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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3091 E Morrison Ranch Parkway
Gilbert, AZ 85296
$2,435,000
6
Beds
3.5
Baths
4,765
SqFt
Status
Active
MLS #
6708102
Property Type
Single Family Residence
Price Type
--
A single story home with 5 Bedrooms, Den and casita on nearly an acre of land off the tree lined street, Morrison Ranch Pkwy. One of Morrison Ranch's largest lots. This home has all the requisites. Spacious split floorplan with huge living and family rooms. Resort like zero edge pool with sunken bar and ramada. 4.5 Car Garage spaces. Approved for RV/Boat gate access. This home has been thoughtfully designed and meticulously cared for inside and out. It's waiting for you to enjoy or add to this dream home.
10931 E Whitethorn Drive
Scottsdale, AZ 85262
$2,425,000
3
Beds
3.5
Baths
2,825
SqFt
Status
Active
MLS #
6655790
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 2 car garage and available only on lot 9. Price shown includes lot premium 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 is close to shopping, restaurants and over two dozen private and public golf courses. Don't miss.. your opportunity to take part in the Serene lifestyle.
11905 N 83rd Place
Scottsdale, AZ 85260
$2,420,000
4
Beds
3
Baths
3,097
SqFt
Status
Active
MLS #
6698056
Property Type
Single Family Residence
Price Type
--
Beautiful, highly desired Scottsdale Country Club East Nine. Great Location with McDowell Mountain Views, On Hole #7 of Starfire Golf Course backyard facing East, at the back of the neighborhood. Not enough sq. ft. in the house? Large lot will accommodate building an additional guest house/office/studio/adu. This 3097 sf, 4 bedroom 3 bath home has been remodeled top to bottom - inside and out! High end details and special attention paid throughout. Luxury finishes and thoughtful design. Wonderful Kitchen with great views and lights and huge island. Bathrooms are enviable!! Separate beverage/coffee bar with bev. frig and additional wine/wet bar with wine cooler. Extra touches such as separate doggie shower and charging station/drop zone for your electronics. Fabulous outdoor entertaining area. The list goes on and on. Come visit to appreciate it fully.
23907 N 83rd Avenue
Peoria, AZ 85383
$2,400,000
10
Beds
9.5
Baths
8,386
SqFt
Status
Active
MLS #
6738116
Property Type
Single Family Residence
Price Type
--
This energy-efficient Multi-Generational home now for sale in Peoria is the one for you! Nestled on an oversized 1.4 acre lot, this gem boasts 2 attached guest houses plus basement guest quarters and a detached casita, for a grand total of 10 bedrooms and 9.5 bathrooms! Tasteful stone accents, a lovely paver courtyard, and 3 garage spaces are just the beginning. The main house features a sizeable dining & living area w/soaring ceilings, tile flooring, graceful archways, and crisp palette throughout. Spend a relaxing evening in the spacious family room, equipped w/soft carpet and a fireplace to keep you warm during the winter months. The gorgeous eat-in kitchen is comprised of ample cabinetry w/crown moulding, a pantry, granite counters, and an island complete w/a breakfast bar. You'll love the primary bedroom, which includes private outdoor access, a walk-in closet, and a full ensuite w/dual sinks. Don't forget about the cozy den w/double doors, laminate flooring, and a 2nd fireplace! Each guest house showcases its own kitchen and many of the same features as the main house, so they're sure to make your friends & loved ones feel right at home! Finally, the backyard includes a large patio, rooftop deck, a convenient storage shed, and tons of extra space perfect for a pool! This is the opportunity of a lifetime, don't let it slip by!
9233 S Krista Drive
Goodyear, AZ 85338
$2,400,000
4
Beds
4.5
Baths
4,759
SqFt
Status
Active
MLS #
6728156
Property Type
Single Family Residence
Price Type
--
Imagine, Estrella's finest, Custom Retreat, stargazing in your Cascading Waterfall, Saltwater Pool ~ Spa, Resort Backyard: Outdoor Kitchen, Travertine Covered Patio encompassing Panoramic Views w 2 Rooftop Decks! Breathtaking Courtyard entry adorned with Stone Fountain. Stunning Architecture, Exquisite Lighting & Chef's Kitchen boasts Custom Cabinetry, Thermador Appliances, Pot filler, 6 Burner Gas Cooktop w/ Griddle, Gorgeous Granite & Huge Island. Flooring w/ Inlaid Tile, Crystal Chandeliers, Central Vac, 3 Gas Fireplaces, Surround Sound. Primary En-Suite adorned with Luxurious Spa Bath. Thermador Espresso Machine. Designer Secondary Baths w/ Vessel Sinks, Gold Plated Faucets! Surround Sound. Incredible Custom Home located in the Summit of Estrella Mountain Ranch Consisting of 4 bedrooms, 4.5 baths, large office with fireplace, game room with wet bar. 2 roof top decks along with huge windows throughout the house provide breathtaking mountain views from every angle. Paved private drive with ample parking. Custom ironwork & lighting - gorgeous entry w/courtyard & stone fountain. Beautiful woodwork -Chef's Kitchen w/custom cabinetry & built-in Thermador appliances, pot filler, 6 burner gas cooktop w/ griddle, Level 6 granite, huge island. Remarkable flooring w/ inlaid tile - Luxurious spa master bath with jetted tub / built-in-media controls & Thermador espresso machine. Designer secondary baths w/ vessel sinks - central vac, 3 gas fireplaces, surround sound throughout. Spectacular Saltwater pool w/ spa & waterfall. Spacious covered patios w/ Travertine flooring & pool decking, built-in BBQ All of this within the exciting community of Estrella Mountain Ranch with its 72 acres of lakes, 3,000 sq ft fitness center overlooking the 12,000 sq ft water-park with water slides and heated lap pool. Estrella Mountain residents enjoy over 40 acres of parks that include pathways, pavilions, an amphitheater, basketball, tennis, pickle-ball and volleyball courts. On the lake north lake is the Yacht Club that offers sailboats, paddle boats, canoes, and kayaks. Over 30 miles of hiking and well-designed mountain biking trails. Estrella is also home to a par-72, 18-hole championship golf course designed by award-winning Nicklaus Design.
5580 E El Sendero Drive
Cave Creek, AZ 85331
$2,400,000
4
Beds
4.5
Baths
4,795
SqFt
Status
Active
MLS #
6611984
Property Type
Single Family Residence
Price Type
--
Located perfectly between Cave Creek and Carefree, this new custom construction home will be built to suit the desires of even the most discerning buyer. With 4,795 of combined indoor and outdoor covered living spaces, you'll get the absolute most out of your home's oasis and the spectacular views of Black Mountain. The large sliding glass walls open the generously sized great room to the expansive covered patio that overlooks the pool & spa, built-in grill, and the natural desert landscaping behind. The split living plan offers bedrooms on both ends, with all living, entertainment and dining areas in the heart of the home. 10 and 12 foot ceilings throughout will give a grand and open feeling to this very well thought out plan... and with luxury appliances, lighting accents, and high-end custom cabinetry, you will fall in love as you see your dream home come to life. Buyers will have their choice of finish options and will have a great time working with this highly experienced, quality builder. Enjoy shopping, entertainment, dining and live music any day of the week, because Cave Creek, Scottsdale, Carefree and Desert Ridge are all within minutes. You'll get the best of the Sonoran Desert and the quaint lifestyle of a small town, but with all of the amenities of the big city. Don't miss your opportunity to create your very own oasis in the desert!
36031 N 24th Avenue
Phoenix, AZ 85086
$2,400,000
4
Beds
4
Baths
3,858
SqFt
Status
Active
MLS #
6679810
Property Type
Single Family Residence
Price Type
--
TO BE BUILT - NEW HOME CONSTRUCTION in the gated community of Tramonto Estates. With almost 2 acres in a prime location this can be your very own dream home! This new construction home is going to offer the very best of modern living and refined elegance in a gorgeous desert setting. Your dream home is waiting!
21279 W Black Rock Drive
Buckeye, AZ 85396
$2,400,000
4
Beds
4.5
Baths
4,942
SqFt
Status
Active
MLS #
6700059
Property Type
Single Family Residence
Price Type
--
Incredible single level custom home opportunity in Verrado. Buyer still has the opportunity to choose all interior finishes and exterior elevation design. Main house is 4,027 square feet and the attached guest quarters is 915 square feet, for a total of 4,942 square feet with a three car garage. Also includes a swimming pool and spa. This home features a captivating great room floor plan and is situated on an expansive 1.047 acre lot. Providing the perfect canvas for your vision of luxury living. this remarkable residence promises an unparalleled level of customization and sophistication. Click on More for more information: Step into the heart of this home, and be greeted by a kitchen that is as functional as it is beautiful. The buyer has the freedom to select their desired stone for the island, countertops, and backsplash, creating a kitchen that reflects their personal style and taste. Every cabinet in this culinary haven is equipped with slow-close drawers and doors, embodying the seamless blend of convenience and refine craftsmanship. Viking appliances and a pot filler adds an elegant touch to the culinary experience, while the presence of a butler pantry with a separate food prep area allows for seamless organization and efficiency. With 42 upper cabinets and 30 lower cabinets, ample storage space is provided, ensuring a clutter-free environment. The 3cm countertop edge profile adds a luxurious finishing touch to this stunning kitchen. The elegance continues throughout the home with a choice of 12x24 or 24x36 tiles in all wet areas, creating a cohesive and visually pleasing aesthetic. The 8 baseboards and solid core doors add an extra layer of sophistication and durability. Every bathroom in this custom home features custom stone and tile showers, exuding opulence and sophistication. The master shower is equipped with dual body systems, ensuring a spa-like experience in the comfort of your own home. Satin nickel Moen fixtures add a sleek and modern touch throughout. For effortless entertaining, a wet bar area is thoughtfully incorporated, complete with a sink, refrigerator, and icemaker, ensuring that refreshments are always close at hand. Indulge in the opportunity to create your dream home with this exceptional custom residence. From the meticulously designed kitchen to the luxurious outdoor oasis, every detail has been carefully considered to provide the ultimate in comfort, style, and functionality. Embrace the chance to curate a space that reflects your unique vision and experience the epitome of elegance and refinement in this remarkable custom home. Step outside and discover an oasis of relaxation and entertainment. An outdoor wood-burning fireplace sets the stage for cozy gatherings on cool evenings. The centerpiece of the outdoor area is the stunning 25x50 swim-up beach pool with a separate spill-over hot tub, providing a luxurious retreat for relaxation and recreation.
11426 E Quail Lane
Cave Creek, AZ 85331
$2,400,000
4
Beds
4.5
Baths
3,861
SqFt
Status
Active
MLS #
6729200
Property Type
Single Family Residence
Price Type
--
Glass dominant custom new build with total privacy and forever views of Tonto National Forest, mighty Four Peaks, Weaver's Needle and all connecting ranges. Sleek and stylish contemporary in cool neutral tones with stainless steel appliances and 6 CAR GARAGE with space for more if you wish. Intelligent and open floor plan with 4 bedrooms (including casita) and 4.5 bathrooms offering spacious comfort for all in residence. Kitchen designed in a clean white palette with an island large enough for both prep and service. 6 burner gas grill with griddle and side by side 60 inch refrigerator/freezer for the gourmand in mind. Gunmetal shades of grey high gloss Italian porcelain floors throughout. Spray foam insulation in every wall and and ceiling, all en suite bedrooms with walk in closets and ample storage in every living space. Designed with an ideal Southern exposure/orientation to offer intentional interior climate controlled benefits throughout the year. Tonto Hills is a very private, equestrian deeded gem of a community at an elevation of 3800 feet enjoying cooler temperatures and a forever breeze on the mountain. No air traffic, countless hiking trails/landmarks and a neighborhood restaurant within walking distance with views that will astonish you and your guests. Plenty of room for a pool that could be seated for your privacy in mind capturing the panorama and moonscape views before you...
10270 E Saddle Horn Trail
Scottsdale, AZ 85255
$2,400,000
4
Beds
4.5
Baths
4,003
SqFt
Status
Active
MLS #
6762997
Property Type
Single Family Residence
Price Type
--
A rare opportunity in Eagles Glen, a small gated community with just 57 lots, perfectly situated next to Desert Highlands. This property, being offered for the first time by the original owner, spans 1.42 acres, providing exceptional privacy & breathtaking views of Pinnacle Peak, Troon Mountain, and the McDowell Mountain range. The home's north-south orientation allows for beautiful sunrise and sunset views. Upon entering, you're greeted by dramatic high ceilings and stunning views of Pinnacle Peak that draw your attention throughout the home. The residence features three en-suite bedrooms & an expansive master retreat, complete with a private sitting area. The master bath includes a separate jetted tub, shower, and an oversized walk-in closet with a securely lockable sportsman's closet. Designed for both formal and relaxed living, the home offers a formal living room, dining room, and an oversized kitchen with seating that overlooks the pool and mountain views. A full wet bar off the dining area and a butler's pantry make entertaining effortless. The private backyard includes a large covered patio extending to the pool area, where you can soak in the surrounding mountain scenery. The three-car garage features oversized 8-foot doors and an extended third bay. Located just minutes from world-class golf at Troon North, as well as shopping, dining, and some of Arizona's best hiking trails, including Pinnacle Peak Park and the expansive 23,000-acre Scottsdale Sonoran Preserve
10793 E La Junta Road
Scottsdale, AZ 85255
$2,400,000
4
Beds
4.5
Baths
4,126
SqFt
Status
Active
MLS #
6763577
Property Type
Single Family Residence
Price Type
--
A must-see 4,126 square foot custom home featuring 4 bedrooms and 4.5 baths in the secluded neighborhood of guard gated Artesano in Troon of North Scottsdale. From the 0.406-acre lot, enjoy the spectacular views of city, McDowell, Troon and Pinnacle Peak Mountains. Upon arrival, an open concept living layout welcomes you. The spacious living room features custom cabinets with a gas fireplace. The kitchen is an entertainer's delight with a Wolf gas cook top, double ovens and two Asko dishwashers. Conveniently located between the kitchen and family room, a bar featuring expansive counters, a fridge and an ice maker. The primary bedroom is on the second floor and has amazing city light views, the backyard and the pool. The master shower includes two separate shower controls. The secondary bedrooms have all en-suite bathrooms. The spacious floor plan with large windows and high ceilings allow the natural light to brighten the home. The laundry room is equipped with upper and lower cabinetry and a sink. For golfers and outdoor enthusiasts, the location provides quick access to numerous golf courses, Brown's Ranch and the Tonto national forest. The deep garages can accommodate large SUVs and trucks plus the high ceilings provide enough room for car lift/s. The elementary and high school buses stop just a quick 5-minute walk from the property.
3550 W Chipmunk Road
Prescott, AZ 86305
$2,400,000
5
Beds
6
Baths
4,851
SqFt
Status
Active
MLS #
6769370
Property Type
Single Family Residence
Price Type
--
Welcome to this fully fenced, 4 acre property of endless possibilities and ultimate flexibility! This expansive estate offers everything you need for a truly grand lifestyle—bring your horses, farm animals, RV, and toys, as there is room for it all. The elegant gated entry and circular paver driveway set the stage for this impressive home. Perched on a gentle slope, the home captures stunning views of Granite Mountain, with easy access to both levels, no stairs required. While the county assesses the upper level at 4,850 sq. ft., an additional equal amount of livable space can be found on the lower level. The main level features 3 bedrooms, 3.5 bathrooms, and 2 kitchens, providing an ideal setup for multi-generational living or an in-law suite. The design is perfect for entertaining, with multiple dog runs, yards, and ample outdoor space. The lower level offers 2 additional bedrooms, a spacious game room and family room, an impressive 880 sq. ft. of clean storage, and another 3/4 bath. Constructed with foam core-filled cement blocks, this home is incredibly energy-efficient, supplemented by 45 owned solar panels and a private well for cost-effective maintenance. The lower level stays between 68-72 degrees year-round without the need for A/C or heat, while the upper level is equipped with forced air heating and A/C for year-round comfort. The oversized garage easily accommodates up to 6 cars with its 4 separate bays, including a 10x10 opening suitable for larger profile vehicles. The RV pad behind the garage includes hookups for added convenience. Zoned for horses or farm animals, the property features 3 stalls, shelters, and a workshop, making it the perfect family compound or ranchette to fulfill your country-living dreams!