Last week’s economic reports included readings on the National Association of Home Builders Housing Market Index, Commerce Department releases on Housing Starts and Building Permits issued and weekly reports on new jobless claims and mortgage rates.
Builder Sentiment Holds Steady, Demand for Homes Pushes Builders
November’s reading for the National Association of Home Builders Housing Market Index held steady with a reading of 65. Any reading above 50 indicates that a majority of home builders surveyed has a positive view of current and future housing market conditions. Tight supplies of available homes, steep competition for homes in desirable metro areas and rising home prices pressure home builders to produce more homes, but builder sentiment and housing starts are not always aligned, but data released by the Commerce Department indicates that builders are ramping up construction.
The Commerce Department reported that October’s reading of 1.323 housing starts exceeded September’s reading of 1.054 million starts and also surpassed the expected reading of 1.170 million starts. This suggests that builders are ramping up construction to quench ongoing demand for homes. October’s reading was 25.50 percent higher than September’s reading, which was the highest number of housing starts posted since 2007. Starts for multi-family homes of five units or more jumped 75 percent and starts for single family homes of four units or less increased by 11 percent.
Building permits issued in October rose to 1.229 million as compared to September’s reading of 1.225 million permits issued. Approaching winter weather and holidays typically cause slowing of construction.
Mortgage Rates Rise after Election
Last week’s survey of mortgage rates was mostly completed by the time presidential election results were released; this week’s readings showed higher rates for all types of mortgages. The average rate for a 30-year fixed rate mortgage increased from 3.57 percent to 3.94 percent; rates for a 15-year fixed rate mortgage rose from 2.88 to 3.14 percent and the average rate for 5/1 adjustable rate mortgages was also higher at 3.07 percent as compared to the prior week’s reading of 2.88 percent. Discount points were unchanged at 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages. Low mortgage rates have helped home buyers qualify for financing they need to buy homes; if rates continue to trend upward, demand for homes is likely to ease.
New jobless claims reached a 43-year low last week. 235,000 claims were filed as compared to expectations of 255,000 new claims and the prior week’s reading of 254,000 new jobless claims. Low layoff rates point to stronger economic conditions; job stability can encourage first-time home buyers to enter the market and existing home owners to buy larger homes.
What’s Ahead
Readings on new and pre-owned home sales, the Federal Reserve’s post meeting FOMC statement and reports on mortgage rates and new jobless claims will be released this week.
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12628 W Denton Street
Litchfield Park, AZ 85340
$495,000
3
Beds
2.5
Baths
2,288
SqFt
Status
Active
MLS #
6675300
Property Type
Single Family Residence
Price Type
--
Stop the tape! You'll wanna lock this house away. Don't just stand there- operate on writing an offer as soon as possible! You do not want to miss out on this opportunity to own one of the prized jewels in the incredibly popular west valley neighborhood known as Wigwam Creek North! Just moments away from the loop 101 or 303! Like literally right smack in between. You've got the number of bedrooms you have to have, the spacious living room and with tall ceilings you love, the 3-car garage you need, & the backyard to make your friends envious! Just imagine those warm summer nights nestled by the fire in your backyard. Most importantly, there's 2 new Carrier AC units. As my Grandpa used to say, ''Carrier is the Cadillac of AC units'' Admit it, this is the home you have been waiting for. This is your moment. If you had one shot, or one opportunity to seize that one house that you've always ever wanted... would you capture it or just let it slip?
3700 W Mesquite Avenue
San Tan Valley, AZ 85144
$495,000
3
Beds
2
Baths
1,935
SqFt
Status
Active
MLS #
6677096
Property Type
Single Family Residence
Price Type
--
Exceptional Home on an Exceptional Oversized Lot with a Sparkling Pool & Incredible Mountain Views - Built- In Natural Gas BBQ & Firepit. All the Options were Added to this Energy Star Home. Features Include An Extended Covered Patio, Cherry Wood Cabinets, Gas Stove, Pendant lights, 8' Interior Doors, 20'' Tile and Ceiling Fans Throughout. Wash on 2 sides and a Road in the Back Makes this Yard Very Private. Over Height and 4' Extended Garage. Vacant so Show Anytime.
1815 E La Salle Road
Phoenix, AZ 85086
$495,000
3
Beds
2
Baths
2,160
SqFt
Status
Active
MLS #
6677692
Property Type
Manufactured Home
Price Type
--
Back on market, buyer unable to close. Seller May carry $150K for a short term, Call me for details. Stunning remodel nearly complete by a talented General Contractor. All new flooring, Kitchen, Baths, Appliances and more. Sparkling pool awaits your enjoyment. Just over an acre of land privileges with plenty of space for all your toys.The mountain views in this area are amazing. Priced below other near by homes for a quick sale. Home is currently on Hauled water.
15859 N 182nd Avenue
Surprise, AZ 85388
$495,000
3
Beds
2
Baths
1,869
SqFt
Status
Active
MLS #
6683282
Property Type
Single Family Residence
Price Type
--
Seller may pay your closing costs! Down payment GRANT means NO DOWN PAYMENT if you qualify! This property has it all! Low electric payments due to the PAID-FOR leased solar system, even considering the variable-speed pump on the gorgeous pebble-tec pool and comfortable square footage of the home. Mountain views from the peaceful and serene backyard, and a north/south exposure to further add to the tranquility of this corner cul-de-sac lot. This very popular floor plan secludes the master bedroom from the other bedrooms, yet the chef can participate with guests in the living room while being a great host. Fresh coat of interior paint from floor to ceiling! The front metal security screen and cul-de-sac location makes for cool evening breezes. Close proximity to schools and parks. LOCATION!
2425 W Bronco Butte Trail
Phoenix, AZ 85085
$495,000
2
Beds
2
Baths
1,662
SqFt
Status
Active
MLS #
6686312
Property Type
Apartment
Price Type
--
Absolutely stunning, highly upgraded condo in beautiful gated Desert Village at Sonoran Foothills. Prime location in the center of the complex, this gorgeous home has a spacious, peaceful covered patio and is located just steps from the sparkling community pool & clubhouse offering lots of recreation. Home is very open w/ lots of natural light, 9 ft ceilings, beautiful wood-look plank tile floors. Comfortable, inviting family room w/ stacked stone fireplace. Elegant, spacious kitchen, rich granite counters, gleaming SS appliances, gas range, custom tile backsplash. Large primary suite, plush carpeting, stunning primary bath w/ large glass & tile shower, huge closet. Secondary bedroom very large, den serves as ideal home office. Large inside laundry plus spacious 2 car garage. Don't miss! Spacious den is currently serving as home office, but could easily serve as a great third bedroom. Great views of the nearby community pool from the primary bedroom and from the large, comfortable patio. Nearby Sonoran Hills Community Park offers even MORE opportunities for recreation, and features a large clubhouse, workout facility, refreshing pool, tennis courts, basketball court, ramadas, BBQ facilities, and scenic park. A truly beautiful home in an ideal location offering an active, enjoyable lifestyle. Don't miss the chance to see this home!
8998 W Ruth Avenue
Peoria, AZ 85345
$495,000
3
Beds
2
Baths
1,982
SqFt
Status
Active
MLS #
6684582
Property Type
Single Family Residence
Price Type
--
This property offers so much you must see it before it goes. Open floor plan where you need it. Huge kitchen, large kitchen island with granite countertops and SS appliances. Large master bedroom with access to a covered patio. All new carpet throughout. AC has 3 different control zones for comfort needs. Close to 101 hwy, Westgate Mall, State Farm Stadium, Desert Diamond Casino, P-83 and Arrowhead Mall. Location is everything and this Beautiful Home has it, just waiting for you.
4320 Buffalo Ridge
Wickenburg, AZ 85390
$495,000
2
Beds
2
Baths
1,580
SqFt
Status
Active
MLS #
6684581
Property Type
Single Family Residence
Price Type
--
This charming home in Wickenburg Ranch boasts a spacious and inviting layout perfect for comfortable living. This 2 bed, 2bath residence features a welcoming ambiance with a seamless blend of functionality and style. Upon entering, you're greeted by wood-look tile flooring that exudes warmth and durability throughout the home. The open floor plan is ideal for both relaxation and entertaining. The kitchen is a focal point, adorned with granite countertops, a large island, and ample cabinetry providing both elegance and practicality. Whether you're preparing meals or hosting gatherings, this kitchen is sure to inspire culinary creativity. In addition this, thoughtfully designed home includes an office/den with french doors for privacy. Outside, the low-maintenance desert landscaping adds to the home's curb appeal while minimizing upkeep. Completing the property is a three-car garage, providing convenient parking and extra storage. Offering comfort and style in equal measure, this Wickenburg Ranch residence is the epitome of desert living at its finest.
14137 W Evans Drive
Surprise, AZ 85379
$495,000
5
Beds
3.5
Baths
2,714
SqFt
Status
Active
MLS #
6684281
Property Type
Single Family Residence
Price Type
--
Situated in a family-friendly neighborhood, you'll love the sense of community and convenience that surrounds you. From nearby parks to attractions like Uptown Alley and Surprise Stadium. Downstairs, discover a bedroom, a spacious family room, living room, and a well-appointed kitchen - ideal for gatherings and quality family time. Upstairs, 4 more bedrooms and a loft offer plenty of space for everyone to spread out and relax. But the real highlight of this home? The backyard oasis! With an extended patio providing ample space for outdoor dining and lounging, and a sparkling pool just in time for summer.
28436 N 123rd Lane
Peoria, AZ 85383
$495,000
2
Beds
2
Baths
1,399
SqFt
Status
Active
MLS #
6687157
Property Type
Single Family Residence
Price Type
--
This 1399sqft RIVAS GEM is offered TURNKEY with all furniture and furnishings included. It welcomes you on a large lush landscaped lot with lots of privacy. The newly painted walls invite you to enjoy this 2BRm, 2Bath home where the main areas are all interactive, highlighted by a robust fireplace. The bedrooms shimmer with beautiful wood floors and each bedroom has the expanded option. The large covered rear patio, done in Mexican tiles, ads a touch of olde world charm, and the extended garage gives that needed extra space. All this is located within the award winning 55+ Community of Trilogy at Vistancia, that offers resort style living at its finest.
2346 W Turtle Hill Court
Anthem, AZ 85086
$495,000
2
Beds
2
Baths
1,525
SqFt
Status
Active
MLS #
6687808
Property Type
Single Family Residence
Price Type
--
Come see Anthem, simply one of the best ''multi-generational'' communities around. Amenities and activities for all! This home features recent upgrades in kitchen and both bathrooms. Neutral colors throughout. Primary bedroom has been extended with access to the back yard. Primary bathroom has tastefully remodeled walk-in shower. The home sits on an oversized lot, conveniently located and private. Anthem Country Club has ''2 of everything''. 2 golf courses, 2 tennis facilities, 2 club houses, 2 restaurants, 2 pools, 2 fitness centers, just 2 much fun! Come and enjoy.
15252 N 100th Street
Scottsdale, AZ 85260
$495,000
2
Beds
2
Baths
1,607
SqFt
Status
Active
MLS #
6688936
Property Type
Apartment
Price Type
--
Come see this Beautiful 2 Bedroom plus den 2 Bathroom Condo in a Great Area of Scottsdale. This condo has a nice large great room perfect for relaxing and entertaining guests. The kitchen is open with lots of counterspace and upgraded cabinets and looks over into the great room so you can be part of the entertainment. The guest bedroom is good sized and shares a hall bathroom. The large primary bedroom has an ensuite complete with a walk-in closet, dual sinks, and a walk-in shower. There is an inside laundry and a storage area. Enjoy the great Arizona weather on your private patio looking over a common area with grass and trees and a views of McDowell Mountains. This complex is gated, has several pools and spas, is close to shopping, freeways, schools, restaurants, etc. Water, Sewer, Tra Trash included in HOA Fees.
7887 N 16th Street
Phoenix, AZ 85020
$495,000
3
Beds
2
Baths
1,539
SqFt
Status
Active
MLS #
6695318
Property Type
Townhouse
Price Type
--
Looking for a Desert Mountain Escape? You found it! Tucked away near Squaw Peak, this immaculate three bedroom, two bath townhome has everything you are looking for! Spacious Primary bedroom with a spectacular primary bath, split floor plan, guest bedrooms are on the other side of the unit for great privacy. The kitchen is open to a large great room, and private balcony with great desert views. Bedrooms provide amazing Mountain Views. Unit is close to community amenities including the pool, hot tub, great walking and biking trail. Great Freeway access, close to restaurants and shopping and local hiking trails.
