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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2544 W Muirfield Drive
Anthem, AZ 85086
$899,900
3
Beds
2.5
Baths
2,661
SqFt
Status
Active
MLS #
6742939
Property Type
Single Family Residence
Price Type
--
PRICELESS GOLF COURSE LOT WITH PANORAMIC VIEWS OF DAISY MOUNTAIN & THE SLEEPING INDIAN. Experience covered outdoor living with side yard patio dining with built-in BBQ & above ground spa. Private, one of a kind location, cul-de-sac lot with easy access to resident-only gate. Well maintained with new exterior paint, low view fence, beautifully landscaped backyard perfect for outdoor dining & relaxation. Spacious updated interior great room setting, significant primary closet space w/cabinets for maximum storage, custom office with built in furnishings. 3-car garage storage cabinets plus Cart & EV Chargers. Turn-key opportunity available . Experience numerous Anthem Country Club & Community amenities & say this one is MY ANTHEM HOME.
10550 E Sanger Avenue
Mesa, AZ 85212
$899,900
4
Beds
3
Baths
3,282
SqFt
Status
Active
MLS #
6744097
Property Type
Single Family Residence
Price Type
--
Welcome to luxury living in the heart of the Eastmark neighborhood! Sanger Ave is not just a street, it is THE PLACE to be for the ultimate community experience! This stunning executive home spans 3,282 square feet and offers sophistication with a modern design. Featuring four spacious bedrooms, a den, dedicated office space, and three well appointed bathrooms, this residence is perfect for both relaxing and entertaining. Beautiful curb appeal complimented by a paver driveway/walkway and a custom gate that leads to the courtyard entry. Step inside where you'll be greeted by an expansive floor plan with 10 foot ceilings that seamlessly integrates the greatroom, dining, and kitchen areas. At the heart of the home is the luxurious kitchen featuring raised panel cabinets, granite counters, tile backsplash, stainless appliances, an oversized island with shelving on both sides, and butler's pantry with ample storage. The primary suite is a private sanctuary located at the back of the home, complete with an ensuite bathroom featuring a custom barn door, split vanities, soaking tub, tiled shower, and walk-in closet. Outside, a covered patio, artificial turf, and built-in fire pit & conversation area await you, perfect for enjoying Arizona's weather. The three-car garage with epoxy floors and built-in cabinets provides plenty of storage and parking space, making this home as practical as it is beautiful. Other bonuses include 12x24 tile, neutral paint, upgraded lighting, and coffered ceilings in the entry/dining/primary bedroom. Take advantage of incredible amenities such as numerous parks and playgrounds, walking trails, community pool, splash pads, skate park, state of the art clubhouse, and ample community events, all within a vibrant and welcoming neighborhood. With easy access to shopping, dining, entertainment, and major highways, this home offers the perfect location to easily travel anywhere you want to go. Don't miss out on your chance to make this exceptional property yours!
9455 E Voltaire Drive
Scottsdale, AZ 85260
$899,900
3
Beds
2
Baths
2,253
SqFt
Status
Active
MLS #
6762120
Property Type
Single Family Residence
Price Type
--
Absolutely stunning home in Casa Privada on spacious, beautifully landscaped lot featuring sparkling PebbleTec pool & putting green! Ideal Scottsdale location close to fantastic dining, shopping, & entertainment. Nearby McDowell Mtns offer endless recreation. Home has owned solar system for dramatic energy savings, open feel w/ vaulted ceilings & lots of natural light, plus beautiful white oak hardwood flooring. Spacious living & dining area, ideal space to relax & entertain. Gorgeous eat-in kitchen, custom lighting, gleaming SS appliances, quartz counters, huge island w/ bkfst bar, beautiful backsplash. Large luxurious primary suite, elegant primary bathroom, dual sinks, quartz, separate tub & shower, huge walk-in closet. Peaceful, relaxing backyard, large covered patio, refreshing pool. Large, comfortable family room with beautiful tiled gas fireplace has easy access to the spacious back patio. Secondary bedrooms both very light and spacious. Beautifully appointed second bathroom with rich granite counter. Large laundry room complete with high quality washer & dryer. Spacious three car garage helps with all of your storage needs. HVAC replaced in 2015, and all new roof in 2017. This is truly a gorgeous home in a beautiful subdivision that is not to be missed.
15833 W Cinnabar Court
Waddell, AZ 85355
$899,900
4
Beds
3.5
Baths
2,997
SqFt
Status
Active
MLS #
6776238
Property Type
Single Family Residence
Price Type
--
Welcome to the BEST PRICED desert oasis in the Twelve Oaks neighborhood of Waddell! This sprawling 2,997 sq ft single-story beauty offers a versatile split floor plan with 4 spacious bedrooms, 3.5 baths, separate den, and an additional flex room ready to become whatever you can dream up. Step inside to find wood-look tile flowing through every room, elegant crown molding, and gorgeous custom built-ins that add character and functionality. Cozy up to the gas fireplace in the living area, which flows into the kitchen built for entertaining. Not one, but two NEW A/C units keep this home cool and comfortable year-round. The primary suite is a true retreat, featuring private access to the backyard oasis - perfect for a morning coffee or evening stargazing. Speaking of the backyard, you have over 36,000 sq ft to make your own! This lot is fully equipped for RV parking behind the 14' RV gate plus there's a sport court, a sprawling paver patio, and a fire pit. There's space for everyone to play, relax, and even raise chickens in the backyard coops. Mature trees and grass create a peaceful outdoor escape, while the cul-de-sac lot offers peace and privacy, all within reach of Waddell's best shopping, dining, and top-rated schools. This home checks all the boxes for anyone looking for space, style, and a touch of country charm right in town. Don't miss your chance to make this gem yours!
723 N Moon Road
Apache Junction, AZ 85119
$899,900
3
Beds
2
Baths
2,450
SqFt
Status
Active
MLS #
6677071
Property Type
Single Family Residence
Price Type
--
Just completed Quick Move-In home at Arroyo Vista Estates with unforgettable Superstition Mountain views from the patio! Surrounded by natural desert arroyos, with very low maintenance landscaping! Approximately 2450 sq feet livable, with a split 4-car garage. Bright, open kitchens, Great Room, breakfast room with views, a perfect place to start your day! Designer options include 10 ft ceilings throughout, Pecan color cabinets, Pegasus quartz counters, 8x48 wood-look floor tile, fully tiled shower surrounds, pot filler faucet at kitchen stove, and so much more! Welcome to that peaceful, easy feeling you've longed for!
26688 N Shirley Road
San Tan Valley, AZ 85144
$899,900
4
Beds
2
Baths
2,103
SqFt
Status
Active
MLS #
6780976
Property Type
Single Family Residence
Price Type
--
Welcome to your private desert oasis! Nestled on 3.85 acres, this stunning horse property backs the San Tan Mountain Regional Park, offering breathtaking mountain views. This spacious 4bed/2bath home + den features wood-like tile flooring, a beautifully remodeled kitchen with quartz countertops, updated appliances, and ample storage throughout. Enjoy your sparkling private pool with mountain views perfect for relaxing under the stars. Equestrian amenities include shaded corals and two large outbuildings for use as a barn/shop/RV garage, offering space for your horses or all of your outdoor toys. The RV garage/shop is 30'x50' for 1,500 SF. Between the views and the privacy of this tranquil retreat, it is an opportunity for equestrians and nature lovers alike.
44814 N 22nd Street
New River, AZ 85087
$899,888
3
Beds
2.5
Baths
2,943
SqFt
Status
Active
MLS #
6733643
Property Type
Single Family Residence
Price Type
--
This Exquisite home is Highly Upgraded/Updated w/ Luxurious finishes & features thru-out. The Unique Architecture incorporates a linear design layout w/ dramatic radius walls for a distinctive touch vs the typical Santa Fe Territorial home. It still has an open feeling that makes for great entertaining and gatherings of friends & family. You'll love the Cozy Stacked Stone fireplace in the Great room along w/ the abundance of windows stretching across the back of the home to provide openness to back wrap around PAVERED Patio w/it's structured columns. The great room opens to Dining Area & the Well Planned & appointed GOURMET Kitchen offering GENEROUS storage & WORKSPACE includes a separate Veggie/Prep sink in center ISLAND. Lots of natural light, GRANITE Counters, Custom **(OPEN BLUE LINK) Full Custom Travertine BACKSPLASH, Stainless Appliances, & Stainless /STACKED STONE Vent hood make it beautiful too!! You'll also find ample recessed lighting for a working kitchen along with the Pendant lighting for style, & conveniently the kitchen has it's own separate door to access the patio for serving apart from the door that accesses the patio from the Great room/ Dining room. Guest bedrooms #1 & #2 are located off of the Kitchen hall and are setup with a Jack & Jill bathroom that provides a completely separate Vanity/Sink/personal Storage area for each bedroom. There is also a lavatory and bath/shower room with its own door to offer privacy. Moving to the North Wing of the home you'll enter through Double doors opening to the Tranquil Master Suite. Designed with a radius walls touch & an abundance of windows to the back patio for that natural light & beauty here as well. The Huge Master bath area includes dual sinks, jetted soaking tub, Snail shower with Travertine Surround, SPACIOUS Closet and a Direct Access door to the patio to enjoy your coffee in the morning or to relax before bed while watching the Glorious SUNSETS or maybe getting in some Stargazing. You will also enjoy the convenience of a 3.5 car extended length garage. It has 3 separate electric lift/roll-up doors for convenience, Epoxy coated floors, plentiful lighting, ceiling fans, and an extra 1/2 garage bay for your ATVs, motorcycles, jet skis, or as it is now being used, for a personal gym. There is also the Separate closed space /workroom at the back of the garage that provides a workbench, pegboard tool storage, and built in 3 sided shelving as well as cabinets for storage and organization. The home is ideally located just south of the entrance to the Tonto National Forrest with it's unlimited trails for hiking/horseback riding or/ATV riding. You'll enjoy the Native American ruins, Forts, Petroglyphs and other bits of history and beauty of the surrounding area. The 1.25 acre lot, that this magnificent home is built on provides plenty of useable level land to work with for a casita, RV Garage/Workshop, Pool, or extensive horse setup. There is no floodway/floodplain on the lot. The lot is fully fenced with rich looking but low maintenance White Vinyl rail fencing and full double gates including at the end of the Driveway. The back half includes extra fencing professionally added to make it dog safe/secure. The owner also had 2 horse corrals and a horse shade added at the very back of the property but there has never been horses kept on this lot. He had both electric and water lines run back to them, underground as well, for future use of the corrals. Additional features/upgrades: *Wood Plantation Shutters throughout the home 3 yrs ago *Both Water heaters replaced 2 yrs ago *New Flooring Under 1 yr ago *New $9500 Upgrade to a Silicone Roof for much lower maintenance and lower ongoing costs Under 1 yr ago *New Security System with Cameras. Hard Wired and With Technology for you to monitor them from your phone APP *New Interior and Exterior Painting Under 1 yr ago *Lots of Mature landscaping/trees including a lemon tree at the side of the home.
3336 E Earll Drive
Phoenix, AZ 85018
$899,800
4
Beds
3
Baths
2,500
SqFt
Status
Active
MLS #
6754375
Property Type
Single Family Residence
Price Type
--
Appraised on 2/14/24 for $1,204,429 Fully remodeled designer oversized property with 2 master bedrooms. Split floor plan, 4 bed 3 bath 2 car garage. Gorgeous property to live in. Over $200k in upgrades from floor to the ceiling was all done.
13660 W Buckskin Court
Peoria, AZ 85383
$899,500
4
Beds
3
Baths
3,095
SqFt
Status
Active
MLS #
6776700
Property Type
Single Family Residence
Price Type
--
MOVE-IN READY with $20,000 toward closing costs or rate buy down, plus FREE fridge, washer, and dryer! This breathtaking home in a gated community boasts modern Craftsman charm with its brick-accented exterior and undeniable curb appeal. Step inside to discover a kitchen designed for culinary delight, featuring abundant white shaker cabinets, striking quartz countertops, a chic herringbone backsplash, an oversized island, and a walk-in pantry. The open floor plan flows seamlessly into a spacious great room, which opens to a huge covered patio through oversized sliding glass doors ideal for indoor-outdoor living and entertaining. The owner's suite offers a luxurious retreat with a spa-like walk-in shower and a free-standing tub. Additional highlights include a den & a versatile flex room. Two hall bathrooms (one with a tub and one with a shower), and an oversized 3.5-car garage with a 10-foot side gate for convenient yard access. This home is designed to suit every need with style and sophistication!
8913 S Forest Avenue
Tempe, AZ 85284
$899,500
4
Beds
2.5
Baths
2,515
SqFt
Status
Active
MLS #
6777815
Property Type
Single Family Residence
Price Type
--
Beautiful Modern Remodel located on an large corner lot in sought-after Warner Ranch! Great floorplan w/ 4 spacious bedrooms & 2.5 Baths! Enjoy the open floor plan & expansive backyard perfect for all Entertaining! Family Room fireplace is enhanced w/ custom white décor paneling! Light & Bright w/ New modern custom lighting & fans throughout! New Kitchen w/ Shaker cabinetry, New Appliances, Upgraded White Quartz waterfall island, Subway tile backsplash & Apron front sink! Vaulted Ceilings! Large Primary & luxurious Primary Bath w/ Custom Shower & Surrounds! Huge Backyard, Private Pool & large covered patio! Pool resurfaced, backyard professionally landscaped w/ large grassy play area. Perfect for all entertaining or just relaxing. Incredible Location among it all! Welcome Home!
34159 N Borgata Trail
Queen Creek, AZ 85144
$899,334
4
Beds
3.5
Baths
2,973
SqFt
Status
Active
MLS #
6721274
Property Type
Single Family Residence
Price Type
--
Welcome to this new home in Prelude at Oro Ridge boasting a 3 car garage, 4 bedrooms, a den, and 3.5 bathrooms! This well-thought-out floorplan will not disappoint! Box beams and fireplace at great room! The kitchen features Jennaire Stainless Steel appliances, Quartz Countertops, and Urban Taupe Cabinets. The primary suite is lavish with a freestanding soaking tub in the ensuite. You will love the upgraded doors and baseboards throughout! Do not miss out on this gorgeous home!
4655 W Bonnie Lane
Queen Creek, AZ 85144
$899,000
5
Beds
4
Baths
3,525
SqFt
Status
Active
MLS #
6751817
Property Type
Single Family Residence
Price Type
--
BRAND NEW Constructionwith NO HOA! Stunning Modern Farmhouse on a 1.25 FENCED ACRE LOT w/ Horse Privileges. 4 Car Side Entry Garage and GUEST LIVING w/ Seperate Entry. Gourmet Kitchen with WOLF APPLIANCES, high-end Cabinets w/ 42'' uppers, White Quartz Countertops, 36'' Cooktop, Built-in Stainless Steel PULL DOWN Microwave and Wood Plank tile Floors. Stunning Master Bathroom with Freestanding Soaking Tub, BEACH ENTRY Modern Glass Shower and Beautiful Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation, Premium Trane 14 seer AC units & High-end Windows. Superior Construction and Craftmanship includes Premium Roofing System, Premium Synthetic Stucco & much more! Close to hiking and horseback riding trails in San Tan Mtns. ESTIMATED COMPLETION DATE in Dec.