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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14700 S Tuthill Road
Buckeye, AZ 85326
$1,253,632
4
Beds
3
Baths
3,436
SqFt
Status
Active
MLS #
6768652
Property Type
Single Family Residence
Price Type
--
Nestled on a sprawling 5.38-acre estate, this meticulously remodeled ranch home offers a perfect blend of luxury living and agricultural charm. The main residence features 4 spacious bedrms and 3 bathrms, along with a versatile bonus room. Step outside to discover a backyard paradise, complete with a sparkling pool that promises endless fun and relaxation under the sun. This estate is a horse lover's dream, featuring a fully equipped barndominium with 2 cozy bedrooms and 1 ba, perfect for guests or as a caretaker's quarters. The estate is designed to cater to all aspects of farming and equestrian activities, boasting an impressive arena, 10 horse stalls, a riding & corral area for training and enjoyment. The horse walker & multiple water sources across the property ensures the utmost utmost convenience and care for your equine friends. With ample space for gardening, livestock, and other agricultural pursuits, this property offers a unique opportunity to live a life of self-sufficiency and connection to the land. Whether you're a seasoned farmer, an equestrian enthusiast, or simply seeking a serene and spacious retreat from the hustle and bustle, this property is sure to captivate and inspire. Welcome home to your very own piece of paradise, where luxury meets country living at its finest.
16032 E Dale Lane
Scottsdale, AZ 85262
$1,250,000
4
Beds
4.5
Baths
4,124
SqFt
Status
Active
MLS #
6715378
Property Type
Single Family Residence
Price Type
--
Stunning NEXTGEN Builders contemporary just starting. Car collectors and Serious RVers will appreciate this luxury plan offering oversized40' deep 3 car tandem plus 49' deep RV gar. all paved streets, 4 BD, plus office, 4.5 BA, grand kitchen, guest suite w/private living room, owners suite with free-standing tub, walk through shower, & oversized walk-in closets, quality 90/10 smooth walls, 8' doors, quartz countertops throughout, 12' ceilings in the great room and kitchen, Amazing views. Quality build with Energy efficient Spray foam insulation, 2x6 framed exterior, fully sheathed, post tension foundation, Pictures are from model home. Buyer to verify all facts and specs.
3295 W Mesquite Street
Phoenix, AZ 85086
$1,250,000
4
Beds
3.5
Baths
3,038
SqFt
Status
Active
MLS #
6783088
Property Type
Single Family Residence
Price Type
--
Stunning new construction luxury home by NEXTGEN Builders to be built: This luxurious home features 4 bedrooms plus an office/den, 3.5 bathrooms, and high-quality finishes throughout. The spacious design includes an oversized 2-car garage plus a 46+ foot RV garage with a 12x14-foot tall garage door, set on a large lot without HOA restrictions. Highlights include an oversized contemporary front door, 2x6 exterior framing, a large kitchen island with quartz countertops, and walk-in closets in all bedrooms. The Owner's bathroom offers a spacious entry shower, standalone tub, and double sinks. Other features include 8-foot doors, 12 ft ceiling, energy-efficient spray foam insulation, and a post-tension foundation. Choose your options. Please note, photos are of a model home.
23 County Road 1320 --
Greer, AZ 85927
$1,250,000
4
Beds
4
Baths
3,751
SqFt
Status
Active
MLS #
6783284
Property Type
Single Family Residence
Price Type
--
This can be your Dream Log Cabin in Greer. It has everything, 4 bedrooms, 4 baths, open living, dining and kitchen area. Wood fireplace, custom wood cabinets throughout. Upgraded appliances, tile floor & Berber carpet. Master bedroom, full size bath, walk-in closet w/ access to walk out deck. Master & one bedroom on main floor. Living area has access to walk out deck. One bedroom w/ full-size bath & loft upstairs w/ walk-out deck. Full size basement with one bedroom and full-size bath. Wood fireplace. Large family room and pool table. Single car garage. Within walking distance to Greer Village, abundance of wildlife and fishing in area. Greer Lakes minutes away, Sunrise Ski Resort 15 minutes away.
15921 E Primrose Drive
Fountain Hills, AZ 85268
$1,250,000
5
Beds
3.5
Baths
3,200
SqFt
Status
Active
MLS #
6775263
Property Type
Single Family Residence
Price Type
--
Imagine waking up to the soft glow of dawn as the sun rises over Four Peaks while you cozy up with a cup of coffee. That is just a glimpse of what awaits you in this designer-inspired semi-custom 2022 built contemporary Fountain Hills home. Experience the rich blend of casual elegance & eclectic comfort accentuated with soaring 20' vaulted ceilings and views that stretch for miles. The striking open concept great room, dining room and kitchen flow effortlessly and are ideal for family gatherings or entertaining with direct patio access to experience Arizona's coveted indoor/outdoor lifestyle. Natural light abounds through 8'x8' windows and sliders throughout, complemented by wood-look tile floors. The great room's contemporary linear LED fireplace is framed by art niche shelving and accent lighting. The dining room offers a 10' dry bar with generous cabinetry, floating shelves and wine and beverage refrigeration. Here, the kitchen truly is the heart of the home with a 12 foot waterfall edge island with seating for six. The culinary enthusiast will appreciate the attention to detail with quartz counters, soft-close white shaker cabinets, a Samsung appliance package with multiple ovens and a pot filler for those family spaghetti dinners. It is from the sanctuary of your primary retreat where you'll watch the sunrise over the city and mountains beyond or step onto the secluded backyard patio. The split floor plan provides four additional bedrooms. The first guest room offers an ensuite, two more bedrooms share a jack-and-jill bathroom. The fifth bedroom is utilized as a light and bright office with perhaps the best views of all. Movie nights can be enjoyed in the media room. The laundry and powder rooms complete your single story living. Down the stairs you'll find a three car air-conditioned garage and storage room. The owners have ensured the paver driveway is ideal for easy garage access with thoughtful expansion. Your tiered backyard is private and offers a heated spa and resort feel, plus your four-legged friends have their own fenced space. The front patio is expansive and your guests will arrive as they ascend paver steps with a sleek iron rail. This is your exclusive opportunity to experience the Arizona lifestyle and all that Fountain Hills has to offer, with its world famous fountain, world-class golf, hiking, biking, arts and culture all out your door.
13621 W Tuckey Court
Glendale, AZ 85307
$1,250,000
5
Beds
3.5
Baths
3,921
SqFt
Status
Active
MLS #
6681963
Property Type
Single Family Residence
Price Type
--
* VA ASSUMABLE LOAN * Must-see STUNNING CUSTOM LUXURY property nestled on a desirable cul-de-sac lot in Luke Ranch Estates! Rare 5 bed/3 bth/2 half bth/3-car garage home has everything on your wishlist and more! Pristine interior features neutral tile floor, dazzling chandeliers, plantation shutters, & 9+ high ceilings. Grand welcoming foyer leads to spacious great room for gatherings, formal dining room for hosting holidays, and the perfectly-sized den for a home office. The bright great room highlights multiple sliding glass doors merging indoor and outdoor entertaining. Chef's kitchen is fully equipped w/ wood staggered cabinets, mother-of-pearl tile backsplash, Sub Zero refrigerator w/wine cooler, Wolf appliances, kettle faucet, ice maker, 2 islands, and 2 sinks for a kosher kitch Septic Tank without leach field and conveniently marked with pavers for easy access. Double doors open to the sizable primary suite with separate backyard access, an accent wall, an immaculate ensuite w/dual vanities, and walk-in closet which also connects to laundry room! 4 of 5 bedrooms have walk-in closets! 5th bedroom makes a great game room and has attached 1/2 bath with access to backyard. Enjoy entertaining in this expansive backyard showcasing a relaxing extended covered patio, mature landscaping, sparkling oversized pool, outdoor shower, pergola, BBQ grill, built-in benches, electric and water RV hookups, RV gate, and gorgeous mountain views! This gorgeous gem is conveniently located near Luke AFB, White Tank Mtn Regional Park, shopping, and so much more! Call for a private tour today!
38718 N 24th Avenue
Phoenix, AZ 85086
$1,250,000
4
Beds
3.5
Baths
2,926
SqFt
Status
Active
MLS #
6719991
Property Type
Single Family Residence
Price Type
--
Your future sanctuary, a stunning custom home in the serene Desert Hills community, scheduled for completion in early 2025. This exceptional 2,926sf residence offers unparalleled luxury and functionality, designed to cater to your every need. The expansive great room features a formal dining area and views through a wall of windows, flooding the space with natural light and offering a seamless connection to the outdoors. With 4 bedrooms PLUS DEN and 3.5 bathrooms, this split floorplan is the perfect size. The fourth bedroom features an en suite and walk-in closet, providing flexibility and privacy for guests or multi-generational living. The luxurious owner's suite is a true retreat, with a private exit to the backyard and large bathroom boasting a spacious shower & separate freestanding tub. A large walk-in closet with built-in organizers ensures ample storage and effortless organization. A gourmet Kitchen is the heart of the home, featuring large double islands with slab granite countertops and a striking full-height backsplash. Equipped with upgraded stainless-steel appliances, a pot filler, a gas range, and custom cabinets, this kitchen is a chef's dream. A large walk-in pantry offers ample storage for all your culinary needs. Recessed lighting, upscale pendant and chandeliers, as well as above and below cabinet lighting add a touch of sophistication and ambiance. Each full bathroom is adorned with tiled surrounds, adding a touch of elegance and sophistication. A conveniently located half bath is perfect for guests, and features stylish fixtures and finishes. Included is an oversized super garage, with an extended length 2.5 car garage and 8ft-high door, as well as an attached RV garage, providing ample space for vehicles, storage, and hobbies. Crafted with care and precision by local builder, Dynamic Desert Homes, who's known for their commitment to quality and excellence in home building. Built with 2x6 construction and spray foam insulation on a post-tension slab, this home is designed for durability and energy efficiency. Nestled on a generous 1-acre lot, there's plenty of space for outdoor activities, gardening, or even adding a pool. No HOA! Bring the toys! Horses, boats, trailers are all welcome here. Located in the serene rural area of Desert Hills, this home offers a peaceful retreat away from the hustle and bustle of the city, yet remains conveniently close to the essential amenities. Taxes are estimated and not yet assessed by county. PHOTOS AND VIRTUAL TOUR ARE OF ANOTHER PROPERTY OF SAME FLOORPLAN. SOME FEATURES, COLORS, FIXTURES AND DESIGNS WILL VARY.
19232 N Cathedral Point Court
Surprise, AZ 85387
$1,250,000
2
Beds
2.5
Baths
2,628
SqFt
Status
Active
MLS #
6729449
Property Type
Single Family Residence
Price Type
--
Stunning Cambridge on the 11th hole of Cimarron GC. Triple fairway, mountain & water views! Open great room plan w/ custom floating wall for the media center, gas fireplace & granite hearth. The kitchen is an entertainers delight w/ Monogram gas cook top & vent, SS refrigerator & convection microwave & wall oven. Kitchen island & breakfast bar. Silestone Quartz counters t/o the home. Luxury vinyl flooring t/o & tile in the bathrooms. The primary suite has a door to the back patio, double sinks, free standing tub & tiled shower. En suite guest bedroom & bathroom. Wet bar has a mini refrigerator & cabinet lighting. Den features a custom built-in desk. Extended 2.5 car garage. HVAC 2020. Enjoy the AZ sunsets from the exquisite back yard w/ travertine, heated pool, fire pit & built-in-BBQ.
2637 W Frontage Road
Amado, AZ 85645
$1,250,000
4
Beds
3
Baths
2,596
SqFt
Status
Active
MLS #
6773124
Property Type
Single Family Residence
Price Type
--
Huge Opportunity for your ideas for financial growth. This stunning new built home sits on 18 sprawling acres, offering the perfect blend of luxury, tranquility, and creativity. Featuring a modern design 4-Bedroom, 2.5 bath spacious high-end finished home with spacious living areas, a gourmet kitchen, and large windows that flood the space with natural light, providing breathtaking views of the surrounding Mountain Views and Arizona countryside. Outside, the expansive property offers endless possibilities for outdoor living, farming, room for 4 more custom homes, build a guest lodge or simply enjoying the peace and privacy of rural living. Perfect for those seeking a serene escape while still being close to local amenities. Your dream home and future financial opportunity awaits
23008 E Galveston Street
Mesa, AZ 85212
$1,250,000
3
Beds
3
Baths
3,039
SqFt
Status
Active
MLS #
6764340
Property Type
Single Family Residence
Price Type
--
*SELLERS WILL PAY 10K- BUYERS CLOSING COSTS/ RATE BUY DOWN* Nestled in Rancho Apache this non HOA home sits on over an acre of land, surrounded by nature and grandiose custom homes. Near fwy 24, Eastmark, and the famous sports complex. This location is unbeatable, very close to shopping, dining, and entertainment! This home features 13ft ceilings, custom floor to ceiling windows and glass doors throughout, which makes it spacious and open. A great kitchen with large waterfall island perfect for entertaining. 3ba and 3bd plus a flex room which can be used as a 4b/ office/ den, all bd have exterior access. The 3 car garage is overextended and spacious, also features RO and water softener. And a large workshop in the back. This home is ready to make your own!
34428 N 68th Way
Scottsdale, AZ 85266
$1,250,000
2
Beds
2.5
Baths
1,974
SqFt
Status
Active
MLS #
6767039
Property Type
Single Family Residence
Price Type
--
Completely reimagined Crista floorplan with the finest luxurious materials and designer finishes. This property feels like a brand-new home thanks to an extensive transformative rebuild, which included expanding rooms, removing walls, and adding more storage. Residents of Terravita Country Club enjoy a lifestyle rich in amenities, including dining, a pool, tennis, pickleball, and a fitness center, all set against beautiful mountain-side views.The Terravita lifestyle offers a private 18 hole champion golf course, driving ranges, chip and putting practice areas. Homes come with a social membership to the First Class Country Club, complete with dining and banquet facilities, swimming, spa and tennis center, a state-of-the art health & fitness center, 6 pickle ball courts, social meeting pavilion, and miles of walking/jogging trails.
11470 N 64th Street
Scottsdale, AZ 85254
$1,250,000
3
Beds
3.5
Baths
2,427
SqFt
Status
Active
MLS #
6765122
Property Type
Single Family Residence
Price Type
--
Discover this stunning, fully remodeled home on a secluded lot in Scottsdale, free from HOA restrictions. This impeccably designed residence features 3 bedrooms with walk-in closets and 3 full bathrooms. Enjoy the beautifully appointed kitchen, dining and living areas. The expansive backyard, complete with a large sparkling pool, is perfect for luxurious year-round entertaining. Additional highlights include a 2-car garage, RV gate, newer A/C unit and new roof. The property also boasts newly installed turf, updated landscaping, with fresh stucco and paint. Inside, you'll find new cabinets, showers, countertops and beautiful flooring throughout. Conveniently located just minutes from Downtown Scottsdale, you'll have easy access to premier shopping and fine dining. Welcome Home!