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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8536 E Preserve Way
Scottsdale, AZ 85266
$2,350,000
4
Beds
4.5
Baths
4,406
SqFt
Status
Active
MLS #
6772307
Property Type
Single Family Residence
Price Type
--
Assumable Mortgage at 3.75%!!! Stunning desert oasis with guest Casita in the sought after gated community of Boulder Ridge in Prime North Scottsdale! With its stone facade, 3-car garage, and large front porch, this beauty exudes elegance. Sophisticated interior will leave you in awe with its dazzling lighting fixtures, soaring ceilings, enormous porcelain tile, soft palette, and pre-wired surround sound. Highlights include a bright living/dining room and a dedicated office. Modern great room is adorned with exposed ceiling beams and a wall-mounted gas fireplace adding warmth and charm to any get-together. Culinary enthusiasts will be thrilled with the magazine-cover kitchen showcasing a plethora of cabinetry, chefs sink, tile backsplash, waterfall island and Cambria quartz counters. Top-of-the-line appliances. Impressive master boasts hardwood floors, direct outdoor access, and a lavish ensuite comprised of two vanities, a massive soaking tub, and an enclosed glass shower. Fully equipped guest's quarter/casita! Backyard promises year-round entertaining, which provides a covered patio, built-in BBQ, exterior fireplace, and an enticing pool. This unique find will captivate you! $500K remodel in 2021!
4129 E Palo Verde Drive
Phoenix, AZ 85018
$2,350,000
4
Beds
3
Baths
3,450
SqFt
Status
Active
MLS #
6769377
Property Type
Single Family Residence
Price Type
--
Location, location, location! Welcome to this beautiful 4 bedroom, 3 bathroom home, perfectly nestled in a highly sought-after cul-de-sac within the Short Hills community of 85018. Sitting on a lot just shy of half an acre, this property offers ample space and privacy, making it a true gem in the neighborhood. The interior is a unique blend of modern and timeless architecture. The outdoor space is stunning with a large covered patio, beautiful pool and spa, putting green, fire pit area and sauna. The attached mother-in-law suite provides flexibility and convenience, whether for guests or multigenerational living and has a full separate kitchen and eat in area. This home is walking distance to many incredible restaurants including Steak 44, Flower Child & The Global Ambassador! Want great schools too? Hopi, Ingleside and Arcadia! Come see for yourself.
5101 N Casa Blanca Drive Unit 324
Paradise Valley, AZ 85253
$2,350,000
2
Beds
3
Baths
2,293
SqFt
Status
Active
MLS #
6722426
Property Type
Single Family Residence
Price Type
--
''Yes Harriet, there is a garage in historic Casa Blanca!'' #324 is a beautiful single-level home with, 2 BR (split plan), 3 BA, and study. Relax in the wrap-around private garden patio with retractable awning and outdoor fireplace, designed by Charlie/The Green Room. Lovely natural light fills the Great Room with 13' ceilings and fireplace, the cozy den/studio/library, dining area, and gorgeous eat-in kitchen with quartz countertops ...all the things we love to live with. The primary suite features an enormous bath and walk-in closet, just a few steps from the charming ''read a book or swim'' pool..a happy, good mood place! The two-car garage has a sink and new epoxy floor. Enjoy the two other swimming pools, play tennis or pickle ball, or meander the walking paths and rose garden.
13061 N 80th Place
Scottsdale, AZ 85260
$2,350,000
4
Beds
3
Baths
3,303
SqFt
Status
Active
MLS #
6744439
Property Type
Single Family Residence
Price Type
--
Discover LUXURY in this BEAUTIFULLY updated 3,303 SF home on a sprawling 35,140 SF corner lot. Featuring 4 bedrooms, including 2 master suites, and 3 bathrooms, this residence offers both elegance and comfort. Enjoy a spacious layout with a formal living & dining room, a family room with a fireplace, and a gourmet kitchen with dual islands. The backyard is an entertainer's dream with a private pool, above-ground hot tub, sports court, and putting green. Ample driveway space completes this exceptional home. A MUST SEE!
333 Calle Linda --
Sedona, AZ 86336
$2,350,000
4
Beds
3.5
Baths
3,901
SqFt
Status
Active Under Contract
MLS #
6750799
Property Type
Single Family Residence
Price Type
--
Located in one of Sedona's exclusive gated communities, this 4,000 SqFt home offers stunning unobstructed red rock views, boasts DESIGNER UPGRADES throughout. NEW hardwood flooring, stylish light fixtures, and Hunter Douglas electric shades. The spacious floor plan includes a luxurious primary bedroom suite with a double-sided fireplace, a gourmet kitchen with a gas range and wine refrigerator, and a modern great room fireplace with Sedona's most scenic red rocks. The lower level features two private guest suites with en-suite bathrooms. Rare 3-car garage for this neighborhood. Enjoy the community's resort-style amenities, including a pool, pickleball, and tennis courts, in a safe and serene setting. HOA pays for landscaping, paved roads, gates, trash, and more! Rentals: 6-mo minimum. HOA pays for landscaping, paved roads, gates, trash, and more!
6990 E Buckhorn Trail
Scottsdale, AZ 85266
$2,349,000
6
Beds
5.5
Baths
5,944
SqFt
Status
Active
MLS #
6645697
Property Type
Single Family Residence
Price Type
--
Welcome to paradise in north Scottsdale! This sanctuary estate sits at the end of a short private cul-de-sac in the prestigious community of Lomas Verdes. Completely refurbished inside and out, featuring a large open kitchen and great room with high ceilings. The perfectly balanced floor plan will please even the most discerning buyers, providing comfortable two-person living as well as expansive living for larger families! This beautiful home also offers to keep everyone entertained with activities, including a pickle ball court, a beautiful pool and spa, and two outdoor fireplaces. The additional 1,000 square foot finished basement features a wet bar, and living and entertaining spaces. The 3 HVAC systems are newly installed with manufacturer warranties. New quartz counters throughout.
12222 N 74th Street
Scottsdale, AZ 85260
$2,347,000
4
Beds
3.5
Baths
3,669
SqFt
Status
Active
MLS #
6750919
Property Type
Single Family Residence
Price Type
--
Completely remodeled, this stunning property offers over 3,600 sq ft of luxurious living on a spacious 1/2-acre lot. Enjoy a sparkling pool with an expansive outdoor area, and the freedom of NO HOA. The home features an open floorplan, top-of-the-line appliances, quartz countertops with a waterfall edge, custom lighting, new windows, a Ramada with a BBQ station, and exquisite landscaping. Close to restaurants and nightlife, this dream home is perfectly situated for a vibrant lifestyle. Don't miss your chance to make it yours!
8447 E Nightingale Star Drive
Scottsdale, AZ 85266
$2,345,000
4
Beds
4.5
Baths
5,044
SqFt
Status
Active
MLS #
6717319
Property Type
Single Family Residence
Price Type
--
Experience the epitome of luxury in North Scottsdale's tranquil Sierra Boulders North community, situated within the prestigious 85266 ZIP code. Step through a private courtyard to enter this exquisite custom-built residence, showcasing a wrought iron entry, 18-inch travertine flooring, and 8-foot alder doors, all designed with a seamless, step-free interior. The den features coffered wood ceilings, while the fully remodeled kitchen is outfitted with premium Wolf appliances, a Sub-Zero refrigerator, a Wolf coffee maker, and an impressive 600+ bottle wine wall. This home also includes 4 new AC units, installed in 2022, ensuring year-round comfort. All guest bedrooms are ensuite, and the primary suite provides a versatile office/gym area, an expansive closet, a fireplace and outdoor access. Outdoors, enjoy panoramic views, travertine patios, an updated outdoor kitchen, landscape lighting, mature landscaping, and a heated pool and spa. Additionally, a detached casita offers extra accommodation for guests. The 85266 area boasts a harmonious blend of desert landscapes and upscale residential communities, many with breathtaking mountain views. It is home to several world-class golf courses and exclusive resorts, catering to those seeking a premium, sophisticated lifestyle
10059 W Villa Lindo Drive
Peoria, AZ 85383
$2,345,000
5
Beds
4
Baths
4,723
SqFt
Status
Active
MLS #
6735584
Property Type
Single Family Residence
Price Type
--
Exceptional custom home in the prestigious gated community of Melton Ranch 1. Spanning 5,679 square feet, this exquisite residence features 5 beds, 4 bathrooms, a 4-car garage with custom cabinetry, a designer pool, an RV garage, and a guest house. Enter through a private courtyard into the charming formal dining and living rooms. Unwind in your spacious master suite, complete with a sitting room, private backyard exit, and a cozy two-way fireplace. The master bath offers a whirlpool tub and a walk-in shower for ultimate relaxation. Perfect for entertaining, the gourmet kitchen opens through sliding glass pocket doors to a backyard oasis. Enjoy swimming or sliding into the designer pool, making this home an entertainer's dream.
6437 N 28th Street
Phoenix, AZ 85016
$2,330,000
3
Beds
3
Baths
3,026
SqFt
Status
Active Under Contract
MLS #
6763074
Property Type
Single Family Residence
Price Type
--
Discover the epitome of elegance in this stunning Golden Heritage residence plus casita, where modern luxury meets classic charm. Nestled in a serene neighborhood at the foot of the Phoenix Preserve, this beautifully appointed home features 3 spacious bedrooms and 2 lavish bathrooms, along with a separate casita that enhances both functionality and style. The private gated courtyard welcomes you to the main home where, once inside, the 12' ceilings offer a light and airy open floor plan. Timeless flagstone and neutral tones set off the quiet elegance drawing you into the the flow of the home. Beautiful cabinetry, recessed lighting, custom electric shades, dual direction fireplace and surrounding wall of windows -with four unique abutting corners- form the backdrop that brings natural in. Past the open office/flex space is the lavish Master Retreat. Indulge in the tranquil master suite featuring a spacious layout that offers privacy and comfort. The opulent master bathroom is a true sanctuary, showcasing dual vanities, a luxurious soaking tub, and a separate walk-in shower and sizeable walk-in closet, all designed for relaxation and rejuvenation. The beautifully landscaped backyard features a covered patio, perfect for enjoying sumptuous breakfasts, lazy afternoons, alfresco dining or quiet evenings under the stars. Low-maintenance landscaping makes the serene environment ideal for entertaining or unwinding in your own private retreat. The separate, much sought after, one bedroom Casita with full bath is a rare find in the Biltmore Hillside Villas, and offers versatile living options. Whether utilized as a guest suite, home office, or private spa, it provides an additional layer of privacy and convenience. Experience the perfect location, close to everything - dining, shopping, golf courses - but hidden on a quiet street, in a secluded, guard-gated, luxury community with plenty of walking and hiking trails, tennis courts and views of Piestewa, mountains and cityscape. Experience the best of urban living with easy access to major highways and airport. This exceptional property harmoniously blends luxury and comfort, making it a true gem in the Phoenix market. Don't miss the opportunity to call this exquisite residence your home. Schedule your private showing today!
6832 E Stevens Road
Cave Creek, AZ 85331
$2,327,500
4
Beds
4.5
Baths
4,656
SqFt
Status
Active
MLS #
6708723
Property Type
Single Family Residence
Price Type
--
WOW..Incredible TRANSFORMATIONAL REMODEL (2022) just north of the town of Cave Creek near the Carefree border, on a very private acre lot, all on one level. This peaceful oasis features 4 bedrooms, 4.5 baths 3CG, all bedrooms en suite. FULLY REDESIGNED KITCHEN with 10' quartz waterfall island, Thermador appliances, dual sinks, and a HIDDEN PANTRY with expansive storage and BEVERAGE CENTER. Luxurious primary suite with spa-like bath remodel. COLLAPSIBLE GLASS-WALL OFFICE and designer lighting and fans throughout. NEW (2022) flooring, HVAC, water treatment system, custom steel front door, premium wifi enabled garage doors, 50-amp EV charger. Huge rooms and storage abound. Large backyard with enough space to create your own personal retreat. Peaceful and private, but close to town. NO HOA NUMEROUS FEATURES, UPDATES and IMPROVEMENTS ABOUND. - High end Thermador smart appliance package with wifi connection - Package includes induction smooth top, multiple ovens, dual sinks - New high efficiency Carrier heat pumps with air scrubbers and wifi enabled thermostats - New wifi enable security system with 2 touchscreen control stations - Large extra storage space throughout, including walk-in hall closet - New premium garage doors with wifi enabled automatic openers - Garage includes: - Mini split climate control - Separate storage room and elevated storage space - 50 amp EV charger - City-approved plans for expanded backyard development - New sewage ejection pumps - Replaced pressure relief valve on main water line
8211 E Candelaria Drive
Scottsdale, AZ 85255
$2,325,000
3
Beds
3
Baths
3,218
SqFt
Status
Active
MLS #
6773922
Property Type
Single Family Residence
Price Type
--
Welcome home to your own, enchanting, private retreat. Located on a corner lot this beautifully landscaped, incredible home boasts an oversized private, gated courtyard, large resort style backyard and 3 car side garage. Charm and character abound in this tranquil sanctuary from the moment you enter the spacious courtyard and experience the gorgeous southwest architectural details to the stunning backyard oasis. The Great Room with soaring vega ceiling opens to the dining area and offers a fireplace and large windows overlooking the spectacular backyard. Updated kitchen captures the front courtyard and rear covered patio and opens to the family room area. Split floor plan has Primary suite with cozy sitting area and fireplace and the spa like primary bathroom has double sinks, separate vanity and large walk-in closet. Both spacious additional bedrooms have access to the private courtyard. The fabulous, lushly landscaped backyard offers true indoor/outdoor living with covered patio with fireplace, separate Ramada, pool with waterfall and spa. In addition, this special home is located close to shops, restaurants and easy access to the 101