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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8208 E Morgan Trail
Scottsdale, AZ 85258
$1,465,000
3
Beds
2
Baths
2,482
SqFt
Status
Active Under Contract
MLS #
6782416
Property Type
Single Family Residence
Price Type
--
Remodeled gem in McCormick Ranch. Situated on approximately 14,000 sq ft n/s landscaped lot, w/ updated pool and bbq. This home is spectacular w/ oversized master suite, his and hers walk in closets, wood floors throughout, gourmet kitchen and much more.
10220 N 175th Avenue
Waddell, AZ 85355
$1,459,000
5
Beds
6
Baths
4,053
SqFt
Status
Active
MLS #
6755960
Property Type
Single Family Residence
Price Type
--
Welcome to you new home in Waddell! This unique horse property with a rare opportunity for income producing potential is nestled in a serene location, offering many amenities for both horse enthusiasts and those seeking a tranquil retreat! Wrangle into your equestrian haven on a nearly 2 sprawling acres with an''A'' frame main house, modern guest house, charming casita, yoga studio, horse stables w/arena, and a myriad of mature citrus and shade bearing trees! The 2,008 sq ft main house holds loads of character and features a high vaulted ceiling in the family room, formal dining, durable tile flooring, 3 carpeted bedrooms, 2 bathrooms, neutral paint throughout, a galley kitchen fully equipped w/SS appliances, and large bonus room which can be your home office or covert into a bdrm. Main house with front, sideyard, and backyard patios offer plenty of room for entertaining! Storage galore with separate tool and tack sheds! Important extras include flood irrigation, tankless water heater, and bidet! The newly built 1,050 sq ft guest house boasts contemporary flair throughout with 10 ft ceilings, wood-look floors, a fully equipped kitchen including large walk-in pantry and breakfast bar, great room, a sizable bedroom with double doors, 1.5 bathrooms, laundry room, convenient front/side/back entries and wifi! The 125 sq ft casita with bathroom and wrap-around deck offers endless possibilities as extra space for guests, an art & crafts studio, detached office, reading room, or just your own private space! In the detached 870 sq ft yoga/fitness studio, you'll find an ample carpeted area for multiple purposes with 1/2 bathroom, & an adjacent foyer. The impressive horse boarding facility produces an approximate monthly revenue of $10k from 13 stalls and includes a lighted riding arena, tack rooms with electricity, and wash station. A must-see property with ample parking and NO HOA! Bring your best offer today!
8733 E Russell Street
Mesa, AZ 85207
$1,455,000
5
Beds
4.5
Baths
4,325
SqFt
Status
Active
MLS #
6763387
Property Type
Single Family Residence
Price Type
--
Desert Upland living at it's finest, with unparalleled city light and mountain views from all windows and wrap around balconies! With No HOA, this beautiful home sits on 1.2 acres and is only minutes from Saguaro Lake and Usery Mountain Regional Park. This home features 5 bedrooms ( 2 master retreats for multigenerational living...one upstairs and one downstairs), 4.5 bath, great room floorplan and 4 car garage (extended and over-height). High end finishes include extensive travertine flooring, travertine bathroom vanities and surrounds, marble tile jacuzzi tubs in both master bedrooms, cherry 42 inch staggered cabinetry with crown molding in kitchen, new Revati undermount, stainless steel workstation sink, new roof coating, new ac on east side, new Mohawk Smart Strand Carpet, new smart garage door openers, new 50 gal energy star water heaters, freshly painted exterior, Vivint smart home, gourmet kitchen with double ovens and built in refrigerator, mahogany floors in downstairs master bedroom, double sided fireplace in master bedroom, fireplace in great room and more! The wrap around balcony allows for a jacuzzi with access to electrical and water already in place. The lot also accommodates horses and RV parking. Close to hiking, restaurants, 25 min to Sky Harbor Int'l Airport and downtown Scottsdale you won't want to miss out on this amazing home!
43720 N Acadia Way
New River, AZ 85087
$1,453,900
4
Beds
3.5
Baths
3,036
SqFt
Status
Active
MLS #
6758276
Property Type
Single Family Residence
Price Type
--
Former gorgeous model home! Welcome to The Orion Monterey Model Home - a single-story gem offering 3,036 sq ft of luxury. This 4-bed, 3.5-bath home features a 20 ft multi-slide door and 12 ft glass wall in the Great Room, blending indoor and outdoor spaces. Enjoy mountain views from the extended covered patio. Highlights include an oversized kitchen island, a luxurious master suite with an oversized shower, a versatile den, and a multi-generational suite with its own amenities. Additional features: a 50 x 16 RV garage with workshop, a Ramada with an outdoor kitchen, a beautifully landscaped backyard, and practical touches like a pet shower and bench with lockers. For more information or to schedule a private tour, please contact us. Discover the perfect blend of elegance and practicality.
6828 N 177th Place
Waddell, AZ 85355
$1,450,000
5
Beds
3.5
Baths
3,300
SqFt
Status
Active
MLS #
6744338
Property Type
Single Family Residence
Price Type
--
This brand new beautiful home is nestled on a private street surrounded by other brand new beautiful homes. No HOA. The 1 acre lot provides ample space to build out your backyard how you have always dreamed. The detached Garage provides plenty of space for all your toys, cars, RVs, boats, etc. You do not want to miss this one!
8294 E Buteo Drive
Scottsdale, AZ 85255
$1,450,000
3
Beds
2.5
Baths
2,704
SqFt
Status
Active Under Contract
MLS #
6773104
Property Type
Single Family Residence
Price Type
--
North Scottsdale GRAYHAWK Guard Gated luxury living in this STUNNINGLY REMODELED 3BR, 2.5BA PRIVATE cul-de-sac Retreat! Live the Arizona Dream, savoring this 2704 SF of elegantly reimagined space on a Large MOUNTAIN VIEW lot! This reinvented private semi-custom offers a rare 3CG + host of REMODELED AMENITIES all elevating its appeal. From the moment you step inside, the pride of ownership shines through. The grand foyer welcomes you with high ceilings, decorative light fixtures, and fresh interior paint throughout. The bright living and dining areas boast large windows that flood the space w/ natural light, complemented by stunning real wood flooring. The gourmet kitchen is a true centerpiece, featuring all-new appliances, a custom kitchen island, bar, and striking...CLICK ''MORE''.. ...real QUARTZITE stone countertops. The Gourmet kitchen also offers wood cabinetry, a gas cooktop, wall ovens, and a breakfast nook, making it a dream for culinary enthusiasts. Additional upgrades include new lighting, ceiling fans, and a convenient hot water dispenser. Relax in the bright and spacious family room, complete with new custom windows, a beautifully updated fireplace surround, and an electric fireplace for added ambiance. The oversized main suite is a serene retreat, with patio access, a cozy seating area, and a fully remodeled ensuite. The primary bath features dual vanities, quartzite countertops, and a custom walk-in closet. Outdoor living is just as impressive, with a covered patio, built-in BBQ, new outdoor gas fireplace, and a Jacuzzi hot tub. The professionally redesigned backyard also includes a new fountain, all-new landscaping with updated irrigation and lighting, and a new outdoor gate and courtyard fencing for added privacy. Please note: The chandelier in the Dining Room does not convey. **UPGRADES & UPDATES TO HOME AT A GLANCE:** - All new appliances - Custom kitchen island and bar with quartzite countertops - Master and guest bathroom remodel - Custom security doors (three) - New bedroom and kitchen windows - Custom fireplace surround with electric fireplace - New faucets and kitchen hot water dispenser - New blinds and all-new lighting and fans - Tankless hot water heater - New door hardware throughout - New outdoor gate and courtyard fencing - All-new landscaping, irrigation, and lighting - Jacuzzi hot tub, outdoor fountain, and gas fireplace - Insulated new garage doors - Custom master closet This Grayhawk gem is ready to welcome you home with its combination of timeless elegance and modern upgrades. NEAR ARTISAN RESTAURANTS, DINING, SHOPPING, WORLD CLASS GOLF, SPAS, HIKING AND MORE....Don't miss the chance to make it yours! Call for your Tour today!
9251 N Sunset Ridge
Fountain Hills, AZ 85268
$1,450,000
3
Beds
3
Baths
3,622
SqFt
Status
Active
MLS #
6788967
Property Type
Single Family Residence
Price Type
--
Enjoy breathtaking golf course & mountain views from this former model home in an exclusive double-gated community, filled with exceptional upgrades. The gourmet kitchen features hickory cabinets, granite countertops, double ovens, while travertine flooring enhances the elegance throughout. A wet bar with a refrigerator and ice maker complements the custom library with floor-to-ceiling bookcases and a rolling ladder. The master suite boasts a sitting room, fireplace, and a spa-like bath with marble finishes, a soaking tub, and a large custom shower. Outside, enjoy fountains in the front and back, a rose garden, a negative-edge pool, spa, and a covered patio perfect for entertaining or relaxing in serene surroundings. Eagle Mountain Golf Club is a prestigious Troon-managed course.
5659 W Chaparal Lane
Pine, AZ 85544
$1,450,000
9
Beds
8
Baths
8,500
SqFt
Status
Active
MLS #
6742110
Property Type
Single Family Residence
Price Type
--
Discover an extraordinary lodge retreat in picturesque Pine, AZ, offering a unique opportunity to own a sprawling estate that includes two stunning homes and a cozy guest quarters, totalling 8,500 sq. ft. all set on 0.72 acres with breathtaking mountain views. Main Home: This expansive residence boasts 5 bedrooms and 4 bathrooms across. The versatile layout includes a welcoming living room, a spacious family room, and a large recreation room. The chef's kitchen is equipped with elegant granite countertops, an island, a pantry, an electric cooktop, and a double oven. Enjoy casual meals in the kitchen dining area or host formal dinners in the dining hall, which accommodates up to 16 guests. The upstairs master suite is a private sanctuary featuring a walk-in shower, double sinks, and a massage table room. An additional bedroom and guest bathroom complete the upper level. On the main floor, you'll find another master bedroom, two guest bedrooms, and an additional guest bathroom. Outside, a covered deck, patio area, astro turf lawn for games, and a large deck with a built-in fireplace offer ample space for relaxation and entertainment. Second Home: This charming residence includes 3 bedrooms, each with its own ensuite bathroom, along with a large laundry room and a full kitchen. The living room features warm knotty pine finishes and a pellet stove for cozy warmth. Guest Quarters: The separate 1-bedroom, 1-bathroom apartment-style unit is perfect for visitors or additional family members. It includes a living room, abundant storage space, and a potential kitchenette. The property is fully fenced with a gate and showcases beautifully landscaped grounds surrounded by tall ponderosa pines, enhancing the woodsy, serene atmosphere. A hot tub invites you to unwind and enjoy the cool evening air. Whether you seek a spacious family retreat or a thriving business opportunity, this property stands out as a one-of-a-kind gem with endless possibilities.
12015 S Tuzigoot Drive
Phoenix, AZ 85044
$1,450,000
6
Beds
4
Baths
5,062
SqFt
Status
Active
MLS #
6720121
Property Type
Single Family Residence
Price Type
--
Imagine waking up in a home where adventure begins the moment you step outside. Nestled at the edge of breathtaking trails, this home offers unparalleled access to nature. If you're an avid mountain biker or a passionate hiker, you'll love the convenience of having rugged terrain and scenic paths just steps away from your front door. Embrace an active lifestyle and savor the thrill of the great outdoors without ever having to drive to your next adventure. Ahwatukee Custom Estates, 6 Bed 4 Bath Estate on Half Acre with Luxurious Pool. Features the perfect blend of formal living for family and friends' gatherings. One bed/bath on the main level. Downstairs is a versatile haven. Oversized 3-car garage, provides ample storage space for vehicles and has EV Charger. Don't miss this gem
5227 E Canyon View Court
Prescott, AZ 86303
$1,450,000
6
Beds
4
Baths
3,949
SqFt
Status
Active
MLS #
6755842
Property Type
Single Family Residence
Price Type
--
Indulge in luxury living in Prescott, where stunning mountain vistas beckon from this custom-built haven, featuring 6 beds & 4 baths. Cozy up by the fireplace inside or gather around the fire pit under the Arizona sky. With no HOA restrictions, enjoy the freedom to live as you please. Vaulted ceilings add grandeur while the kitchen is a chef's dream with gas range, stainless steel appliances & oversized waterfall island. Step onto the extended balcony for panoramic mountain views. Low maintenance landscaping makes it a perfect lock & leave. RV garage & additional 2-car garage have epoxy. Don't miss the hidden/secret BUNKER featuring concrete walls, electrical wiring, 275 gallon water tank, sewer hookup option & escape tunnel. Every detail promises comfort & style!
14848 N 62nd Way
Scottsdale, AZ 85254
$1,450,000
4
Beds
3
Baths
3,044
SqFt
Status
Active
MLS #
6759013
Property Type
Single Family Residence
Price Type
--
Welcome to this impeccably maintained 4-bedroom + office (or optional 5th bedroom), 3-bathroom home that blends modern upgrades with classic elegance. Set within a peaceful Scottsdale community, this 3,044 sq. ft. gem boasts plantation shutters across 32 newly customized windows, offering both privacy and style. Major updates include a new roof and dual AC units installed in 2016, giving you added comfort and peace of mind. The expansive primary suite offers a luxurious retreat, complete with three walk-in closets and a spa-like ensuite featuring dual vanities, a soaking tub, and a separate shower. At the heart of the home, the sophisticated kitchen shines with granite countertops, stainless steel appliances, a gas cooktop, and a generous island—perfect for hosting gatherings. The backyard is a true oasis, showcasing a Pebble Tec play pool with a tranquil waterfall, a built-in BBQ area, and lush landscaping, ideal for entertaining or quiet relaxation. Just minutes from Kierland Resort & Golf Course, and the upscale shops and dining of Scottsdale Quarter, this home offers luxury living in one of Scottsdale's most sought-after locations. Come experience it for yourself today!
2554 N Tambor --
Mesa, AZ 85207
$1,450,000
4
Beds
3.5
Baths
4,143
SqFt
Status
Active
MLS #
6773392
Property Type
Single Family Residence
Price Type
--
Experience tranquility and privacy in this exquisite semi-custom home nestled on over an acre, backing up to the serene Tonto National Forest. Enjoy panoramic mountain and city views from nearly every angle of this 4-bedroom split floor plan, designed to maximize space and natural light with its soaring 12' ceilings and large windows. The gourmet kitchen features granite countertops and custom maple cabinets, perfect for culinary enthusiasts. Entertain or unwind in the formal living room with a cozy fireplace or step outside to the private courtyard and savor peaceful moments. Private backyard oasis includes a sparkling pool, spa, built-in BBQ, and multiple patios ideal for dining al fresco while enjoying breathtaking sunsets and uninterrupted mountain vistas and Usery Mtn. Regional Park!