Housing news was boosted by the National Association of Home Builders Housing Market Index, which posted its highest readings since July of 2002. In other news, the Federal Reserve’s Federal Open Market Committee voted to raise the federal funds rate and Fed Chair Janet Yellen gave a press conference. Mortgage rates rose and weekly jobless claims fell.
Home Builder Confidence Highest in 14 Years, Home Construction Lags
According to the National Association of Home Builders, builder confidence in housing market conditions reached its highest rate since 2002 in December. The NAHB Housing Market Index reading topped out at 70 as compared to November’s reading of 63. Analysts said that December’s high reading resulted from a post-election bump in builder confidence. While high builder confidence could bode well for supplies of new homes, construction rates continued to lag strong economic indicators such as low unemployment and high demand for homes. While builders gained confidence in current and projected housing market conditions, they continued to face shortages of labor and buildable lots.
Fed Raises Rate
The Federal Open Market Committee of the Federal Reserve announced it would raise the federal funds range by 0.25 percent to 0.50 to 0.75 percent. FOMC said strengthening job markets, lower unemployment and rising household spending supported the decision to raise the federal funds rate. Inflation, while below the Fed’s target of 2.00 percent, is gradually moving toward the Fed’s medium term goal. FOMC’s statement indicated that the Fed’s monetary policy would remain accommodative.
Fed Chair Janet Yellen held a press conference and cited “considerable progress” toward the Fed’s dual mandate of maximum employment and price stability as factors supporting the decision to raise the target federal funds range. Labor markets continue to improve; Chair Yellen said that the economy has added 180,000 jobs per month over the last three months. 15 million jobs have been added in the past seven years. Inflation is growing gradually, and the Fed expects to achieve its target inflation rate of 2.00 percent over the next two years.
Month-to-month consumer spending readings held steady at 0.20 percent growth. Core consumer price index data, which excludes volatile food and energy sectors, rose from 0.10 percent to 0.20 percent in November.
Mortgage Rates, Weekly Jobless Claims
Mortgage rates were higher last week, but Freddie Mac said that its survey data was collected before FOMC raised the federal funds rate. Analysts at Freddie Mac suggested a wait-and see position on rate forecasts due to the changing political climate. The average rate for a 30-year fixed rate mortgage was three basis points higher at 4.16 percent; the average rate for a 15-year fixed rate mortgage rose one basis point to 2.37 percent and the average rate for a 5/1 adjustable rate mortgage was two basis points higher at 3.19 percent. Average discount points for fixed rate mortgages held steady at 0.50 percent and dipped to 0.40 percent for a 5/1 adjustable rate mortgage.
New jobless claims were lower last week at 254,000 claims filed. Analysts had expected a reading of 250,000 new claims based on the prior week’s reading of 258,000 new claims filed. Volatility in weekly readings for new jobless claims can be expected due to seasonal hiring and layoffs.
What‘s Ahead
Next week’s economic releases include readings on new and previously-owned home sales, inflation and consumer sentiment. Readings for mortgage rates and new jobless claims will also be released.
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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
4511 W Loma Lane
Glendale, AZ 85302
$478,999
3
Beds
2
Baths
2,001
SqFt
Status
Active
MLS #
6629296
Property Type
Single Family Residence
Price Type
--
Fantastic cul de sac property we know you will love. 2 Family rooms, 2 living rooms, an open floor plan, and wood flooring throughout which makes for a very elegant look. The kitchen offers stainless steel appliances, contemporary cabinets with lots of storage space, and granite countertops. Spacious bedrooms and the home is move-in ready. The backyard has all the room you need to play, entertain, and relax. It's a fantastic starter home and would also be a great rental. Hurry and come take a look for yourself!
1363 W Marlin Drive
Chandler, AZ 85286
$478,999
3
Beds
2.5
Baths
2,131
SqFt
Status
Active
MLS #
6662203
Property Type
Townhouse
Price Type
--
Welcome to this 3-bedroom,2.5 bath townhome with tile all downstairs and Granite Counters in the kitchen. Nice size great room with half bath downstairs. Features remodeled primary bath, large primary bedroom. Two additional bedrooms provide plenty of space for family or guest. Loft for the kids or office space. Two car garage with access to the home. This beautiful community offers a community pool and spa and walking paths. Conveniently located close to shopping and restaurants.
18795 E Elizar Drive
Gold Canyon, AZ 85118
$478,995
4
Beds
3
Baths
1,930
SqFt
Status
Active
MLS #
6672627
Property Type
Single Family Residence
Price Type
--
Entrada Del Oro..... Entrance to Gold! Charming 4BR/3BA home! The front yard offers picture perfect views of Dinosaur and the Superstition Mountains and is the ideal place to enjoy evening sunsets. Beautiful Laminate flooring throughout with carpet in the bedrooms, kitchen comes with GE kitchen appliances & Quartz counter tops, two tone interior paint. The front yard comes desert landscaped and driveway is complete with pavers, make this home yours today!
16083 W El Cortez Place
Surprise, AZ 85387
$478,990
4
Beds
2
Baths
2,139
SqFt
Status
Active
MLS #
6607688
Property Type
Single Family Residence
Price Type
--
Brand new, energy-efficient home available NOW! This single-story features a split floorplan with the primary suite tucked away in the back of the home. Umber cabinets with white/grey granite countertops, wood-look tile flooring with multi-tone carpet in our Elemental package. Paloma Creek is now pre-selling in Surprise. Residents will enjoy floorplans that feature flex spaces, 5 bedroom layouts and covered back patios. There's fun for the whole family at the community clubhouse, pool, outdoor kitchen, and fitness center. Each energy-efficient home comes standard with features that allow your whole family to live better and breathe easier too.* Visit Paloma Creek today. Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings.
7124 W Southgate Avenue
Phoenix, AZ 85043
$478,500
4
Beds
2.5
Baths
2,938
SqFt
Status
Active
MLS #
6618195
Property Type
Single Family Residence
Price Type
--
This spacious 2-story open floor plan home is conveniently located minutes from SR-202 and I-10. The first-floor home office and second floor, including the staircase and loft, were updated to LVP with the realistic look and feel of hardwood, making this home CARPET FREE! The powder room was recently updated with tile-to-ceiling backsplash and a vessel sink vanity. The kitchen offers plenty of cabinets and a large walk-in pantry. The granite kitchen island with breakfast bar features a new stainless steel double apron sink and reverse osmosis system. The second-floor laundry room offers extra storage shelving. New HVAC in August 2023. Paint allowance $2,500. The second-floor bedrooms all have 9-foot ceilings with ceiling fans. The master bath is customized with a raised comfort height vanity and dual sinks, separate garden tub and shower, and a walk-in closet.
1278 Pinedale Road
Pinedale, AZ 85934
$478,000
3
Beds
2
Baths
1,685
SqFt
Status
Active
MLS #
6658463
Property Type
Single Family Residence
Price Type
--
Highly motivated sellers! All reasonable offers will be considered! A country Stunner! This quaint 3 bedroom home offers the comfort & convenience of a contemporary home with an amazing .49 acre lot just minutes from town. Enjoy the wildlife & laid back atmosphere from the spacious front or rear decks. Inside are vaulted ceilings, a chic kitchen with farm sink, butcherblock counters & custom cabinetry. Enjoy sitting by the fireplace on cool mountain days. The primary bedroom offers an en suite bath with custom sink & huge walk-in closet. Two more bedrooms & a bath are split to the other side of the home for privacy. Rear yard is fenced & allows you space for play & pets. A concrete patio area with built-in firepit is near the spacious storage building with electric, great for a workshop.
1505 W Fillmore Street
Phoenix, AZ 85007
$478,000
4
Beds
2
Baths
1,066
SqFt
Status
Active
MLS #
6624685
Property Type
Single Family Residence
Price Type
--
This amazing opportunity for income generation. Property comes with two separate dwelling units. First unit is a 3 bedroom, 1 bathroom with its own laundry room. Second unit is a 1 bedroom, 1 bathroom. Both units have separate electricity meters making it perfect if you are considering using one unit as a rental.
4307 E Walatowa Street
Phoenix, AZ 85044
$478,000
4
Beds
2
Baths
1,381
SqFt
Status
Active
MLS #
6648126
Property Type
Single Family Residence
Price Type
--
This stunning 4 bedroom, 2 bathroom home has been beautifully remodeled and boasts a large backyard, perfect for relaxing and enjoying the sunshine. Located in an adult community for those 55 and over, this home also offers access to a fantastic amenity center with a pool. The home features luxurious quartz countertops, new flooring, and new carpet throughout. Its excellent location near restaurants, beautiful hiking trails, and freeways makes it easy to explore the area and stay connected with the community. This home is sure to impress with its spacious layout, modern finishes, and unbeatable location. Seller willing to assist with closing cost!
12522 W Regal Drive
Sun City West, AZ 85375
$478,000
2
Beds
2
Baths
2,156
SqFt
Status
Active
MLS #
6665359
Property Type
Single Family Residence
Price Type
--
STEP INTO LUXURY WITH THIS METICULOUSLY CRAFTED HOME THAT HAS BEEN MODIFIED AND ENHANCED TO OFFER AN UNPARALLELED LIVING EXPERIENCE! FROM THE MOMENT YOU STEP THROUGH THE DOOR, YOU'LL BE GREETED BY THE INVITING ATMOSPHERE OF THE PRIVATE COURTYARD, SETTING THE TONE FOR WHAT AWAITS INSIDE. Prepare to be captivated by the sweeping Great Room, perfect for entertaining guests or simply unwinding in style. The Open Kitchen with a spacious Kitchen Island is a chef's dream, boasting recent gorgeous flooring that adds a touch of elegance to every meal. INDULGE IN THE UPGRADED BATHROOMS FEATURING BEAUTIFULLY TILED SHOWERS, ADDING A TOUCH OF SOPHISTICATION TO YOUR DAILY ROUTINE. WITH 2 BEDROOMS, INCLUDING A MAIN BEDROOM COMPLETE WITH 2 CLOSETS & A PRIVATE BATH. Call an Agent to see this home today!
43307 W Askew Drive
Maricopa, AZ 85138
$478,000
4
Beds
2
Baths
2,186
SqFt
Status
Active
MLS #
6679513
Property Type
Single Family Residence
Price Type
--
Welcome to this stunning 4-bedroom home with a spacious 3-car garage,and pool.This home features tile floors,plantation shutters,and a cozy living room.The spacious great room is perfect for relaxing and entertaining with lots of kitchen storage,SS appliances,skylights,tile backsplash,granite counters,pantry,and a center island & extended breakfast bar.Primary bedroom has direct backyard access and a private bathroom with dual sinks,shower,tub and a walk-in closet.Backyard is an entertainer's dream featuring a covered patio,built-in BBQ,artificial turf,and sparking pool.This home has new HVAC system,hot water heater,water softener,pool pump & salt cell,resurfaced pool & cool decking to name a few (check docs for full list).A perfect blend of comfort & luxury. Come and make it yours today!
5345 E Harmony Avenue
Mesa, AZ 85206
$478,000
4
Beds
3
Baths
2,135
SqFt
Status
Active
MLS #
6679289
Property Type
Single Family Residence
Price Type
--
Welcome to this wonderful 2 story home in the highly sought after gated community of San Michelle. This home is conveniently located right off the 60FWY without any of the noise. The home features 4 bedrooms and 3 full baths. You will be greeted by a spacious living room as you enter this home. Just a few steps away you will access the formal dining room and spacious family room for the whole family to entertain. The kitchen boasts upgraded cherry kitchen cabinets and stainless steel appliances with tons of counter space and eat in breakfast bar. The home shows plantation shutters throughout and gorgeous laminate flooring. Step into the LOW-MAINTENANCE backyard with SYNTHETIC TURF & expanded patio area to relax and have some margaritas this summer. Come see this home and make it yours