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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13128 W Avenida Del Rey --
Peoria, AZ 85383
$469,000
3
Beds
2
Baths
2,213
SqFt
Status
Active
MLS #
6678584
Property Type
Single Family Residence
Price Type
--
Gorgeous former model home, clean and move in ready! Upgraded carpet and tile flooring. Kitchen is equipped with granite countertops , large island, gas range, pantry, and extended cabinetry. Living/formal room and Office! Split floor plan, large Primary suite and 3 car Tandem Garage. Refrigerator, washer and dryer convey. Large covered patio and beautifully landscaped front and backyard with great Privacy.
20100 N 78th Place
Scottsdale, AZ 85255
$469,000
2
Beds
2
Baths
1,116
SqFt
Status
Active
MLS #
6614306
Property Type
Apartment
Price Type
--
This 2-bedroom 2 bath home features 1116 sqft of living space and is located on the 3rd floor for great views! Nestled the gated community of Edge at Grayhawk, this property boasts a carport space for your convenience. Inside you'll discover stainless steel appliances, NEW Quartz countertops, and gorgeous custom dark blue cabinets. The bathrooms have been updated and there is an electric fireplace that you can luxuriate by on those chilly nights. You'll simply fall in love when you take in the large balcony with sweeping mountain and pool views. Amenities include 2 pools, lounge, theater, tennis, fitness center and more! Enjoy access to the amenities to the Venu at Grayhawk as well! Live like you're always on vacation!
17923 W Porter Lane
Goodyear, AZ 85338
$469,000
3
Beds
2
Baths
1,735
SqFt
Status
Active
MLS #
6621309
Property Type
Single Family Residence
Price Type
--
Large Corner lot on a Cul De Sac with RV gate. Open floor plan, vaulted ceilings, covered patio, irrigation system front and back, house is conveniently located a block away from South Lake and close to North Lake. 2 members only club houses, with gyms, libraries, restaurant and bars in both club houses as well as yacht club, water park, basket, tennis and volley ball courts. Plenty of biking and hiking trails plus a Golf Course in the community! Stainless steel fridge, range, microwave and dishwasher (BRAND NEW) OWNER IS A LICENSED ARIZONA REALTOR Owner offers $10k towards closing costs
8011 S 23rd Drive
Phoenix, AZ 85041
$469,000
4
Beds
2.5
Baths
2,527
SqFt
Status
Active
MLS #
6633722
Property Type
Single Family Residence
Price Type
--
Builders Model Home and it has lots of upgrades, including a Premium Elevation. Features: Surround sound speakers/recessed upgraded lighting/ceiling fans. Bedrooms have walk-in closets. Kitchen has beautiful cabinets/a large walk-in pantry/hi end appliances with 2 ovens(Convection feature) & there's an island with brick trim. Primary bedroom has a large deep tub with brick accents & a walk-in shower.The backyard has a mature tree that produces limes & lemons and there is a raised garden planter with sprinklers. The 3 car tandem garage has an 8 ft door to accommodate hi profile vehicles. The energy efficient HVAC system has a unique 3 zone feature for your convenie
42833 W Mallard Road
Maricopa, AZ 85138
$469,000
2
Beds
2.5
Baths
1,945
SqFt
Status
Active
MLS #
6636635
Property Type
Single Family Residence
Price Type
--
Split floor plan, 2 bedrooms with ensuites and a den/office/workout room. Kitchen with under-cabinet lights, gas appliances and gas double oven range. Butler's pantry and walk-in pantry, cabinets have crown molding and dual pull-outs. Granite countertops, oversized island with additional storage. Laundry with counter space and cabinets.10' ceilings and 8' doorways. Primary bedroom has an extended bay window bump-out for additional space. Tile flooring throughout the home. Backyard has gated side yards with bunny fencing. Extended pergola patio, with outdoor BBQ. Extended patio with pavers. The home has foam insulation, energy-efficient windows with sun-screens, and a powered attic ventilator. Ceiling fans in all rooms. A 25' extended and insulated garage with sink and 5' storage extension Items to convey - back patio TV, cabinet under back patio TV, covers for both, garage TV and sound bar, King platform bed with mattress in Primary bedroom, and desert scape artwork above bed.
25615 N Bolero Bend
Rio Verde, AZ 85263
$469,000
3
Beds
2
Baths
1,718
SqFt
Status
Active
MLS #
6635756
Property Type
Townhouse
Price Type
--
FURNISHED turn-key townhome with spectacular view of the Mazatzal Mtns.-Four Peaks and the 4th hole of the White Wing golf course. This end unit has great space with 2 bedrooms and 3rd bedroom/Den/Office. Kitchen with casual dining and front patio access. Great room with dining, wood burning fireplace, vaulted ceiling and sliding door access to the back patio and views. Primary suite has walk in shower, soaking tub, dual vanities and walk in closet. Guest bedroom is spacious, guest bath has shower/tub. Den/Office/3rd bedroom gives you options! Back patio with Saltillo Tile and plenty of space to enjoy the views. Wooden shutters in all rooms. 2 car garage and roof recoated Nov. 2023! Move right in and start enjoying the Rio Verde life!
18134 W Maui Lane
Surprise, AZ 85388
$469,000
4
Beds
2
Baths
1,737
SqFt
Status
Active
MLS #
6645154
Property Type
Single Family Residence
Price Type
--
Explore this splendid 4-bedroom, 2-bathroom energy-efficient home, boasting impressive curb appeal with a 2-car garage, extended driveway, additional RV parking space, and low-maintenance landscaping. Step inside to find a luminous interior adorned with high ceilings and stylish wood-like flooring throughout. The kitchen is a chef's delight, outfitted with chic countertops, a mosaic tile backsplash, fine wood cabinetry, a central island, and stainless steel appliances. Each bedroom is carpeted for comfort and includes a ceiling fan, with the primary suite boasting a walk-in closet and an en-suite bathroom. The backyard is an oasis, featuring a covered patio, a a shimmering swimming pool, well-maintained landscaping, grass, and an expansive patio ideal for sunbathing.
5603 N Wilshire Drive
Williams, AZ 86046
$469,000
3
Beds
2
Baths
1,590
SqFt
Status
Active
MLS #
6656887
Property Type
Single Family Residence
Price Type
--
Energy efficient mountain home on a treed acre with views, just North of I-40 on the way to the Grand Canyon. Temperature controlled 2 car garage, huge loft bedroom, large kitchen and two more bedrooms and a great room complete the house. Vaulted ceilings, clerestory windows up top. Grounds include a deck shaded in the summer, patio, even a play house for little ones. Passive heating and dual paned windows make this super efficient in the Winter. 7000 foot elevation makes it cool in the summer. Small changes will make it your own! Make it your retreat, or make it your vacation rental to help pay for it. Call for more information.
13137 W Stella Lane
Litchfield Park, AZ 85340
$469,000
4
Beds
2
Baths
2,040
SqFt
Status
Active
MLS #
6662083
Property Type
Single Family Residence
Price Type
--
Check out this great 4-bedroom, 2-bath home situated in a welcoming community with an excellent location. This well-maintained property showcases a low-maintenance backyard, a newer AC unit, and water heater. Smoke/Pet Free, with a spacious 3-car garage, the residence offers both practicality and style. Its proximity to schools, restaurants, and shopping centers enhances the convenience of modern living, making it an ideal choice for homeowners seeking comfort and accessibility.
6919 E Boise Street
Mesa, AZ 85207
$469,000
3
Beds
2.5
Baths
2,220
SqFt
Status
Active
MLS #
6670863
Property Type
Single Family Residence
Price Type
--
Embark on suburban magic in Mesa, AZ, with this 3-bed, 2.5-bath solar-powered gem! Spanning 2200 sq ft, revel in sleek tile on the main floor, a chef's kitchen, and a master suite fit for royalty. Step into an eco-luxury paradise inside and a solar-powered sanctuary outside. Seize the keys to this stylish, sustainable dream in the heart of suburbia!
5414 W Desert Cove Avenue
Glendale, AZ 85304
$469,000
3
Beds
2
Baths
1,656
SqFt
Status
Active
MLS #
6680434
Property Type
Single Family Residence
Price Type
--
Beautiful remodeled home in a great neighborhood! Home comes with an Open floor plan with a spacious kitchen with all new cabinets. Stunning remodeled master bathroom with beautiful vanities and large walk in shower. New Carpet in the bedrooms and new Luxury vinyl throughout high traffic areas of the house. Upgraded fixtures along with Delta Faucets throughout! Large, beautiful backyard with a pool and new grass area. Property comes with a two car garage and a new roof. Must see home!
