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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2980 E Boot Track Trail
Gilbert, AZ 85296
$2,650,000
6
Beds
5
Baths
5,728
SqFt
Status
Active
MLS #
6761387
Property Type
Single Family Residence
Price Type
--
Morrison Ranch Gem in the heart of Gilbert AZ!!! This home showcases unrivaled options, with custom upgrades and meticulous trim finishes throughout. The light and bright interior flows seamlessly into a wide open floorplan, perfect for modern living and entertaining. The gourmet kitchen is a chef's dream, featuring an abundance of cabinetry, a massive waterfall-edge island, and high-end stainless steel and cabinet-faced appliances. Entertainment options abound with a dedicated theatre and gaming room, while the fully enclosed metal and glass workout room provides a sleek, private space for fitness. The oversized master bedroom is an elegant retreat, opening to a large overlook patio with stunning views of the resort-style backyard. The master bathroom offers expansive elbow room and luxury finishes, and the master closet boasts a plethora of storage, designed for maximum convenience and style. This home is a true masterpiece with over $1.2 million in upgrades and additions, making it a must-see for those seeking the pinnacle of luxury living in Gilbert. There are far too many features to list, lock in your private look today!
12201 E Shangri La Road
Scottsdale, AZ 85259
$2,650,000
5
Beds
4.5
Baths
5,511
SqFt
Status
Active
MLS #
6749323
Property Type
Single Family Residence
Price Type
--
Welcome to unparalleled luxury in the heart of Scottsdale! This exquisite custom home is situated on a corner lot within a cul-de-sac, spanning nearly one acre. Boasting 6 spacious bedrooms and 4.5 bathrooms, this residence offers over 5,500 square feet of thoughtfully designed living space. The main level encompasses approximately 4,200 SF and features 4 bedrooms, one of which is currently utilized as an office, along with 3.5 bathrooms. As you step inside, you'll be greeted by soaring 12-foot ceilings that create an ambiance of elegance. To your right, you'll find the primary suite and office. The primary suite serves as a haven of relaxation, complete with a cozy attached sitting/reading room, a spa-like bathroom, and an impressive walk-in closet. To your left you will find a chef's dream kitchen featuring 2 expansive granite islands, stainless-steel appliances including double ovens. 2 additional bedrooms with a full bath are split from the primary suite, offering ideal accommodations for guests. The lower level is currently a recreational paradise, featuring a game room, fireplace, wet bar, and a stunning glass patio door that floods the space with natural light. This bright and open area also includes 2 additional bedrooms, a full bath, a powder room, and a walk-out area leading to a 1-car garage. Step outside to your own private sanctuary - a beautifully landscaped backyard with an expansive patio, complete with a misting system. The large diving pool and spa are perfect for relaxation, while the adjacent BBQ area and spacious grassy expanse offer ample space for gatherings. Enjoy breathtaking city lights and stunning mountain views from your backyard retreat. The 3-car garage is situated on one side of the house, leading directly to the primary suite. This Scottsdale estate is the epitome of luxury living, offering a perfect blend of elegance, comfort, and modern amenities. No HOA - Come see it today!
4501 E Turney Avenue
Phoenix, AZ 85018
$2,650,000
4
Beds
5
Baths
3,516
SqFt
Status
Active
MLS #
6695499
Property Type
Single Family Residence
Price Type
--
Immerse yourself in luxury with this architecturally astounding, one-of-one Modern Coastal Inspired home. This custom-built residence showcases an exceptional use of glass and natural light, creating a stunning visual connection to the outdoors. Property Highlights: Elegant Design: Spanning over 3,500 sq ft, DUO features a spacious open-concept layout ideal for modern living and grand entertaining. Natural light and Views: Floor-to-ceiling glass walls throughout the home offer uninterrupted views of the iconic Camelback Mtn & The Phoenix Mtn Preserve. Modern Coastal Architecture: Project DUO stands out as a one-of-one with its unique Modern Coastal Architecture, imagined with the amazing team at DesignTank and Urban Revival. Integrating high-end materials and finishes, like aggregate concrete driveways and walkways, exposed brick, heat and steam treated exterior rated oak and metal, combined with innovative design to create a visually striking appearance Luxurious Interiors: Every detail has been carefully selected, from the state-of-the-art kitchen with premium appliances and custom cabinetry, to the tranquil bedrooms each with en-suite facilities and walk-in closets. The master suite is particularly impressive, offering a spa-like bathroom and breathtaking CB Mtn views from the moment you open your eyes in the morning. Prime Location: Situated within close proximity to top schools, fine dining, and exclusive shopping, this home offers both privacy and convenience in Phoenix's most coveted neighborhood. This property is more than just a home; it's a masterpiece of modern design and a rare jewel in the Arcadia real estate market. Outdoor Living: Exterior patios and expansive walk-out decks enhance your connection to nature, providing a perfect setting for relaxing and hosting with scenic mountain backdrops. Experience the paragon of modern luxury living with unrivaled views and exquisite design in this exclusive Arcadia residence. Your chance to own this spectacular home is just an inquiry away.
19883 E Vallejo Street
Queen Creek, AZ 85142
$2,649,000
4
Beds
5
Baths
3,898
SqFt
Status
Active
MLS #
6768419
Property Type
Single Family Residence
Price Type
--
A breathtaking Toll Brothers home in exclusive Whitewing community. No detail spared. Nearly 4000 sf of beauty and detail, located on a premium corner lot backing up to a lush greenbelt with 4 bedrooms, 4.5 baths, and over 180 degrees of breathtaking mountain views- watch the sunrise and sunset. This spacious interior boasts over $400,000 in upgrades and customizations, including: Grand ceilings throughout, solid alder doors, 18ft disappearing walls to patio, a center courtyard, and spectacular lighting. Chef's kitchen boasts Double Ovens, 48'' gourmet gas cooktop, separate fridge, and freezers, Sub Zero 64 bottle wine cabinet, 2 large Islands, quartz countertops, custom led lighting features, over $60k in custom closets, media walls, and storage cabinetry, epoxied garages, grand entry door, solid wood floors and Ceramic tile throughout, $40k Sonos audio system throughout, whole house water treatment system, reverse osmosis. Over $500,000 in pool and landscaping by Creative Environments, including: a heated pool with 2 Baja shelves, 2 covered entertainment areas, multiple fire and water features, 4 fireplaces, above ground spa, automated lighted awnings, outdoor kitchen with stainless appliances, and so much more. You've got to see it!
28877 N 78th Street
Scottsdale, AZ 85266
$2,649,000
4
Beds
4.5
Baths
4,046
SqFt
Status
Active
MLS #
6733231
Property Type
Single Family Residence
Price Type
--
Spectacular Newer, Custom Home on 2.24 acres in the heart of North Scottsdale. Huge Opportunity! Large circular driveway, paved courtyard w/gas fire pit. Enter through the custom, wrought-iron front door. Large & open great room w/telescoping glass doors opening to beautifully landscaped back yard with pool, spa, synthetic turf lawn, built in BBQ. Entertainers' chef's kitchen w/custom cabinets, extra large island, granite counters, Sub Zero refrigerator & 8 burner Wolf gas range w/ double ovens. And a third, built-in oven and large breakfast area. Tile plank floors throughout & upgraded carpet & padding in the bedrooms. Large master bath with floor to ceiling glass shower & separate soaking tub. Huge closet w/ custom cabinets. Extra-large 6-car garage with epoxy floor. Priced to Sell!
37200 N Cave Creek Road Unit 2110
Scottsdale, AZ 85262
$2,647,900
2
Beds
3.5
Baths
2,716
SqFt
Status
Active
MLS #
6729130
Property Type
Townhouse
Price Type
--
All new construction! Spectacular upper-level corner residence 2,716 sq. ft., 2 beds, den/office, 3.5 baths, 2 car garage with golf cart/storage area. Designed to integrate the stunning outdoors with the comforts of the inside. Incredible views of the Seven Golf Course and mountain ranges. This unit has an expansive covered patio with retractable, pocketed doors creating a spectacular space for entertaining. Private elevator is included for your convenience. Just steps away from the Seven clubhouse and Pro Shop. Ready Now! DM approval and Membership required. Avoid the wait list!
6035 E Los Reales Drive
Carefree, AZ 85377
$2,625,000
4
Beds
4.5
Baths
4,552
SqFt
Status
Active Under Contract
MLS #
6727297
Property Type
Single Family Residence
Price Type
--
Very elegant and totally private hacienda style courtyard greets you with 12 foot wood French doors opening to a botanical paradise surrounding a babbling brook style pool and spa. Just remodeled sleek primary suite and luxurious bath overlook the abundant gardens and romantic pool patios. Light filled kitchen anchors the home and opens to informal dining, formal dining and the glass dominant sweeping great room with warm wood accents and chic black stovepipe fireplace designed for entertaining. Poolside detached casita framed with slump block wall and extended trellis draped in floral vines just steps away from the generous covered and uncovered patios. Swim, lounge, converse and dine as you wish while enjoying the warmth of an outdoor two way fireplace that beckons all in residence. Primary suite also offers charming reading nook or studio/flex space for in home office or supplemental fitness options. Finishes include wood ceilings, wood beams, maple cabinetry, stone flooring, Bosch appliances, new sinks, new gas stovetop and custom bath fixtures. Los Reales is a bespoke gated community with only 14 homesites sitting at the base of Black Mountain.
2380 S Pinyon Jay Drive Unit 28
Flagstaff, AZ 86005
$2,623,000
4
Beds
4.5
Baths
3,197
SqFt
Status
Active
MLS #
6765504
Property Type
Single Family Residence
Price Type
--
Home is currently under construction. The Coronado plan puts a central focus on the home's living area - an open layout that flows freely from one room to the next, and thanks to center-sliding patio doors, even allows the outdoors, in. An expansive patio calls for cocktails under the stars or summers reads on warm afternoons. Incentives are currently being offered. Please inquire with a Pine Canyon Sales Executive for more information. List Price includes the following upgrades: above garage bonus room, 3rd car garage with additional bump out, metal roof (in various sections), Built-in BBQ, Cantina pocket doors, fireplace surround to ceiling, exterior privacy fencing and a custom exterior color/stone scheme
10977 E Oberlin Way
Scottsdale, AZ 85262
$2,620,000
4
Beds
4
Baths
2,925
SqFt
Status
Active
MLS #
6655739
Property Type
Single Family Residence
Price Type
--
Serene is brand new gated enclave of 21 cutting edge single level contemporary homes designed by Swayback Architects & Planners and built by Sonora West Development. Each Serene home brings a new definition to the ''Lock and Leave'' lifestyle with open Great Room floor plans perfect for both entertaining and everyday living. There are four different models to choose from with lavish interior finishes created by renown interior designers Est Est. This Model C has a 3 car garage available only on lots 19 & 10. Base price shown includes lot premiums and 25K pool and a 25k landscape allowance, Sub-Zero & Wolf Appliances & BBQ. Backing to the North side of Pinnacle Peak Mountain in N Scottsdale, Serene..
2455 N Maple --
Mesa, AZ 85215
$2,600,000
5
Beds
5.5
Baths
7,105
SqFt
Status
Active
MLS #
6737617
Property Type
Single Family Residence
Price Type
--
Nestled in a private gated enclave with 20 custom estate lots. This basement home offers so much. The main floor includes a primary suite with dual W/I closets, guest bedroom w/ en-suite, library, office, greeting room & ½ bath. An open concept that includes dining and a large family room. The chef's kitchen is equipped w/ gas cooktop, pot filler, dual ovens & dishwashers. Multi shelved walk-in pantry room.The third level has a large bedroom, ensuite and a full length balcony overlooking the backyard oasis. The basement has two additional bedrooms, full bathroom, storage room, game room and a Theater!!! There is more...Oversized 4 car garage, plus a HUGH RV garage with built in storage and an air-conditioned workshop.
9725 N Fireridge Trail
Fountain Hills, AZ 85268
$2,600,000
4
Beds
6
Baths
6,229
SqFt
Status
Active
MLS #
6766960
Property Type
Single Family Residence
Price Type
--
Perched gracefully within the prestigious FireRock Country Club, this meticulously designed Tuscan estate is a rare gem, deserving of global attention. Set on an elevated lot with breathtaking views, this home immediately captivates with its custom iron door and grandiose soaring ceilings, offering an emotional and architectural allure. Every detail within this residence speaks to refined living, starting with the open-concept great room, where a striking Cantera stone fireplace commands attention, complemented by an exquisite wet bar and a masterfully designed 200-bottle wine cellar—perfect for both entertaining and intimate evenings at home. he culinary heart of this estate is nothing short of a paradise, boasting premium stainless steel appliances, dual wall ovens, a 6-burner gas range, and newly redesigned granite countertops. The oversized breakfast nook and walk-in pantry complete this kitchen haven, while intricate Cantera stonework adds a touch of artistry. A true retreat, the master suite is an embodiment of relaxation and luxury. With its own fireplace, a private seating area or gym, and direct access to the serene backyard, this sanctuary is unrivaled. Indulge in the spa-like master bathroom, which has been completely reimagined with dual vanities, a lavish soaking tub, a walk-in shower, and a custom-built coffee bar, ensuring morning routines are nothing short of indulgent. Custom walk-in closets provide ample space for sophisticated living. Each additional bedroom is a stately haven with its own en-suite bath and walk-in closet, ensuring comfort and privacy for every guest. Business and pleasure coexist effortlessly with a smartly designed office featuring custom built-ins and a private patio. Outdoors, the home's multiple patios and decks capture FireRock's dramatic skyline and unforgettable desert sunsets. The negative-edge pool, outdoor fireplace, and fire pit evoke the joys of Sonoran living, surrounded by lush landscaping that includes citrus trees and raised garden beds, all carefully maintained with a modern irrigation system. Additional luxuries include recently updated white oak flooring, a wall of retracting glass doors, beamed ceilings, and formal dining enhanced by the ambiance of a well-appointed wet bar. The estate also boasts a backup generator, ensuring peace of mind, while energy efficiency is maximized with dual-pane tinted windows and sunscreens. Truly a rare offering, this estate combines stately design with contemporary comforts, making it a residence worthy of international acclaim.
