Last week’s economic news included readings on new and existing home sales and mortgage rates. Also released were reports on new jobless claims and consumer sentiment.
New and Existing Home Sales Lower in December
According to the U.S. Commerce Department, sales of new homes fell to 536,000 sales on a seasonally-adjusted annual basis. This reading was markedly lower than the expected rate of 595,000 sales and November’s reading of 598,000 sales. Analysts said that the drop in new home sales indicated that the housing sector is still experiencing a rocky recovery. December’s reading for new home sales was 10.4 percent lower than December’s adjusted reading of 598,000 sales. December’s reading was 0.40 percent lower year-over-year.
The median sale price of new homes was $322,500 in December, which was 4.30 percent higher than in November and 7.90 percent higher than in December 2015. The dip in sales has increased inventory of available homes to a reading of 5.80 months needed to sell all new homes presently available. Real estate pros typically consider a six-month supply of homes for sale a normal inventory.
In related news, sales of pre-owned homes were also lower in December. The National Association of Realtors® reported December sales at 5.49 million on a seasonally-adjusted annual basis; this reading was lower than expectations of 5.51 million sales and November’s reading of 5.65 million sales. The slower rate of sales may signal that home prices have topped out; there is also a very low inventory of available pre-owned homes for sale as compared to demand. Sales of pre-owned homes were 2.80 percent lower than November’s reading, which was the highest rate of existing home sales since 2007. Sales of pre-owned homes were 0.70 percent higher year-over-year.
Winter weather and holidays may have contributed to lower home sales in December, but higher prices, tough mortgage requirements and a low supply of available pre-owned homes were seen as obstacles to completed home sales for December.
Mortgage Rates Mixed, New Jobless Claims Rise
Freddie Mac reported higher fixed rates for mortgages last week. The average rate for a 30-year fixed rate mortgage rose 10 basis points to 4.19 percent; the average rate for a 15-year fixed rate mortgage rose six basis points to 3.40 percent. The average rate for 5/1 adjustable rate mortgage fell by one basis point to 3.20 percent. Discount points for fixed rate and 5/1 mortgages averaged 0.40 percent.
New jobless claims exceeded expectations of 250,000 new claims with a reading of 259,000 new claims and the prior week’s reading of 237,000 new claims. Analysts said that volatility is common with new jobless claims in January. There were few layoffs reported and good news that the new jobless claims rate remained below the benchmark reading of 300,000 new claims for the 99th consecutive week. This milestone was last seen in 1970.
The four-week rolling average of new jobless claims fell by 2000 to an average of 245,900 new claims filed; this was the lowest reading since 1973.
Consumer sentiment rose to 98.5 which surpassed the expected reading of 98.2 percent and December’s reading of 98.1 percent.
What‘s Ahead
Multiple readings on housing and labor related data will be released this week. Scheduled releases include pending home sales, Case-Shiller Housing Market Indices and construction spending. Reports on inflation and core inflation are due along with readings on non-farm payrolls, ADP payrolls and the national unemployment rate.
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5939 E Quartz Mountain Road Paradise Valley, AZ 85253
$11,900,000
5
Beds
8
Baths
8,320
SqFt
Status
Active
MLS #
6629682
Property Type
Single Family Residence
Price Type
--
Spectacular views, nestled in nature, this hillside home w/ a Private detached Guest house below offers peace and tranquility on the highest point of prestigious Hummingbird Lane. it features Floor to ceiling glass & expansive window walls thru-out on a single level . Premium quality construction & finishes: Double wall design w/15'' thick steel & concrete exterior walls + int. framing, the latest tech-engineering propelled the design. Wired for full automation; Hi-speed Tesla chargers in His & Her garages. Landscape near completion w/ a 50ft. circular Entry court that allows Parking for 6+ cars. 2 separate Pave-stone drives. Main home is 5600 sq.ft. and a private year-round Guest home of 2700 sq.ft. gives a multitude of options. Private pool at the Guest house a full sub-zero kitchn. Quiet sophistication is the theme of the home. The Views capture Mummy Mnt,.to the South and panoramic vistas to the North w/ a private Desert garden that provides a nature trail for access to Hummingbird Lane. A very special MM-Park view lot is double deep and fronts on Quartz mnt. on the North and ascends to Hummingbird Lane on the South for perfect sunrise & sunset walks. The guest house was designed for parents or family use w/ all the amenities of a SFR home. Separate Dining room/ family/Living room & breakfast area. Currently has a spacious 2 car garage, but home could be reconfigured for more garages or anything to suit the needs of a buyer who appreciates the finest Hillside/North views in PV. on a very special lot. $ Million+ Boulder Formation & landscape package w/ mature-select Ironwood & desert trees; the setting & location.....is a must see to appreciate.
6135 N 51st Place Paradise Valley, AZ 85253
$11,799,000
7
Beds
7.5
Baths
6,929
SqFt
Status
Active
MLS #
6678249
Property Type
Single Family Residence
Price Type
--
Currently under construction for a December 2024 completion date is a sophisticated architectural gem by world renowned interior designer Erinn V, in collaboration with PHX Architecture. This spectacular, one-of-a-kind property sits in one of the most desirable areas of Paradise Valley boasting majestic views of Camelback, Mummy and Phoenix Mountain Preserve. Tall ceilings, walls of glass with charm and character depicting an architecture contemporary design with a mid-century influence. This is not your typical plain white box new-build. The original residence was an architecturally noteworthy home, designed by William Cartmell as his private residence in 1964. With respect to the historical significance and design, meticulous thought has been taken to rebuild and capture the core essence of the original character and architecture, making it a truly unique property. Features of the property include design and finishes with quality and substance for a discerning eye. Materials include limestone slab walls, white oak floors, wood ceilings, walnut millwork throughout, Kallista plumbing fixtures and Baldwin hardware. The gated property will also include a gated front courtyard, heated pool and spa, outdoor fireplace and two built-in BBQs. Main house will be 4965 square feet with 4 bedrooms, 4.5 baths, private office and 4-car garage with windows showcasing mountain views. The great room with stunning walls of glass overlooking Camelback Mountain will be open to the formal dining room and adjacent den with tranquil garden and pool views. The Chef's kitchen with luxury appliances will have large sliding glass doors opening the kitchen to a garden with majestic Camelback views. The Owner's suite w/fireplace will feature a Zen Garden plus private garden for added relaxation, 2 walk-in closets and a 2nd laundry room. The impressive 1964 square foot Guest House will have 3 bedrooms, 3.5 bath baths, laundry room, full kitchen, great room and outdoor BBQ adjacent to the pool/spa. Perfect for entertaining and family guests. More about the designer: Erinn Valencich is an award-winning interior designer and real estate developer. Her firm, Erinn V Design Group has designed luxury residential and hospitality projects around the country for over 20 years. The granddaughter of a contractor-turned-fine-cabinetmaker and daughter of an architect who studied directly with Frank Lloyd Wright, she has a passion for transforming the average into the extraordinary. Erinn's luxury properties are regularly featured in Forbes, Architectural Digest, Elle Decor, New York Times and many more. Her portfolio boasts luxury residential projects from New York to Napa, ocean front villas in Mexico, to Las Vegas hotels and chic Los Angeles restaurants and record-breaking estates from the Sunset Strip to Montecito and beyond.
8302 N Mockingbird Lane Paradise Valley, AZ 85253
$11,500,000
6
Beds
7
Baths
8,151
SqFt
Status
Active
MLS #
6632749
Property Type
Single Family Residence
Price Type
--
This brand new desert contemporary home is brought by luxury developer Aspen Dev Co and checks all the boxes! The 8,151SF home includes 6 en-suite bedrooms including a separate 1bd room apartment, office, media/theatre room, guest den (or kids playroom), mudroom, exercise room with infrared sauna, open concept kitchen/living/dining area including linear fireplace, laundry room with dry-cleaning/steamer appliance and agitating sink. Appliances are Sub-Z and Wolf and a large separate pantry has an additional dishwasher, fridge/freezer, and tons of storage space. The 4 car garage includes electric vehicle hook-up and a dog wash station. Solar panel compatibility is available for future. The breathtaking interior courtyard floods the entire home with natural light. Equally well planned is the outdoor entertaining areas with a large pool (with automatic cover), spa, outdoor shower, sunken fit pit with seating, outdoor kitchen with 42 Wolf grill and Green Egg and inviting dining areas. Full tennis court with pickle ball markings, as well. No detail has been overlooked or left out! Come see this light-filled contemporary home!
4644 E Indian Bend Road Paradise Valley, AZ 85253
$11,500,000
5
Beds
5.5
Baths
7,299
SqFt
Status
Active
MLS #
6660544
Property Type
Single Family Residence
Price Type
--
Currently under construction with an anticipated completion date in Q2 of 2024 - Experience unmatched elegance in this Patterson Homes estate, with 7,299 square feet of modern living on a flat acre. Featuring 5 en-suite bedrooms, a luxurious half bath, an office with fabulous mountain views, a state-of-the-art theater, a large secondary kitchen, and a home gym with views of the resort-like yard, complete with sun deck, raised spa, play pool, lap pool, and bocce court. The 4-car garage and expansive indoor/outdoor living areas offer majestic Mummy Mountain views. Every detail reflects the pinnacle of design, luxury, and modern living. Additional details available upon request.
4829 E Orchid Lane Paradise Valley, AZ 85253
$11,500,000
4
Beds
7
Baths
8,348
SqFt
Status
Active
MLS #
6676740
Property Type
Single Family Residence
Price Type
--
Views! Views! Views! This home is located on an elevated lot at the end of the cul-de-sac on one of the most beautiful streets in Paradise Valley! 360-degree views with different mountains out of almost every room in the house. No details were spared to create this amazing oasis in the desert. Souring 18-foot coffered ceilings in both the great room and adjacent game room both with huge exterior pocket doors making your indoor and outdoor areas become one! Chef's kitchen, butler's pantry, gorgeous views of the McDowell Mountains from the office and formal dining room. Huge gym with exterior pocket doors opening the entire wall providing stunning views of Mummy Mountain! The Master Bedroom has unmatched views of the Phoenix Mountain Reserves. Huge his and hers closets and a spa like Master Bath including dual water closets, steam shower, 11-piece shower set, the list goes on and on! Step into your resort like back yard and you will be surrounded by mountain views in every direction. A huge pool and spa with attached sunken firepit. At the end of the pool is an outdoor dining/lounging area with stunning stone water feature and 360-degree mountain views! This is a one-of-a-kind property. Homes with this level of quality, detail, privacy and views rarely come on the market. Construction is scheduled to be completed by June of 2024.
8185 E Alameda Road Scottsdale, AZ 85255
$11,500,000
5
Beds
11
Baths
5,950
SqFt
Status
Active
MLS #
6593970
Property Type
Single Family Residence
Price Type
--
Boasting nearly 10 acres of land, this gated estate includes a stunning Spanish-style main house, a full equestrian facility, an entertainment pavilion with attached theater, 2 standalone casitas, 2 staff apartments & a 1200 sqft multi-use building. The 5,950 sqft main home was renovated in 2021. Vaulted, wood beamed ceilings, engineered hardwood floors & statement luxury light fixtures through-out the home. The primary suite presents a seating area, balcony & spa worthy ensuite. The backyard has an outdoor kitchen, a heated pool, spa & putting green. The 5,000-SF, entertainment pavilion has a game room, full bar, kitchen, gym, yoga studio & 3rd-level deck with 360º mountain and city views. The equestrian facility encompasses 15 stalls, 2 arenas, 3 turnouts & 2 RV parking.
7525 N Shadow Mountain Road Paradise Valley, AZ 85253
$11,200,000
4
Beds
5
Baths
7,380
SqFt
Status
Active
MLS #
6691460
Property Type
Single Family Residence
Price Type
--
Step into a realm of refined French Mediterranean architectural grace! This extraordinary estate has undergone a tasteful rejuvenation in 2023, seamlessly blending antique European architectural elements for enduring allure. Spanning over 7300 square feet, this home boasts an array of amenities, including four bedrooms, five bathrooms, an office, billiards room, craft room, roof deck, and a three-car garage with ample guest parking. Explore the enchanting grounds, featuring four distinct courtyards, a vegetable and herb garden, eight fireplaces, a fire pit, private heated pool, and a wine cellar capable of housing up to 5000 bottles. Satisfy your culinary desires in the impeccably designed kitchen, outfitted with top-of-the-line Wolf appliances, such as a six-burner plus griddle, double oven range, steam oven, and Sub-Zero refrigerator and freezer. Elevate your mornings with the Miele in-wall espresso system and coffee cup warming drawer in the dedicated coffee station.Adjacent to the kitchen, the butler's pantry awaits to streamline your entertaining endeavors, conveniently located between the kitchen and dining area. Enjoy gatherings in the formal dining room, graced with elegant features, including a private courtyard view and seamless access to the wine cellar. Retreat to the sanctuary of the primary suite and revel in the breathtaking views of the lush grounds, private patio, and charming bench window nook. Indulge in a luxurious oasis within the primary bathroom, boasting a spacious walk-in shower, standalone tub, double vanities, and separate closets offering ample storage space. A spacious living room beckons for gatherings, while a billiards room offers leisure and enjoyment. Two inviting bedrooms, each with walk-in closets and scenic mountain views, complete the picture of comfort. From the Venetian plaster walls to the rough-hewn ceiling beams, every corner of this home exudes timeless elegance. Adorned with a Redlands 5-tone clay tile roof featuring exquisite detail and custom European millwork throughout, the exterior radiates charm. Welcome to a residence where luxury meets artistry, and every moment is infused with sophistication and comfort.
7436 E Continental Mountain Drive Cave Creek, AZ 85331
$11,000,000
5
Beds
6
Baths
7,934
SqFt
Status
Active
MLS #
6652945
Property Type
Single Family Residence
Price Type
--
The Mustang residence is nestled on 4.7 acres with breathtaking 360-degree mountain views. Facing southwest, this residence perfectly captures the tranquil surroundings, offering a seamless blend of indoor-outdoor living on a single-level split floorplan. The warm and organic material palette, features stone, wood, steel, and glass. The heart of the home unfolds as you step inside, revealing an open living, kitchen, and dining space. This central hub is designed for both relaxation and entertainment, with the flexibility to open the floor-to-ceiling pocket doors during the season. The outdoors is an entertainer's dream, boasting an infinity pool that seemingly merges with the horizon, set against a backdrop of majestic mountains. Descend from the deck to enjoy an outdoor lounge centered around a fire pit creating the ideal setting for relaxed social gatherings. The rooftop, immersed in the saguaro forest, invites you to experience everyday magic during the golden hour or revel in solitude under the stars. In this home, every detail has been meticulously crafted to provide a sophisticated and harmonious living experience. Welcome to Continental Mountain Estates, where modern luxury meets the Old West.
20948 N 104th Way Scottsdale, AZ 85255
$10,995,000
5
Beds
9
Baths
8,300
SqFt
Status
Active
MLS #
6655110
Property Type
Single Family Residence
Price Type
--
This Posh contemporary home is designed by renowned architect Mark Tate and to be built by Sonora West Development on one the finest remaining lots in Silverleaf. Located in the lower end of the Upper Canyon with rare South facing views of City Lights, nearby and distant mountain ranges and Silverleaf golf course. This home includes 5 bedrooms, office, 6 full and 3 half baths and a 4 car garage. (There is room for a separate guest house and 2 additional garage spaces at additional cost.) The swank Great room, kitchen and Primary suite overlook the stunning city light and mountain views. One of the best values in Silverleaf for a new build home.
6480 E El Maro Circle Paradise Valley, AZ 85253
New
$10,950,000
6
Beds
10
Baths
11,018
SqFt
Status
Active
MLS #
6693041
Property Type
Single Family Residence
Price Type
--
Nestled within the secure confines of El Maro's gated community stands a stunningly refurbished estate. As you step inside, you're greeted by panoramic mountain vistas and expansive interiors filled with natural light. An inviting billiards room adjoins the family area and kitchen, ideal for gatherings of all sizes. The formal dining and living spaces offer captivating views of the glistening pool, lush landscaping, sprawling golf course, and mountains beyond. This exquisite home boasts a wine cellar, an exercise enclave, a theater for cinematic indulgence, and a den/retreat with built-in bookshelves and desks. The main house comprises four en-suite bedrooms alongside a sumptuous master suite, replete with balconies, a cozy fireplace, a spa-inspired bathroom, and a lavish closet.... ...Just steps away, a wood-paneled office with awe-inspiring vistas awaits. Additionally, an attached 1,100-square-foot guest casita provides a private haven complete with its own entrance, kitchen, laundry facilities, fireplace, and a separate bedroom with a full bath. The property features a lighted tennis court (or two pickleball courts), a four-car garage, and an elevator, among other refined upgrades, further enhancing the timeless allure of this breathtaking estate.
41521 N 75th Place Cave Creek, AZ 85331
$10,500,000
4
Beds
5
Baths
7,250
SqFt
Status
Active
MLS #
6652910
Property Type
Single Family Residence
Price Type
--
The Six Shooter residence seamlessly floats in harmony with the natural landscape through carefully selected rustic materials, such as rubble stone, concrete and raw steel. Perched high on the gentle hillside, this home offers panoramic views and ultimate privacy amidst ancient saguaros. The lower 7-car show garage not only serves as a focal point, but elevates the home even higher, transcending the hillside for commanding views. The great room is an open-concept space that seamlessly connects the front terraces with mountain vistas unfolding before you. The private primary suite, strategically hovering above the desert, offers utmost seclusion and astonishing views. The guest wing and lounge open up to the pool and terrace area, creating an oasis for relaxation and social gatherings. A private detached casita is accessed by a small bridge hovering the desert floor, ensuring an enchanting guest experience. In this home, every detail has been meticulously crafted to provide a sophisticated and harmonious living experience. Welcome to Continental Mountain Estates, where modern luxury meets the Old West.
4420 E Clearwater Parkway Paradise Valley, AZ 85253
$10,500,000
5
Beds
6
Baths
8,800
SqFt
Status
Active
MLS #
6647471
Property Type
Single Family Residence
Price Type
--
PLANS ARE COMPLETE AND PERMITTED...READY TO START BUILDING NOW!! Modern gem in gated Clearwater Hills on a NON HILLSIDE 1.32 acre lot with spectacular views of Camelback Mountain. Enjoy amazing indoor and outdoor living. Award winning architect Kendle Design, interior designer Dwelling Design and landscape architect Greey Pickett culminated in a masterpiece. Fall in love with the spectacular walls of glass framing the Sonoran desert. Choose your own finishes to your exacting needs or have the home completed with the extraordinary fit and finish completed by the expert design team... all the hard work is done!!! Also available for sale as a lot with permitted plans - MLS # 6647428