Last week’s economic reports included new home sales, pending home sales along with weekly mortgage rates and new jobless claims.
New Home Sales Surpass Expectations
Sales of new homes surpassed expectations and the prior month’s reading. April’s reading of 619,000 sales exceeded expectations of 523,000 new homes sold and 531,000 new homes sold in March. New home sales rose by 16.60 percent on a seasonally adjusted annual basis, which was the highest increase in 24 years.
Analysts said that April’s new home sales indicate that builders are increasing production of new homes to meet high demand for homes. Short inventories of available homes are credited with driving up demand and home prices. Buyers seeking family homes are contending with investor buyers and cash buyers in popular markets.
With affordability becoming limited in many cities, first time and moderate income homebuyers aren’t buying as many homes as they once did. This development contributes to slowing markets, as move-up buyers generally rely on first time buyers to purchase their homes.
Shortages of available homes has pressured home builders to break ground on new home construction projects, but builders continue to cite labor shortages and a lack of buildable lots as reasons why they aren’t building homes as fast as homes are needed.
Pending Home Sales Numbers Suggest Peak Buying Season Returns
Pending home sales were also higher than forecast in April with a reading of 5.10 percent as compared to expectations of 0.80 percent for April and the March reading of 1.60 percent. Pending home sales gauge future closings for home sales and reached their highest level in 10 years and posted a year-over-year gain of 4.60 percent.
Three of four regional readings for pending home sales posted gains, with home sales in the Midwest posting slower growth. On a year-over-year basis, he South posted a gain of 6.80 percent and the Northeast posted a gain of 1.20 percent. The West saw a jump in pending sales with a reading of 11.40 percent after posting a negative reading in March.
April’s expansion in new and pending sales suggests that the peak home buying season is back.
Mortgage Rates Rise; New Jobless Claims Fall
Freddie Mac reported higher average mortgage rates. The rate for a 30-year fixed rate mortgage was six basis points higher at 3.64 percent; the rate for a 15-year mortgage rose eight basis points to 2.89 percent. The average rate for a 5/1 adjustable rate mortgage rose seven points to 2.87 percent. Discount points averaged 0.50 percent for all mortgage types.
New jobless claims dipped last week to 268,000 as compared to an expected reading of 275,000 new claims and the prior week’s reading of 278,000 new claims. Analysts said that New York school employees that were eligible for benefits boosted jobless claims earlier in May due to a non-typical law that allows some school workers to draw unemployment during school closures such as spring break or labor disputes.
What‘s Ahead This Week
This week’s scheduled economic news includes Case-Shiller Home Price Indices, construction spending and reports on inflation, core inflation and consumer sentiment. No reports were scheduled for Monday due to the Memorial Day holiday.
5030 E Mockingbird Lane Paradise Valley, AZ 85253
$8,995,000
6
Beds
7
Baths
12,014
SqFt
Status
Active
MLS #
6675327
Property Type
Single Family Residence
Price Type
--
TIMELESS 2-ACRE GATED ESTATE WITH GUESTHOUSE!! Private and SINGLE LEVEL, the main house is 10,340 sq. ft. with 4 bedrooms and a 6 car, air conditioned garage. The interior of the main home is adorned with stone décor and archways and a sunken bar with wine cellar that has 2 separate, individually cooled areas. The grand study has 2 tvs, a stone fireplace, floor to ceiling wood shelving and cabinetry, a wood décor ceiling as well as natural light. The glass, pocket doors in the main living area open the entire space for indoor/outdoor entertaining. The 1688 sq.ft. Guesthouse has 2 oversized bedrooms, a full kitchen, laundry room as well as it's own 2 car garage. At the Guesthouse, the seamless glass doors meet in the corner and completely open on two sides connecting the guesthouse to the backyard oasis. The luxury, resort style backyard is complete with 2 connected pools, where the play pool has a gazebo and swim up bar and is connected to the diving pool by a flowing lazy river complete with fire pits and Hurricane Palms as well as an island spa. An absolute oasis! This estate is extremely private yet conveniently located. Cullum Homes is extremely detailed and known for building high quality, luxury homes.
6434 E Gainsborough Road Scottsdale, AZ 85251
New
$8,995,000
5
Beds
7
Baths
6,771
SqFt
Status
Active
MLS #
6704899
Property Type
Single Family Residence
Price Type
--
Every so often a home is so special that it's hard to put into words. This is definitely that home. The beautiful combination of luxury and livability is mind blowing, as is the architecture and fresh modern design. From the time you enter you'll be struck by the attention to detail and the impeccable taste throughout every room. The kitchen is a master chef's dream featuring double islands plus a breakfast bar and every imaginable accoutrement, the living spaces are ultra-elegant yet super comfortable, the temperature-controlled wine cellar is exquisite, the custom office will make working from home the preference, and each bedroom has its own special character including a primary suite that is absolutely extraordinary with his and hers custom closets and a lavish yet serene bath. The special design elements are too numerous to list but some of the impressive finishes include pristine wood flooring, gorgeous designer lighting, exposed wood beams, sleek custom cabinetry, statement fireplaces in both living rooms, marble, quartz, and retractable walls of glass that open to the spectacular covered patio providing seamless indoor/outdoor living. The lush grounds are an outdoor paradise and feature a fabulous pool with a hidden slide, spa, pickle ball court, built-in trampoline, and putting green. The pool house has been turned into a golf simulator room, so if golf is your thing, this is your space. Sitting on nearly an acre in a private gated community in the heart of Arcadia Proper with stunning mountain views, it's very clear that family living doesn't get much better than this!
4975 E Mcdonald Drive Paradise Valley, AZ 85253
$8,995,000
4
Beds
6
Baths
6,730
SqFt
Status
Active
MLS #
6310072
Property Type
Single Family Residence
Price Type
--
Nestled at the base of Camelback Mountain, the Echo Canyon Residence is situated on an acre of pristine hillside property with views across Paradise Valley, Mummy Mountain, and the Phoenix Mountain Preserve. It is a Design/Build by award-winning architects The Construction Zone, ltd. Gated access to a private drive lead to the home and up to a 3-car garage and guest parking. This home is currently in the permitting process and will start construction early 2023. The 5970sf residence is organized around a secluded courtyard featuring a pool, built-in spa, and outdoor living spaces, perfect for entertaining. The main house great room connects the courtyard to a balcony overlooking the city, with custom steel and glass floor-to-ceiling windows and oversized sliding doors on both sides. The main wing of the house also includes the primary suite, a second full bedroom suite, private office, butler's pantry and an elevator. The south wing contains a large fitness room and bath, a game room with bar and seating, and a full guest house with a private entry. This house is to be exquisitely crafted throughout and with custom steel detailing, finely crafted millwork, exposed board formed concrete walls, and stone floors throughout. Don't miss the opportunity to make this house your home.
6836 N 36th Street Phoenix, AZ 85018
$8,950,000
3
Beds
3
Baths
3,095
SqFt
Status
Active
MLS #
6507389
Property Type
Single Family Residence
Price Type
--
The ''Circular Sun House'' was designed by Frank Lloyd Wright and was his final architectural design, and known as the Norman Lykes House. 3 beds + office + den + Library. Designed to blend in with the curves of the surrounding desert mountain, this iconic masterpiece was the last home designed by Wright and one of only 14 circular homes by the master architect. Overlapping concentric circles create a floorplan that flows seamlessly from one room to another while every room takes in unobstructed majestic views of Palm Canyon and the city below. Curved walls, clad in golden-hued Philippine mahogany cover the three bedrooms and hallway, reflecting the natural light of Palm Canyon. Sprawling entertaining spaces flow outside to ample patios and a crescent-shaped pool. In Architectural Digest! Three bedrooms PLUS library, plus den could be 4th bedroom and office that sits atop the home.
11612 N 86th Street Scottsdale, AZ 85260
$8,950,000
7
Beds
8
Baths
8,587
SqFt
Status
Active
MLS #
6576591
Property Type
Single Family Residence
Price Type
--
Introducing the pinnacle of luxury, privacy and security: Elysium, designed and built by Modern Masterpieces. Offering soaring 14' ceilings, rooms carved from natural stone and wood, solid wood frameless pivot doors, electronic color changing smart glass sliding walls - this home redefines luxury living. Features three professional kitchens in the highest spec by Gaggenau and Thermador, a Dolby ATMOS 4K movie theater, and unprecedented amenities like a smart glass cube room, 4 exotic car museum garage, over 2,500sqf full tile pool, spa, firepit and swim-up restaurant, double RV parking, and glass basketball court. US military spec nuclear threat resistant security room with state of the art surveillance. Glass railing bridge lush garden entry secured by electronic gates ensures privacy
3285 N Mountain View Road Apache Junction, AZ 85119
$8,915,000
6
Beds
9
Baths
9,150
SqFt
Status
Active
MLS #
6687284
Property Type
Single Family Residence
Price Type
--
An opportunity like no other! 7 parcels spanning 24.18 acres with unlimited potential for luxury residential development or commercial transformation. Nestled against the breathtaking Superstition Mountain, this unparalleled sale features two captivating properties, each with awe-inspiring views. The residence on parcel 10001001H showcases over 11,000 SqF of meticulously crafted architecture, boasting a custom design and premium amenities. Highlights include a state-of-the-art kitchen worthy of a magazine cover, rooftop patios, pool, and space for recreational vehicles. Meanwhile, parcel 10001001J contains a total of 12,000 SqFt feet of construction, comprising the main dwelling, a charming casita, 7488 sqft in garage space,
22803 N Via Ventosa Drive Scottsdale, AZ 85255
$8,795,000
5
Beds
7
Baths
6,800
SqFt
Status
Active
MLS #
6681467
Property Type
Single Family Residence
Price Type
--
CP Drewett of Drewett Works Architecture inside Canyon Heights. North Scottsdale's most prestigious gated, hillside, view community; sides to Silverleaf without Silverleaf architectural guidelines and density. This is the last available hillside lot within the enclave. With nearly 10 acres of panoramic sunset and city light views, this elevated lot offers a rare opportunity to build your dream home. The entrance to the parcel is flat, providing acreage for endless options. A gradual slope ensues, rendering incredible Westward facing views. Sweeping views of Lost Canyon to the South. An elevated view lot of this caliber is a rare find and deserves a first in class Builder behind it; we welcome you to set up a walkthrough with Jeff at True North Builders or CP at Drewett Works.
10134 E Cavedale Drive Scottsdale, AZ 85262
$8,750,000
5
Beds
5.5
Baths
5,864
SqFt
Status
Active
MLS #
6569946
Property Type
Single Family Residence
Price Type
--
Remarkable views from every room of this architecturally stunning new home. Disappearing electric Walls of Glass surround the Great Room to soak in views and feel the desert breezes. Main house has 3 ensuite bedrooms + an office and wine room. The home is oriented toward mtn peaks and rock formations which provide privacy. Hickory floors and ceilings; Ebony, Bolivian Rosewood, and Walnut cabinets; and custom Walnut doors throughout. The casita has 2 units with separate entrances (a guest house + a bonus room). Both are ensuite. Everything is one level. Electric sun shades thru-out the house and blackout shades in main bedrooms. Oversize 4 car garage. Built with exquisite quality by builder who has won numerous awards including National Home of the Year for his last home, also in Estancia. Taliesin West trained Architects. This home must be seen to be appreciated! Seller is willing to credit Buyer the cost of an Estancia Social Membership.
5942 E Sage Drive Paradise Valley, AZ 85253
$8,749,000
5
Beds
5.5
Baths
5,440
SqFt
Status
Active
MLS #
6645668
Property Type
Single Family Residence
Price Type
--
This home is an absolute showpiece with a setting that rivals any you'll experience in The Valley. Perched atop the city with views as far as the eyes can see, this impressive residence will take your breath away. Fully remodeled with exquisite taste and extraordinary attention to detail, every room has its own special flair. The kitchen is fabulous with double islands, 2 refrigerators, 2 dishwashers and flush inset custom cabinetry, the great room is the home's dramatic focal point with fully retractable walls of glass that open to glorious views panning the city, and the primary suite showcases more pristine views, a fireplace, covered patio, an outdoor shower cleverly built into the side of the mountain, and separate laundry. The primary bath features a waterworks burnished nickel soaking tub, white oak vanities and dual walk-in shower. It's apparent that the exceptional views are the theme here, but the finishes inside and out are just as impressive including European oak flooring, antique French limestone, handmade tile, venetian plaster, marble, a glass encased wine wall, full outdoor kitchen, heated pool and 20 speaker sonos sound system. Perfectly integrating fresh finishes of today with unique elements from another time, they didn't miss a trick with the modern masterpiece!
11267 N 98th Place Scottsdale, AZ 85260
$8,720,000
5
Beds
9
Baths
7,928
SqFt
Status
Active
MLS #
6686290
Property Type
Single Family Residence
Price Type
--
Escape to a haven of elegance and sophistication in the heart of Cactus Acres, where the timeless charm of Santa Barbara meets modern luxury. Designed by Architect, Domenic Berta, this exquisite residence offers an unparalleled fusion of architectural beauty, upscale amenities, and outdoor living at its finest. On 1.21 acres, the main house of 6,790 livable square feet holds 4 bedrooms, 5 full bathrooms and 2 half-bathrooms. The guest house of 1,138 livable square feet is equipped with full kitchen, 1 bedroom, 1 full and 1 half bathroom, and living area. Inspired by the iconic Santa Barbara style, the exterior of this stunning home captivates with its graceful lines, basalt and limestone façade, and tile roof, set amidst lush desert landscaping. A gated entry and basalt stone fountain welcomes you into a world of luxury and serenity. Step inside to discover a diligently designed interior by Dana Reynolds Interior Spaces that exudes warmth and refinement. The open-concept floor plan boasts soaring ceilings, designer finishes, and expansive windows that flood the space with natural light and frame views of the surrounding desert landscape. Elegant fireplaces faced with basalt stone, limestone and custom wood work are a focal point of each living area. The gourmet kitchen is a culinary masterpiece, featuring Wolf appliances, custom cabinetry, and a center island adorned in Taj Mahal quartzite with ample seating; perfect for entertaining guests or gathering with family. Separated by a glass wine wall and defined by a beautiful accent wall, the spacious dining area offers a refined setting for formal dinners or casual meals with loved ones. Unwind in the luxurious master suite, where a tranquil oasis awaits with a gorgeous ensuite bathroom, steam shower, walk-in closets, fireplace, and patio onlooking the sparkling pool and lush backyard oasis. Additional bedrooms and living spaces provide comfort and privacy for guests, while a dedicated home office offers a serene environment for work or relaxation. Outside the sliding pocket doors, the resort-style grounds beckon with an array of amenities designed for outdoor living at its finest. Relax by the sparkling pool and spa, host gatherings around the outdoor kitchen and barbecue area, putt a few golf balls at your own 6-hole putting green, or retreat to the charming pool house for a leisurely afternoon of relaxation. This home offers 66 owned solar panels which sit atop the guest house and room for an RV garage! Conveniently located in the heart of Scottsdale, this Santa Barbara style estate offers easy access to world-class dining, shopping, and entertainment options, as well as pristine golf courses and outdoor recreational activities. Experience the epitome of luxury desert living in this exceptional residence, where every detail has been meticulously crafted to exceed your expectations. Welcome home to your own private oasis in the desert.
6524 E Stallion Road Paradise Valley, AZ 85253
$8,600,000
4
Beds
6
Baths
5,466
SqFt
Status
Active
MLS #
6691277
Property Type
Single Family Residence
Price Type
--
Introducing Santa Fe Hacienda, an exquisitely restored and reimagined Nance masterpiece by Modern Nest situated on a generous 1-acre lot in the heart of Paradise Valley. This stunning residence showcases a captivating blend of Santa Fe-style design with luxurious modern and rustic accents throughout its expansive 5466 square feet and its 4 bedrooms and 6 bathrooms. Boasting an impressive main living area adorned with an oversized gas fireplace, two comfortable sitting areas, and a handcrafted wet bar with a limestone sink, and walk-in wine cellar, this home offers an unparalleled setting for both relaxation and entertainment. The elevated chef's kitchen is a true culinary haven, featuring reclaimed terracotta flooring, hand-hewn wood ceiling beams, impeccably designed cabinetry, high-end lighting fixtures, and top-of-the-line Wolf and Sub Zero appliances. The butler's pantry, just off the kitchen, offers additional storage paired with charming design and function. Adjacent to the kitchen, an elegant dining space awaits, complemented by picturesque windows that flood the room with natural light. The owners suite is a sanctuary unto itself, with a cozy fireplace, a private patio retreat, and an office with its own outdoor patio. The bath is a spa-like oasis, complete with a freestanding copper bathtub nestled near another fireplace, separate vanity areas, and a luxurious shower experience. The oversized closet is a masterpiece of design, featuring custom cabinetry, abundant storage, and ample natural light. A spacious media room, equipped with a convenient kitchenette, provides the perfect spot for casual gatherings and relaxation, while three additional bedrooms offer comfort and privacy, each with its own ensuite bath and outdoor patio access. The functional yet stunningly designed mudroom/laundry room boasts dual washers and dryers, abundant cabinetry, and a convenient drop zone, ensuring effortless organization and convenience. Outside, the sprawling backyard beckons with expansive patio spaces, an outdoor kitchen with a pizza oven and fireplace, and a newly rebuilt pool surrounded by lush landscaping and high-end lighting and sound systems. This home epitomizes elevated living, seamlessly blending authenticity with modern luxury. An absolute must-see to fully appreciate its exceptional offerings.
9316 E Aw Tillinghast Road Scottsdale, AZ 85262
$8,500,000
3
Beds
3
Baths
5,700
SqFt
Status
Active
MLS #
6583092
Property Type
Single Family Residence
Price Type
--
NOW STAKED & FLAGGED! An incredible 5 acre homesite opportunity to build a 5,700 SF residence with 3 beds, 3 baths & elevated to capture breathtaking views. You may further reimagine this home to perfection; customize it for your lifestyle. This is a very private location with views overlooking golf courses, serene mountain ranges, & stunning Desert Mountain lights that bring enchanting beauty to the environment both day & night. The Ranch & Trails provide hiking & a preserve that borders the 3 million acre Tonto National Forest. Convenient, DUAL access is available through Carefree Ranch, cutting access time in half. For an exclusive 10 acre homesite, see MLS 6583078, the adjacent 5 acre lot to the East. A membership is not included with this offering. Contact Desert Mountain Membership