Last week’s economic reports included readings on new and existing home sales, a speech by Fed Chair Janet Yellen, and a report on consumer sentiment. Weekly reports on mortgage rates and new jobless claims were also released.
New Home Sales Rise in July as Pre-Owned Home Sales Fall
Sales of new homes jumped in July to a seasonally-adjusted annual rate of 654,000 sales, which surpassed expectations of 579,000 sales and June’s downwardly-revised reading of 582,000 sales. This was the highest reading for new home sales since 2008 and represented a 31.30 percent increase since July 2015.
Builders were seen by analysts as addressing the need for more affordable homes; this trend contributes to a healthy housing market by supplying homes for a wider range of buyers. First-time buyers play a vital part in housing markets as their purchases enable current homeowners to buy larger homes or relocate.
Sales of pre-owned homes fell 3.20 percent to a seasonally-adjusted annual rate of 5.39 million sales as compared to expectations of 5.59 million sales and June’s reading of 5.57 million sales. Year-over-year, sales were 1.60 percent lower. Limited inventories of available pre-owned homes have narrowed buyer options; increasing prices and narrow choices were seen as factors contributing to lower sales. There was a 4.60 month supply of available homes in July. Real estate pros typically consider a six months a normal reading for homes on the market.
Lawrence Yun, chief economist for the National Association of Realtors®, noted that a slowdown in home appraisals may have contributed to July’s lower sales reading for pre-owned homes. Low mortgage rates prompted a surge in refinancing which created a backlog in home appraisals. While low mortgage rates may entice home buyers, stricter mortgage requirements can also keep prospective buyers at bay.
Federal Reserve Chair Janet Yellen indicated that the stage could be set for a federal rate increase as early as next month. If the Fed hikes its target federal funds rate, interest rates for consumer credit and mortgages can be expected to rise.
Mortgage Rates Hold Steady; New Jobless Claims Fall
Freddie Mac reported that fixed mortgage rates for 30 and 15-year loans were unchanged at 3.43 and 2.74 percent respectively. The average rate for a 5/1 adjustable-rate mortgage was one basis point lower at 2.75 percent. Discount points averaged 0.60, 0.50 and 0.40 percent.
New jobless claims were lower last week. 261,000 new jobless claims were filed against expectations of 264,000 new claims and the prior week’s reading of 262,000 new claims filed. Declining jobless claims can indicate strengthening labor markets, but can also indicate that workers are leaving the labor markets.
Consumer sentiment declined slightly in August due to concerns over the upcoming presidential election. Analysts expected a reading of 91.0 for August, but the reading for August was revised from 90.4 to 89.80.
What’s Ahead
Next week’s scheduled economic news includes reports on pending home sales, inflation, construction spending and consumer confidence. National unemployment, non-farm payrolls and ADP payrolls are also scheduled.
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18033 W Tecoma Road
Goodyear, AZ 85338
$499,999
3
Beds
2
Baths
2,069
SqFt
Status
Active
MLS #
6687555
Property Type
Single Family Residence
Price Type
--
Boasting mountain views from the living room, front yard, and backyard, dive into this wonderfully spacious, open-concept home nestled in Estrella Mountain Ranch! Just a short walk to the newest Community Center, Presidio. Privacy and serenity await in this impeccable home. Dreamy backyard with multiple patio areas, including a large covered patio for entertaining. 3 car tandem garage! You'll love the grand primary bedroom w/ bay windows and oversized closet, connecting to the laundry room. Enjoy modern amenities including stainless steel GE appliances, gas stove and central vacuum system. Stay refreshed with the R/O and water softener systems. Exterior upgrades incl. new PVC irrigation sys, newer A/C unit, and fully pavered and turfed yard. Your new home awaits!
1407 W Macaw Drive
Queen Creek, AZ 85140
$499,999
3
Beds
2
Baths
1,693
SqFt
Status
Active
MLS #
6686963
Property Type
Single Family Residence
Price Type
--
NEW HOME completed in Sept 2023! Why pay lot premiums and wait 6-9 months for a home to be built? This is Woodside's most popular open floor plan, ''The Jade.'' The homeowner picked out the finest upgrades with the builder. From white shaker cabinets, to high end quartz counters, wood-like-tile floors throughout, & even the luxurious primary bathroom custom walk-in shower. Outside, relax and watch the Arizona sunset from the privacy of your covered patio & low maintenance backyard. North Creek features multiple community gathering spots including a swimming pool, pickle ball courts, bocce ball, gas grills, basketball courts, and playgrounds. Builder warranty transfers to the new owner too! Easy access to the 24 & Loop 202! Opportunities like this rarely happen. Schedule your showing today
17008 W Butler Avenue
Waddell, AZ 85355
$499,999
5
Beds
3
Baths
2,786
SqFt
Status
Active
MLS #
6690854
Property Type
Single Family Residence
Price Type
--
The Cottonwood floor plan gives you the primary bedroom on the 1st floor, 5 bedrooms, 3 full baths, with a huge large loft and a study downstairs with double doors to accommodate all the entertaining you could want and then some! The kitchen features warm brown shaker cabinets with 42'' uppers and crown molding, beautiful back splash with quartz counter tops. This home is on a N/S facing lot and from the backyard you have beautiful views of the White Tank Mountains. Our High-Performance Homes come standard with home automation technology, a REME HALO Air Purification system and they are designed with you in mind, to stay healthier & more comfortable in your new home. This home will deliver in May.
2425 W Bronco Butte Trail
Phoenix, AZ 85085
$499,999
2
Beds
2
Baths
1,843
SqFt
Status
Active
MLS #
6649544
Property Type
Apartment
Price Type
--
5.99% interest to purchaese! VOTED BEST HOME ON THE NORTH VALLEY TOUR!!! Welcome to a stylish 2-bedroom, 2-bathroom condo with a den in the scenic community of Sonoran Foothills, Phoenix, Arizona. This condominium offers a blend of modern comfort and a touch of luxury in a picturesque desert setting. As you step into the condo, you'll be greeted by a spacious and open living area, bathed in natural light from large windows. The neutral color scheme enhances the sense of space, and the living room is designed for both relaxation and entertainment. High ceilings add an elegant touch, creating an airy atmosphere.The kitchen is a chef's delight, featuring sleek quartz countertops, stainless steel appliances, and contemporary cabinetry. A breakfast bar provides a casual dining option, and the kitchen seamlessly connects to the living area, making it ideal for socializing while preparing meals. The two bedrooms are well-appointed and offer a tranquil retreat. The primary bedroom boasts an en-suite bathroom, providing a private oasis with a spa-like atmosphere. The second bedroom is perfect for guests, with easy access to the second bathroom. The additional den serves as a versatile space, perfect for a home office, study, or even a cozy reading nook. This flexible area adds an extra layer of functionality to the condo, allowing you to tailor the space to your specific needs. The den also has an incredible blue pine, Canadian shiplap wall. Both bathrooms feature modern fixtures, elegant vanities, and tasteful tilework. The primary bathroom includes a luxurious shower, while the second bathroom offers a tub and shower combination. The home is also prewired for security both on doors and windows. Step outside to your patio, where you can enjoy the breathtaking views of the surrounding Sonoran Foothills. This outdoor space is perfect for morning coffee or evening relaxation, providing a seamless indoor-outdoor living experience. Residents of Sonoran Foothills enjoy access to community amenities such as parks, walking trails, and recreational areas. The community is known for its serene atmosphere and proximity to the natural beauty of the Sonoran Desert. This 2-bedroom, 2-bathroom condo with a den in Sonoran Foothills offers a perfect blend of comfort, style, and functionality, making it an ideal home for those seeking a modern living experience in the heart of the Phoenix, Arizona, desert landscape
2425 W Bronco Butte Trail
Phoenix, AZ 85085
$499,999
2
Beds
2
Baths
1,817
SqFt
Status
Active
MLS #
6654600
Property Type
Apartment
Price Type
--
Welcome to your cozy retreat in the heart of Desert Village at Sonoran Foothills! This charming upstairs condo boasts 2 beds, 2 baths, and a den - all spread across a generous 1817 SF of open living space. And guess what? No interior steps, making it the perfect haven for easy living! Imagine chilly nights by the fireplace - a rare gem in this community. Unlike most units, it comes with this delightful feature that adds warmth to your winter evenings. The owners, who are winter visitors with no kids or pets, have gently used this unit, ensuring it's in pristine condition. As an outdoor enthusiast's dream, this condo overlooks the inviting pool area, offering a perfect blend of relaxation and recreation. Venture over to the community gym for your morning workout or discover the main pool. The location is a dream - a gated community where everything you need is within a 10-minute radius. Convenience at its best! Step inside to discover the ''C2'' floor plan, where comfort meets functionality. The living room welcomes you with open arms, and the kitchen is a chef's delight with built-in appliances, granite counters, a breakfast bar, and crown-molded cabinetry. Work from home or enjoy a quiet reading nook in the versatile den - the choice is yours! The main bedroom is a retreat in itself, featuring an ensuite with a separate tub/shower, dual sinks, and a walk-in closet. The laundry room ensures convenience with ample storage space. And the best part? Unwind on your cozy balcony, where you can soak in breathtaking mountain vistas and serene views of the community pool. Perfect for those who appreciate the great outdoors! Don't miss out on this opportunity to own a piece of paradise that combines modern elegance with tons of convenience. Whether you're a winter visitor or a year-round enthusiast, this condo is ready to welcome you home. Act fast - your oasis awaits!
7316 W Superior Avenue
Phoenix, AZ 85043
$499,999
5
Beds
2.5
Baths
2,397
SqFt
Status
Active
MLS #
6638950
Property Type
Single Family Residence
Price Type
--
This is a must see beautiful home. Completely remodeled/upgraded in 2020! $50k Plus worth of upgrades. Walk into the entry to a large foyer with a grand curved wooded banister. Enjoy a formal living and dining room as well as open kitchen/family room with spacious eating nook. The primary bedroom ensuite has a dual vanity quartz countertops, separate shower & tub and oversized walk in close with built in's. All bathrooms have been upgraded with new cabinets and quartz counters. Oversized Den with built in cabinets off living area with barn door entrance. The backyard is set for great entertaining with pool & water feature. Enjoy an extended garage on one side for extra storage. Also, may be available for rent. VOTED ''BEST OF TOUR''.
1676 E Dogwood Lane
Gilbert, AZ 85295
$499,998
3
Beds
2.5
Baths
1,949
SqFt
Status
Active
MLS #
6680294
Property Type
Townhouse
Price Type
--
Stunning 3-bed, 2.5-bath condo with a 2-car attached garage in one of Gilbert's best shopping/dining areas! Prime location in the beautiful, gated Val Vista Classic HOA with lakes, community pools & spas, tot lots & beautiful walking spaces! This meticulously crafted home boasts a palette of calming neutral tones, highlighted by light tile flooring & neutral grey walls accented with crisp white trim. The airy main living area is bathed in natural light pouring in from the north-facing 12' center pull sliders door, leading to a spacious balcony, perfect for enjoying morning coffee or breathtaking Arizona sunsets. The L-shaped kitchen is a chef's dream, equipped with Timberlake shaker cabinets in the finish Maple Truffle with ambient under & above cabinet lighting, premium stainless steel appliances, quartz countertops, a spacious island, ample pantry space, & a top-of-the-line reverse osmosis system. Upstairs, 3 cozy carpeted bedrooms & 2 full baths provide comfort & convenience. Retreat to the primary suite with Southwest Blinds blackout blinds & a luxurious en-suite bathroom featuring a dual vanity, tiled walk-in shower, & expansive walk-in closet. Also featured, Honeywell Thermostat systems & a 2-car attached garage with ample built-in cabinetry, Aladdin App controlled garage door, & a new water softener installed by Aqua Science. Amazing central location with quick access to St Rt 202, top-notch schools, & various shopping, dining, & entertainment options in Downtown Gilbert, San Tan Village, & Agritopia Epicenter!
3668 S 180th Lane
Goodyear, AZ 85338
$499,998
3
Beds
3
Baths
1,955
SqFt
Status
Active
MLS #
6695603
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home in Las Brisas Phase 2B! This stunning residence built by Taylor Morrison in 2021 is a masterpiece of modern living, offering a perfect blend of luxury and functionality. The kitchen is outfitted with a customizable Samsung Smart Refrigerator and washer-dryer units, adding a touch of modern convenience to your daily routine. The entryway is adorned with a beautiful accent wall, setting the tone for the elegance and style found throughout the home. Don't miss your chance to own this exceptional residence in Las Brisas Phase 2B. It's a rare opportunity to experience luxury living in one of Goodyear's most sought-after communities. As you step inside, you're greeted by an inviting open floor plan that seamlessly connects the living, dining, and kitchen areas. The heart of the home is the spacious gourmet kitchen, featuring a large granite countertop island, ample cabinetry, and a walk-in pantry. It's a chef's delight, perfect for hosting gatherings and creating culinary masterpieces. The state-of-the-art smart home security system ensures peace of mind and convenience for you and your family. Luxury continues in the bathrooms, where you'll find raised vanities that add a touch of sophistication to your daily routine. The large 3-car tandem garage is a car enthusiast's dream, complete with built-in shelving and cabinets for all your storage needs. Outside, the backyard is a blank canvas awaiting your creativity. Whether you envision a serene oasis with a lush garden and patio or a vibrant outdoor entertainment area, the possibilities are endless. Additionally, within the Las Brisas community, you'll discover many parks with amenities such as volleyball nets, basketball courts, and soccer nets. It's a perfect setting for a fun and active lifestyle, ideal for both families and those who love to stay active. The community is also pet-friendly, ensuring that your furry companions can enjoy the outdoors as much as you do. This home is also Pearl Certified, meaning it's energy-efficient and environmentally friendly, saving you money on utility bills while reducing your carbon footprint.
40419 W Michaels Drive
Maricopa, AZ 85138
$499,995
4
Beds
2.5
Baths
3,000
SqFt
Status
Active
MLS #
6695669
Property Type
Single Family Residence
Price Type
--
The main floor of the Yorktown was designed for entertaining, offering an expansive great room and an open dining room overlooking a covered patio and backyard. A gourmet kitchen with a large center island, built in wall microwave/oven combination, and gas cooktop awaits the inner chef. The 3-car garage leads to a convenient mudroom with walk-in closet, a powder room and a private study. On the second floor, there's an immense loft surrounded by three bedrooms(one includes a walk-in closet!), a shared bath, and a large laundry room. The owner's suite includes a deluxe bath showcasing a separate soaking bath and shower along with a spacious walk-in closet.
11300 N Casa Dega Drive
Surprise, AZ 85388
$499,995
3
Beds
2.5
Baths
1,567
SqFt
Status
Active
MLS #
6424841
Property Type
Apartment
Price Type
--
Steps away from the newly opened clubhouse and amenities, this 1,567 square-foot villa feature 3 bedrooms and 2.5 bathrooms. Designer upgrades throughout including white shaker cabinets, quartz countertops, Whirlpool appliances, and beautiful wood-look tile flooring in the main living spaces. The first-floor features an open floor plan with a well-appointed kitchen, great room, and casual dining space. The second floor showcases a spacious primary bedroom with direct access to a private covered balcony and two secondary bedrooms with a shared hall bath. Additional highlights include a second private balcony off bedroom 3 and centrally located laundry. Incredible amenities including a private golf club, clubhouse, restaurants, cafes, pools, a full-service spa, state-of-the-art fitness center, movement studio, tennis, bocce and pickleball courts, and much more.
21415 N Elba Road
Maricopa, AZ 85138
$499,995
4
Beds
3.5
Baths
2,500
SqFt
Status
Active
MLS #
6528777
Property Type
Single Family Residence
Price Type
--
Explore this inspired Cassandra model home! Included features: a covered entry; an immense great room with center-meet doors leading onto a cheerful covered patio; a gourmet kitchen boasting 42'' upper cabinets, a center island, a spacious walk-in pantry and an adjacent dining room; a secluded owner's suite showcasing an oversized walk-in closet and a deluxe bath with double sinks; a convenient powder room; a central laundry; three secondary bedrooms with a shared full bath; a 2-car garage and a side-turn garage. Buyer can still pick electric options and Home Gallery selections!
18655 W Honeysuckle Drive
Surprise, AZ 85387
$499,995
3
Beds
2
Baths
1,826
SqFt
Status
Active
MLS #
6630289
Property Type
Single Family Residence
Price Type
--
Welcome to this RV Ultra Garage Pewter home! Included features: a covered entry; a well-appointed kitchen boasting 42'' upper cabinets, quartz countertops, stainless-steel appliances, a center island and a walk-in pantry; a relaxing great room and adjacent dining room; a secluded primary suite showcasing additional windows, a spacious walk-in closet and a private bath with double sinks; a central laundry; two secondary bedrooms with a shared bath; a charming covered patio; a 2-car garage and an attached RV garage. This home also offers wood laminate flooring, cultured marble bath countertops, ceiling fan prewiring in select rooms, front yard landscaping and concrete pavers at the driveway and walkway. Spring 2024 Move-in
