advantage of this perch from almost every room including the den/study where you can see Downtown Phoenix city lights. Extra touches include vaulted ceilings, stone flooring, clerestory windows & beautiful built-in cabinetry. This coveted guard-gated community offers sophisticated architecture, a central location & walking distance to shops, restaurants & hiking trails. Biltmore Fashion Park, the Camelback Corridor & the 51 Freeway to Downtown are all just a short drive away.
4131 E Roma Avenue
Phoenix, AZ 85018
$2,219,000
5
Beds
4.5
Baths
3,727
SqFt
Status
Active
MLS #
6744606
Property Type
Single Family Residence
Price Type
--
An address that gets you into Hopi Elementary, plus timeless, contemporary design that features generous-sized bedrooms, high ceilings and large windows that let in gorgeous natural light. This property features a great floor plan: on the main floor you'll find the owner's suite (complete with stackable W/D in the closet), an open concept living area, beautiful kitchen, plus another en-suite bedroom and powder bath. Upstairs, you'll love the vaulted ceiling and breathtaking views of Camelback and the Phoenix Mtn Preserve. The second level features a large bonus room, three bedrooms, a powder bath, laundry room and generous patio - perfect to sit outside and savor the scenery. A heated pool and low-maintenance yard means more time to enjoy nearby Kachina Park and popular Arcadia hot spots.
86 Linda Vista --
Sedona, AZ 86336
$2,200,000
4
Beds
4
Baths
4,634
SqFt
Status
Active
MLS #
6767898
Property Type
Single Family Residence
Price Type
--
This 4,364 sq. ft. home in the gated Foothills S subdivision sits on .47 acres offering Thunder Mountain Red Rock VIEWS and NEW SOLAR & HVAC! The GREAT ROOM features NEWER wood floors, cedar wood ceilings, a stone gas fireplace, and floor-to-ceiling windows flooding the space with natural light. The chef's kitchen boasts NEW quartz countertops, a gas Viking cooktop, Wolfe double ovens, a Sub-Zero refrigerator, and a Wolfe microwave. The main level offers a luxurious master suite with a sitting room, gas fireplace, private deck, and a stunningly remodeled bathroom. Oversized 2-car garage + Tesla charger. Expansive deck with a fireplace for entertaining. The lower level features a home theater, gym, 2 guest bedrooms, and 2 baths plus 2 bonus rooms not added in sqft! SIMPLY STUNNING! Property Highlights: - Panoramic Views of Thunder Mountain and Red Rock from every corner of the home - Recent Remodels include new wood floors, quartz countertops, and top-of-the-line appliances - .47 Acres of private, serene land Close to Sedona's Best Attractions and amenities - Spacious Great Room with new wood floors, cedar wood ceilings, and a stunning stone gas fireplace - Commercial-Grade Open Kitchen with new quartz countertops, a gas Viking cooktop, new Wolfe double ovens, a new Sub-Zero refrigerator, and a new Wolfe microwave - Eat-in Kitchen with a bar counter for informal dining - Primary Suite with a separate sitting room, gas fireplace, and private deck off primary bedroom - Powder Room with quartz countertops - Oversized 2-Car Garage - Massive Outdoor Deck with a fireplace for entertaining and BBQs - Lower Level features 2 additional bedrooms, a flex room, 2 bathrooms, and a theater room - Desirable Gated Community in West Sedona Buyer Appeal - Ideal for Buyers seeking an open, spacious, entertaining home in a desirable location - Panoramic VIEWS and high-end finishes make this property stand out - Gated Community provides added security and privacy