Last week’s economic news included reports on job openings, retail sales and weekly readings on average mortgage rates and new jobless claims.
Job openings were lower in August after hitting an all-time high in July according to the federal government. Job openings fell to 5.44 million in August as compared to July’s reading of 5.83 million job openings, Job openings reached 5.31 million in August of 2015. Job quits were unchanged in August with a reading of 3.0 million quits; the quits rate was 2.20 percent. There were 5.4 million hires in August as compared to 5.8 million hires in July. The hiring rate held steady at 3.60 percent.
Weekly jobless held steady from the prior week’s reading of 246,000 new claims, although analysts expected a reading of 252,000 new claims. September retail sales increased by 0.60 percent in September and fell short of expectations of 0.70 percent growth. August’s retail sales reading was negative at -0.20 percent. Retail sales excluding the automotive sector were as expected with an increase of 0.50 percent.
Mortgage Rates Rise, Consumer Sentiment Slips
Freddie Mac reported higher rates for fixed rate mortgages. The rate for a 30-year fixed rate mortgage rose five basis points to 3.47 percent. The average rate for a 15-year mortgage was four basis points higher at 2.76 percent. The average rate for a 5/1 adjustable rate mortgage was unchanged at 2.84 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.
Consumer sentiment was lower in October with an index reading of 87.90 percent. Analysts expected a reading of 91.70 percent based on September’s reading of 91.20 percent. November’s presidential election was viewed by analysts as unsettling to consumers’ feelings about current and expected economic conditions. The index reading for consumer sentiment for current economic conditions rose from 104.20 percent in September to 105.50 in October, but fell sharply for expected economic conditions to an index reading of 76.60. Analysts noted that consumers with lower incomes expressed less assurance about post-election economic conditions.
What‘s Ahead
This week’s scheduled economic reports include the NAHB/Wells Fargo Home Builders Market Index, Sales of Pre-Owned Homes and Commerce Department readings on housing starts and building permits issued. In addition to weekly readings on mortgage rates and new jobless claims, reports on consumer spending will also be released.
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2915 W Meadow Drive
Phoenix, AZ 85053
$460,000
2
Beds
2
Baths
1,307
SqFt
Status
Active
MLS #
6681118
Property Type
Single Family Residence
Price Type
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Discover the ultimate haven for your entrepreneurial ambitions! This remarkable property presents a haven for business owners seeking ample space for trucks and equipment. A standout feature is the expansive 5-car garage accompanied by a colossal workshop, meticulously designed to accommodate your professional needs. Located proximate to the bustling arteries of I-17 and Bell Road, accessibility to the entirety of the valley is seamlessly facilitated, ensuring your business ventures thrive with unparalleled convenience. Step into the expansive garage, where the possibilities are endless. Whether you're a contractor, landscaper, or tradesperson, this space offers the ideal canvas for storing your fleet of vehicles and equipment securely. Imagine the ease of access as you navigate your trucks in and out, with ample room to maneuver and organize your tools for maximum efficiency. But the true crown jewel of this property lies within its vast workshop. Here, craftsmanship meets functionality in a space that is primed for productivity. With towering ceilings and an abundance of natural light, this workshop invites creativity and innovation to flourish. Whether you're tinkering with machinery, crafting custom pieces, or conducting repairs, this expansive area provides the perfect environment to bring your visions to life. Strategically positioned near the intersection of I-17 and Bell Road, this property offers unparalleled connectivity to key transportation routes. This strategic location not only streamlines your daily commute but also enhances the accessibility of your business to clients and suppliers across the valley. Say goodbye to lengthy travel times and hello to newfound efficiency as you navigate the thriving landscape of the local market. While the focus may be on the outbuildings, it's essential not to overlook the charm and comfort offered by the main residence. With its inviting ambiance and modern amenities, this home provides a sanctuary where you can recharge and rejuvenate after a day of hard work. From spacious living areas to a well-appointed kitchen, every detail has been thoughtfully crafted to ensure your utmost comfort and satisfaction. In conclusion, this property represents more than just a place to call home - it's a gateway to endless possibilities and boundless opportunities. With its unparalleled combination of practicality, convenience, and potential, it stands as a testament to the entrepreneurial spirit that thrives within us all. Don't miss your chance to make your mark in the heart of the valley.
9750 N Monterey Drive
Fountain Hills, AZ 85268
$460,000
3
Beds
2
Baths
1,439
SqFt
Status
Active
MLS #
6678169
Property Type
Apartment
Price Type
--
This immaculate home is waiting for you to move in and call it your own. The open floor plan of the great room with vaulted ceilings adds to the comfortable and classy atmosphere of this home. With 3 bedrooms and 2 full baths, this home provides a welcoming and spacious feel. The kitchen boasts Stainless appliances with plenty of counter space, perfect for preparing meals. Each bedroom offers access to a patio, making it easy to enjoy outdoor living space. Recent updates, such as the Master Bathroom, Air Conditioner 2021, Appliances, flooring, and Custom closets enhance the turnkey perfection of this exceptional property. The detached 1-car garage comes equipped with shelving for storage convenience. As part of the community, you can also take advantage of the heated pool and spa.
12845 W Aster Drive
El Mirage, AZ 85335
$460,000
3
Beds
2
Baths
1,972
SqFt
Status
Active
MLS #
6675957
Property Type
Single Family Residence
Price Type
--
Don't miss this beautifully maintained 3 bedroom, 2 bath home! As you enter you'll be greeted by an inviting foyer that leads to a spacious open floor plan filled with soaring vaulted ceilings, a trending palette, plantation shutters throughout, tile/wood-look flooring, a media niche, and a cozy fireplace. The large kitchen is equipped with ample cabinetry, recessed lighting, matching appliances, pantry, and a large center island with breakfast bar seating for added convenience. Oversized primary retreat with a private ensuite bathroom with dual vanities, a separate tub and shower, and a walk-in closet. The tranquil backyard lets you relax under the large covered patio. Perfect location - close to shopping, freeway access, and restaurants. Make this your dream home today
16520 W Flora Lane
Surprise, AZ 85387
$460,000
2
Beds
2
Baths
1,930
SqFt
Status
Active
MLS #
6677899
Property Type
Single Family Residence
Price Type
--
The Grand awaits! This Gorgeous Valencia II model has been meticulously cared for and shows true pride in ownership. This one-owner home is the definition of Turn-Key and shows beautifully, offering 2 bedrooms, 2 bathrooms, plus a Den/Office. Key features include a gated front courtyard with water feature, Brand New interior paint, tile all throughout, Solar Tubes, sliding cabinet shelves in the kitchen, Corian counters, kitchen island and breakfast bar, tile backsplash, hot water heater re-circulator for instant hot water, cabinets in Laundry and Garage, extended rear covered patio with added Pony wall and Fire pit, and so much more! This isn't just a home, it's a lifestyle of refined comfort. The Grand is one of the top Adult communities in the U.S. and features 4 18-Hole Championship Courses, Fitness Center, Day Spa, pickleball and tennis courts, multiple swimming pools, dog parks, a softball field and over 80 clubs and special interest groups, plus entertainment venues that feature local and international performers. Join The Grand.
