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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9770 N 130th Street
Scottsdale, AZ 85259
$3,250,000
5
Beds
5.5
Baths
5,489
SqFt
Status
Active
MLS #
6779125
Property Type
Single Family Residence
Price Type
--
Step inside this sanctuary of a home, masterfully redesigned by Wiseman and Gale—a breathtaking blend of elegance and contemporary comfort, nestled in the tranquil neighborhood of Catavina. The property features four generously sized bedrooms, each complete with its own ensuite and walk-in closet; along with a fifth bedroom, spacious game room, and a versatile den, perfect for a small gym, office, or studio. The heart of the home is adorned with high-end finishes including new hardwood floors and stunning Porter Barn Wood fireplace mantels that add a touch of rustic charm. The gourmet kitchen is equipped with a SubZero refrigerator, Bosch dishwasher, sprawling center island, and a walk-in pantry. Nearby, the built-in wet bar comes complete with a refrigerator, sink, and ice maker, ideal for hosting and everyday luxury. Some of the many recent upgrades include an owned 30 kW solar power system, recoated flat roof, new sewer line, R/O water filtration system, two new air conditioning units, new pool pump, and so much more. In the backyard oasis, the spa and renovated pool with waterfall and baja shelf invite you to refresh and unwind amidst the mature, lush landscaping and views of the surrounding mountains. While the expansive lot and natural desert scenery create the feeling of being in a secluded retreat, you're still less than 10 minutes from top-rated schools, premier medical facilities, high-end shopping, and hiking/biking trails, providing the perfect balance of privacy and accessibility. Don't miss your opportunity to own a piece of paradise in Scottsdale.
8212 E Tortuga View Lane
Scottsdale, AZ 85266
$3,250,000
3
Beds
3.5
Baths
4,197
SqFt
Status
Active
MLS #
6768265
Property Type
Single Family Residence
Price Type
--
Sited on one of the best lots in Whisper Rock's Villas neighborhood, offering unmatched views, privacy, timeless architecture & thoughtful design * Private entry courtyard with heated plunge pool & mature landscaping * Detached guest casita * Open floor plan is ideal for entertaining: Chef's kitchen with wet bar & casual dining; adjacent family room with stone fireplace & disappearing wall of glass doors; formal dining with temp-controlled wine room opening to front courtyard; office/den with built-ins & access to the back patio; dual master suites * Incredible back yard with generous covered patios, gas fire pit & fireplace, built-in BBQ island *
13463 N Stone View Trail
Fountain Hills, AZ 85268
$3,250,000
4
Beds
4.5
Baths
3,760
SqFt
Status
Active
MLS #
6774845
Property Type
Single Family Residence
Price Type
--
Turnkey gated Fountain Hills home in the Adero Canyon community. This modern lock and leave features open concept living with 15' ceilings in the great room with a fireplace, stunning chandelier over the dining area, and expansive kitchen. Chef's kitchen includes stainless steel Sub-zero and Wolf appliances, multiple ovens, and kitchen island. Primary suite features mountain views with freestanding bathtub, oversized shower, dual sinks, enclosed toilet, and walk-in closet with custom storage and vanity. Open the expansive sliding glass doors to experience the best of Arizona's indoor/outdoor living. Bask in soaring mountain views while entertaining family and friends in your backyard with a separate guest house, custom pebbletec pool with Baja shelf, travertine decking, covered patio, and desert low maintenance landscaping and turf. This privately gated quiet community has gorgeous views and biking, jogging, and hiking trails to enjoy year-round.
2677 E Queen Creek Road
Gilbert, AZ 85297
$3,250,000
6
Beds
5.5
Baths
6,343
SqFt
Status
Active
MLS #
6783522
Property Type
Single Family Residence
Price Type
--
Beautiful Ranch Estate in a one of a kind neighborhood with a current market appraisal at 3.4 M. The property delivers total privacy in a small 6 home gated Community. NO HOA WITH HORSE RIGHTS. Unique opportunity to own an original owner/builder estate. Property has been totally remodeled top to bottom while being meticulously maintained. This estate sits on approximately 1 acre. Both convenience and exclusivity are in this thoughtfully designed home built for large families or multi-generational families. Main Floor includes 3Bedrooms 2 1/2 Baths. See ''More'' Basement includes an additional theater room/family room, 2 baths, 3 bedrooms, and its own laundry room and storage. The attached Casita offers its own entrance, Full kitchen, Bathroom, laundry facilities, family room/Studio and even a small private yard. In the detached garage you'll again find endless possibilities with an air-conditioned storage room and additional room for private gym, office, whatever your needs are. Plenty of mature landscaping throughout the property with freshly remodeled amenities also make this home unique. This Estate offers mature Citrus orchard of fresh oranges, grapefruit, and tangelos that bring the quaint smell of spring to your backyard. A Large outdoor covered patio with Gas BBQ, beautiful seating area, and Gas Firepit. Entertain to your hearts desire with free-standing gazebo and 30,000-gallon heated pool and spa make it ideal for all your entertaining dreams. Detached garage offers tall Boat garage. This Ranch Estate embodies the best of both worlds offering NO HOA while also nestled in a gated enclave. Top-of-the-line Gilbert Regional Park just a walk down the street. Shopping and Freeway Access 5 Minutes away. What a Great Property with location, location, location!
19102 N 95th Place
Scottsdale, AZ 85255
$3,250,000
7
Beds
5.5
Baths
5,915
SqFt
Status
Active Under Contract
MLS #
6761058
Property Type
Single Family Residence
Price Type
--
Exceptional five-bedroom ranch estate with an additional 2-bedroom detached 1486 sf guest residence on oversized lot with luxurious resort style backyard is one-of-a-kind. In the heart of North Scottsdale, nestled in the charming 23 home gated community of Toscana, this private one-story home community is a hidden gem. Convenient yet private detached guest house is fully equipped and stylishly finished with eat-in kitchen and spacious great room opening to covered patio and fenced turfed area, with bedroom, bath, laundry, and ample parking. Resort style backyard with cascading pool water feature with dramatic fire bowls, ramada with Baja shelf for lounging, spillover spa, detachable pool slide, spacious grassy area, glass stack doors open to covered patio, built-in BBQ island with seating, and expansive deck for entertaining and poolside fun. Desirable home plan offers seamless indoor-outdoor living with spacious spaces and a center courtyard as the heart of the home, eat in kitchen opens to family room and to backyard oasis, plus living room/game room opens to courtyard, with two split ensuite bedrooms, two bedrooms with jack n jill bath, and an expansive primary suite with sitting/flex space all in the main home. Impressive finishes including hardwood and travertine flooring, quartz countertops, with stylish tile backsplashes, and hardware. Abundant sophistication throughout including soaring beamed ceilings with elegant stone fireplace, Viking range with 6 gas burners and griddle, and built in entertainment center. Prestige location immediately south of DC Ranch, conveniently located just minutes from Pima and 101, shopping and restaurants, and schools, yet removed from the hustle and bustle.
5825 E Cochise Road
Paradise Valley, AZ 85253
$3,250,000
4
Beds
4.5
Baths
3,729
SqFt
Status
Active
MLS #
6747881
Property Type
Single Family Residence
Price Type
--
Desert contemporary 2024 new build! Experience Paradise Valley's resort style, tranquil living in this 4 bed, 4.5 bath estate. With natural light beaming in through 2 walls of sliding doors, home boasts modern and clean design elements with open concept great, dining, and kitchen. Custom two-toned wood cabinets, oversized 2-tier kitchen island, and with stainless steel Wolf appliances, including gas cooktop, multiple ovens, coffee bar, and a wine fridge, creating a chef's dream kitchen. Primary suite includes private sliders to the backyard, dual sink vanity, soaking tub, oversized shower, enclosed toilet, and incredible walk-in closet with custom cabinetry. Entertain family and friends in the backyard with custom pool with expanded pool deck, built-in BBQ, covered patio, turf and desert landscaping or front yard with additional covered patio perfect for lounging and dining. Additional features include 3 en suite guest bedrooms, 4 car garage, RV gate, and builder warranty. Located minutes away from Paradise Valley and Scottsdale's top resorts, golf, dining, and shopping.
88 N Country Club Drive
Phoenix, AZ 85014
$3,250,000
5
Beds
7
Baths
5,639
SqFt
Status
Active
MLS #
6777151
Property Type
Single Family Residence
Price Type
--
Welcome to Manor 88- a timeless retreat nestled within the heart of vibrant downtown Phoenix, yet offering serene seclusion behind the private gates of the renowned and historic Phoenix Country Club. Upon arrival you are warmly greeted by an expansive brick driveway and tree-filled lawn that frame your view of a charming extended front porch, a perfect spot for an early morning coffee or evening conversations. Meticulously renovated, this 1947 classic offers a sprawling floor-plan bathed in natural light and accented by warm oak hardwood floors throughout. You'll discover spaces designed for both intimacy and entertainment, from the built-in living room bar and floor to ceiling brick gas fireplace to the versatile game/gym/study/movie room along with an office and 4 other generously sized en-suites that ensure comfort and privacy. The grand chef's kitchen features top-of-the-line appliances, granite and quartz counters, brick backsplash, ample storage, solid wood cabinetry and many designer details offering both beauty and function. Off the kitchen, discover the laundry and mudroom, complete with custom cabinetry and a built-in fridge that leads you through a gorgeous light filled hallway to your primary retreat. The dining room opens to an expanded courtyard through elegant pocketed doors and overlooks multiple seating areas, a crafted swing set, a spa and a full grass field, providing endless opportunities for outdoor enjoyment and entertainment. This reimagined European farmhouse style home is complete with owned solar panels, an epoxied 3-car garage, and numerous updates throughout to combine classic charm with modern conveniences. Located near the clubhouse and just moments from the city's heart, this property isn't just a house - it's a warm, inviting home ready for your next chapter.
7330 E Arroyo Seco Road
Scottsdale, AZ 85266
$3,250,000
4
Beds
6
Baths
6,460
SqFt
Status
Active
MLS #
6609535
Property Type
Single Family Residence
Price Type
--
This very unique home is located in the Estate Lots at The Boulders. A custom steel gate of desert motif welcomes you into the front courtyard. The massive carved front doors feature a relief of a large multi-branched tree. The living Room has a 2 story ceiling and a beautiful winding stairway to the Family/Game Room with wet bar and bathroom located upstairs. Enjoy the mountain and golf course views from the balcony. The large kitchen opens to a family room with a fireplace, wet bar and entertainment center built-in cabinets. All guest rooms have their own baths. The Master Bedroom is a generous approximate 21 X 21 square feet with a huge walk-in closet. The pool patio area offers total privacy for relaxing or entertaining. The adjacent lot is also available for purchase. includes a boundary and topographic survey, a schematic site plan and schematic floor plan.
25002 N Quail Haven Drive
Rio Verde, AZ 85263
$3,250,000
6
Beds
6.5
Baths
6,868
SqFt
Status
Active
MLS #
6707772
Property Type
Single Family Residence
Price Type
--
If you are looking for peace and serenity and room to breathe, this is the house for you! Don't miss this rare opportunity to own a piece of paradise in the wonderful Rio Verde golf community. Situated on over 1.5 acres (17,598 sq ft adjacent lot included) and bordering The McDowell Mountain Park, this privately gated property offers ultimate privacy. The main house features two primary suites and three secondary en-suite bedrooms. The spacious kitchen with a butler's pantry is a chef's dream. A double-sided fireplace separates the large great room and dining area. Additional highlights include a 1,073 sq ft guest house, a 2,300 sq ft pool house with a 980 sq ft heated pool and spa, nine patios including a rooftop patio with 360-degree views, and multiple desert gardens. The custom exterior lighting package ensures you can enjoy the entire property at all times. The adjacent lot, also included in the sale, can be sold and built on. The Rio Verde community offers a golf course, state-of-the-art community center, tennis courts, restaurant, Community Church, and post office. This is truly a unique and exceptional property!
39402 N 67th Place
Cave Creek, AZ 85331
$3,249,000
4
Beds
6
Baths
5,312
SqFt
Status
Active
MLS #
6775546
Property Type
Single Family Residence
Price Type
--
Discover your ultimate desert oasis, a quiet, peaceful, and luxurious 5,312 sq ft retreat surrounded by iconic saguaros and endless desert vistas. Set on 2.1 meticulously landscaped acres, this stunning home was fully rebuilt and expanded in 2020, featuring modern upgrades like plumbing, electrical systems, and state-of-the-art amenities. With two owned water softeners, a propane tank, RO system, and ADT security, every detail has been considered. Step into elegance with four ensuite bedrooms, 4 full bathrooms and 2 half baths, and masterful craftsmanship throughout. A wall of Fleetwood thermopane windows greets you upon entry, revealing breathtaking views. The open-concept gourmet kitchen and great room is an entertainer's dream, boasting leathered granite countertops, a Miele range, and Dacor column fridge and freezer, built-in Miele coffee maker, and custom cabinetry. The expansive U-shaped island, with seating for eight, is perfect for gatherings. A spacious walk-in pantry, complete with washer/dryer hookups and floor-to-ceiling cabinetry, offers ample storage. Relax by the three-sided gas fireplace, whether you're dining or enjoying one of the two cozy living areas. Automated shades provide comfort and privacy at the touch of a button. Retreat upstairs to your luxurious primary suite, featuring a tranquil sitting area, unique granite accent wall, custom furniture, a private balcony with panoramic views and direct access to the pool area. The spa-like bathroom includes custom cabinets, quartzite and marble finishes, and a two-person digital steam shower with body sprays. The large split two-sided closet, complete with washer/dryer hookups, makes the space entirely self-sufficient. On the main floor, you'll find an office and additional bedrooms, including a second primary suite with a wood-burning fireplace, walk-in closet, and a bathroom overlooking a beautiful painted courtyard. There's also a flexible space ideal for a gym or second office. High-end finishes abound, including designer lighting fixtures, custom Italian doors, and intricate steelwork. Outside, the resort-style backyard awaits with a Pebble Tec diving pool, cascading waterfalls, and a shaded ramada. The outdoor kitchen includes space for a BBQ set up and a granite island with a sink and fridge. Enjoy evenings around the custom gas fire pit or unwind in the private hot tub, surrounded by lush gardens and a courtyard adorned with a hand-painted mural. This home also features a four-car, temperature-controlled garage with epoxy floors, a horse corral, tack room, and ample land for future expansionswhether you're dreaming of a guest house, sports courts, or additional horse facilities. This Arizona paradise offers unmatched luxury and endless possibilities.
4849 N Camelback Ridge Road
Scottsdale, AZ 85251
$3,225,000
2
Beds
3
Baths
2,594
SqFt
Status
Active
MLS #
6681503
Property Type
Apartment
Price Type
--
Tucked at the base of revered Camelback Mountain, Ascent is a new, private residential enclave adjacent to The Phoenician Resort - one of Arizona's premier luxury resort destination. This community incorporates the Sonoran Desert landscape directly into its design, at the most enviable location in Scottsdale. Ascent offer views overlooking the Valley & Camelback Mountain. Home designs feature contemporary architecture integrating warm, natural materials, expansive windows, and large outdoor patios. Thoughtfully designed by Nelsen Architects and Vallone Interior Design. Luxury finishes include exquisite Bulthaup Kitchens, Provenza wood floors, Sub Zero Wolf appliances & 10' ceilings.
875 Rim Drive
Pinedale, AZ 85934
$3,200,000
16
Beds
8.5
Baths
10,823
SqFt
Status
Active
MLS #
6732458
Property Type
Single Family Residence
Price Type
--
Once in a lifetime opportunity! Located in the White Mountains and surrounded by USFS property, this 60-acre property has everything you are looking for. Adorned with mature ponderosa pines, fruit trees, pastures, and Pinedale Wash running through. Currently used as a Family retreat, there are many possibilities from company retreat, dude ranch, rentals, and much more. The property has been well cared for over the years and has many upgrades. The picturesque views from every home, lawns, playground, fire pit, are just a few of the things you'll fall in love with. With 4 separate houses, one of which is duplex, there's plenty of room for everyone. The main house has 5 bedrooms and 3 baths with an open floor plan. The large living room is great for gatherings and the kitchen is perfect for entertaining and making memories with friends and family. The Guest house has 4 bedrooms, 2 baths, and an extra-large kitchen and great room: a perfect place for family gatherings. The Caretaker's home and the duplex add an additional 7 bedrooms and 3.5 baths. In addition, there is also a 2200 square foot stable with a fenced in corral. Pastures are fenced in to allow for grazing, and a variety of equipment is available. The private well provides plenty of fresh water for all the homes and additional water lines running through the property.
