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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8224 E Angel Spirit Drive
Scottsdale, AZ 85255
$1,389,000
3
Beds
2
Baths
2,306
SqFt
Status
Active
MLS #
6745115
Property Type
Single Family Residence
Price Type
--
Step into a world of luxury with this sensationally remodeled home in the exclusive guard-gated Grayhawk community, where modern elegance meets timeless style. The moment you walk in, you'll be captivated by the rich wood plank laminate flooring that flows seamlessly throughout the space, setting the stage for what's to come. The heart of the home, the kitchen, is a masterpiece of design. Imagine creamy cabinetry that stretches all the way to the ceiling, adorned with the latest slimmer stile and rail, paired with chic contemporary hardware. The large quartz-topped island, with its contrasting base cabinetry, comfortably seats four—perfect for casual dining or entertaining. A large custom range hood crowns the space, complementing the striking contemporary backsplash, while brand-new stainless appliances, including a gourmet gas cooktop, complete this chef's dream. The great room is a showstopper, featuring a ceiling-height stacked stone accent wall that surrounds a sleek new linear fireplace. Built-in display shelving, designed to coordinate with the kitchen's features, adds both functionality and flair. Retreat to the primary bedroom suite, where luxury abounds. It boasts not one, but two walk-in closets, a huge tiled walk-in glass shower, and an extensive quartz vanity with dual sinks, flanked by linen cabinets. Every detail is designed for comfort and style. The guest bathroom makes a statement with its dramatic darker tile and quartz countertops, while the third bedroom, with double doors and a walk-in closet, offers versatility for any need. The laundry room is a dream, complete with a window, sink, and a generous walk-in pantry. Even the two-car garage is exceptional, featuring an epoxy floor and ample storage cabinets. Step outside to the backyard, and you'll find your private oasis with a recently remodeled spool, an elevated seating area, a covered patio, and lush landscaping that invites relaxation. Living in this Talon Retreat home with guard-gated entry is like being on a permanent vacation with access to community amenities such as a pool and spa, grassy play area for children and pets, tennis courts, walking trails, and the breathtaking McDowell Mountain setting. Plus, you're just steps away from two world-class Grayhawk golf courses. This is more than a home; it's a lifestyle.
4562 N Chelsea Drive
Buckeye, AZ 85396
$1,385,000
3
Beds
3
Baths
3,190
SqFt
Status
Active
MLS #
6760906
Property Type
Single Family Residence
Price Type
--
Experience luxury living in this sleek and stylish Desert Prairie home, nestled within the sought-after Regent Hills enclave of Verrado. Boasting a modern flair, this custom residence offers the perfect blend of sophistication and functionality. Enjoy the convenience of proximity to the golf course, practice facility, shopping, dining, and schools. This meticulously designed home features stained concrete floors and euro finishes, creating an ambiance of contemporary elegance. The spacious great room floor plan, comprising 3 bedrooms and 3 baths, seamlessly integrates indoor and outdoor living. Large window walls invite natural light and showcase panoramic mountain views, providing a picturesque backdrop for daily living. Step into your backyard retreat to discover an oasis of relaxation.
16488 W Windsor Avenue
Goodyear, AZ 85395
$1,385,000
3
Beds
3.5
Baths
2,974
SqFt
Status
Active
MLS #
6771582
Property Type
Single Family Residence
Price Type
--
Killer Location. Arguably THE BEST LOT in PebbleCreek w TONS OF UPGRADES & DETAILS. Lake View, Mountain View, Golf Course view w/out cart path or golf balls. Oversized lot, Casita w kitchenette & courtyard water feature, Granite Kitchen countertops, Marble bathrooms, GE Monogram appliances, built in speakers, mini split in Laundry room, laundry sink, Owned solar TILES & lease on additional panels. Generac back up generator powers entire home. Air filtration & variable speed system built into the HVAC. Automatic fertilizing irrigation system, plantation shutters & crown molding throughout, 12 ft coffered ceilings, Patio w Travertine, built in BBQ w bar seating, Fire place, mister system, 3 car garage w bump out, service door to side trash can area, storage cabinets, ceiling racks & sink.. Instant Hot water, 4 ft garage extension, soft water loop, custom cabinets in kitchen bathrooms & laundry room, jetted tub & walk in shower in master bath, Elongated comfort height toilets, Custom front door, steelhouse garage doors w windows, pigeon patrol wiring, ceiling fans & window treatments, drop lighting in kitchen, sliding doors off of Kitchen, Office Den & back patio, added insulation, Ring door bell, Nest thermostats, Extended solar inverter warranty, New irrigation lines, built in dining room cabinets & hutch, garage door keypad, utility sink in garage, additional outlets installed, entertainment center w fire place, under cabinet lighting in Kitchen, security system, back splash, tons of cabinets & counter space in large laundry room, landscape lighting, outdoor spotlight for artwork, exterior repainted in 2021 & so much more... This is the dream home that has it all.
6020 E Shea Boulevard
Scottsdale, AZ 85254
$1,385,000
4
Beds
2
Baths
2,031
SqFt
Status
Active
MLS #
6725529
Property Type
Single Family Residence
Price Type
--
Great opportunity in Scottsdale's Magic Zip Code of 85254 to own nearly an acre lot of horse property with established pool home waiting for your vision! This well developed property includes 4 bedrooms/2 baths in a split set up and a large inviting pool oasis. Opportunities abound! For instance, remodel this home to become your dream home with plenty of room to expand or build anew. Car enthusiasts will appreciate the 1200+ SF workshop with double garage doors and a carport for outdoor work or RV enthusiasts can utilize the garage to park their RV. Garage comes complete with office and bathroom. Or, repurpose the workshop into an air conditioned horse barn. Cater to your horses or horse lovers in the area for premier boarding! It would also make a great Air BNB opportunity? Repurpose this home into an amazing retreat for those seeking an escape to Scottsdale. The property would also make for an excellent group home locagtion. So many possibiliies with the land and location. Come see what opportunities might work for you!
7719 E San Fernando Drive
Scottsdale, AZ 85255
$1,385,000
5
Beds
3
Baths
3,904
SqFt
Status
Active Under Contract
MLS #
6756469
Property Type
Single Family Residence
Price Type
--
This gated Sonoran Hills home encompasses a collaboration of timeless elegance and poise. A grand vaulted entry leads to European oak hardwood floors and plentiful space for entertaining. Chef's kitchen features a Miele oven/range/hood and dishwasher, Carrara Quartz countertops, and an abundance of cabinet storage. Primary suite boasts a dual Restoration Hardware vanity & solid marble slabbed shower. Relish in the private oversized cul-de-sac lot which backs to a natural wash offering tranquil privacy. The expansive backyard provides an excess of outdoor enjoyment. Dine poolside, settle in with the Canterra Stone fireplace, or barbecue while admiring desert twilight. Close to fine dining, schools, and shopping, this desert dwelling embraces North Scottsdale living at its finest.
35245 S Turtle Creek Road
Wickenburg, AZ 85390
$1,379,000
3
Beds
2
Baths
2,462
SqFt
Status
Active
MLS #
6749049
Property Type
Single Family Residence
Price Type
--
ENJOY Privacy in this CUSTOM RANCH HOME ON 10 ACRES*2,462 Sq Ft./ 3 Bed/ Den/ 2 Bath* Massive Vaulted, Wood & Beam Ceilings. *NEWLY REMODELED! NEW ROOF! PRIVATE WELL! * New FLOORING+GRANITE COUNTERTOPS+ LANDSCAPING+RANCH SIZED GOURMET KITCHEN+LONG BAR+WHISKEY/WINE NICHE+LARGE GATHERING ROOM+FIREPLACE+ANDERSON WINDOWS+STAINLESS STEEL APPLIANCES+WINE FRIDGE+RUSTIC BEAMS + TILED WALK-IN SHOWERS+10 ACRES+ Adjacent to thousands of ACRES of STATE LAND! ELEVATED & USEABLE w/ DIRECT ACCESS TO STATE LAND+HORSES & ATV'S+ROOM FOR THE INLAWS, OUTLAWS & MOTHER-IN-LAWS! +EXTENDED COVERED PATIO+HEATED/COOLED SWIM SPA+HAY BARN+HORSE STALLS+MISTERS+TURN OUT+LARGE SHOP+2, 50-amp Full-service RV HOOKUPS+HITCHING POSTS+TRAILS FOR MILES+2 GATES TO ACCESS STATE LAND+PRIVATE ESTATE. Why are you waiting?
19360 N 73rd Street
Scottsdale, AZ 85255
$1,377,000
3
Beds
3.5
Baths
2,247
SqFt
Status
Active
MLS #
6772670
Property Type
Apartment
Price Type
--
Belgravia Group presents Atavia, a private gated community of 88 luxury condominiums coming soon to North Scottsdale. Atavia blends the breathability of single-family living with the carefree convenience of condominium ownership. Designed by award-winning international architecture firm KTGY, with a clubhouse inspired by Frank Lloyd Wright's iconic Taliesin West. Atavia is perfectly situated at the Loop 101 and Scottsdale Rd within the One Scottsdale masterplan development. Each residence features a private entry with 2 car garage, Italian kitchen cabinetry, Sub-Zero and Wolf appliances, 1 ¼'' quartz counters, and wood floors throughout main living areas. Residence C offers a guest suite or 4th bedroom option on level 1. Upstairs enjoy an open living area and spacious outdoor terrace.
6816 N 177th Place
Waddell, AZ 85355
$1,375,000
6
Beds
4.5
Baths
3,587
SqFt
Status
Active
MLS #
6735754
Property Type
Single Family Residence
Price Type
--
Brand new home on an oversized lot! NO HOA. This home is situated on just over an acre and includes flood irrigation for the backyard. The home has an attached Casita off the front with its own exterior access and creates the perfect spot to work from home or host guests and loved ones. The backyard is fully fenced with block walls and ready for your dream backyard! Other homes for sale on the same street as well. You do not want to miss this!
2449 E Southwood Road
San Tan Valley, AZ 85140
$1,375,000
5
Beds
3
Baths
3,228
SqFt
Status
Active
MLS #
6730008
Property Type
Single Family Residence
Price Type
--
This country home w/ a white picket fence, wrap-around porch & on 3.3 FLOOD IRRIGATED ACRES is a classic vision of rural life. Complete horse training facility offering; 18 horse stalls w/ auto waterers & fans. The huge arena is a rare find; 200' x 300', LED lights & excellent footing. It has a convenient cattle alleyway to easily load cattle into the roping chute. More features; hay barn, silo, large wash rack w/ dry well for drainage, 2 turnouts w/ shades, cattle pens & 4 RV hookups. The detached garage / workshop offers two roll-up doors, space for a tack room, feed or tractors. The home features five true bedrooms, including two owner suites—one on each level. The upstairs master suite includes a jetted tub, walk-in shower & two walk-in closets. **Click 'More' tab** The Great Room is highlighted by a beautiful stone fireplace. The kitchen features white cabinets, granite countertops, breakfast bar island & stainless steel appliances. Huge laundry room w/ cabinets & a mudroom, a desirable feature for the outdoor lifestyle. Countless hours have been spent in this arena & barn dedicated to rigorous training and practice. Both horses and their riders transformed into champions, achieving remarkable success in competitions. Now, it's your turn to take ownership of this home and utilize this exceptional arena and facility to shape the next generation of champions.
6717 E Brilliant Sky Drive
Scottsdale, AZ 85266
$1,375,000
3
Beds
3
Baths
2,030
SqFt
Status
Active
MLS #
6750276
Property Type
Single Family Residence
Price Type
--
Public Remarks:Welcome to your beautiful desert dream home, freshly remodeled & radiating luxury at every turn! From the incredible Wolf & Sub-Zero Kitchen to the stunning & warm fireplace to the ultimate getaway Master Retreat! This completely reimagined designer home in North Scottsdale's prestigious guard gated Terravita community is the epitome of elegant, carefree living. Imagine starting each day in this exquisite, move-in-ready gem, perfectly tailored for downsizing, upgrading, or as is seasonal escape. Every corner of this desert retreat has been thoughtfully curated to blend sophisticated style with everyday comfort. Experience the beauty of Arizona living with magnificent sunsets & a lush private backyard oasis, all within a low-maintenance, resort-style setting.
6035 E Monterra Way
Scottsdale, AZ 85262
$1,375,000
4
Beds
3
Baths
2,949
SqFt
Status
Active
MLS #
6771551
Property Type
Single Family Residence
Price Type
--
Outstanding 4 bedroom, 3 bathroom, 3 car garage, 2949 sqft, split Master home on an Acre. This home is in the process of being remodeled and if you get here quickly, you can help pick out some of your finishes such as Cabinets, Lighting, Hardware, Appliances, etc.... Amazing Iron Door Welcomes You to your new home. Walking in, you will see the amazing Fireplace Wall, 15' wide accordion door which allows you to have inside/outside living. Don't miss out of the sweet Master Bathroom/Shower. Viewing Deck looking 360 at mountains, city lights, sunsets.
3007 E Arrow Point
Payson, AZ 85541
$1,375,000
3
Beds
3
Baths
2,458
SqFt
Status
Active
MLS #
6774758
Property Type
Single Family Residence
Price Type
--
Discover the perfect blend of luxury and nature in this exquisite rustic home located in The Rim Golf Club. Featuring striking exterior stonework, this property boasts AMAZING VIEWS of the breathtaking Granite Dells Mountains, providing a serene backdrop for everyday living. Step inside to find wood floors that flow throughout most of the main level, complemented by beamed ceilings that enhance the home's charm. The beautifully landscaped yard invites you to unwind in peace, while the gorgeous kitchen is a chef's dream, equipped with a 6-burner Wolf gas range, a Subzero refrigerator, granite countertops, and a butler's pantry complete with a beverage cooler. The master suite offers a private retreat with a separate door leading to the back deck, perfect for morning coffee or evening stargazing. The luxurious primary bathroom features a stand-alone tub and a spacious walk-in shower, providing a spa-like experience at home. This is not just a home; it's a lifestyle. Don't miss your chance to experience the tranquility and beauty this property has to offer!