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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5321 E Paradise Lane
Scottsdale, AZ 85254
$1,290,000
4
Beds
3
Baths
2,974
SqFt
Status
Active Under Contract
MLS #
6735973
Property Type
Single Family Residence
Price Type
--
Designers feel throughout this spacious 2-story home! Located on a corner lot and just across from the park. Currently being used as a short-term rental property. Come through the double front doors, with security screen doors and beautifully etched glass interior door, to see all the magnificent features of this home. Home is tiled throughout all the main living areas of the home for easy care and maintenance. High vaulted ceilings creating an open and airy feeling. Just to the left of the foyer is the formal living area or use as a gaming area. Then it's the formal dining area with buffet niche, perfect for entertaining. To the left of the stairs is the great room, complete with a built-in fireplace entertainment panel. Wet bar area with beverage fridge. A guest room with en-suite bath to the right of the great room with a separate exit, perfect for overnight guests, or can be used as a den or office. Massive kitchen area with plenty of storage space for all one's cooking needs. Tons of countertop space, with eat-up bar seating. All top-of-the-line stainless steel appliances, including an 8-burner gas range with griddle, dual door sub-zero fridge and freezer. The kitchen area circles back around to the formal dining area, making entertaining your guests a breeze! Head up the stairs and your master suite is just to the left, complete with high vaulted ceilings, built-in fireplace panel and built-in shelving. Master bath is made for relaxation with a soaking tub, oversized shower with multiple shower heads, and dual sink vanities and lots of storage space, and a walk-in closet, complete with built-ins. An additional two guest bedrooms, bathroom and laundry area can also be found on the upper level. The backyard is an entertainer's paradise! Covered patio area providing plenty of space for patio furniture. Take a dip in your refreshing private pool, relax in your own private cabana, or whip up a feast on the outdoor BBQ! Back yard is beautifully landscaped with a mixture of grass and desert landscaping, giving one plenty of room for outdoor games, a kid's playground, or just to enjoy the desired Arizona weather! Block fencing with hedge trimming surrounding you for privacy. Tucked away for that small neighborhood feel, but just a minutes' drive to all the surrounding shopping, restaurants, and lifestyle that Scottsdale has to offer. This is living on Paradise Lane!
17518 E Whitethorn Drive
Rio Verde, AZ 85263
$1,290,000
4
Beds
3.5
Baths
3,651
SqFt
Status
Active
MLS #
6735190
Property Type
Single Family Residence
Price Type
--
Nestled on a peaceful road among breathtaking mountain vistas, this home offers unparalleled resort-style living in serene Rio Verde. A thoughtfully designed split floor plan allows for privacy with the primary bedroom split to one wing, away from the other 2 bedrooms in the main house. An attached 1bed/1bath casita is accessible from the back patio. Entertain effortlessly in the great room with a cozy fireplace, a huge built-in entertainment center, a sophisticated built-in bar, and game room with space for a pool table. Adjacent is the chef's kitchen with a large island, granite countertops, stainless steel appliances, and a walk-in pantry. Versailles pattern travertine & engineered wood floors as well as other beautiful finishes throughout the home. The deluxe master has an oversized bath suite with an adjoining room that can be used as an office, workout space, or an extra closet. Stunning views of the Tonto National Forest serve as a picturesque backdrop while you're relaxing in the sparkling pool or in the new above ground hot tub among beautiful landscaping and wide-open skies. Additional upgrades in addition to the new hot tub include 2 new A/C units in 2022, an RV Hookup with it's own separate breaker, and an extensive critter fence installed around the perimeter. Don't miss this invitation to luxurious living here in Rio Verde!
9344 E Via De Vaquero Drive
Scottsdale, AZ 85255
$1,290,000
3
Beds
3
Baths
2,769
SqFt
Status
Active
MLS #
6727480
Property Type
Single Family Residence
Price Type
--
Located in the highly sought-after DC Ranch community, this move-in ready Terraces West home offers 3 bedrooms, 2.5 baths, with the master bedroom conveniently on the ground floor. The open floor plan, complete with separate living, dining, and family rooms, is perfect for entertaining. Situated on a north/south cul-de-sac lot with no homes across the street, this home provides stunning views of the McDowell Mountains. If you're looking for a DC Ranch property in The Terraces, this is the perfect opportunity to make it yours!
555 S Cactus Wren Street
Gilbert, AZ 85296
$1,289,000
3
Beds
3
Baths
2,554
SqFt
Status
Active
MLS #
6771575
Property Type
Single Family Residence
Price Type
--
Move in ready, fully remodeled, acre lot in North Gilbert. Property includes 18 mature pecan trees with fencing and horse corral. This home features a new open floor plan that radiates from the finished Arizona room. The converted primary suite includes a new walk-in closet and upgraded primary bath. All renovations performed by licensed contractor. Don't miss the newly constructed, and permitted, workshop. This multi-purpose steel outbuilding has unlimited possibilities, with access directly from the driveway. No HOA, irrigated lot, the list goes on. Don't miss an opportunity to own this classic Gilbert acreage.
2521 W Pumpkin Ridge Drive
Anthem, AZ 85086
$1,289,000
4
Beds
3.5
Baths
3,290
SqFt
Status
Active
MLS #
6780784
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home in the prestigious Anthem Country Club! This stunning 4-bedroom, 3.5-bathroom Sonoma model sits on an elevated lot, offering sweeping views of the 17th hole of the Persimmon Golf Course, lush desert, majestic mountains, and twinkling evening lights. The spacious 3,290 sq ft layout includes a versatile den and a 3-car garage, all set on a serene 0.254-acre lot. Inside, a gourmet kitchen awaits with gleaming granite countertops, stainless steel appliances, and rich dark wood cabinetry. The open-concept layout flows seamlessly into the cozy family room and dining spaces, perfect for entertaining or simply enjoying the view. The owner's suite is a true retreat, featuring a luxurious tile walk-in shower and ample space for relaxation. Step...CONTINUE READING... ...outside to the backyard oasis where you'll find an expansive patio with an outdoor BBQ/bar area under a pergolaideal for al fresco dining. Unwind in the negative edge spool, heating up to 104°, with a tranquil cascading water feature. Whether you're soaking in the vibrant sunsets or hosting friends, this low-maintenance, meticulously landscaped yard offers the best of Arizona outdoor living. Experience resort-style elegance every day in this breathtaking Anthem Country Club home!
16779 W Holly Street
Goodyear, AZ 85395
$1,287,000
3
Beds
2.5
Baths
3,134
SqFt
Status
Active
MLS #
6773405
Property Type
Single Family Residence
Price Type
--
This beautiful Cristall 3-bedroom, 3-bathroom home offers 3,134 sq ft of luxurious living space with golf course view. The home features a stacked stone exterior, a beautiful custom front door and front courtyard. The resort-style backyard is perfect for entertaining with an extended covered patio, lighted pergola, lounging areas with Tiki torches, a built-in BBQ island, 2 firepits, a water feature, and above-ground spa—all overlooking the 14th hole of Tuscany West. The gourmet kitchen is ideal for hosting, featuring a large island, upgraded cabinets, granite countertops, GE Monogram stainless steel appliances, a butler's pantry, and walk-in pantry. The spacious great room offers a stone fireplace and custom media center, with views from the great room, dining area, and main and bedroom. Off the kitchen is a cozy morning room that provides a perfect spot to relax. The primary bedroom offers a serene retreat with an ensuite bathroom featuring dual vanities, a soaking tub, walk-in shower, and large walk-in closet. A second bedroom includes a private bath, while the third bedroom near the front could double as a den or office. Additional features include a 3-car garage, owner-owned 34 solar panels, and a spacious laundry room. Located in the PebbleCreek active adult community, enjoy golf, swimming pools, pickleball, tennis, fitness center, and more.
26720 N 156th Street
Scottsdale, AZ 85262
$1,285,000
3
Beds
2.5
Baths
2,633
SqFt
Status
Active
MLS #
6773995
Property Type
Single Family Residence
Price Type
--
Tucked in off the main roads sits this beautifully maintained home on 2.26+ acres w/ lush desert foliage. So many flora colors & different plants feels like a desert oasis. Bring your toys & horses & enjoy the temperature-controlled man cave/shop/extra garage, 2-stall mare motel w/ good sized arena. Lots of room to give you extra privacy & room to add more features. Relax on the patio & enjoy the peacefulness of the desert, watch the sunrise over Four Peaks & take a dip in the gated pebble tec pool w/ waterfall for that unmatched AZ experience. Great open kitchen w/ plenty of room for the chef to entertain guests. Generous cabinets/countertop space & eat-in kitchen along w/ a nicely sized formal dining space. A final bonus: a timed-irrigation raised bed layout for that gardener who.... loves home-grown vegetables & flowers. If you're looking for a spacious desert retreat that's also very quiet & private, this one is a must-see.
40 E Apache Road
Munds Park, AZ 86017
$1,285,000
6
Beds
4
Baths
4,556
SqFt
Status
Active Under Contract
MLS #
6762176
Property Type
Single Family Residence
Price Type
--
This custom built luxury home is not to be missed. With over 4500 square feet of living area, six bedrooms, four baths and on nearly a one-acre flat usable lot, this chalet is loaded with upgrades and charm. The open great room has walls of windows and a stone-faced floor to ceiling wood burning fireplace. The kitchen has stainless appliances, granite countertops, breakfast bar and a walk-in pantry. Separate dining area. Main floor en-suite primary with a shower and a jetted soaking tub. Huge open loft area that overlooks the great room. As a special perk, there's a separate apartment with a private entrance that has a large bedroom, full bath, great room and kitchenette. Two car garage, an RV garage and lots of other parking options. Sold mostly furnished and at under appraised value.
30407 N 54th Street
Cave Creek, AZ 85331
$1,285,000
5
Beds
3.5
Baths
3,884
SqFt
Status
Active
MLS #
6686219
Property Type
Single Family Residence
Price Type
--
This luxury Toll Brothers home in the highly sought after gated community of Montevista in Cave Creek is just a short walk from the community park, with sport courts and a children's playground! An exquisite 5 bdrm, 3.5 bath residence with professionally designed landscaping, Travertine pathways & a grand courtyard entry! The turreted entry opens to the formal dining room & large media room with a 135-inch movie screen. The core of the home lies in the spacious great room which provides gorgeous backyard views and ample space for all social gatherings. The chef's kitchen is warm and welcoming and features stainless steel appliances, granite counters, dining area, breakfast bar, and a convenient desk area for studying or office work. The split primary suite is located downstairs and is a retreat that boasts soft carpet, a lavish ensuite w/dual vanities, large 6-ft soaking tub, oversized shower, and a spacious walk-in closet. Two additional bedrooms are also downstairs, currently being used as offices, and share an updated Jack-and-Jill bathroom. That's not all! There are two more bedrooms and another updated bathroom upstairs, with a cozy loft area. That backyard oasis is a dream, featuring a refreshing 8-ft deep Pebble Tec pool with water feature, paved covered patio and low maintenance landscaping, including mature citrus trees! Close to highly rated Cave Creek schools and short drive to shopping/dining in Old Town Cave Creek and Carefree to the north and Desert Ridge Marketplace to the south.
36460 N Secret Garden Path
San Tan Valley, AZ 85140
$1,285,000
3
Beds
3.5
Baths
2,658
SqFt
Status
Active
MLS #
6705640
Property Type
Single Family Residence
Price Type
--
Rare and very desirable Cordoba floor plan with 3 bedroom suites plus powder room, separate office AND a gorgeous golf course lot! Light and bright open great room concept with views of the 6th tee! Enter through custom iron front door into this beautiful home, with light wood floors in the main rooms, shutters , and cozy fireplace for those chilly Arizona winters! The dream kitchen offers B/I Monogram appliances, with elec cooktop that could easily convert to gas and huge W/I pantry!! Light stone counters with subway tile and light cabinets make this home a canvas to add your own color accents and style! The main bath has double sinks, a walk in shower, separate oval tub and large walk in closet. Location, view and floor plan make this one all the best of the Encanterra lifestyle!
22752 S 226th Place
Queen Creek, AZ 85142
$1,285,000
4
Beds
2.5
Baths
4,225
SqFt
Status
Active
MLS #
6733802
Property Type
Single Family Residence
Price Type
--
Elegance Meets Opulence: A Must-See Gem! Step into the epitome of luxury living with this architectural marvel. Beyond being a house, it's a sanctuary promising an elevated lifestyle filled with comfort and convenience. Here are some standout features: Designed Landscaping: Meticulously landscaped surroundings set the tone for opulence. Natural-Stone Covered Backyard Patio: Entertain or unwind in your private oasis. Big Pool with Water Features: Dive into crystal-clear waters with enchanting water features. Gazebo with Outdoor Furniture: Relax in the shade, surrounded by elegant outdoor furniture. Whole-House Six-Zone Audio System: Rich music flows seamlessly throughout. 13kW Tesla Solar System with Four Power Walls: Sustainable energy backup keeps you powered. 3-Car Air-Conditioned Garage with Level 2 Tesla EV Charger: Ideal for car enthusiasts. 16-Camera Video Security System: Comprehensive security for peace of mind. Home Security Alarm System: Ensures safety for you and your loved ones. Fireplace: Cozy up by the warm glow, unmatched in comfort. This masterpiece caters to every aspect of modern living.
8876 S Santa Elizabeth Drive
Goodyear, AZ 85338
$1,285,000
5
Beds
4
Baths
5,070
SqFt
Status
Active
MLS #
6753744
Property Type
Single Family Residence
Price Type
--
Welcome home to your very own piece of paradise nestled in the scenic Estrella Mountain foothills. This eclectic 5070 sq ft. custom home sits on 1.25 acres, and features a fully owned 25.6kw solar panel system. Just beyond the front door of this gorgeous home lies the courtyard, complete with a barbecue area and swimming pool. A winding concrete pathway leads you through your personal oasis to access both the 2 bed 1 bath casita and the additional 1 bed 1 bath casita- perfect for multigenerational living or generating additional income. Past the courtyard is the fully-featured primary residence, which includes a private office, 2nd bedroom, formal dining room, as well as a second-story deck to watch the Arizona sun set over the beautiful Estrella Mountains.... In the kitchen, the sleek granite countertops, luxury stainless steel appliances, and walk-in pantry integrate seamlessly with the family room, both a chef's dream and the pride of any avid entertainer. The primary bedroom features a double fireplace, a spiral staircase to the sunlit upstairs loft, and a New Orleans inspired en-suite bathroom with a step-up jetted hot tub, dual vanities, dual walk-in closets, and a luxurious walk-in shower. Don't miss this opportunity to live the resort lifestyle! HIGHLIGHTS OF ESTRELLA MOUNTAIN RANCH RESORT LIVING: 2 lakes (Yacht Club supplies paddle boats, kayaks) 2 Resident clubs houses w/fitness centers, AMAZING WATERPARK, plus 2 heated pools (1 lap pool) MILES AND MILES OF MOUNTAIN BIKING AND HIKING TRAILS. Golfing, Community Parks with Basketball and Tennis Courts, Pickle Ball, and Playgrounds. What are you waiting for?