Last week’s economic reports were in short supply due to the Christmas holiday. Events reported included Case-Shiller home price indices, pending home sales and weekly readings on mortgage rates and new jobless claims. Consumer confidence was also released.
Case–Shiller Readings Indicate No Slowdown in Home Price Gains
Case-Shiller’s October readings for its home price indices showed continued growth in home prices. In spite of rising home prices and mortgage rates, high demand for homes and slim supplies of homes for sale continued to fuel higher home prices.
According to Case-Shiller’s national home price index for October, home prices rose 5.60 percent on an annual basis as compared to September’s reading of 5.40 percent. The 20-city home price index rose to 5.10 percent from September’s reading of 5.00 percent. Case-Shiller’s 10-city index also gained 0.10 percent in October with a reading of 4.30 percent year-over-year.
Seattle, Washington, Portland, Oregon and Denver, Colorado had the highest year-over-year home price gains in October with readings of 10.70, 10.30 and 8.30 percent respectively. David M. Blitzer, Managing Director and Chairman of the S&P Indices Committee, said that “Home prices and the economy are both enjoying robust numbers,” but he also cautioned that rising mortgage rates and home prices growing faster than wages continue to pose obstacles for some home buyers. The Federal Reserve is expected to raise its federal funds rate in 2017, which is expected to prompt rising mortgage rates.
Mortgage Rates Mixed, Pending Home Sales Fall
Pending home sales fell 2.50 percent in November. Analysts said that post-election reaction helped to drive mortgage rates higher, which made homes less affordable for first-time and moderate-income buyers; Sellers and buyers may have postponed decisions to sell or buy as they waited for volatile post-election responses to ease.
According to the National Association of Realtors®, pending home sales fell to their lowest level in almost a year with an index reading of 107.30 in November. September’s reading was 110.00. The holiday season and rising mortgage rates were seen as contributing to fewer pending home sales.
Freddie Mac reported the ninth consecutive week that fixed rate mortgages rose. In the final mortgage rates survey for 2016, the average rate for a 30-year mortgage rose two basis points to 4.32 percent; the average rate for a 15-year fixed rate mortgage was three basis points higher at 3.55 percent. 5/1 adjustable rate mortgage rates averaged 3.30 percent, which was two basis points lower than the prior week. Discount points averaged 0.50 percent for all three mortgage types.
New jobless claims were lower last week with a reading of 265,000 new claims filed. Analysts had expected 270,000 new claims filed based on the prior week’s reading of 275,000 new claims filed.
In spite of rising home prices and mortgage rates, consumer sentiment was higher than expected in December with a reading of 113.70 as compared to expectations of 110.00 and November’s reading of 109.40.
What‘s Ahead
Next week’s scheduled economic reports include Labor Department releases on Non-Farm Payrolls, and the national unemployment rate. ADP payrolls and weekly readings on mortgage rates and new jobless claims will also be released. Financial markets are closed today in observance of New Year’s Day.
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3703 N Wintergreen Way
Avondale, AZ 85392
$455,000
4
Beds
2
Baths
2,223
SqFt
Status
Active
MLS #
6648052
Property Type
Single Family Residence
Price Type
--
Explore this extraordinary find in Garden Lake Estates, with one of the largest lots in the community. The backyard, with an elongated covered patio, finished concrete work, elegant palm trees, and finished with rock, awaits your personal touch to make it truly yours. Step inside to an open and airy interior, highlighted by an upgraded kitchen with quartz countertops, a charming bay window, and brand-new stainless steel appliances. Freshly painted cabinets and a spacious kitchen island with a breakfast bar enhance the overall allure. The openness continues into the primary suite with vaulted ceilings, two spacious closets, separate bathtub and shower, dual sinks, private toilet room, and a garden-style tub for your relaxation. Don't miss this.
2339 N Wind Drive
Pinetop, AZ 85935
$455,000
3
Beds
2
Baths
1,790
SqFt
Status
Active
MLS #
6653087
Property Type
Townhouse
Price Type
--
GREAT LOCATION in Pinetop Country Club. FURNISHED townhome tucked back overlooking the common area w/ tons of tall Ponderosa Pine trees. True pride of ownership in this 3 bed - 2 bath home. You are greeted with a entry that opens into a large great room, open concept, vaulted ceilings with bamboo accent, gas fireplace, huge kitchen with tons of cabinets & counterspace + stainless steel appliances. This home has a split bedroom floor plan. There is a large pantry w/ a lovely laundry room with wonderful space to work. The Master/Primary overlooks the tall pine trees with amazing privacy. The closet is huge and the bath has lots of space with 2 vanities. The 2 other bedrooms, one has a desk with a fold out couch plus a fold out twin bed. The deck is incredibly spacious - READ MORE Everything else in the home AND garage STAYS! This home boasts of beautiful high quality wood laminate floors throughout (NO carpet)! This cabin in the woods comes fully furnished. What you see when you view the home, is what you get. It is move in ready. Check out the cupboards for dishes, etc. The great room has a ceiling to floor stone gas fireplace. Beautiful window coverings throughout! The garage is oversized and there is also an extra parking spot. Imagine living in the White Mountains of Arizona where you have 4 beautiful seasons and where you can breathe in the fresh mountain air and enjoy the 40 lakes and over 600 miles of rivers and streams. In addition to the amazing fishing, this area has one of the most extensive trail systems in the southwest for hiking, biking, horseback riding, quadding and more. Sunrise Ski Resort is also just 40 minutes away with 3 beautiful mountains to ski, snow board or sled. If shopping is your interest, you will love the antique stores and the multitude of arts and craft shows that happen in the summer. The music festivals have something to fit everyone's enjoyment. Do you love to golf? There are 7 amazing golf courses, 3 that are public. The White Mountains, where this home/cabin is the best kept secret of Arizona! Come and explore and enhance your living! Pinetop-Lakeside was also voted 'Best Cabin Region in the U.S... Embrace the MAGIC!
1849 W 21st Avenue
Apache Junction, AZ 85120
$455,000
3
Beds
2.5
Baths
1,885
SqFt
Status
Active
MLS #
6671957
Property Type
Single Family Residence
Price Type
--
THIS GORGEOUS 3 BED 2.5 BATH HOME SITS IN THE GATED COMMUNITY OF BELLA CORONA, WITH THE MAJESTIC SUPERSTITION MOUNTAINS AS A BACKDROP. THE COMMUNITY OFFERS A SPARKLING POOL, BASKETBALL COURT, AND LUSH GREENBELTS . INSIDE, AN OPEN FLOOR PLAN SEAMLESSLY CONNECTS THE DINING AREA, KITCHEN, AND LIVING ROOM. THE STYLISH KITCHEN BOASTS A LARGE CENTER ISLAND, QUARTZ COUNTERTOPS, AMPLE CABINETRY, AND PENDANT LIGHTING. THE UPPER-LEVEL HOUSES ALL BEDROOMS AND LAUNDRY, INCLUDING A SPLIT MASTER WITH A SPACIOUS WALK-IN CLOSET , SUPER BATH, & PRIVATE BATHROOM. THE BACKYARD BOASTS A COVERED PATIO PERFECT FOR RELAXATION OR ENTERTAINING. THE GATED COMMUNITY, HEATED POOL, SPA, AND DOG PARK. Buyers & buyers agents are to verify all facts & figure ***5K SELLER CONTRIBUTIONS TO BUYERS CLOSING COST ***
1102 W Glendale Avenue
Phoenix, AZ 85021
$455,000
3
Beds
2.5
Baths
1,928
SqFt
Status
Active
MLS #
6681045
Property Type
Townhouse
Price Type
--
Immerse yourself in the vibrant energy of Uptown Phoenix with this charming townhome nestled in a gated community. Boasting 3 bedrooms, 2.5 baths, and vaulted ceilings in the living room, this home exudes spaciousness and style. Located right next to the community pool, relaxation and leisure are just steps away. Whether you're starting your homeownership journey or seeking an excellent rental opportunity, this townhome is the perfect fit. Enjoy the dynamic atmosphere of Uptown and North-Central Phoenix, where trendy eateries, boutique shops, and cultural attractions await your exploration. With quick access to highways, commuting is a breeze, ensuring you're never far from the excitement of the city. Don't miss out on this exceptional opportunity to own a piece of Uptown allure Immerse yourself in the vibrant energy of Uptown Phoenix with this charming townhome nestled in a gated community. Boasting 3 bedrooms, 2.5 baths, and vaulted ceilings in the living room, this home exudes spaciousness and style. Located right next to the community pool, relaxation and leisure are just steps away. Whether you're starting your homeownership journey or seeking an excellent rental opportunity, this townhome is the perfect fit. Enjoy the dynamic atmosphere of Uptown and North-Central Phoenix, where trendy eateries, boutique shops, and cultural attractions await your exploration. With quick access to highways, commuting is a breeze, ensuring you're never far from the excitement of the city. Don't miss out on this exceptional opportunity to own a piece of Uptown Phoenix's allure. Book a tour today and experience the unmatched charm of this delightful townhome.
