Last week’s economic events included S&P Case-Shiller’s Housing Market Indices for April along with reports on Construction Spending and Pending Home Sales. Consumer Confidence was higher in June in spite of low wage growth and inflation well below the Fed’s goal of 2.00 percent annually.
S&P Case-Shiller: Home Price Growth Ticks Downward
April home values grew by 5.40 percent in April on a seasonally-adjusted annual basis. Case Shiller reported a drop in momentum from the March reading of 5.50 percent according to the S&P Case-Shiller 20-City Home Price Index. While no city included in the 20-City Index reported lower home values, the rate of growth appears to be slowing. High home prices driven by high demand and slim inventories of available homes may continue to lose steam as high home prices coupled with stricter mortgage requirements sideline first-time and moderate income buyers.
Pending home sales in May saw their first decline since August 2015 According to the National Association of Realtors®, Pending sales dropped from April’s downwardly revised index reading of 115.0 to 110.8. Pending home sales were -3.70 percent lower in May as compared to April’s reading of +3.90 percent. The drop in pending sales, which represents homes under contract that are not yet closed, is largely blamed on markedly low inventories of homes for sale in many areas.
Construction spending was higher in May, but remained in negative territory with a reading of -0.80 percent as compared to expectations of +0.50 percent and April’s reading of -2.00 percent. While the overall reading appears unremarkable, residential construction spending was 5.30 percent higher in May.
Mortgage Rates Lower, Jobless Claims Rise
Freddie Mac reported lower mortgage rates in the aftermath of Great Britain’s vote to leave the EU. Rates for a 30-year fixed rate mortgage averaged 3.48 percent.15-year mortgage rates averaged 2.78 percent and the average rate for 5/1 adjustable rate mortgages was 2.70 percent. Discount points were also lower at 0.50, 0.40 and 0.50 percent respectively.
Jobless reports jumped due to the end of the school year; New York State in particular allows some workers to file jobless claims when schools are closed. 268,000 new jobless claims were filed as compared to expectations of 265,000 new claims and the prior week’s reading of 258,000 new claims.
Consumer confidence rose in June, but consumers were surveyed before the Brexit vote. Consumer confidence increased to 98.0 in June as compared to May’s index reading of 92.40.Stronger job markets and stabilized gas prices were seen as contributing factors that boosted consumer confidence.
What’s Ahead
Next week’s scheduled economic reports include several labor-related reports including Non-Farm Payrolls, ADP Payrolls, June’s national unemployment rate and minutes of the Fed’s last FOMC meeting. Freddie Mac’s survey of mortgage rates and weekly jobless claims will also be released.
19426 N 15th Place Phoenix, AZ 85024
New
$479,000
3
Beds
2
Baths
1,397
SqFt
Status
Active
MLS #
6696711
Property Type
Single Family Residence
Price Type
--
Privacy awaits in this 1396 sf home on a large cul-de-sac 9981sf lot. Don't miss out on this 3 bd 2 bath home minutes from Desert Ridge shopping, hospitals, and freeway access.
4167 E Baylor Lane Gilbert, AZ 85296
$479,000
3
Beds
2.5
Baths
1,990
SqFt
Status
Active
MLS #
6657746
Property Type
Single Family Residence
Price Type
--
Here is a beautiful home in the heart of Gilbert you are going to love for your family! Once you enter this home you will see the new flooring and fresh paint throughout. Just past the stairs and gathering area you will enter the kitchen with new granite countertops and professionally painted cabinets that boasts both a eat-in great room and breakfast bar. Upstairs has a huge loft area with 3 beds and 2 updated baths containing new matching flooring, granite counters and cabinets. Master bedroom offers a large walk-in closet too. Backyard is cozy with new maintenance free artificial grass. New AC unit. Call soon to see this beauty!
16 W Encanto Boulevard Phoenix, AZ 85003
$479,000
2
Beds
2.5
Baths
1,687
SqFt
Status
Active
MLS #
6614044
Property Type
Apartment
Price Type
--
This fabulous, interior, north facing, 2 bedroom, 2.5 bath townhouse is in a prime and quiet location in Tapestry. Nicely upgraded with all the expected upgrades, including SS appliances, gas stove, and granite counters. The spacious great room and den has a gas fireplace surrounded with windows and flows nicely out to the patio. Original owner, 2nd home, and well cared for. This home has two parking spots in the gated underground garage. Tapestry has a heated community pool and spa & workout facility and small post office & shops and is steps away from the light rail, Heard Museum, and restaurants. Very nice downtown Phoenix location and close to Sky Harbor Airport.
9714 W Briarwood Circle Sun City, AZ 85351
$479,000
3
Beds
2
Baths
2,150
SqFt
Status
Active
MLS #
6639876
Property Type
Single Family Residence
Price Type
--
This home has been beautifully updated. Flooring will WOW you. NEW A.C. unit, NEW duct work, NEW kitchen cabinets ,beverage cooler, quartz counter tops, NEW sinks and faucets in the kitchen and bathrooms. FIREPLACE, NEW interior and exterior doors. Watering system updated. NEW garage door and rollers etc. redesign has made the Patio a useable part of the home as heating and cooling duct work adds 300 plus sq. ft. ALL UPGRADES COMPLETED IN DECEMBER 2023. SOLAR PAID OFF AND CONVEYS AT CLOSE OF ESCROW. JUST REDUCED
40046 N Carter Court San Tan Valley, AZ 85140
$479,000
2
Beds
2
Baths
1,660
SqFt
Status
Active
MLS #
6648731
Property Type
Single Family Residence
Price Type
--
Pride of ownership is shown in this beautiful property nestled on a quiet cul-de-sac in San Tan Valley! Fall in love with a bright & spacious interior offering plantation shutters, soothing palette, wood-look tile floor, & modern recessed lighting. The remarkable kitchen features chocolate-stained cabinets adorned with crown moulding, quartz counters, stylish mosaic backsplash, stainless steel appliances, & an island complete with a breakfast bar. End your long & busy day in the main suite comprised of plush carpet throughout, a walk-in closet, & a private bathroom with dual sinks. Enjoy spending relaxing afternoons in the serene backyard with a covered patio! Garage has epoxy floors and provides cabinets and work bench! Don't let this home pass you by!
7340 N 39th Drive Phoenix, AZ 85051
$479,000
4
Beds
2.5
Baths
2,257
SqFt
Status
Active
MLS #
6665504
Property Type
Single Family Residence
Price Type
--
Featuring 4 beds, 2.5 baths, and 2,257 square feet, this home was meticulously maintained and remodeled by a licensed contractor. Enjoy cooking in your updated kitchen with granite countertops, stainless steel appliances and ample storage. Each bathroom is updated with modern elegance and finishes. Retreat to the luxurious primary suite or enjoy the backyard oasis with a crystal clear blue pool, lush green turf, covered patio and a pergola to enjoy those hot summer days. Plus, enjoy the benefits of solar panels, offering both eco-friendly living and energy savings. This home also has a huge covered awning driveway for all those boats, RV's or projects and side yard storage + a garage for all your toys! Come see this beauty today and start living the lifestyle you deserve!
19032 N Kristal Lane Maricopa, AZ 85138
$479,000
4
Beds
2.5
Baths
3,725
SqFt
Status
Active
MLS #
6662859
Property Type
Single Family Residence
Price Type
--
VERY SPACIOUS 4 BEDROOM PLUS LARGE LOFT/GAME ROOM AREA. LARGE FAMILY AREA OFF THE KITCHEN. KITCHEN ISLAND. NEW FLOORING THROUGH OUT THE HOME AND WINDOW COVERINGS. 3 CAR GAR, CLOSE TO PARKS AND ENTERTAINMENT
21626 N 157th Drive Sun City West, AZ 85375
$479,000
2
Beds
2
Baths
2,032
SqFt
Status
Active
MLS #
6670916
Property Type
Single Family Residence
Price Type
--
Expanded,remodeled 2 bed/2bath 2,032 sf Chandler model.Enter & discover light colors creating a bright charming atmosphere.Ceramic wood plank tile floors,new baseboards,crown molding,skylight in cozy living space.Expanded area can be an office,bedroom or sitting area.Kitchen features soft close cabinets with P/Os,under cabinet lighting,quartz counter tops,gas cooking,stainless appliances,2 pantries,eat in kitchen w/bay windows.Spacious owner's suite vaulted ceiling & new windows,remodeled bath raised marble double vanity,lighted vanity mirrors,new fixtures,walk in shower,walk in closet & linen closet.Guest bathroom raised quartz vanity,tub subway tile surround,lighted vanity mirror,new fixtures.Inside laundry.Solar saves on future electric bills.Newer roof/HVAC.LOW TAX area & NO HOA FEE -Exterior/Entry Epoxy driveway, sidewalk and entry~Courtyard with pavers and landscape wall~Security shutters on front windows ~Synthetic grass in front landscape~Vacation mailbox -Front Entry/Foyer Security Door~Wood plank ceramic tile floor-sealed -Throughout Replaced smoke detectors~Replaced door hardware~Ductwork cleaned and sealed -Arizona Room with Extension Wood plank ceramic tile floor-sealed~New baseboards~Crown molding~Surround sound in TV room~Skylight with remote controlled shade~New vinyl framed operable windows and sliding glass patio door~Arched passage ways with Onyx window sill caps~New blinds on exterior Arizona room windows~2 Ceiling fans with remotes and lights -Kitchen Dunn Edwards Stucco Tan/Ivory cabinets with molding~Soft close cabinets~Quartz counter tops~Granite composite sink~Stainless French door refrigerator~Gas stove/oven~Stainless dishwasher, microwave~Wood plank ceramic tile floor- sealed~New baseboards~2 pantries Pull out shelves~4 glass arched cabinets~Glass block inlays at kitchen counter top~Under cabinet lighting~Newer faucet~Replaced cabinet hardware~Reverse Osmosis -Breakfast Nook Bay windows~Ceiling fan with light~Tile floor~Roll down security screens on exterior windows~Wood plank ceramic tile floor - sealed -Owner's Suite Carpet~Vaulted ceiling~New vinyl framed windows~Ceiling fan~Roll down security screens on exterior windows -Owner's Bathroom Raised double marble vanity with oval sinks~Dunn Edwards Stucco Tan/Ivory cabinets~New lighting~New fixtures~Two new lighted vanity mirrors~Walk in shower with marble/tile surround, bench, shampoo box, corner shelves, frameless glass wall/door~Tile floors cleaned and sealed Separate water room with raised height toilet and roll down security screens on exterior windows~Extra clothes/linen storage closet~Added ceiling heater~Walk in closet -Bedroom 2 Ceiling fan with light~Carpet~New vinyl framed windows~Roll down security screens on exterior windows -Guest Bathroom Raised height quartz vanity~Dunn Edwards Stucco Tan/Ivory cabinets~New bathtub~Subway tile surround~New fixtures~New lighting~New lighted vanity mirror~Wood plank ceramic tile floor sealed~Raised height toilet -Laundry Room LG white washer/dryer on pedestals~Cabinets~Wood plank ceramic tile floor sealed~Roll down security screen on exterior window -Garage Epoxy floor~Attached cabinets~Work bench~Whole house water filtration and saltless softener HVAC 2014~Hot water heater 2019~Garage door opener -Exterior Rear Epoxy coated extended patio~Pull down sun shades on patio cover~Alumawood cover~Roll down security screens on owner's suite and water room windows~Electric hot tub/spa included Roof Updated 2022
2968 E Kalispell Avenue Sierra Vista, AZ 85650
$479,000
3
Beds
2
Baths
2,018
SqFt
Status
Active
MLS #
6667687
Property Type
Single Family Residence
Price Type
--
Discover your ideal Arizona retreat on this spacious 1-acre lot. This Mountain Shadows home boasts sought-after features dor your living experience: Relax and unwind in the luxurious Jacuzzi-type tub.Enjoy energy efficiency and natural light with high-quality Andersen windows.High-End Luxury Vinyl flooring combines elegance with durability. Dual Cooling System: Stay comfortable year-round with both central AC and evaporative cooling. The kitchen features custom cabinetry, a high-end GE Dual Fuel double oven with convection, a new refrigerator, and a beautiful Butler Pantry. Benefit from fully owned solar panels and passive solar design for reduced electric bills. workshop with a sink and garage door, plus attached storage cabinets and workbench in garage. Patio has chiminea and views! Breathtaking mountain views and incredible sunrises and sunsets. Don't miss out on this opportunity to own a slice of Arizona paradise. RV parking and partial hookup are also available.
18388 N 88th Avenue Peoria, AZ 85382
$479,000
4
Beds
2
Baths
1,740
SqFt
Status
Active
MLS #
6672864
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home! Nestled in a serene neighborhood, this stunning 4-bedroom, 2-bathroom residence boasts 1,740 square feet of comfort and style. Dive into luxury with your very own swimming pool, perfect for relaxing or entertaining guests. Recently updated with granite countertops, brand-new windows, stainless steel appliances, and updated bathrooms, this home exudes a warm and inviting atmosphere. Enjoy the cozy feel of brand-new carpet underfoot as you make unforgettable memories in this charming abode. Conveniently located near the freeway, schools, parks, and shopping centers, this residence offers the ideal combination of comfort and convenience. Don't miss out on this exceptional opportunity to call this house your home!
8245 E Bell Road Scottsdale, AZ 85260
$479,000
2
Beds
2
Baths
1,487
SqFt
Status
Active
MLS #
6674350
Property Type
Apartment
Price Type
--
This super tidy Condo has been gently used by owner occupants since 2011. Soaring ceilings on this upstairs unit add to its grand open floor-plan. The huge North facing patio is a natural extension of the living space. The attached garage offers additional storage cabinetry. Stunning views of Pinnacle Peak. Montana Del Sol is in close proximity to the 101, Scottsdale Airpark and all that Kierland has to offer... world class dining, shopping and entertainment. A golfers dream, located 100 yards from the main entrance to the WM Phoenix Open at the Scottsdale TPC and the new Draftkings Restaurant and Sportsbook.
25228 N 133rd Avenue Peoria, AZ 85383
$479,000
4
Beds
3
Baths
1,958
SqFt
Status
Active
MLS #
6675115
Property Type
Single Family Residence
Price Type
--
Welcome to The Views at Rancho Cabrillo! This is a new build home by Scott Communities. This one is the 3513 plan with 4 bedrooms and 3 bathrooms. You walk into an open split floor plan. A great use of space with a nice flow into the great room. This one has has a nice kitchen with 42'' upper cabinets and a beautiful white sand Quartz counter tops! Stainless steel appliances with a gas range. Great room layout with an eat-in kitchen. Very nice patio and good size lot! Come out and see this home and beautiful north Peoria community!