Last week’s economic reports included readings on pending home sales, construction spending and consumer sentiment. Case-Shiller Home Price Indices for June were released, along with several labor-related reports including national unemployment, ADP Payrolls and Non-Farm Payrolls were also released along with weekly readings on new jobless claims and Freddie Mac’s survey of average mortgage rates.
Case-Shiller: Home Price Growth Holds Steady in June
According to the Case-Shiller 20-City Home Price Index for June, average national home prices held steady with a seasonally adjusted annual growth rate of 5.10 percent in June. The top three cities for home price growth were Portland, Oregon with a reading of 12.60 percent; Seattle, Washington followed with a reading of 11.00 percent. Denver, Colorado home prices grew by 9.20 percent year-over-year.
San Francisco, California, which had posted highest year-over-year price gains in recent months slipped with a reading of 6.40 percent year-over-year in June. This could signify a cooling of rapid price gains in high demand metro areas where home prices have become unaffordable for many buyers.
Construction Spending Flat in July, Pending Home Sales Increase
While builder sentiment has been strong, construction spending was flat in July as compared to an expected reading of 0.60 percent and June’s reading of an 0.90 percent increase in construction spending. The Commerce Department reported that pending home sales increased 1.30 percent in July, which exceeded expectations of 0.90 percent growth and June’s negative reading of -0.80 percent. July’s reading appeared to even out June’s unexpected slump in pending sales, which are considered an indicator for future closings and home loan volume.
Mortgage Rates, New Jobless Claims Rise
Mortgage rates rose for all three loan types reported by Freddie Mac. The rate for a 30-year mortgage rate rose three basis points to 3.46 percent; the average rate for a 15-year mortgage also rose three basis points to 2.77 percent. The average rate for a 5/1 adjustable rate mortgage jumped by eight basis points to 2.83 percent. Discount points averaged 0.50 percent, 0.50 percent and 0.40 percent respectively. Mortgage rates rose after the yield on 10-year Treasury Notes increased in response to a speech given by Fed Chair Janet Yellen that indicated that the target federal funds rate could be raised in December.
263,000 new jobless claims were filed as compared to expectations of 265,000 new claims and the prior week’s reading of 261,000 new claims. Job growth slowed in August; the Commerce Department reported a reading of 151,000 new jobs in its Non-Farm Payrolls report. Analysts expected 170,000 new jobs, which fell significantly short of July’s reading of 275,000 jobs created. Non-Farm Payrolls includes data for public and private sector jobs.
Labor Reports: Job Growth Slows, National Unemployment Holds Steady
ADP Payrolls also reported fewer private sector jobs created in August with a reading of 177,000 new jobs as compared to 194,000 private sector jobs created in July. Analysts characterized August jobs reports as “fickle” due to high numbers of summer vacations and company-wide summer holiday closures.
August’s reading for national unemployment held steady at 4.90 percent.
While slower growth in home prices and job creation could signal an economic slowdown, there was good news as consumer confidence rose to 101.7 in August; this reading surpassed the expected reading of 97.0 and July’s reading of 96.7.
What’s Ahead
This week’s scheduled economic news is lean due to the Labor Day holiday on Monday. In addition to weekly reports on new jobless claims and mortgage rates, reports on job openings and the Federal Reserve’s Beige Book report will be released.
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28602 N Summit Springs Road
Rio Verde, AZ 85263
$1,898,900
4
Beds
3.5
Baths
3,211
SqFt
Status
Active
MLS #
6786066
Property Type
Single Family Residence
Price Type
--
New gorgeous Mike Foster Custom Spec Home with all the extras at Trilogy at Verde River! This home offers 3211 sf. ft. w/4 Bedrooms, 3 1/2 Baths. and a 3 Car Garage. See amenities sheet in the listing for more details. Beautiful design elements are apparent from the moment you arrive and not a detail has been overlooked either inside or out. Exterior stone accents and 9 ft tall custom 3 panel steel door with acid etched glass provide a striking curb appeal and resort-style welcome. The spacious floor plan with 12 ft high ceiling is thoughtfully laid out with exquisite details including beautifully handcrafted wood beams, spectacular wood floors, and direct access to resort style back yard with your own private POOL and SPA. The kitchen has shaker cabinets, Monogram appliances with the quartzite countertops. The Great Room opens to an outdoor living room with Wall of Glass for optimal Arizona indoor-outdoor living where many great moments at home are spent outside. Resort living at its finest - enjoy breakfast on the patio, wine by the fire pit and all the amenities that Trilogy has to offer! Trilogy at Verde River offers upscale Resort living at its finest and the very best of all possible worlds, close to the conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert. The amenities are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickle ball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails. Whether you're seeking a second, winter home, or will live here year-round, Trilogy at Verde River is an ideal distance from the hustle and bustle of North Scottsdale. Attitudes here are different; there's a sense of community. You'll love the Resort living! What memories will you make?
8400 E Columbus Avenue
Scottsdale, AZ 85251
$1,895,900
4
Beds
3.5
Baths
3,254
SqFt
Status
Active
MLS #
6751625
Property Type
Single Family Residence
Price Type
--
This like new single level home just minutes to Downtown Scottsdale & Scottsdale Fashion Square shopping and restaurants! This boutique community features just 13 homesites and selling fast. This Spacious single level home has 4 bed + den, 3.5 baths, large bonus room or formal living/dining + Den/Office. The spectacular kitchen opens to the Great Room. Primary bedroom includes large soaking tub, separate large walk- in shower and 2 closets, Split ensuite Guest bed rooms .
10120 E Topaz Drive
Scottsdale, AZ 85258
$1,895,888
3
Beds
2
Baths
2,516
SqFt
Status
Active
MLS #
6768103
Property Type
Townhouse
Price Type
--
ENJOY THE PRIVILEGE OF LIVING IN SCOTTSDALES PREMIER WATERFRONT COMMUNITY WITH SPECTACULAR LAKE AND MOUNTAIN VIEWS.RELAX IN YOUR PRIVATE BACKYARD WITH COCKTAILS ON AN EVENING CRUISE ON LAKE SERENA WITH ACCESS FROM YOUR PRIVATE BOAT DOCK. GREAT ROOM HAS SOARING WOOD BEAM CEILINGS HIGHLIGHTED BY A WALL OF WINDOWS OVERLOOKING THE WATER.PLANTATION SHUTTERS,WOOD FLOORING, VAULTED CEILINGS, CUSTOM CABINETRY ARE JUST A FEW OF THE MANY AMMENITIES. SHOWN BY APPOINTMENT.
3468 Lee Doyle --
Flagstaff, AZ 86005
$1,895,000
4
Beds
2.5
Baths
2,978
SqFt
Status
Active Under Contract
MLS #
6677023
Property Type
Single Family Residence
Price Type
--
Welcome to your peaceful mountain paradise in Forest Highlands! Set to the rear of an expansive .75 acre lot, this home has a sense of privacy, notably because it backs to National Forest land. Meticulously maintained, you will find great functionality in this well-designed floor plan. The great room boasts an inviting wood-burning fireplace and an expansive wall of windows, showcasing the ponderosa pines beyond the Trex Deck . A formal dining area and open-concept kitchen, complete with ample cabinetry and built-in appliances, makes for easy entertaining. There is also a large utility/laundry room and a powder room, just off the kitchen. Another great attribute is the dedicated office on this floor, complete with desks and additional storage. There are three large bedrooms on the main level too, with a full bath shared between them. Upstairs is the primary suite, nestled just off a cozy loft overlooking the great room. With a split ensuite, walk-in closet and gas fireplace, this restful retreat is a perfect spot to relax and unwind. The back deck has covered and uncovered spaces, with easy access through the oaks to the canyon just beyond--a perfect spot to enjoy the fresh mountain air. Finally, an extra special attribute is a stand-alone studio just off the back porch! The studio is not included in the overall square footage of the home. Equipped with electricity, this space will make an excellent workshop, craft room, game room, exercise space or kids' play house. Come enjoy all that makes Forest Highlands such a desirable community--two world-class golf courses, pickle ball, dining, hiking, social and family programs, tennis, and so much more! Tucked away amidst 1,100 acres of pristine alpine beauty, Forest Highlands exudes an unparalleled sense of exclusivity and serenity. With two championship golf courses designed by Tom Weiskopf and Jay Morrish, Forest Highlands sets the stage for unforgettable golf experiences. The community offers an array of exceptional amenities, including two clubhouses, multiple dining options, tennis courts, swimming pools, and miles of hiking and biking trails. Forest Highlands is a retreat where luxury meets nature, ensuring a harmonious lifestyle for its residents.
24453 S 202nd Court
Queen Creek, AZ 85142
$1,895,000
4
Beds
4.5
Baths
4,579
SqFt
Status
Active
MLS #
6763557
Property Type
Single Family Residence
Price Type
--
Nestled within the exclusive, gated community of The Pecans, this exceptional neighborhood is surrounded by thousands of mature pecan trees, offering a rare blend of natural beauty and ultimate privacy. Located on a quiet, private street, this home sits on an expansive 30,000+ square foot lot, just minutes from the lively center of Queen Creek and the Pecan Lake Entertainment Center, perfectly balancing tranquility and convenience. As you approach, a long pavered driveway and a grand entrance welcome you, hinting at the luxury within. Inside, soaring ceilings and expansive living areas create a sophisticated yet comfortable environment, ideal for both elegant entertaining and everyday living. The heart of this home is a chef's gourmet kitchen, a true culinary masterpiece featuring premium appliances and exquisite finishes, designed to inspire unforgettable dining experiences. The grand primary retreat offers a serene and lavish sanctuary with opulent finishes, while the additional spacious bedrooms provide private, peaceful escapes for family and guests. Outside, the resort-style backyard is an entertainer's dream, complete with lush landscaping, a sparkling pool, and a relaxing spaperfect for both hosting and unwinding. The property also features an oversized garage, an RV gate with room for a future RV garage, and plenty of space for all your outdoor needs. This estate defines luxury living in one of Queen Creek's most coveted neighborhoods.
2544 E Denton Lane
Phoenix, AZ 85016
$1,895,000
4
Beds
2.5
Baths
2,791
SqFt
Status
Active
MLS #
6759823
Property Type
Single Family Residence
Price Type
--
Welcome to your dream oasis nestled in the prestigious Biltmore Greens, just a short stroll from the renowned Arizona Biltmore Resort. This meticulously remodeled residence boasts a fantastic floor plan, offering both comfort and style. Step inside to discover exceptional architectural character and quality as you are lead through a beautifully appointed interior featuring gorgeous wide plank oak floors, new windows, and updated systems. The home is equipped with two Trane HVAC units, a modern electric panel, a water softening system, a durable foam roof, and a new water heater, ensuring peace of mind for years to come. The heart of the home is a chef's paradise kitchen, complete with a Sub-Zero refrigerator, Wolf cooktop and double oven, warming drawer, and Bosch dishwasher, as well as a spacious pantry. It's perfect for entertaining family and friends. The open layout flows seamlessly into a professionally landscaped, low-maintenance backyard oasis, featuring a sparkling pool and waterfall feature (1 yr old pump & filter)- ideal for relaxing or hosting gatherings. This 4-bedroom gem features a split plan with a fantastic primary suite, featuring an enormous walk-in closet. The home is situated within a guard-gated community, offering direct access to Biltmore Fashion Park, world-class golfing, and an array of amenities, including tennis and pickleball courts, playgrounds, and extensive walking trails. With the HOA maintaining the front yard, you'll have more time to enjoy the luxurious lifestyle this location affords and peace of mind whether this is a full time or seasonal home. Conveniently located for an easy commute to Sky Harbor Airport and all areas of the valley, this home combines elegance, modern living, and a prime location in one irresistible package. Don't miss your chance to call this stunning property your own!
8854 E Lost Gold Circle
Gold Canyon, AZ 85118
$1,895,000
4
Beds
6
Baths
4,637
SqFt
Status
Active
MLS #
6785170
Property Type
Single Family Residence
Price Type
--
FULL GOLF MEMBERSHIP PURCHASED BY SELLER W/FULL PRICE OFFER ($100K VALUE) & $20K INTERIOR PAINTING CREDIT AT COE. ONE OF THE LOWEST PRICED HOMES IN ALL OF SUPERSTITION MOUNTAIN AT $409/SF-OVER $40/SF UNDER THE 2024 SOLD CUSTOM HOME AVERAGE. CREATED BY LYLE ANDERSON, THIS RENOWNED COMMUNITY FEATURES A 24/7 GUARD GATE, ROVING PATROL & 36 HOLES OF NICKLAUS-DESIGNED GOLF. HOME TO 8 NATIONALLY TELEVISED CHAMPION TOUR & LPGA EVENTS. LESS THAN 35 FREEWAY MINUTES TO SKY HARBOR & 20 MINUTES TO MESA GATEWAY. ONLY ONE TRAFFIC LIGHT SEPARATES RESIDENTS FROM THE ATLANTIC & PACIFIC OCEANS. Rare 4 car garage! Highly upgraded Tuscan beauty tucked away on a quiet cul de sac for privacy. Quiet street-no traffic. Distinctive architecture blends perfectly into the former 2002 ''Street of Dreams'' setting. Soaring ceilings are accented w/beams & clerestory windows. Gourmet kitchen w/Viking appliances & Sub Zero refrigerator. Large kitchen island w/breakfast bar. Formal dinning, w/butler's station & large walk-in pantry. Separate kitchen eating nook. Dual offices, one w/full bath & walk-in closet, & the other w/fireplace & built-in bookshelves. Natural wood & Versailles patterned tumble edged Travertine stone flooring. Two attractive powder rooms. Large primary suite w/dbl. sinks & closets, washer/dryer, jetted tub & stone shower, his and her closets. Secondary Primary bedroom suite. Custom cabinets & faux paint t/o. Golf Club and social memberships by separate agreement. Gold Canyon is Arizona's best kept secret. Where Else? Nowhere Else But Here!
3402 N 63rd Street
Scottsdale, AZ 85251
$1,895,000
3
Beds
3
Baths
2,421
SqFt
Status
Active Under Contract
MLS #
6782713
Property Type
Single Family Residence
Price Type
--
Elegant 3-Bedroom Home with Exquisite Craftsmanship and Premium Finishes Step into refined living with this 3-bedroom, 3-bathroom home, where custom craftsmanship by Rysso Peters sets the standard in luxury. Iron windows and grand exterior doors flood open spaces with light, enhancing the warm, inviting ambiance. Solid-core white oak doors and premium flooring blend elegance with durability. The gourmet kitchen features custom cabinetry, top-tier appliances, and a spacious island, perfect for gathering. Each bathroom provides a spa-like experience with modern fixtures and premium materials. Outside, a beautiful space awaits for relaxation or entertaining. Located near top schools, shopping, and dining, this home offers the perfect blend of comfort and upscale living.
15215 N Kierland Boulevard Unit 311
Scottsdale, AZ 85254
$1,895,000
2
Beds
2
Baths
1,663
SqFt
Status
Active
MLS #
6787907
Property Type
Apartment
Price Type
--
3 Words.....LOCATION, LOCATION, LOCATION! It's hard to put a value on having a home in Kierland Commons, especially one like this highly coveted SINGLE LEVEL 2 Bedroom above the shops...The last time this plan was available for sale with the premier location on the 3rd floor overlooking Main Street was 7 YEARS ago!! One on the 4th floor above it sold earlier this year as a Private Sale - Not MLS for 2.1M. Spacious and open, this split floor plan is almost 1700 SF with 10 foot Ceilings and 8 foot Doors. A telescoping wall of glass opens to a dining size, south facing balcony and covered terrace for people watching in Kierland Commons to your heart's content! If you are looking for something Special, this is it! This home features Gorgeous Light Travertine Floor throughout, Gourmet Chef's Kitchen w/Stainless Steel Appliances, Wine Chiller, Dark Maple cabinets, Granite Counters, Upgraded Lighting, Custom Closets, Remote Sunshades - All Rooms, Spacious Showers, Soaking Tub, Water Softener and Nest Thermostat. All furnishings are included. For a BONUS, this ideal location includes 2 Parking Spaces the private gated garage and a storage room 10'Wx17'Lx10'H. The Scottsdale airport is 3 minutes away and Phoenix Sky Harbor is only 20 minutes. Walk to more than 35 restaurants in Kierland Commons and the Scottsdale Quarter and shop at more than 100 retailers! Community amenities include on-site concierge staff and property management, a private fitness studio, 2 community lounges with catering kitchens, 2 resort-style sundecks, heated lap pool, grilling stations, pet park, reserved parking and guest parking in the private garage, and exclusive VIP discounts on shopping and dining throughout Kierland Commons, Scottsdale Quarter and surrounding areas as well as special OWNER privileges at the neighboring Westin Kierland Golf Club.
3478 N Mountain Cove Place Unit 59
Buckeye, AZ 85396
$1,895,000
4
Beds
3.5
Baths
3,790
SqFt
Status
Active
MLS #
6636713
Property Type
Single Family Residence
Price Type
--
Fully approved by the HOA & ready to break ground! This is your opportunity to build an exquisite custom home in Verrado boasting a captivating great room floor plan and situated on an expansive, almost an acre lot, providing the perfect canvas for your vision of luxury living. With the unique opportunity for the buyer to choose all finishes, this remarkable residence promises an unparalleled level of customization and sophistication. Step into the heart of this home, and be greeted by a kitchen that is as functional as it is beautiful. The buyer has the freedom to select their desired stone for the island, countertops, and backsplash, creating a kitchen that reflects their personal style and taste. Every cabinet in this culinary haven is equipped with slow-close drawers and doors, embodying the seamless blend of convenience and refine craftsmanship. A pot filler adds an elegant touch to the culinary experience, while the presence of a butler pantry with a separate food prep area allows for seamless organization and efficiency. With 42 upper cabinets and 30 lower cabinets, ample storage space is provided, ensuring a clutter-free environment. The 3cm countertop edge profile adds a luxurious finishing touch to this stunning kitchen. The elegance continues throughout the home with a choice of 12x24 or 24x36 tiles in all wet areas, creating a cohesive and visually pleasing aesthetic. The 8 baseboards and solid core doors add an extra layer of sophistication and durability. Step outside and discover an oasis of relaxation and entertainment. The outdoor space boasts a fully equipped kitchen with a grill, icemaker, and dual burner gas cooktop, offering the perfect setting for al fresco dining and culinary adventures. An outdoor wood-burning fireplace sets the stage for cozy gatherings on cool evenings. The centerpiece of the outdoor area is the stunning 25x50 swim-up beach pool with a separate spill-over hot tub, providing a luxurious retreat for relaxation and recreation. Every bathroom in this custom home features custom stone and tile showers, exuding opulence and sophistication. The master shower is equipped with dual body systems, ensuring a spa-like experience in the comfort of your own home. Satin nickel Moen fixtures add a sleek and modern touch throughout. For effortless entertaining, a wet bar area is thoughtfully incorporated, complete with a sink, refrigerator, and icemaker, ensuring that refreshments are always close at hand. Indulge in the opportunity to create your dream home with this exceptional custom residence. From the meticulously designed kitchen to the luxurious outdoor oasis, every detail has been carefully considered to provide the ultimate in comfort, style, and functionality. Embrace the chance to curate a space that reflects your unique vision, and experience the epitome of elegance and refinement in this remarkable custom home. Renders are for visualization purposes only and do not represent finishes. Buyer has the opportunity to pick the style & finishes of their liking.
6504 W Avenida Del Sol --
Glendale, AZ 85310
$1,895,000
5
Beds
5
Baths
4,619
SqFt
Status
Active
MLS #
6763614
Property Type
Single Family Residence
Price Type
--
Welcome to this stunning luxury custom home located in the exclusive gated subdivision of Burning Sky Ranch. This magnificent residence is built for entertaining. Mountain views, on a 19,142 sq ft lot and features 4 bedrooms and 4 bathrooms in the main house, plus a 410 sf casita for an additional bedroom and bathroom. The home boasts soaring ceilings, a gourmet kitchen with top-of-the-line appliances, and a 4-car garage. The resort-style backyard is an entertainer's dream, complete with a 950 sq ft pool and spa, fire accents, and a putting green. The front gated courtyard offers a pizza oven, Green Egg BBQ, gas BBQ, professional griddle, extended granite counter, gas fireplace, and water features. This property seamlessly blends elegance, comfort, and modern amenities.
3410 N 45th Place
Phoenix, AZ 85018
$1,895,000
6
Beds
4.5
Baths
3,193
SqFt
Status
Active
MLS #
6775354
Property Type
Single Family Residence
Price Type
--
This beautifully remodeled home in the highly desirable Arcadia Osborn area offers a perfect blend of modern luxury and timeless charm. The property boasts a newer roof, AC, and updated electrical, ensuring peace of mind for years to come. The convenient split floorplan features 2 Jack & Jill bathrooms, a lovely powder room, and a separate pool house (or guest house), perfect for entertaining or relaxing by the pool. The home is packed with high-end & eco-friendly upgrades including Control 4 home automation, surround sound, pool automation, security cameras, and a tankless water heater. You'll love the vaulted ceilings, spray foam insulation, and wide-plank wood floors throughout. The chef's kitchen is outfitted with a 66'' commercial fridge and an outdoor kitchenfor seamless indoor- outdoor living. Step outside to enjoy mature landscaping, a sparkling pool with deck jets and a Baja shelf, automated misting, and a back porch with automated shades. The property also comes equipped with electric car chargers and garage storage. TVs & appliances convey with the sale, making this home truly move-in ready!
