Last week’s economic news included the NAHB Housing Market Index, Commerce Department releases on housing starts and building permits issued. Weekly reports on mortgage rates and new jobless claims were also released.
Shortages of available single-family homes have driven up home prices and increased competition among homebuyers; short inventories of homes for sale are affecting affordability in many areas, although buyers seem motivated by lower mortgage rates and some easing of mortgage requirements. Analysts have repeatedly said that the only solution to the shortage of homes is building more homes.
Fortunately, the National Association of Home Builders reported that builder sentiment concerning U.S. housing markets increased in August. The HMI moved up to a reading of 60 in August as compared to July’s reading of 58. Readings over 50 indicate that a majority of builders surveyed are confident about housing market conditions.
According to NAHB, home builders continued to face obstacles including shortages of buildable lots and skilled labor. Regulatory issues were also cited by some builders, but overall, builders remain optimistic about housing market conditions.
Housing Starts Up, Building Permits Issued Slip in July
Commerce Department reading s on housing starts and building permits issued were mixed; housing starts rose from July’s reading of 1.186 million permits issued to 1.211 million permits issued in August. July’s reading was the second highest since the recession but was driven by multi-family construction. Building permits were lower in August with a reading of 1.152 million permits issued against July’s reading of 1.153 million permits issued.
Analysts said that under present market conditions, there is little reason for homebuilders to increase single-family home production as current pricing has put many would-be buyers on the sidelines.
Mortgage Rates Mixed, New Jobless Claims Lower
Freddie Mac reported that average rates for 30-year and 15-year fixed rate mortgages dropped last week while the average rate for 5/1 adjustable rate mortgages rose. The average rate for a 30 year fixed rate mortgage was 3.43 percent and the average rate for a 15-year fixed rate mortgage was 2.74 percent; both readings were two basis points lower than for the prior week. The average rate for a 5/1 adjustable-rate mortgage was two basis points higher at 2.76 percent. Average discount points held steady for fixed rate mortgages at 0.50 percent; average discount points for 5/1 adjustable rate mortgages were lower at 0.40 percent.
New Jobless claims fell by 4000 claims to 262,000 new claims, which was lower than analyst expectations of 265,000 new claims and the prior week’s reading of 266,000 new claims. Job security is important to home buyers and signs of strong labor markets can help propel would-be buyers into the market,
What‘s Ahead
This week’s scheduled economic news includes releases on new and existing home sales and consumer sentiment. Weekly reports on mortgage rates and new jobless claims will be released on schedule.
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11625 N 67th Street Scottsdale, AZ 85254
$7,895,000
5
Beds
5
Baths
6,883
SqFt
Status
Active
MLS #
6700959
Property Type
Single Family Residence
Price Type
--
TO BE BUILT - Experience luxury redefined in Scottsdale with ''Apollo,'' a nearly 7,000 sq ft mansion by renowned builders Modern Masterpieces. This architectural marvel blends contemporary and industrial designs, featuring a dramatic 25-foot smart glass atrium and functioning as a private art museum with extensive collections and digital NFT displays. Dual Gaggenau kitchens cater to culinary aficionados, while a five-car garage delights car enthusiasts. Enjoy unmatched privacy with smart glass walls connecting indoor and outdoor spaces. Retreat to the serene Zen garden or the luxury owner's suite. Entertainment is top-notch with a 4K Dolby Atmos theater and a full-size pickleball court. Apollo is modern sophistication where luxury meets functionality.
6440 E Stallion Road Paradise Valley, AZ 85253
$7,795,000
8
Beds
8.5
Baths
9,472
SqFt
Status
Active
MLS #
6651475
Property Type
Single Family Residence
Price Type
--
Exquisite very tranquil Paradise Valley Estate in the heart of Paradise Valley on a large 1.28 acre cul-de-sac lot. Expansive rooms with soaring ceilings and a large open floor space plan totaling 9400 sqft including two separate guest houses. There is plenty of natural light flooding the entire home with expansive covered patios. Seven bedrooms with one office / study with its own patio Each bedroom is a complete en-suite with walk-in closet and full bathroom. Total of 8.5 bathrooms with a gorgeous powder room. Meticulously cared for, the house is in immaculate condition with extensive updating and remodeling in the past 3 years. A gourmet kitchen with double Bosch dishwashers and Thermador double ovens and five burner cook top and warming oven. Large Subzeroes. A brand new expansive kitchen island with exotic onyx and granite with creative under granite lighting A custom wet bar with fresco in ceiling. Two wine cellars to accommodate 200 wine bottles. A beautiful large foyer in the entry way with Monèt fresco hand painted by a well known artist with a unique chandelier. New granite vanities in the secondary bedrooms with new flooring. 5 plus car garage with storage cabinets lining the walls and additional slab parking for more vehicles. A gym and a sitting room form part of the very large master bedroom suite. A free flowing glass tile pool and hot tub with jets with in floor cleaning system and water features and surrounded by lush landscape and date palms. The back yard is expansive with views of McDowell and Mummy Mountains. Large cantera barbecue island and a fire pit with cantera sitting for family and friends get together. This is an entertainer's dream. There are three large indoor gas fireplaces. The double guest houses can serve as two in-law accommodations or his and hers offices or play rooms or teenager hangouts. There is a full kitchen with laundry in the main guest house and a kitchenette in the second studio guest house. Each has its own walk-in closet and full bathroom. Both guest houses have high ceilings and have been completely renovated in 2023 with brand new appliances, vanities and plumbing fixtures and more This residence is also well suited for multigenerational home for family gatherings. The home is ideally located with in 15 minutes drive to both the Phoenix International Airport and the private Scottsdale Airport, the exotic shopping areas and fine dining restaurants of Old Town Scottsdale and North Scottsdale and schools and medical facilities. The large yard can also accommodate a pickle ball court. This estate awaits the most discerning of buyers.
10225 E Journey Lane Scottsdale, AZ 85255
$7,750,000
6
Beds
7.5
Baths
8,387
SqFt
Status
Active
MLS #
6656826
Property Type
Single Family Residence
Price Type
--
Beautiful Silverleaf corner lot on Weiskopf championship course with stunning mountain views. Immaculate custom build with no expense spared. Home lives on one level with bonus entertaining den and patio, gym /office or guest upstairs while three ensuite bedrooms off a kids living room on opposing wing from master, office and full casita all live ground floor. Private U shape around the pool, perfect hole location to capture soaring green course but not get hit by any balls. Close to the Upper Canyon manned entry guard gate and five minutes from prestigious Silverleaf and DC Ranch Country Clubs. Rich limestone floors, marble counters, his and her closets and vanities, rich oak floors and light bright high ceilings. Formal dining and living, numerous entertaining patios and bars.
41477 N 95th Street Scottsdale, AZ 85262
$7,750,000
4
Beds
4.5
Baths
4,740
SqFt
Status
Active
MLS #
6696330
Property Type
Single Family Residence
Price Type
--
Full Golf membership Available. Welcome to your slice of paradise in the prestigious Saguaro Forest at Desert Mountain! We are thrilled to present to you an exclusive opportunity to own a stunning home nestled along the 15th hole of The Chiricahua Golf Course. Imagine waking up to breathtaking views of the surrounding mountains and the lush greenery of the 15th fairway, all from the comfort of your own home. This large, acre-plus homesite offers elevated vistas and close-in views of the 15th green, ensuring both privacy and an abundance of open space. With a wide desert arroyo separating your homesite from the golf green, you can enjoy peace and tranquility while still being immersed in the beauty of the natural landscape. Construction has already commenced on this magnificent new build home, designed and built by the esteemed team at Graffin Design and Black Stone Development. This contemporary masterpiece boasts everything today's discerning buyers seek in a luxury residence. With a thoughtful layout that eliminates interior steps, the home features 4 spacious bedrooms, 4 ½ baths, an office, and a massive pantry that can pull double duty as a scullery. The heart of the home is the expansive great room, seamlessly connected to the outdoors through walls of glass and multi-slide door systems. Indulge your inner chef in the gourmet kitchen, equipped with the latest high-end appliances and cutting-edge finishes. From there, step outside to the patio, pool/spa, and outdoor kitchen, where you can entertain guests or simply unwind in the desert breeze. With construction well underway, there's still time to customize finishes to your liking and make this home truly your own. Whether you prefer sleek minimalist designs or cozy rustic touches, our team is here to bring your vision to life. And when you're ready to explore beyond your doorstep, Desert Mountain offers a wealth of recreational opportunities. Bike or hike along over 20 miles of multi-use trails, immersing yourself in the stunning Sonoran Desert landscape. Tee off at one of seven world-class golf courses, each offering its own unique challenges and breathtaking views. For dining and socializing, the Chiricahua and Cochise Geronimo Clubhouses are just a stone's throw away, offering gourmet cuisine and an array of social events. Stay active at the Sonoran community fitness facility, or pamper yourself with a relaxing spa treatment at the Desert Mountain Spa. With seven clubhouses and seven golf courses to choose from, you'll never run out of options for leisure and entertainment. Whether you're seeking outdoor adventure, culinary delights, or simply a place to unwind and relax, Desert Mountain has something for everyone. Don't miss out on this unparalleled opportunity to create your Desert Mountain dream lifestyle. Enjoy a private tour today and experience the beauty and luxury that await you in the heart of the Sonoran Desert.
9147 N Kober Road Paradise Valley, AZ 85253
$7,650,000
6
Beds
9
Baths
8,522
SqFt
Status
Active
MLS #
6614273
Property Type
Single Family Residence
Price Type
--
Privately gated, modern luxury estate perfectly positioned on over an acre in the heart of Paradise Valley. Expansive ceilings and an abundance of windows creates bounds of natural lighting. Flowing, open floor plan features very private, primary retreat just off the sparkling pool and spa. Entertainer's kitchen with Butler's/Prep kitchen, expansive outdoor patio with kitchen and bar for outdoor dining and cocktails. Four oversized guest bedrooms in main house each with ensuite bathrooms. Massive upstairs great room with private patio overlooking pool and courts. Guesthouse features private patio, full kitchen and living room and separate bedroom. Pool house and workout room near the pool and sport court (tennis, pickle ball, basketball).
4636 E Moonlight Way Paradise Valley, AZ 85253
$7,650,000
7
Beds
6.5
Baths
9,066
SqFt
Status
Active
MLS #
6644409
Property Type
Single Family Residence
Price Type
--
Gorgeous home with NO HOA comes fully furnished, down to the towels! Perfectly nestled in the Phoenix Mountain Preserve, with unobstructed mountain, valley & city light views. Stunning Turkish Versailles travertine & hardwood flooring throughout, one of the many beauties of this home are all of the indoor/outdoor living options. The chefs kitchen looks out onto a''rainforest'' waterfall, stainless steel appliances, slab granite counters & custom cabinetry.The primary suite, built in a rotunda design, boasts 360 degree views. The home has been an active and popular VRBO for years. Freshly painted, decorated, and updated over the past 2 years. It's a must see! Ignore days on the market it is an active VRBO.
7044 E Cheney Drive Paradise Valley, AZ 85253
$7,500,000
5
Beds
5.5
Baths
6,564
SqFt
Status
Active
MLS #
6422918
Property Type
Single Family Residence
Price Type
--
Spectacular Contemporary new home to be built by Sonora West Development. Total 6,564/s with a 5,595/sf main house and 969/sf guest house. The home includes 5.5 en-suite bedrooms including a large 2 room guest house which doubles as a pool house large enough for a pool table and seating. Buyer can pick finishes if purchased prior the build. High-end appliances with Subzero refrigerator and Wolf stove. The circular paved driveway leads to spectacular courtyard entry. Large covered patio and spectacular backyard with a Ramada, BBQ, fire pit, pool and spa. 4 car garage.
19920 W Verde Hills Drive Wickenburg, AZ 85390
$7,500,000
3
Beds
3.5
Baths
5,339
SqFt
Status
Active
MLS #
6527404
Property Type
Single Family Residence
Price Type
--
Wickenburg's Premier Equestrian Estate on over 100 Acres of lush high Sonoran Desert with Views in all directions. A magnificent custom designed (by Bill Otwell) and built (by Joe Culhane) Main Residence w/Five Patio's and Extensive Landscaping including s custom built Rock Driveway. Custom designed & built detached Garage w/RV Bay. Guest Home, Horse Facilities.
6112 E Quartz Mountain Road Paradise Valley, AZ 85253
$7,500,000
6
Beds
9
Baths
9,372
SqFt
Status
Active
MLS #
6620435
Property Type
Single Family Residence
Price Type
--
PRICE REDUCED $1.5M! This exquisite single-level property offers a blend of luxury and sophistication. Featuring 6 bedrms + 8 bathrms spread across its expansive 9,372 sqft, it showcases breathtaking views of Mummy Mountain, McDowell Mountain, + city lights. The guest casita, complete with a living rm, kitchen, bedrm, + bathrm provides a private retreat for visitors. The main house features 5 ensuite bedrms, a gym, media rm, library, + flex rm ensuring a perfect balance of comfort + entertainment. The spacious chef's kitchen with large white quartzite island also features an additional full catering kitchen. Floor-to-ceiling windows + sliding pocket doors seamlessly merge indoor + outdoor living, while the zero-edge pool, spa, artificial turf + magnificent views create a resort-like oasi $1 MILLION PRICE REDUCTION!!!
15 Biltmore Estates Drive Phoenix, AZ 85016
$7,500,000
7
Beds
10
Baths
13,366
SqFt
Status
Active
MLS #
6636402
Property Type
Single Family Residence
Price Type
--
This world-class 1-Owner residence at the Arizona Biltmore Estates was designed by Vernon Swaback, Architect/apprentice to Frank Lloyd Wright and is located on a 1.67 AC view lot on the Estates Course/formerly Adobe. The majestic and timeless home on its resort-like grounds features an extraordinary 2,100+ SF Great Room, recessed wet bar, Kitchen created for event catering, custom limestone columns and surfaces, copper details throughout, 2-powder rooms, Brazilian hand-scraped cherry floors, exceptional millwork, an outstanding Master Suite & spa room, wonderful study, workout room, tv/game. Meticulously built of metal stud walls, steel, topped with a distinctive copper roof and includes a live-in/nanny wing. Main house / 12,503 SF, Guest house / 863 SF or Total living area of 13,366 SF.
5400 E Valle Vista Road Phoenix, AZ 85018
$7,500,000
5
Beds
6.5
Baths
10,519
SqFt
Status
Active
MLS #
6650096
Property Type
Single Family Residence
Price Type
--
Highest Home on the south of Camelback with spectacular vistas. Very private gated estate sits on almost 3.5 acres. 10,500+ sf of living, 7 car garage, 12,000+ sf patios with magnificent views floating over Phx & Scottsdale. Main house includes huge master suite, gym, theatre room, wine cellar, billiards rooms, office & 2 very large private guest suites. Negative edge pool & hot tub, BBQ, perfect for entertaining. 2B/2BA Guest home large w/living room & full kitchen. Property also has an art studio, workshop, & storage. An opportunity to do a light remodel but value is in the land. Build a trophy estate on Camelback with the city allowing 37,000+ sf of lot disturbance and little to no pad prep to build the ultimate estate. Sewer to property is currently underway. Best lot on the Mtn.
18 Biltmore Estate Phoenix, AZ 85016
$7,500,000
5
Beds
4.5
Baths
6,581
SqFt
Status
Active
MLS #
6657753
Property Type
Single Family Residence
Price Type
--
Welcome to 18 Biltmore Estates! Located along the famed Arizona Biltmore Circle and sitting on a premier 1.23 acre golf course lot with unobstructed views of the Estates Course and Piestawa Peak, this is one of the most desired Biltmore homes to ever hit the market! Through the lush hedges and private gate you will be greeted by a motor court that will lead you to the front door of this European inspired estate. As you approach the door, sweeping golf course views will catch your eye through the home as you enter to soaring ceilings with meticulous coffered wood working details on the ceiling and herringbone pattern oak flooring beneath your feet. The main home features a large open floor plan consisting of 5,629 sq.ft., 3 bedrooms, two bonus rooms, and 3.5 baths all on a single level. As you make your way out back, multiple patios will give you a beautiful vantage point of the panoramic scenery around the property. Quietly set off to the side you will find a 952 sq.ft. guest casita complete with living room, bedroom, and flex space. Designed by the renowned DeCesare Group!