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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18250 S Backwoods Trail
Kirkland, AZ 86332
$995,000
3
Beds
3
Baths
3,040
SqFt
Status
Active
MLS #
6650812
Property Type
Single Family Residence
Price Type
--
Looking for an Off-Grid, private homestead with NO HOA on nearly 30 acres? This is the home for you! Located 3.7 miles down a private dirt road behind a locked gate, you'll find this oasis of serenity and be gauranteed the peace you have been seeking. The community has minimal restrictions ensuring you have the freedom to do what you like with your property while still protecting and preserving the future value of the home and land sites. Surrounded by Junipers and Pinion Pines in the Weaver Mountains, at just under 5,000 ft elevation with great views and a seasonal creek, it's the perfect way to escape the heat and enjoy four mild seasons. 4WD is recommended for the winter months. Built with energy efficiency and great economy in mind, structural insulated panels (SIPS) provide excellent insulation and comfortable climate control. The home is perfectly situated to utilize passive solar for heating and cooling year round but also comes with two cozy propane stoves. The metal roof gives you longevity and reliability. This two story custom home is 3040 sqft PLUS an additional 480 sqft glassed and screened Arizona Room on the upper level and a covered patio below for your relaxation and enjoyment. The open floor plan has beautiful pine cathedral ceilings and a spacious kitchen with granite counter tops and built-in appliances. The island comes with the added bonus of under-counter shelving and built in sink! The upper floor has 3/4 solid red oak flooring and the lower floor and large upstairs laundry room have new solid core plank vinyl flooring. Master bedroom is on main level along with kitchen, laundry, office, and Arizona room. The master bathroom is a 3/4 with walk-in tile shower. On the lower level of the home, you will find a 608 sqft workshop with an overhead door. This could also be used as a tandem 2-car garage. Outside is an oversized detached carport and fenced back yard. Plenty of space in the two-bay covered RV parking! Your garden is irrigated and entirely enclosed in hardware cloth fencing. Large 55 gallon drum has been buried outside to create an in-ground cook pit for your large family gatherings and BBQ events! Grass backyard is fully fenced and well-lit at night with motion sensing lights. The private well is connected to a 5,000 gallon water storage tank and a solar pump. The solar for the well is conveniently placed right next to the well and storage tank. All other solar equipment and batteries are housed in an additional outbuilding. This would be an ideal location for horses! Clean and well maintained, one owner home - what a unique opportunity! This truly needs to be seen to appreciate it fully.
8608 E Angus Drive
Scottsdale, AZ 85251
$995,000
4
Beds
3
Baths
1,942
SqFt
Status
Active
MLS #
6740068
Property Type
Single Family Residence
Price Type
--
Welcome to this beautiful, entertaining home, located in a highly desired prime location, just southeast of Old-Town Scottsdale! This 4 bed, 3 bath, which includes a guest house, is ready for you to move-in. Home has been used as a vacation rental, making the possibilities endless for one to continue as one, or a great family home! Situated on a corner lot in the cul-de-sac with an alleyway separating your lot from the neighboring lots behind you. Inside you will find wood-plank flooring throughout all the main living areas of the home for easy care and maintenance. An open, tri-level split floor plan with the great room, formal dining, kitchen, and laundry areas all on the main level. The kitchen has plenty of counter-top space for easy prep, an eat-up bar area, all stainless-steel appliances including an all glass-top electric range, smart-fridge. Extra storage space in the laundry area. Wet bar area with beverage fridge and built-in microwave. Exit out the formal dining area to the back yard. Take a few steps down and you'll find two guest bedrooms and a full bath, perfect for the kids. The master suite takes up the entire upstairs area, complete with your own sitting area, private bar area, workspace for you, and ensuite bath. Step outside to the large backyard beautifully designed with a mixture of artificial grass, tall palm trees and desert landscaping. An abundance of patio space throughout for entertaining your guests. Your own refreshing pool to take a dip in every day. Private lounging area just off to the side. Cook up a feast on the built-in BBQ. Relax and enjoy the beautiful nights in the above-ground spa. No need to go to a resort - it's all here as your very own oasis! Just off the private lounge area is a guest house, great for the in-laws or extended-staying guests, complete with its own wet-bar and bath areas. Just a short drive to Camelback Fashion Square with plenty of shopping, eating and luxury lifestyle. No HOA makes this home the perfect place for you!
16385 W Yuma Road
Goodyear, AZ 85338
$995,000
5
Beds
3.5
Baths
3,774
SqFt
Status
Active
MLS #
6697999
Property Type
Single Family Residence
Price Type
--
Luxury Redefined: 5 Bedroom Custom Estate with Pristine Features. Located on a sprawling lot of over an acre, this exquisite custom home blends sophistication with practicality, offering the perfect sanctuary for families and entertainers alike. Boasting 5 generous bedrooms and 3.5 lavish bathrooms, including a self-contained casita with its own full bathroom, this residence ensures comfort at every turn. Step inside to discover a grand open-concept kitchen featuring sleek granite countertops, a glass tile backsplash, and top-of-the-line stainless steel appliances. The breakfast bar opens seamlessly into a cozy living room, anchored by a stylish gas fireplace, creating an inviting space for gatherings. The master suite is a true retreat, complete with a sliding glass door leading to the lush backyard, a sunken bathtub with jets for ultimate relaxation, a modern snail shower, dual sinks, and a separate walk-in closet. A Jack and Jill bathroom mirrors this luxury with a sunken tub, surrounded by chic tile and granite countertops. Functionality meets style in the large laundry room, equipped with ample cabinetry, a sink, and granite countertops. Outside, the expansive covered patio is an entertainer's dream, featuring a built-in BBQ, a vast grass area, and a stunning pool, perfect for Arizona's sunny days. Also, the backyard is a coveted irrigated lot. Located conveniently close to shopping and freeway access to both the 303 and I-10, this home offers both privacy and accessibility. Whether it's luxurious living or high-end entertaining, this property promises to deliver an unmatched lifestyle. Make this breathtaking estate yours and indulge in the sophistication and comfort it offers every day.
9342 W White Feather Lane
Peoria, AZ 85383
$995,000
4
Beds
3.5
Baths
3,631
SqFt
Status
Active
MLS #
6686001
Property Type
Single Family Residence
Price Type
--
Indulge in the epitome of elegance and convenience at 9342 W White Feather Lane. This gated property boasts over $60,000 in upgrades, ensuring a level of luxury that exceeds all expectations. With four spacious bedrooms and a loft upstairs, plus an office downstairs, this home offers ample space for both relaxation and productivity. From the brand new organic carpet with a memory foam pad to the meticulously chosen paint palette and state-of-the-art water system, no expense has been spared in creating a residence that epitomizes refined living. The sparkling pool in the backyard oasis promises endless enjoyment, and with no neighboring homes behind you, you can relish in beautiful, unobstructed sunsets every night.
3063 E Warbler Road
Gilbert, AZ 85297
$995,000
4
Beds
3.5
Baths
4,035
SqFt
Status
Active
MLS #
6719812
Property Type
Single Family Residence
Price Type
--
Owner is including all furnishings with a full price offer. This is a great opportunity to pick up as a furnished rental/investment property or home sweet home. Beautiful single level home on an oversized lot with a private heated pool, low maintenance turf, rv gate and 3 car garage surrounded by single story homes. Inside you'll find a spacious open layout, large chefs kitchen, hardwood flooring and shutters throughout,. 4 generously sized bedrooms, a theater room (or office). Primary bedroom has loads of closet space. 1 guest room with ensuite bath, and 2 guest rooms with jack and jill bath. 3.5 baths total. The perfect set up for multi gen living. Located near shopping, dining, entertainment and parks. Quick commute to the 202 for great valley wide access.
4112 W Paradise Lane
Phoenix, AZ 85053
$995,000
5
Beds
3.5
Baths
2,918
SqFt
Status
Active
MLS #
6733379
Property Type
Single Family Residence
Price Type
--
Gorgeous single story property, features , 5 total Bedrooms and 3.5 Baths on a half acre lot with NO HOA on a corner lot, has beautiful curb appeal. Complete Studio for extra income or as a mother in-law suite with private entrance and parking, 3 car garage, beautiful flooring throughout,tall ceilings with plenty of natural light, ,plantation shutters, french door to patio , crown moldings, wood fireplace, formal dining room with decorative columns, granite counters, travertine splash, wine cooler huge kitchen island with breakfast bar, gazebo/Pergola with built in BBQ, 3 point access to the back yard, RV parking, both A/C units were replaced in 2023, pool filter replaced in 2022, MUST SEE TO APPRECIATE ! Great location, near I17 and 101, Banner Thunderbird Hosp, ASU West,Shopping mall
4422 N 75th Street Unit 2008
Scottsdale, AZ 85251
$995,000
2
Beds
2
Baths
1,202
SqFt
Status
Active
MLS #
6748552
Property Type
Apartment
Price Type
--
Incredible SE corner unit with the largest balcony at envy residences! Full remodel completed early 2024 making this unit the showstopper of the building. Fantasy brown granite countertops with Bosch appliance package and a beverage fridge. amazing wrap around windows with automatic blinds throughout the entire unit for privacy when you want it. Primary bathroom fully upgraded with Brizo fixtures throughout. Primary shower contains 2 overhead shower heads and a third overhead rain shower. Three body jets, a handheld, and a steaming unit for the ultimate spa like experience. Bose surround sound installed in the living room along with ceiling mounted Sonos speakers in the living room and primary bedroom. Enjoy the balcony living with plenty of room for dining, lounging, and entertaining. Envy amenities include a 4000 sq ft state of the art fitness facility, luxurious black label lounge, pool/pool lounge, 24 hour concierge/security and secured underground parking!
9503 W Jj Ranch Road
Peoria, AZ 85383
$995,000
4
Beds
2.5
Baths
3,097
SqFt
Status
Active
MLS #
6753437
Property Type
Single Family Residence
Price Type
--
Welcome to your beautiful, modern, ''like new'' single-level home in Cantilena. It's a perfectly laid out, 4 bedroom, plus den, 2.5 bath home with a split floor-plan and upgrades around every corner. Enter through the cozy front courtyard into the spacious great room where the whole family can gather. The gourmet chefs kitchen offers a massive island for entertaining with quartz countertops, designer tile, high end GE Monogram SS appliances, gas cooktop, upgraded and extended cabinetry with custom drawers, and a walk in pantry. Just off the kitchen is the dining and living space along with a custom built-in modern bar. The grey neutral tile throughout the main living spaces, and the neutral carpet and paint in the bedrooms makes this home truly move-in ready. The 2 large sliding glass doors open up to the peaceful resort style backyard with no neighbor behind! The sparkling pool has a grotto with a waterfall feature, and therapy jets! Low maintenance turf, multiple seating areas, and a large side yard for bocce ball or cornhole. The 3-car tandem garage is set up perfectly as an additional entertaining space but can be used for storing all your toys to take up the road to Lake Pleasant. There's even more room behind the gate on the side yard if you need it! The community features multiple parks and grassy areas for kids to play, and has easy access to top schools, freeways, shopping and dining. Don't miss out on this amazing home!
8744 E Arlington Road
Scottsdale, AZ 85250
$995,000
3
Beds
2.5
Baths
2,200
SqFt
Status
Active
MLS #
6756727
Property Type
Single Family Residence
Price Type
--
This property offers a great option for either a primary residence or a short-term rental and is located in the desirable 85250 zip code of Scottsdale. With no HOA and fully furnished, this home is move-in ready and has undergone a complete remodel. Key updates include a modern architectural floor plan, upgraded sewer and plumbing systems, enhanced electrical wiring, a new HVAC system, a tankless water heater, and a water softener, along with updated appliances. The open-concept design features an inviting front foyer leading into a spacious kitchen that boasts a large center island, a gas range, and a wine refrigerator. The interior is complemented by maple wood flooring, and there is a generously sized bedroom adjacent to the living area, which includes large glass French doors. A convenient half bath adds functionality to the space, making it suitable for various uses such as a man cave, office, or play area. The backyard is equipped with a built-in barbecue, a fire pit, and a heated swimming pool, offering a great outdoor space for relaxation and entertainment. Additionally, the presence of a television enhances the outdoor experience for your enjoyment. Overall, this home combines modern amenities with a functional layout, making it an attractive option for potential buyers or renters.
6712 E Voltaire Avenue
Scottsdale, AZ 85254
$995,000
5
Beds
3
Baths
2,701
SqFt
Status
Active
MLS #
6761124
Property Type
Single Family Residence
Price Type
--
JUST REDUCED!!! FULL REMODEL in 2018. 5 bedroom/3 bathroom home with a 2 car garage on a generous size lot. Owner took meticulous care of this property and it's ready for a new owner. Anyone who likes to cook will fall in love with the gourmet, updated kitchen which has an oversized island for great entertainment and workspace. The separate den/living dining areas create multiple spaces for entertaining and living. The yard has plenty of space to play, a removable fenced pool, and covered patio. There's also a bonus large shed and swing-set for hours of fun.
3634 E Mcdowell Road
Mesa, AZ 85215
$995,000
5
Beds
3
Baths
3,343
SqFt
Status
Active
MLS #
6764100
Property Type
Single Family Residence
Price Type
--
This custom, basement home is situated behind a private gated entry on a 39,0000 sqft lot with a stunning pool, plenty of green grass, and mature trees, including several new citrus trees. With newly replaced front gates and the fresh exterior paint job, the property boasts impressive curb appeal. As you step inside, you'll be greeted by a bright and airy interior adorned with a neutral color palette and soaring vaulted ceilings. The main floor offers an inviting living room that flows seamlessly into the family room, anchored by a cozy gas fireplace—perfect for gatherings. The spacious kitchen and adjacent formal dining area make this home an entertainer's dream. The main level also features a spacious master suite with a newly updated spa-like bath, along with two additional bedrooms and another full bath, providing an ideal layout for family living. Head downstairs to discover a versatile game room/family room, ample storage space, an extra bath, and two additional bedrooms, offering plenty of room for guests. Step outside to your own back yard oasis, complete with a recently resurfaced pool, a screened-in gazebo, and an abundance of space and endless possibilities for expansion. This outdoor space is perfect for relaxation and entertaining. For added peace of mind, all windows and doors were replaced in March 2024, ensuring modern efficiency and security. A water softener and RO system were recently added as well. You will appreciate the additional drive on the west side of the property leading to additional storage, while the east side is set up for RV parking, complete with 30-amp service. This is a rare opportunity to own a unique property with limitless potential. Don't miss your chanceon this one!
7553 E Woodshire Cove
Scottsdale, AZ 85258
$995,000
3
Beds
2
Baths
2,534
SqFt
Status
Active
MLS #
6768714
Property Type
Single Family Residence
Price Type
--
Situated in Carriage Square at Gainey Village, this charming single-level 3-bedroom, 2.5-bathroom home presents a fantastic opportunity to create your ideal living space. Situated in a desirable location, this property features a spacious layout and a wonderful outdoor area with an extremely private backyard and inviting pool. Embrace the potential of making this home your own while enjoying the tranquility of your surroundings. Don't miss out on this exceptional opportunity!
