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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4226 E Coconino Place
Chandler, AZ 85249
$1,275,000
5
Beds
4.5
Baths
3,891
SqFt
Status
Active
MLS #
6742096
Property Type
Single Family Residence
Price Type
--
Welcome to 4426 East Coconino Place, nestled in the sought-after gated Canopy community in Chandler. As you enter this Tri Pointe neighborhood, you're greeted by the peaceful ambiance of lush greenery, expansive outdoor spaces, oversized ramadas, playground, built-in barbecues, a cozy fireplace, and comfortable seating. Residents can even reserve raised garden beds to grow their own vegetables! This upgraded home features 5 bedrooms, 4.5 baths, and a versatile flex room, offering everything you could want. Upon entry, you'll be impressed by the 10-foot ceilings and the 12-foot panoramic Arcadia door that frames a stunning view of the backyard. The Pebble Tech heated pool includes a Baja deck and built-in spa, while the backyard is elegantly designed with travertine, artificial turf line the backyard for a clean and sheik appearance. Relax in your own retreat with the extended 5' covered patio, built in BBQ with cooler, fridge and waste compartment. The kitchen is perfect for entertainment with an oversized island, double ovens, 36 gas cooktop, vented hood and spacious walk-in pantry. A clean modern look is presented with warm frosted Harbor Kitchen 42 upper cabinets, black hardware and granite countertops. Downstairs you'll find one of the two en-suite bedrooms which is split from the other bedrooms, making it a perfect guest retreat. Secondary en-suite is located upstairs. The laundry room is conveniently upstairs with additional bedrooms and provides ample storage with additional cabinets and shelving. The flex-room/loft includes barn door allowing for privacy. Oversized 4 car tandem garage has 10' ceilings, allowing for the perfect place to park your vehicles and toys! Tankless gas water heater, owned water softener, and RO system. 8x40 wood-like tile throughout main living areas downstairs and 2 blinds throughout. Primary bedroom and family room are oversized with 5' extension. Meticulously cared for by its original owners. This home boasts true pride of ownership. It's true resort style living! A must see today!!
1615 W Mandalay Lane
Phoenix, AZ 85023
$1,275,000
3
Beds
3
Baths
3,684
SqFt
Status
Active Under Contract
MLS #
6662837
Property Type
Single Family Residence
Price Type
--
Amazing Mountaintop home with incredible mountain and city views! Located in the gated Moon Mountain Vistas community this 3-bedroom 3 bath with an additional office will take your breath away. The property is over 1 acre on a mountain, and includes indoor/outdoor living spaces, a custom outdoor BBQ center, and outdoor fireplace. The serenity of the newly updated infinity pool and outdoor entertainment area welcomes you and your guests as you enjoy the beautiful Arizona sunsets. The interior of the home has been updated with new appliances, new carpet and new paint. The roof and water heater have also been recently replaced. The only thing missing is you!
5731 E Claire Drive
Scottsdale, AZ 85254
$1,275,000
5
Beds
3
Baths
3,549
SqFt
Status
Active Under Contract
MLS #
6706685
Property Type
Single Family Residence
Price Type
--
Discover luxury living in Scottsdale's coveted ''magic zip code'' 85254 with this stunning 5-bedroom, 3-bathroom home with no HOA. Perfect for golf enthusiasts and those seeking a high-end residence, this home offers resort-style amenities and exceptional comfort. The sleek, modern kitchen features expansive countertops and a coffee bar. The open-concept living area is designed for relaxation, while the formal dining room provides ample space for entertaining. A spacious games room with a bar adds to the home's entertainment options. The private backyard oasis includes a covered dining and seating area, gas BBQ grill, and fire pit. Enjoy the saltwater pool and luxury hot tub for the ultimate in relaxation. Make this your next home or investment property! New Roof in 2022! Discover luxury living in the heart of Scottsdale's coveted magic zip code 85254 with this stunning 5-bedroom, 3-bathroom home. Perfect for golf enthusiasts and those seeking a high-end residence, this property offers resort-style amenities and exceptional comfort. The sleek, modern kitchen features expansive countertops and a coffee bar, perfect for morning routines. The open-concept living area is designed for relaxation, while the formal dining room provides ample space for entertaining. A spacious games room with a bar adds to the home's entertainment options. Step outside to your private backyard oasis, complete with a covered dining and seating area, gas BBQ grill, and fire pit. Enjoy the fully-fenced saltwater pool and luxury hot tub for the ultimate in relaxation. Located just minutes from central Scottsdale attractions, this home offers convenience and style. Kierland Commons is a short 7-minute drive, TPC Scottsdale is only 11 minutes away, and the cultural landmark Taliesin West is a 19-minute drive. Additionally, this home is not part of an HOA, making it a fantastic option for short-term rentals. Experience the best of Scottsdale living with unparalleled comfort and elegance. Make this your next investment or personal residence!
18381 N 93rd Street
Scottsdale, AZ 85255
$1,275,000
4
Beds
3
Baths
2,563
SqFt
Status
Active Under Contract
MLS #
6751337
Property Type
Single Family Residence
Price Type
--
Beautiful family home in the highly coveted DC Ranch community. This is one of the few homes in the neighborhood with a private lot that backs to a wash with views of the McDowell mountains. This 4 bedroom and 3 full bath home features gorgeous hardwood floors, stainless steel appliances, white kitchen and open floor plan. The backyard boasts a large heated pool/spa and brand new turf. Upstairs offers 2 guest bedrooms and a loft area for the kids. The spacious primary suite has a large walk in shower and balcony with unobstructed mountain views. This gated neighborhood features 2 large parks offering plenty room for outdoor play and gatherings. You will also have access to the DC Ranch community pools, tennis/pickleball courts, and fitness center. Conveniently located close to Market Street, DC Ranch Crossing, the 101 freeway, and world class restaurants, shopping, golf and hiking.
15410 N 60th Street
Scottsdale, AZ 85254
$1,275,000
4
Beds
3
Baths
2,883
SqFt
Status
Active Under Contract
MLS #
6766387
Property Type
Single Family Residence
Price Type
--
Welcome to your dream retreat in the magic 85254 zip code! This fully furnished, designer-crafted home is a thriving Airbnb with back-to-back bookings, making it an excellent investment opportunity! Just minutes from Kierland Shopping Center, you'll enjoy convenience and luxury in one package. Step inside to discover gorgeous modern finishes that create an inviting ambiance. The outdoor space is an entertainer's dream, featuring a sparkling pool, relaxing hot tub, and a putting green. Stay active on the sport court, perfect for basketball or pickleball. The large covered outdoor kitchen is ideal for hosting gatherings, while the kiva-style fireplace sets the scene for cozy Arizona evenings. Additional highlights include a spacious open layout, ample natural light, and luxurious bedrooms!
3939 S Veronica Lane
Gold Canyon, AZ 85118
$1,275,000
4
Beds
3
Baths
2,989
SqFt
Status
Active
MLS #
6759829
Property Type
Single Family Residence
Price Type
--
Welcome to Montana Dorada, the best kept secret in Gold Canyon Arizona. This single level home is part of an exclusive Modern Farm Desert Collection. Offering paved roads and iconic views of the Superstition Mountains. Over 5000 sf under roof and 2989 livable. Large patios in both the front and back. Complete with 4 bedrooms, 3 bathrooms, large island, beverage bar, and a butler's pantry. Sitting on almost a 16,000-sf lot complimented by an amazing view of the 9th hole at Dinasaur Mountain Golf Course. This split floorplan offers a large owners' suite and private entrance to an oversized covered patio. Guests can enjoy a beautiful ensuite with a private entry complete with a beautiful view of the golf course pond and 9th hole putting green. Designed with earthy organic neutral accents. Enjoy the beautiful pond and golf course views from the large glass sliding backdoor, owner's suite, guest suite, and even the kitchen island. The neutral earthy design throughout featuring wood, gold, copper, and black accents were inspired by the Arizona Desert and were carefully chosen to suit any style. The large yard is a perfect place to design a backyard oasis with some of the most sensational views in Arizona. The developers are offering a $25,000 buyers credit for rate buy down and custom master closet build out. The boutique community of Montana Dorada is situated perfectly in Gold Canyon. With hilly paved roads and quick access to the 60 freeway. Enjoy unparalleled views of the majestic Arizona mountains, sensational sunrise, and sunsets, combined with timeless modern living.
7143 E Highland Road
Cave Creek, AZ 85331
$1,275,000
3
Beds
3
Baths
3,169
SqFt
Status
Active
MLS #
6772471
Property Type
Single Family Residence
Price Type
--
Positioned on 2.5 acres in the scenic desert town of Cave Creek, this stunning Territorial Santa Fe-style home is a perfect blend of traditional charm and modern efficiency. Boasting multiple large living areas, the home features soaring vaulted ceilings, an entryway tower, and exquisite wood accents throughout. Exposed beam ceilings, cozy fireplaces, Saltillo tile and arched windows enhance the southwestern ambiance. Tesla solar panels make for affordable utilities, combining sustainability with luxury. A 757-square-foot detached guest house offers extra space for visitors or rental opportunities. Outdoor living is at its finest with expansive patios, a ramada for shaded gatherings, and breathtaking views of natural desert landscaping and iconic Saguaros. Equestrian enthusiasts will appreciate the ample space for riding and easy access to Grapevine Wash for endless trails. This is a rare gem for those seeking a peaceful retreat in the desert with room to entertain, relax, and enjoy the beauty of the Southwest.
25824 S 194th Street
Queen Creek, AZ 85142
$1,275,000
5
Beds
3.5
Baths
3,158
SqFt
Status
Active
MLS #
6780857
Property Type
Single Family Residence
Price Type
--
Country living at its best on the Gilbert/Queen Creek border*Incredible custom home on a 1.18 acres. County island lot. NO HOA*RV gate and plenty of space for a future workshop/RV garage/ADU....options are endless*Beautifully landscaped yard featuring a resort style pool with slide, grotto, spill over spa, outdoor kitchen, huge covered patio for outdoor living, Turf landscaping that includes your own putting green! Remodeled gourmet kitchen offers stainless steel appliances, white shaker cabs, quartz c-tops, pantry, and an island*Formal dining room, office, and a spacious great room perfect for entertaining. Close to highly rated schools, shopping, restaurants, and entertainment.
7760 E Carefree Drive
Carefree, AZ 85377
$1,275,000
3
Beds
3
Baths
3,052
SqFt
Status
Active
MLS #
6704258
Property Type
Single Family Residence
Price Type
--
Perfect Carefree home on a large interior corner lot with private back yard, views of Black Mountain and a large multi-level patio / pool area. Solid block construction on this Single Level light and airy updated home. Nicely appointed interior with kitchen and baths updated in 2015. New floors and paint throughout (2024). Kitchen has Granite Counter Tops, Undermount Chef's sink, Stainless Steel Dual Ovens and electric cooktop. Two large en-suite bedrooms, plus a third guest room. Spacious area off of kitchen can be used as a den or sitting area. Large pool recently updated and resurfaced with pebble tec. Quiet neighborhood is only ½ mile from town with easy access to grocery stores, restaurants, golf, and hiking trails.
7635 E Camino Vivaz --
Scottsdale, AZ 85255
$1,275,000
3
Beds
3
Baths
2,220
SqFt
Status
Active
MLS #
6752515
Property Type
Single Family Residence
Price Type
--
Newest home built in this private gated North Scottsdale community. No expense was spared on upgrades for this 3 bed, +den, 3 bath home with open floor plan. From the soaring 12 ft ceilings, to the gourmet Custom Chefs kitchen which has top of line GE Monogram appliances, double stacked custom cabinets, and waterfall countertops! Your spacious great room has natural light flooding in, along with gorgeous mountain views in the back yard. It is the perfect place to entertain guests! All of the bathrooms throughout the home have floor to ceiling upgraded tile showers, cabinets and granite counters to match! This smart home comes equipped with a Ring doorbell, alarm system, smart front door lock, thermostats, water flow monitoring system and you can open your garage door all from a simple app on your phone anywhere. Plus, your 2-car garage is epoxy coated and has an existing outlet for Electric Vehicle charging! Your new home also features beautiful front and backyard landscaping with automatic drip system and synthetic grass in the backyard. Close to the high end shopping, dining & events that North Scottsdale has to offer and only a short distance to numerous golf courses and easy access to hiking trails.Don't miss out on this fantastic home!
73 W Lewis Avenue
Phoenix, AZ 85003
$1,275,000
3
Beds
3
Baths
3,156
SqFt
Status
Active
MLS #
6750614
Property Type
Single Family Residence
Price Type
--
Welcome to Willo!! Discover this enchanting 3 bedroom, 3 bathroom Bungalow in the Willo Historic District, a testament to architectural grace and modern comfort. Built by A L Johnson in 1925, this home spans a generous 2492 sf + a 664 square foot basement. The property also includes a detached two-car garage. The home's facade boasts classic design elements such as river rock porch details and decorative trim, meticulously preserved to honor its historical significance. Step inside to a world where heritage meets contemporary living, highlighted by a mix of newly refinished hardwood, tile, and carpet flooring that complements the abundance of natural light and exquisite details found throughout. A large front porch welcomes you, leading to a versatile flex roo ideal as a study or office adjacent to a formal living room with a striking brick fireplace. This opens to an elegant dining room adorned with stunning stained glass windows, creating a perfect backdrop for memorable gatherings. The kitchen is a chef's delight, equipped with stainless steel appliances and ample storage. The family room is bright and airy, fostering a perfect setting for relaxation or entertainment. Upstairs, the master suite is a retreat within itself, featuring a remarkable window and ceiling design, a custom-tiled bathroom with dual sinks, walk-in shower, standalone tub, and two closets. Two additional bedrooms and bathrooms offer spacious and beautifully detailed accommodations. The basement is an ideal space for a den, home theatre, or game room, offering additional flexible living space. This amazing home even has all new windows. Step outside to a backyard oasis complete with lush landscaping, a swimming pool, spa, and pergola perfect for enjoying the outdoors in privacy and style. As one of the first historic districts, Willo is steps away from the light rail, incredible dining, culture and amenities Phx offer. This home was featured in the Willo Historic District Home Tour of 2024. It is not just a residence but a piece of history ready to be cherished by its new owners. Embrace the blend of historical charm and modern convenience in this truly gorgeous landmark home.
20970 E Stacey Road
Queen Creek, AZ 85142
$1,274,900
4
Beds
3.5
Baths
3,351
SqFt
Status
Active
MLS #
6776053
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home! Nestled in Bellero, this stunning contemporary residence combines modern elegance with ultimate comfort. Key Features: Stunning Curb Appeal, Open-Concept Living: Step inside to an expansive open floor plan featuring high ceilings and tile plank floors. The spacious living area flows seamlessly into the gourmet kitchen, equipped with top-of-the-line stainless appliances, and HUGE center island with quartz countertops. Elegant Dining Experience. Luxurious Master Suite, 3 Versatile Bedrooms. Casita with separate entrance. Massive RV garage. 4 car attached Garage. Outdoor Oasis with pool, Built in BBQ and amazing entertaining space. Prime Location:Situated in a sought-after neighborhood, this property is just minutes away from top-rated schools, shopping, dining.