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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5101 E Kathleen Road
Scottsdale, AZ 85254
$1,150,000
5
Beds
3
Baths
3,464
SqFt
Status
Active
MLS #
6775228
Property Type
Single Family Residence
Price Type
--
Take advantage of a rare opportunity to own a single-detached home in a desirable neighborhood. Best price per sq. ft. in 85254 .Experience resort-style living on an oversized lot with mature, fully-grown trees, property boasts coveted North/South exposure, offering privacy & tranquility ensuring year-round enjoyment of the large, sparkling pool with no HOA restrictions in the heart of Scottsdale..The spacious floor plan is perfect for a large family and ideal for entertaining guests, both indoors and outdoors.Enjoy easy access to a wealth of nearby amenities. Scottsdale is renowned for its vibrant community events, top-rated golf courses, The excellent schools and Kierland Commons/Scottsdale Quarter just moments away, you'll have unparalleled shopping, dining, entertainment options at your fingertips. Perfect for those who appreciate nature, luxury & convenience!
29618 N 144th Way
Scottsdale, AZ 85262
$1,149,999
6
Beds
5
Baths
3,881
SqFt
Status
Active
MLS #
6767900
Property Type
Single Family Residence
Price Type
--
Located on 1+acre & w/vast mountain views, this single-level, HOA-free, custom home has it all! With an open floor plan, the primary bedroom is found on the opposite end of the house, away from the 3 bedrooms. Inside? A seating area, spa tub, & walk-in closet. Enjoy your entertainer's kitchen feat. granite counters, stainless appliances, custom cabinets, & a walk-in pantry! A formal dining room & bonus living room are also to be found. And then there is the attached casita providing a bedroom, bath, full kitchen, & its own entrance. A 4-car garage has a workshop! Above it is a studio apt w/balcony! The large backyard has 2 fireplaces, patio, pebble-tec pool, turf lawn, raised beds w/fences, & a private retreat w/AC. Lastly, the property is located near stellar recreational activities!
1568 E Canyon Way
Chandler, AZ 85249
$1,149,999
6
Beds
3.5
Baths
4,629
SqFt
Status
Active
MLS #
6776621
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home in an exclusive gated community! This stunning two-story with 6 spacious bedrooms, situated directly across from a serene park without any homes in front, is packed with hidden gems and upgrades galore- a freshly landscaped front yard, fine detailS throughout such as accent walls and fresh upgraded carpet upstairs, the main floor has tastefully picked new luxury vinyl flooring, beautiful new windows, an RV gate, a backyard sprawling with upgraded pavers, the fence lined in beautiful warrantied ficus trees, a brand new splash pad that's just like, if not better than a park, that even comes with a transferable warranty! This home offers not just a residence, but a lifestyle made for comfort, luxury, entertainment, and creating memories.
1075 W Encinas Street
Gilbert, AZ 85233
$1,149,990
5
Beds
3
Baths
3,610
SqFt
Status
Active
MLS #
6761301
Property Type
Single Family Residence
Price Type
--
3600 square foot home on over an acre. Horse property. Custom cabinetry, granite counters w/integrated sink & dishwasher, sub zero fridge. All appliances are top of the line. Real wood oak floors in kitchen & dining areas. 19x21 den/library (exec). 950' 3 car garage. Separate detached workshop. water softener & water distiller for fridge. 11 citrus & 10 fruit/nut trees. Master bath has jacuzzi & large shower. Ceiling fans throughout. 60' covered patio, surround sound in family room. approx 1500 foot basement. 20 kw back up generator w/500 gal underground propane tank. 2 water heaters (1 propane-1 electric). Irrigated Lot is over an acre and near the freeway. Fire pit for entertaining. Commercial greenhouse for hobby or storage. NO HOA! North/South facing.
32621 N 15th Lane
Phoenix, AZ 85085
$1,149,900
4
Beds
3
Baths
3,012
SqFt
Status
Active Under Contract
MLS #
6754033
Property Type
Single Family Residence
Price Type
--
Don't miss this stunning home with unobstructed mountain views! The heated pool, spa, gas firepit with conversation area, and built-in bbq make this home feel like a vacation everyday! Large covered patio, pavers, synthetic grass, and professional landscaping complete the backyard oasis. This triple split 4 bedroom plus flex front room is complete with 3 bathrooms and a 3 car garage. New premium luxury vinyl plank flooring throughout living areas including primary ensuite. Secondary bedrooms have new carpeting. This home has all new paint and updated trim and moldings throughout. Located on a cul de sac in a small gated enclave of highly sought after Sonoran Foothills surrounded by trails and parks, this home is ideal for Arizona living.
15604 E Scorpion Drive
Fountain Hills, AZ 85268
$1,149,900
3
Beds
3
Baths
2,046
SqFt
Status
Active
MLS #
6763720
Property Type
Single Family Residence
Price Type
--
Gorgeous Spec Home with a private pool just completed! Contemporary styled crown molding & exquisite features throughout this one! Fabulous kitchen boasts Quartz countertops with waterfall edges to the floor on the island, shaker style cabinets with lighting & hidden outlets on backsplash. Bosch stainless steel appliances which includes full size oven as well as a Convection/Microwave combo. Beverage fridge added for additional cooled storage & entertaining. 6 foot electric, color changing, remote controlled fireplace. Ensuite master has his/her sinks, custom shower with dual heads, shampoo niches & a bench seat as well as a huge walk in closet with multi-level shelving/rods and a window for ample lighting. Wonderful laundry room has upper/lower cabinets, a sink & hanging rod. Over-sized & insulated 3 car garage pre-wired for future wall mount mini split AC system with epoxy floor, utility door & on demand tankless hot water heater. Fully landscaped desert front yard & artificial turf in back both featuring lighted steps & pathway lighting. Pool has pebble sheen finish, raised tile wall, 3 waterfall scupper features & a bathing platform/over-sized seat. wifi accessible controls, Dusk to dawn exterior photocell coach lights. Custom wrought iron view fencing & side gate to the backyard. All cabinets are soft close doors & drawers with custom 7 black hardware. Ceiling fans throughout the home. Home is pre-wired for cable, satellite, wi-fi, surround sound speakers in the greatroom & back patio ceiling speakers. Elongated low water use, comfort height toilets in all 3 bathrooms. Upgraded spray foam insulation in the home & garage to help save on electric bills.
2144 E State Avenue
Phoenix, AZ 85020
$1,149,900
3
Beds
3
Baths
2,528
SqFt
Status
Active
MLS #
6767764
Property Type
Single Family Residence
Price Type
--
Experience the allure of this Sonoran gem, nestled against the stunning Phoenix Mountains Preserve in the highly sought-after Madison School District and Biltmore Area! Set on an oversized corner lot in the foothills of the Piestewa Peak Mountains, this contemporary adobe boasts breathtaking multi-million dollar views in every direction and no homeowners' association restrictions. This home has been completely remodeled, showcasing organic desert living in every detail and finish. As you stroll through the beautifully landscaped grounds and open floor plan, you'll appreciate the extensive upgrades, including a new roof, new AC, renovated pool with updated equipment, and fully replaced plumbing lines—all with transferable warranties. Entering through the modern front door, you are greeted by floor-to-ceiling windows that flood the living room with natural light, complemented by bleached oak flooring and enhanced lighting in the open great room concept. The kitchen seamlessly connects to a grand formal dining area featuring a custom wood accent wall and an exquisite quartz waterfall island that offers additional seating. Modern finishes adorn the kitchen, with custom two-tone white and brushed oak cabinets, quartz countertops that extend up the wall, gold hardware, new stainless steel appliances (fridge included), and a custom hood, creating a serene and sophisticated atmosphere. Adjacent to the kitchen, the family room dazzles with floor-to-ceiling windows and a new sliding door, accentuated by a real wood-burning fireplace, wood slat paneling, a quartz mantle, and custom floating shelves. The thoughtfully designed split floor plan includes a remarkable primary suite, showcasing more floor-to-ceiling windows, a new slider, and a custom barn door for privacy. The luxurious primary bath features floor-to-ceiling natural stone, a double sink with a floating oak vanity, LED mirrors, gold accents, and a custom-tiled rainfall shower with a handheld fixture. A free-standing soaking tub, complete with a chandelier, and an oversized walk-in closet complete this serene retreat. Two additional renovated bedrooms are conveniently located on the opposite side of the home, each featuring new doors, casings, hardwired lighting, fans, and dual-pane windows. You'll also find two beautifully updated guest bathrooms, with the first featuring calming desert hues, peach octagon flooring, and subway tile backsplash over the tub. The second bathroom boasts white subway tile, pebble shower flooring, quartz countertops, and modern gold fixtures. The interiors harmoniously blend urban living with serene surroundings, enhanced by new desert landscaping in the front and back yards. Enjoy evenings under your pergola patio, around the fire pit, or overlooking your newly refinished diving pool, which features pebble sheen, new tile work, and updated equipment. The wrap-around driveway leads to a side-entry two-car garage with newly epoxied flooring. This exceptional home is conveniently located near miles of renowned hiking trails, Biltmore Fashion Park, award-winning golf courses, fine dining, and shopping. Plus, one of the best elementary schools in the state is just a short walk away! Come see this stunning home in person to fully appreciate its beauty!
7285 E Arlington Road
Scottsdale, AZ 85250
$1,149,900
2
Beds
2.5
Baths
2,463
SqFt
Status
Active
MLS #
6769913
Property Type
Single Family Residence
Price Type
--
Welcome to the Classic & Timeless, Gated Community of *La Jolla Blanca* Camelback Mountain Views & Arizona Sunsets* Updated & renovated Detached Patio Home. Private Courtyard, Stunning Entry W/ Old World Charm, Open Gorgeous Kitchen with a Beautifully Extended Island. 5 Burner Gas Cook Top, Stainless steel Appliances, Custom Cabinets, Breakfast Area & Formal Dining. Open Great Room W/ Fireplace. Updated Remodeled Bathrooms. *Two Spacious Primary Suites with Custom Bathrooms* Open Balcony Loft Game room or used as Office /Den- Exits to a upstairs View Deck. Private Rear Covered Patio with Electronic shades, Garage has epoxy Floors with Custom Cabinets. *Property is next to a Lush Greenbelt *Beautiful Place to Call Home* Centrally located near upscale Shopping & Fine Dining.
3014 E Avalon Drive
Phoenix, AZ 85016
$1,149,899
4
Beds
3
Baths
2,035
SqFt
Status
Active
MLS #
6743521
Property Type
Single Family Residence
Price Type
--
Step into a breathtaking, move-in-ready designer home, built in 2024. As you pass through the elegant iron front door, you're greeted by an open-concept living space featuring custom Engineered hardwood flooring, stainless steel Bespoke Appliances, over sized kitchen island w/built in microwave, 15in deep uppers, pot filler & Quarts counter tops/backsplash. Primary bedroom offers a Spacious walk in closet w/organizers and a luxurious en-suite with double rain shower, separate entrance to over sized covered back patio. Built-in closet & LED lights throughout. Bonus room can be an office/bedroom. Large laundry/pantry room w/sink and lots of storage. Foam insulation and synthetic stucco finish. MyQ App Garage door opener w/Camera, EV ready & epoxy flooring. See it today.. Owner/Agent.
18672 E Celtic Manor Drive
Queen Creek, AZ 85142
$1,149,800
6
Beds
4
Baths
4,349
SqFt
Status
Active
MLS #
6778808
Property Type
Single Family Residence
Price Type
--
Remodeled Luxury Basement Home with Gated Courtyard Entry in Sossaman Estates, 6 Bedrooms/4 Full Baths & Huge Bonus Room, All New Flooring Throughout, Fresh Interior Paint, Updated Kitchen with New Cabinets with Pull-out Shelves and Soft Close, Stainless Steel Appliances with Gas Cook-Top, Stainless Steel Hood with Custom Backsplash, Wall Oven, Beverage Refrigerator, Huge Island & Walk-in Pantry, Separate Living, Family & Formal Dining Areas, Walk-In Shower in Owner Bath with Lots of Built-In Cabinets in Walk-In Closest, Good Sized Laundry Room with Cabinets & Sink, Extended Covered Patio, Travertine Flooring, Pebble-Tec Play Pool w/ Water Feature & Gas Firepots, Artificial Turf, RV Gate & RV Parking OK, Side Entry Garage w/ Insulated Doors, Soft Water System, New Roof 9/24 & Owned Solar
41253 N Whistling Strait Court
Anthem, AZ 85086
$1,149,000
5
Beds
5
Baths
4,304
SqFt
Status
Active
MLS #
6756308
Property Type
Single Family Residence
Price Type
--
Stunning Golf Course & Mountain views. Sought after guest casita, spacious courtyard w/double iron doors, 9/24 exterior paint, 2022 remodel: double Sub-Zeros, Thermador Stove/DW, modern built in entertainment w/linear electric FP, wine fridge, Edgestar ice maker never out of ice! Other features: Zoned cooling and heating, Noche stone, fresh paint + carpeting (spare bdrms/casita). Granite stone/marble throughout baths. Huge primary suite w/stone/marble bath, jetted tub, massive closet. Updates: Sun screens/patio screens/gutters security door/epoxy garage, recirc hot water. ENERGY saving LED lighting! LOW maintenance landscape.
15528 E Chicory Drive
Fountain Hills, AZ 85268
$1,149,000
3
Beds
3
Baths
2,243
SqFt
Status
Active
MLS #
6776327
Property Type
Single Family Residence
Price Type
--
TO BE BUILT Spec Home. All photos are of previously built homes. List of amenities specific to this property in documents tab. Completed home by this builder is available to be shown. Lavish finishes to be installed throughout! Kitchen to include recessed shaker style-stained grade cabinets with stained grade 3-inch-thick wood shelves at beverage center area with custom paneled backsplash. Uppers are 36-inch tall with 15-inch-tall cabinets with glass inserts stacked above. Quartz counters at all tops throughout. Island has waterfall edges to the floor at both ends & granite composite Blanco brand single bowl under mount sink with Delta brand black finish high arching faucet with pull down sprayer & soap dispenser at the sink. Upgraded Bosch brand stainless steel appliance package that includes wall microwave/convection oven combo, induction smooth top cooktop, stainless steel interior dishwasher with hidden controls, stainless hood liner, and a 36-inch side by side fridge. Also will include an under-mount beverage center in the kitchen area. Cabinets have high end soft close hardware on all drawers & doors. Custom 7-inch black or satin nickel hardware pulls on all doors/drawers. Light rail trim molding at underside of kitchen upper cabinets to hide the under-counter LED strip lighting & outlets that are mounted under the uppers to hide from view and keep outlets out of the decorative tiled back splash. 6 foot linear electric fireplace with oversized 36 x 24 inch porcelain tiles on the face and returns. Garage has aluminum flush paneled overhead doors that will have upgraded insulated panels with powder coated finish. Doors will have Wi Fi Lift Master garage door openers. It will also be prewired and piped for a future wall mount mini split HVAC system. Floors are epoxy coated with a full broadcast paint chip finish. AC system includes multiple returns & additional sensors as necessary to balance out the cooling and heating throughout the home. Fully landscaped front & rear yards with generous amounts of plants, bushes, cacti & large rip rap rock for drainage areas. Artificial turf section in backyard. Crushed granite at all areas with an automated timer clock for the watering system. Lighted steps at the front & side walkway to the rear yard with other spot lighting & pathway way lighting included. Concrete pavers used at the driveway, sidewalks, the front entry & back patio. Concrete paver walkway from side of garage to a paver area behind the garage for trash cans & other storage. Silver colored travertine pavers used at back patio.