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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517 W Granada Road
Phoenix, AZ 85003
$1,400,000
4
Beds
3
Baths
2,262
SqFt
Status
Active
MLS #
6782129
Property Type
Single Family Residence
Price Type
--
Step into a piece of history with this meticulously remodeled 1941 home nestled in the highly sought-after Willo Historic District. This residence perfectly blends timeless charm with contemporary elegance while honoring its rich heritage. The heart of this home is the expansive, fully remodeled, open kitchen and two living areas, designed for both family gatherings and entertaining guests. The chef's kitchen is a true showstopper, featuring custom walnut cabinetry, a large kitchen island with soapstone countertops, custom tile work and a separate beverage fridge. Culinary enthusiasts will appreciate the premium Bertazzoni gas range. The primary suite is fantastic with its elegantly appointed bath, double sinks, large shower and large walk-in closet and doors to the outdoor living room. The split floorplan with three additional bedrooms and 2 more baths offers flexibility for a growing family, home office, or guest quarters. The home's bathrooms have all been completely remodeled with modern touches, blending style and functionality. The outdoor living room is perfect for al fresco dining, morning coffee, or evening cocktails in front of the TV and outdoor fireplace. Enjoy peace of mind with all new plumbing, electrical, windows, roof and sewer line. This home truly offers the best of both worlds: the character and craftsmanship of the past with the convenience and style of today. Willo Historic District is renowned for its annual home tour, where residents open their doors to showcase the neighborhood's unique architectural styles. Living here means becoming part of a tight-knit community that values preservation and pride of ownership.
6523 E Lonesome Trail
Cave Creek, AZ 85331
$1,400,000
4
Beds
3.5
Baths
3,595
SqFt
Status
Active
MLS #
6771859
Property Type
Single Family Residence
Price Type
--
Stunning views, exceptional quality paired with an abundance of space and privacy! No HOA providing freedom for horses, garage addition, bar, or entertaining space. The home is built with timeless finishes, quality construction, single level four bedroom (dual primary suites), three & a half bath, and three car garage. Enjoy mountain views and sunsets from the roof top view deck, gated/stucco privacy yard, indigenous wash which emphasize the serene desert solitude. This home is located on County Island, and can be used as an Airbnb or VRBO. You do not want to miss this Cave Creek gem! Seller willing to carry / Seller Financing Available 20% down INTEREST ONLY / 5% / 2 year balloon.
2003 E Clubhouse Drive
Phoenix, AZ 85048
$1,400,000
5
Beds
3.5
Baths
3,812
SqFt
Status
Active
MLS #
6773388
Property Type
Single Family Residence
Price Type
--
Prepare to be amazed! Check out this wonderful 4 bed, 3.5 bath residence now on the market! Great curb appeal, a manicured landscape w/lush natural turf, a 5 CAR GARAGE w/built-in cabinets, and a paver driveway are just the beginning. Discover a spacious living area w/soaring ceilings, luxurious fixtures, plantation shutters, and custom palette throughout. Continue into the large family room, featuring a wood-burning fireplace to keep you warm during the chilly winter months. The gorgeous kitchen is equipped w/everything the aspiring chef needs, espresso cabinetry, granite counters, tile backsplash, pantry, subzero appliances, large island, and a breakfast nook w/a serving window & bar. Double doors open up to the primary bedroom, showcasing private outdoor access, a 2nd fireplace, a walk-in closet, and a lavish ensuite w/dual sinks. Upstairs you will find your very own private theater room with Dolby Atmos surround sound and 140 screen, a wet bar w/ balcony access, perfect for movie nights w/friends & loved ones! Lastly, the resort-like backyard includes a covered patio, view fence, extended seating pool side in the walk down gazebo w/a built-in BBQ, hot tub, and a sparkling blue pool w/a rock waterfall & additional water features, lights and fire features! Cozy up to the fire pit on cold nights and take in the amazing views all around. Home features full ensuite of home automation control for everything from all the interior lights and fans to all the pool features.
615 W University Drive
Mesa, AZ 85201
$1,400,000
3
Beds
1.5
Baths
1,386
SqFt
Status
Active
MLS #
6774011
Property Type
Single Family Residence
Price Type
--
Prime Multi-Family Development Opportunity in Downtown Mesa's Sought-After Opportunity Zone! Located on a generous 1.33-acre lot at 615 W University Dr, this property offers an exceptional chance for developers. Significant progress has already been made with architectural plans and City approvals for a 27-townhome project. This unique lot, which spans from North Date to North Kosick, consists of five parcels, offering extensive frontage along University Drive. Ideally positioned just one block north of downtown Mesa and the light rail, this property is also minutes from major freeways, the ASU campus, schools, and various shops.
22873 S 193rd Street
Queen Creek, AZ 85142
$1,400,000
5
Beds
3
Baths
3,440
SqFt
Status
Active
MLS #
6779387
Property Type
Single Family Residence
Price Type
--
This beautiful red brick home sits on a city acre and is just as gorgeous on the inside as the outside. It has been completely remodeled with stunning features great for hosting. This 5 bed, 3 bath 1 story with a split floorplan has 2 living spaces, new flooring, cabinetry, doors, & completely remodeled Bathrooms with high end finishes throughout. The kitchen was awarded the ''Showcase Your Space'' 2021 Remodel of the Year by Capitol Mark Interiors & includes custom cabinetry, upgraded appliances, satin bronze hardware, & Zellige back splash. The backyard feels like a resort with new stone patio, fireplace with TV, limestone counter BBQ, sparkling pool, firepit with tons of seating and gathering spots. The RV Gate allows easy access for additional driveway, Casita, or Detached Garage.
7026 E Warner Road
Tempe, AZ 85284
$1,400,000
5
Beds
5
Baths
5,500
SqFt
Status
Active
MLS #
6780197
Property Type
Single Family Residence
Price Type
--
INVESTOR OPPORTUNITY in a highly sought after location in Tempe. City approved easement on the west side of the properties for access to the North lot; Renovate the existing home or build one large residence. This is a rare opportunity with a variety of possibilities, in a prime Tempe location.
10602 W Electra Lane
Peoria, AZ 85383
$1,400,000
6
Beds
5
Baths
3,386
SqFt
Status
Active
MLS #
6784168
Property Type
Single Family Residence
Price Type
--
Welcome Home! This stunning property has it all, offering a main home with 3,035 sqft of living space, 5 spacious bedrooms, and 4.5 bathrooms, plus a separate 351 sqft bedroom and bath within the RV garage—ideal for guests or a private office suite. Step into an incredible chef's kitchen featuring a massive island and a folding glass wall that seamlessly connects indoor and outdoor living. The resort-style backyard is truly one-of-a-kind, boasting a luxurious infinity-edge pool and spa, an outdoor living area with a built-in BBQ and fireplace, and a putting green for a bit of friendly competition. The impressive RV garage, equipped with a 220 outlet, provides a 50x16.5 space on the RV side, with a large storage area above the office. This property blends elegance, convenience, and functionality to create an unforgettable living experience. Don't miss the chance to make it yours!
5516 W Melinda Lane
Glendale, AZ 85308
$1,400,000
5
Beds
4.5
Baths
4,100
SqFt
Status
Active
MLS #
6785183
Property Type
Single Family Residence
Price Type
--
Rare Find in Arrowhead Lakes! An Entertainers Dream Home by AslanHomesUSA. This forthcoming to-be-built home Includes architectural plans fully approved by HOA design committee. Buyer can take over with builder and choose all finishes. Please note, Photos provided to illustrate approximate finished appearance. Back yard photos are from a neighboring home for reference. Nestled against the mountainside, this coveted lot offers a perfect blend of natural beauty and urban convenience. Your backyard? A serene mountain escape with hiking and biking trails steps away. Stunning views of the city skyline, sparkling lakes, and majestic mountains. Close to world-class golf, top-tier shopping, and vibrant entertainment, this location is unbeatable.
12776 N 78th Street
Scottsdale, AZ 85260
$1,400,000
4
Beds
3
Baths
3,175
SqFt
Status
Active Under Contract
MLS #
6781005
Property Type
Single Family Residence
Price Type
--
Nestled in the heart of the Buenavante neighborhood is a fantastic home that offers a great split floor plan that checks a lot of boxes.Enter through the double doors into a spacious living/dining room w/ views to the back gardens. A separate family room with cozy fireplace makes room for everyone. Updated kitchen with lots of storage & great island for easy prep & a place for guest to hangout. The primary is a dream w/ a fireplace, nice sitting area & access to the pool. Primary bath is wonderful w/ separate tub/shower & separate vanities & closets. The Jack & Jill bathroom between 2 of the bedrooms makes for a great kid setup plus there is a 3rd full bath for guest. South facing backyard w/ an inviting pool & established landscaping. Bonus - No Short Term Rentals allowed in subdivsion.
744 W Royal Palm Road
Phoenix, AZ 85021
$1,400,000
3
Beds
3.5
Baths
3,547
SqFt
Status
Active Under Contract
MLS #
6784881
Property Type
Single Family Residence
Price Type
--
If you're a fan of natural light and wide open spaces, this is the home for you! Classic 3 bed, 3.5 bath home on a half acre, irrigated, corner lot in the Royal Palm neighborhood. Tons of flex space - 2 office areas and 3 living spaces as well. Gorgeous views from nearly everywhere in the house. All 4 bathrooms have been remodeled, and the kitchen updated with white shaker cabinets, quartz countertops, and stainless appliances. Beautiful hardwood oak floors recently refinished. Inviting front patio welcomes friends and neighbors, and expansive back covered patio will be the pool party hub. Room for an urban farm too - chicken run area on side yard, as well as lots of fruit trees - 3 massive pecans, apricot, peach, rosemary, basil. Room for all your people, and your ideas!
2432 Leisure World --
Mesa, AZ 85206
$1,400,000
4
Beds
4.5
Baths
3,800
SqFt
Status
Active
MLS #
6784370
Property Type
Single Family Residence
Price Type
--
A rare opportunity! Custom built 4 bedroom , 4.5 bathroom home on a quiet cul-da-sac in Leisure World. Located on the fifth hole of Coyote Run Golf Course and overlooking holes twelve and thirteen. A large great room, a formal dining room, an office , four bedrooms with there own bathrooms plus a half bath, Indoor kittchen features top of the line appliances and a breakfast bar.Access the martini bar via a spiral staircase to the upper level with a fantastic view of the valley. The side yard has a summer kitchen with a retractable awning top and side awnings, The golf course patio is accessible by opening the 20 foot wide electric patio door. The home also features a double garage and a double golf cart garage. Fully Furnished.
39791 N Country Lane
San Tan Valley, AZ 85140
$1,400,000
5
Beds
3
Baths
3,595
SqFt
Status
Active
MLS #
6788522
Property Type
Single Family Residence
Price Type
--
Huge rate buydown incentive!!! Horse property in highly sought after neighborhood w/ a basement, pool & flood IRRIGATION. This 3.3 acre lot property offers a circular driveway, fully extended porch & mature trees. The equestrian amenities feature 6 covered stalls w/ auto waters, tack room, RV hook up, hay barn & newer 4 rail fencing. Stepping out to your backyard you'll find a gorgeous pool surrounded by professionally designed landscaping, built-in fireplace & an extended covered patio, perfect for entertaining. The laundry room offers plenty of storage & extra refrigerator space. In addition, ground water rights are owned by the Property Owners. This is a true rare find in one of the most desired horse property communities around.