Last week’s economic news was dominated by Great Britain’s vote to withdraw from the European Union. New and Existing Home Sales were released along with weekly reports on mortgage rates and new jobless claims.
“Brexit” Vote Tanks Stocks, Could Cause Lower Mortgage Rates
US stocks plunged in reaction to the news of Britain’s decision to leave the EU and the resignation of its Prime Minister. While investors don’t want to see their 401(k) values crash, mortgage rates may also fall as a result of “Brexit”. Fallout caused by economic uncertainty connected with Great Britain’s move to regain independence is expected to have lingering influence on global financial and economic developments in coming months and years.
Fed Chair Janet Yellen said in testimony before the Senate Banking Committee that Great Britain’s decision to leave the EU could have significant consequences. Chair Yellen’s comments were made prior to Friday’s announcement of Great Britain’s decision.
Existing Home Sales Highest Since 2007, Home Prices Continue Rising
According to the National Association of Realtors® May sales of pre-owned homes hit their highest level since February 2007. May’s seasonally-adjusted annual reading of 5.53 million sales fell just shy of analysts ‘expectation of 5.55 million sales, but exceeded April’s reading of 5.43 million sales. May’s reading represented a 1.80 percent increase in sales and a year-over-year increase of 4.50 percent.
Short supplies of available homes continued to drive up home prices according to NAR chief economist Lawrence Yun, who expressed concerns about affordability as home prices continued to outstrip wages and inflation. The national median home price was $239,700 in May, which was 4.70 percent higher year-over-year. Although first-time buyers typically represent about 40 percent of homebuyers, they currently account for 30 percent of homebuyers.
New Home Sales Fall in May
Sales of new homes slowed in May after jumping in April. According to the Commerce Department, sales of new homes fell by 6.00 percent on a seasonally adjusted annual basis. 551,000 new homes were sold against the expected reading of 560,000 new homes sold and April’s downwardly revised reading of 586,000 new homes sold. New home sales were 8.70 percent higher year-over-year in May.
Mortgage Rates Rise, Weekly Jobless Claims Fall
Last week’s mortgage rates don’t reflect the Brexit decision and rose slightly on Thursday. The average rate for a 30-year fixed rate mortgage was two basis points higher at 3.56 percent; the average rate for a 15.year fixed rate mortgage was also two basis points higher at 2.83 percent. The average rate for a 5/1 adjustable rate mortgage was unchanged at 2.74 percent. Discount points rose to 0.60 percent for a 30-year fixed rate mortgage but were unchanged at 0.50 percent for 15-year fixed rate mortgages and 5/1 adjustable rate mortgages.
What’s Ahead
Next week’s economic events include Case-Shiller Housing Market Indices, Pending Home Sales, Consumer Spending and Construction Spending
4829 N 74th Street Scottsdale, AZ 85251
$479,900
2
Beds
2
Baths
1,138
SqFt
Status
Active
MLS #
6683467
Property Type
Townhouse
Price Type
--
This newly remodeled unit is ready for you to make it your own! Ground floor condo in the heart of Old Town Scottsdale features 2 spacious bedrooms, 2 remodeled bathrooms, a bright kitchen blending with a spacious living/great room that features a beautiful wood burning fireplace. The large patio is steps from the ''spa style'' community pool with gorgeous sunset views. Casa Bonita South is a special community with just 12 units and beautiful common areas. The condo is located within walking distance of the Fashion Square Mall, Waterfront area and Scottsdale's best restaurants and nightlife. Close to the Greenbelt and Canal for walking and biking.
7009 E Acoma Drive Scottsdale, AZ 85254
$479,900
2
Beds
2
Baths
1,158
SqFt
Status
Active
MLS #
6688794
Property Type
Apartment
Price Type
--
Fantastic location for this gorgeous Scottsdale Condo! Ground floor unit with tons of upgrades and north/south exposure. 2 bed 2 bath with stainless steel appliances, granite counter tops, and newer wood floors in main living areas. Two large bedrooms, both with walk-in closets. Both bathrooms have been upgraded and the primary bath includes a double vanity with tumbled travertine tile and travertine shower! Fantastic community with many amenities and a short distance to Kierland and Scottsdale Quarter! HVAC replaced in 2018. Attention Investors!! These units rent out regularly and consistently for both furnished and unfurnished units!
20807 N Grantham Road Maricopa, AZ 85138
$479,900
4
Beds
2.5
Baths
3,267
SqFt
Status
Active
MLS #
6669700
Property Type
Single Family Residence
Price Type
--
Step into your dream home with this enchanting 4-bedroom (plus den), 2.5-bath two-story nestled in the coveted community of Homestead North in Maricopa. A quiet retreat, this residence boasts a 3-car tandem garage and the luxury of no homes behind, offering breathtaking views of majestic mountains - a true sanctuary for tranquility seekers. The curb appeal is nothing short of fabulous, with perfectly arranged desert landscaping guiding you along a paver walkway to the front, covered patio featuring a striking custom iron and glass door. As you step inside, a bright and open living room and dining room welcome you, creating a sprawling space that exudes warmth. The kitchen is a vision of elegance with stainless steel appliances, crisp white cabinetry (complete with a Lazy Susan and hidden trash/recycle bin cabinet), granite counters, and an island with bar top seating - perfect for both preparation and serving. A walk-in pantry and a tucked-away Butler's pantry area provide ample storage space, ensuring functionality meets style seamlessly. The kitchen effortlessly flows into the window-lined family room, where sliders open to the back patio, inviting the serenity of the outdoors inside. A convenient half bath downstairs adds to the thoughtful design. Ascend the stairs to discover a versatile, open den - a space that could serve as a play/game room, study, or an additional family room. The bedrooms are a haven of comfort and style. The primary suite, with a double door entry, offers a bonus room with endless possibilities - a temporary nursery, home office, gym, or simply a quiet place to relax and read. The primary bathroom is a spa-like retreat, featuring an extended vanity, garden tub, glass shower, private toilet, and a huge walk-in closet with built-in shelving. The upstairs laundry room, complete with shelving and a drying rack, adds a touch of convenience to your daily routine. Venture outside to a delightful backyard, where a large covered patio, extended paver patio (ideal for a BBQ area), and green artificial turf create the perfect setting for entertaining or quality family time. The added bonus of solar panels, completely covered by the seller at the close of escrow, adds an eco-friendly touch to this remarkable property. Homestead North offers a host of amenities for everyone to enjoy, including walking/jogging and biking paths, children's playgrounds, BBQ areas, a volleyball court, basketball courts, and even a subdivision lake. Don't miss the opportunity to experience the magic of this must-see property in Homestead North - schedule your viewing today!
14833 W Corral Drive Sun City West, AZ 85375
Open House
$479,900
3
Beds
3
Baths
2,231
SqFt
Status
Active
MLS #
6694680
Property Type
Single Family Residence
Price Type
--
*Nicely updated 3/2.75, plus an expanded Den and a Casita, Prescott floorplan with 2134 SqFt of comfortable living space*Beautiful curb appeal*Front paver patio*Security doors front and back*6 panel doors with lever handles*Newer fixtures throughout*Large great room with carpet and wood floors and shutters *Kitchen offers updated cabinets with pulls, granite counters, newer appliances, recess lights, tile floors and a breakfast room*Master bedroom with tile floors, bay window and bath with gray dual sink vanity, granite, custom walk-in shower with glass door, separate toilet room, tile floors and large closet*2nd bed with carpet*2nd bath gray vanity, granite, tile floors and a bathtub*Indoor utility room*2 car garage with storage cabinets*Exterior with covered patio and mature landscaping
44088 W Palo Abeto Drive Maricopa, AZ 85138
Open House
$479,900
4
Beds
3.5
Baths
2,992
SqFt
Status
Active
MLS #
6658934
Property Type
Single Family Residence
Price Type
--
This impressive single-story home spans 2,990 square feet and offers 4 bedrooms and 3.5 baths, complete with a refreshing pool! The family room boasts a cozy fireplace, while the formal dining area features elegant crown molding. In the kitchen, discover an island, ample cabinets, 42'' uppers, stainless steel appliances, and a convenient walk-in pantry. The owner's suite is a luxurious retreat with double sinks, executive height cabinets, a walk-in closet, walk-in shower, and a relaxing garden tub. The Jack-n-Jill bathroom features double sinks and a tub/shower combo. Step into the backyard to enjoy a pebbletec pool with a water feature, an extended patio with pavers, and a separate turf area - perfect for your furry friend!
755 E Zion Drive Gilbert, AZ 85297
Open House
$479,900
3
Beds
2.5
Baths
1,648
SqFt
Status
Active
MLS #
6685994
Property Type
Townhouse
Price Type
--
Step into this contemporary sanctuary where modern design meets practicality, crafting a harmonious fusion of elegance and convenience. This remarkable home showcases a sleek and stylish curb appeal, setting the stage for the exceptional features within. Upon arrival, a smart lock greets you, offering both security and ease of access. The open staircase, adorned with wrought iron details, adds a touch of sophistication, while wood-look tile flooring effortlessly guides you through the space. Utilizing every inch wisely, storage beneath the stairs maximizes the efficiency of this well-planned layout. Bask in the abundance of natural light and enjoy privacy with window treatments adorning every room, evoking a sense of comfort and refinement. (CLICK TO READ MORE) Modern baseboards add a polished finish to the contemporary interior, elevating the overall aesthetic. The chef-inspired kitchen is equipped with GE Cafe appliances, a convenient recycle bin, R/O system, and soft-close cabinets. The tile backsplash and under-cabinet lighting not only enhance the style but also contribute to the functionality, making the kitchen a true focal point of the home. A built-in desk in the loft, complete with extra cabinets, provides a dedicated workspace seamlessly integrated into the design. The primary suite serves as a luxurious retreat, featuring an accent wall, crown molding, and a stunning tile subway shower extending to the ceiling, complete with a convenient bench. Artistic flooring and a dual vanity enhance the spa-like ambiance, offering a serene escape. Efficiency meets elegance in the laundry room, boasting extra cabinets and a spacious countertop, simplifying daily chores. The garage transcends its traditional role, offering organized storage solutions, including racks, epoxy-coated floors, and a water softener, ensuring both functionality and style. One of the standout features of this home is the serene backyard setting, with no neighbors behind, providing a sense of tranquility and privacy. This home is nestled in the Mosaic at Layton Lakes, where gated tranquility meets boundless recreation. Dive into the community pool, unwind in the spa, or enjoy outdoor gatherings at the BBQ grills and tot lot. Adjacent to Layton Lakes' expansive masterplan, residents gain access to jogging tracks, splash pads, sports courts, and lush parks. Experience the perfect blend of leisure and adventure in this dynamic community setting. Don't miss the opportunity to make this modern masterpiece your own and embrace the pinnacle of contemporary living!
7918 W Joedad Terrace Peoria, AZ 85382
Open House
$479,900
3
Beds
2
Baths
1,520
SqFt
Status
Active
MLS #
6687954
Property Type
Single Family Residence
Price Type
--
Welcome home to your Fulton Home Indigo 3 bedroom, 2 bath floorplan in the heart of Peoria. This was Fulton Homes most popular floorplan for many years and for good reason. As you walk in to the home, the spacious living room with gas fireplace gives you the ''home'' feel. Your formal dining room is to the left while the breakfast nook is straight ahead with the large kitchen with breakfast bar being adjacent to that. The captivating vaulted ceilings with additional windows gives plenty of natural light which makes this home bright. The massive master bedroom has the bay wndw option for even more room. Don't worry about closet space as the MB has a huge walk in closet. Both front and back yards are beautifully landscaped with mature fruit trees, built in BBQ, and a grassy area w/sprinklers
17604 E Stacey Road Queen Creek, AZ 85142
Open House
$479,900
2
Beds
1.5
Baths
896
SqFt
Status
Active
MLS #
6689185
Property Type
Single Family Residence
Price Type
--
With outstanding views of the San Tan Mountains from your extended front porch, this is the perfect little home in the desert! The flawlessly laid out, open concept floorplan maximizes the square footage. This home boasts 2 bedrooms and 1.5 baths. Master bath has an upgraded tile surround. Kitchen has been upgraded with tile backsplash, extended cabinets, and a large pantry. French doors in the master bedroom open to a covered patio, perfect for your morning coffee. The oversized garage can hold all your toys and there is additional storage space in the attic. The front-loading washer and dryer are located in the laundry nook within the garage and have additional storage cabinets. The large covered back porch and desert landscaped backyard is perfect for entertaining and is big enough for for a pool. This home is 2 years old and has been perfectly maintained. Washer/Dryer/Refrigerator Convey. With no HOA, this is the perfect starter/retirement home.
14997 W Shaw Butte Drive Surprise, AZ 85379
Open House
$479,900
3
Beds
2.5
Baths
2,257
SqFt
Status
Active
MLS #
6671723
Property Type
Single Family Residence
Price Type
--
This beautiful home is priced to sell quickly. Come and see it for yourself! The grand staircase overlooking the formal living room will catch everyone's eye. The fireplace in the family room is sure to heat up the attention. The Arizona room is perfect for those who love to be outside without being outside. The pool is perfect for year-round enjoyment! Upstairs you will find three spacious bedrooms, with the master away from the other two bedrooms, and a spa-like master bathroom. The current owners have put so much love and care into the home. ALL Appliances will remain and they are all 2 years of age or less. Please email POF/prequal prior to requesting a tour of the home. The property is to be sold in present condition.
1736 W Northview Avenue Phoenix, AZ 85021
$479,888
3
Beds
2
Baths
1,333
SqFt
Status
Active
MLS #
6663847
Property Type
Single Family Residence
Price Type
--
Introducing this tastefully updated single-story residence with an excellent location and no HOA! This gem features carport parking and a lush front yard with a mature shade tree. Step inside to discover a spacious living room with tall ceilings, a trending palette, wood-plank tile flooring, and sliding glass doors to the backyard, perfect for entertaining. The eat-in kitchen is the heart of the home, offering stainless steel appliances, recessed and pendant lighting, granite counters, rich wood cabinetry, and a breakfast bar. The second bathroom boasts a heated mirror. The primary bedroom boasts plush carpeting and a private upgraded bathroom with 6 modern shower heads and a double glass entry. You'll love hosting memorable gatherings in the rare oversized backyard with an open patio. This rare Oversized Backyard has plenty of storage area in the updated shed. Check out the rear RV gate, and a lush lawn. The new A/C and Tankless Hot Water Heater are a bonus. So much more to offer. This home is move-in ready and awaits its new owners! Call for a private tour today!
16036 N 11th Avenue Phoenix, AZ 85023
$479,800
4
Beds
2.5
Baths
1,678
SqFt
Status
Active
MLS #
6668633
Property Type
Single Family Residence
Price Type
--
wonderful property with great floor plan* new paint inside**the stairs and all top floor has new flooring** the downstairs offers a 1/2 bath**tile t/o** master has walk in closet with dual sinks with tub and shower**fan in bdrms**ac is 4 yrs old with digital wi-fi thermostat**this property has an extended lot is located on a cul-de sac. Nice fountain on the back surrounded by a block wall** it sits within walking distance to the pool house and mail. community has lots green areas ready to move in. THIS COMUNITY SITS CLOSE TO MOON VALLEY..
6881 W Sonoma Way Florence, AZ 85132
$479,500
5
Beds
3.5
Baths
3,197
SqFt
Status
Active
MLS #
6667097
Property Type
Single Family Residence
Price Type
--
Experience luxurious living in the heart of Anthem at Merrill Ranch with this exceptional 5-bedroom, 3.5-bathroom home featuring an oversized den and abundant storage space. The kitchen opens to a spacious great room adorned with granite countertops, staggered espresso cabinets, and stainless steel appliances. The master suite and office are conveniently located downstairs, while the remaining bedrooms, along with an extended game room, are situated upstairs. Natural and recessed lighting, a soft water loop, tankless water heater, and solar panels further enhance the home's appeal. Schedule a viewing today to immerse yourself in the unmatched elegance and comfort offered by this remarkable property.