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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3620 E Sumner Place
Rimrock, AZ 86335
$475,000
3
Beds
2
Baths
1,716
SqFt
Status
Active
MLS #
6672634
Property Type
Single Family Residence
Price Type
--
This stunning brand new 3 bedroom/2 bath home is in the pristine gated community of Beaver Creek Preserve in Rimrock AZ. Beautifully done Open floor plan with granite/quartz countertops, kitchen island, wood cabinetry and lots of storage and tile flooring. Private back Patio. Huge RV Storage! No RV? Then sky's the limit of what you can do with that space! Storage for your motorcycles, ATV's, Golf Carts! Turn it into a sports Room w/pool table, Ping-Pong, Man Cave, or add a platform for more storage, build a loft, Car lift.. really anything! Great private space between neighbor's min 20ft easements. Clubhouse offers pool tennis, Lounge area, BBQ for all you Friends and Family! Great location just off the freeway, Peaceful and Quiet! 20 min to Cottonwood, 25 min to Sedona, 1 hr to Flagstaff Lots of hiking trails, fishing and just beautiful scenery! ** Price reflects a 30K incentive reduction by using the builders preferred lender! **Come check it out! Make us an offer today and we can make it work!
2323 E Harvard Street
Phoenix, AZ 85006
$475,000
3
Beds
2
Baths
1,453
SqFt
Status
Active
MLS #
6672801
Property Type
Single Family Residence
Price Type
--
Property eligible for a $10,000 grant as primary residence with FHA or Conventional loan. Plus a one point rate buy-down! Seller also willing to offer buyer concessions. Welcome to this cozy, completely remodeled, historical, yet modern home, in the Green Gables neighborhood! Huge open space designed for today's lifestyle. New roof, windows, AC, all updated in 2018. This home's location make it a true gem in the market. Centrally located in a well-established but constant developing neighborhood of the urban Avalon Subdivision - None HOA community that has a ton of character. Just a quick drive to Downtown Phoenix, Arcadia, Biltmore, Scottsdale, and Tempe. Easy access to the I-10, 202, and 51 freeways, makes this the ideal and perfect location for authentic inner city-life.
21639 N Backus Drive
Maricopa, AZ 85138
$475,000
3
Beds
2
Baths
1,919
SqFt
Status
Active
MLS #
6673021
Property Type
Single Family Residence
Price Type
--
Gorgeous GOLF COURSE home with HEATED POOL and views of the 12th and 13th holes. Fabulous interior featuring custom floor tile with diamond inlay, and no carpet in the whole house. Upgraded kitchen cabinets, granite counters, kitchen island with breakfast bar, and high-end stainless appliances. Fantastic floorplan with high vaulted ceilings and large windows providing lots of natural light. 4 separate doors lead to the patio and the incredible backyard. The immaculate interior is matched by the meticulously maintained landscape in the front and back yards. There is a large area of pavers on the side of the house for additional parking. You'll enjoy entertaining with the built-in BBQ, soothing waterfall, and there is a deluxe misting system on the patio powered by a compressor.
354 W Coolidge Avenue
Coolidge, AZ 85128
$475,000
4
Beds
2
Baths
1,751
SqFt
Status
Active
MLS #
6675103
Property Type
Single Family Residence
Price Type
--
NEW- HUGE PRICE REDUCED!!! This retail storefront is Zoned Mixed Commercial Use and is NOT zoned for residential only! The property was most recently used as a group home. Whether you are going to run a business and occupy a portion of the buillding or set up an office this is an amazing Store front location. This retail storefront was recently and thoughtfully updated in 2023/2024. Updates include New premium Vinyl flooring with 5'' baseboards, kitchen cabinets, granite countertops, sleek stainless hood vent, stainless sink in kitchen with upgraded faucet, new waterheater and closet, bathroom vanities toilets and exhaust fans, new interior/exterior led lighting, new paint interior/exterior, wall panels, 25' rear entry gate floor paint on back patio.
18712 W Georgia Avenue
Litchfield Park, AZ 85340
$475,000
3
Beds
2.5
Baths
2,140
SqFt
Status
Active
MLS #
6678570
Property Type
Single Family Residence
Price Type
--
Welcome to the beautiful community of Zanjero Trails, featuring real grass, parks and trees, top schools zoning, with easy access to the I-10 or 303. Close to Grocery, gas, dining, coffee shops and more. As you step inside, the spacious entryway with tray ceilings and Luxury Vinyl Plank Flooring are sure to impress. Enjoy the open concept living with grand living room, dining off kitchen where you'll love the massive 10' Island, custom tile backsplash, and quartz counters. A custom accent wall adds charm, while the nearby office with French doors offers a quiet workspace. The owner's suite boasts dual square sinks, a garden tub, and a large shower. Every bedroom includes a walk-in closet for ample storage and ceiling fans. Step out into your finished backyard, north facing for ample shade with an oversized covered patio, completed with custom turf and pavers, gazebo, firepit, mountain views and a 4' side gate creating extra space between your only neighbor as you are on the coveted corner lot. You'll love the 3-car tandem garage for all your toys, bikes and golf cart, plus overhear storage for seasonal items and luggage in between your worldly travels .
1843 E Anchor Drive
Gilbert, AZ 85234
$475,000
3
Beds
2
Baths
1,488
SqFt
Status
Active
MLS #
6681758
Property Type
Single Family Residence
Price Type
--
Location! Location! Location! This very well taken care of one-owner home in the desirable Val Vista Lakes community boasts 3 bdrms, 2 bathrooms, plus a family room and a bonus room that can be used as an office, den, or pool table room! The open floor plan has a spacious kitchen with eating area plus a peninsula for barstool seating and a huge walk-in pantry! The mstr bdrm includes his and hers separate closets, dual vanities in the bathroom and a private toilet area, along with french doors out to the backyard! One guest bdrm also has a walk-in closet. The 2-car garage includes tons of storage cabinets. The backyard has a large grass play area and a large side yard to store all your toys! The extra-long driveway is also a huge plus. The amenities at Val Vista Lakes include 4 spacious... sports parks, meandering bicycle paths, and a luxurious clubhouse. The clubhouse features an eight-court championship tennis complex, indoor racquetball courts, cardio and weight training facilities, junior Olympic swimming pool and spa, banquet and meeting rooms, waterfalls and a tropical lagoon swimming pool with a sandy beach. A great place to call home!
44265 W Canyon Creek Drive
Maricopa, AZ 85139
$475,000
4
Beds
3
Baths
3,209
SqFt
Status
Active
MLS #
6679079
Property Type
Single Family Residence
Price Type
--
Incredible home in Cobblestone Farms that is priced to sell! This home boasts a 4 bedroom floorplan with a plus 1 room, 3 bathrooms and a loft on a large 7500 sqft lot! Imagine yourself cooking in the spacious kitchen with one of the largest kitchen islands around for plenty of countertop space. Enjoy an enormous backyard from atop the only walk out balcony around that has just been completely renovated and made brand new! With tile and hardwood floors throughout, this is the perfect home for a pet friendly family looking to settle down in one of the nicest neighborhoods that Maricopa has to offer. You won't want to miss out on this gem of a future home!
9603 E Rocky Lake Drive
Sun Lakes, AZ 85248
$475,000
2
Beds
2
Baths
1,675
SqFt
Status
Active
MLS #
6683806
Property Type
Townhouse
Price Type
--
As you enter this corner unit single-level townhome, you will be greeted by a spacious living and dining area with plantation shutters and stunning upper stained glass windows. This leads to your beautiful kitchen with granite counters, cabinets with pull out shelves, a generous size pantry, and a dining area in the kitchen. There are tile floors throughout with the exception of the master bedroom and master closet, which is carpeted. Large master bedroom has French doors and master bath has a walk-in shower and dual sinks. The laundry room has added cabinets for additional storage, and a sink for convenience. Outside, relax on your covered patio overlooking the greenbelt. Swimming, tennis, golf, a restaurant and club house are just some of your community amenities. A must see!
3629 N 143rd Lane
Goodyear, AZ 85395
$475,000
4
Beds
2.5
Baths
2,111
SqFt
Status
Active
MLS #
6682662
Property Type
Single Family Residence
Price Type
--
Fabulous 4 Bedroom home in highly sought after neighborhood with ''A'' schools! This clean home has a great floor plan that offers lots of space and flexibility. The backyard features an expansive covered patio, extended cobblestone paver patio, and a view fence looking over the community park below. Inside there is a living room, family room and upstairs bonus room. BOSE speakers in LR/dining & patio. Living area features beautiful dark wood vinyl plank flooring, kitchen has matching GE appliances in dark stainless and includes the refrigerator. The home features ceiling fans, sunscreens, security system (owner doesnt use) and more. The garage has a sink and extra storage space. Come see this great home today &... Nice feature is none of the bedrooms share a common wall. Closets or bathrooms buffer all bedroom walls. Improvements made by the current owner includes: Dark vinyl wood plank flooring All door fixtures, handles and pins were replaced with oil rubbed bronze finish fixtures. Most of the house interior was repainted in 2016, with accent colors more recently. Built-in speakers on living room and on patio. Hunter Douglas dark wood blinds throughout Exterior was repainted in 2020. Extended Paver patio installed in 2020 and expanded in 2022 New Irrigation System for the grass in back yard Garbage Disposal replaced in April 2023 .
5231 E Red Bird Lane
San Tan Valley, AZ 85140
$475,000
4
Beds
2.5
Baths
2,135
SqFt
Status
Active
MLS #
6685418
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home nestled just moments away from the vibrant heart of San Tan Valley. This exquisite custom residence radiates sophistication and meticulous craftsmanship, evident from the moment you set eyes on its captivating curb appeal. The front yard, ensconced within a charming fence and gated entry, sets the tone for the luxury that awaits within. Step inside to discover a modern oasis adorned with tasteful accents and premium finishes. The interior exudes elegance with its contemporary and neutral palette, complemented by sleek ceramic tile flooring that seamlessly flows throughout the home. As you enter the living room, your gaze is drawn upward to the enchanting tray ceiling, equipped with pre-wired surround sound, perfect for immersive entertainment experience The heart of the home, the spacious kitchen, beckons with its seamless integration into the living space. Custom kitchen cabinets, adorned with white quartz countertops, provide both functionality and style, while state-of-the-art Samsung appliances, including a refrigerator, dishwasher, microwave, washer, and dryer, elevate the culinary experience. Plantation shutters adorn every window, adding a touch of elegance and privacy to each space. Elevated ceilings grace the main living areas, soaring to 10 feet, enhancing the feeling of openness and grandeur. Retreat to the master en suite, where relaxation awaits in the luxurious soaking tub, surrounded by pristine white quartz countertops and custom mirrors. Outside, the delights continue with an RV gate and ample space for recreational vehicles and toys, ensuring endless outdoor adventures. A sprawling covered patio, adorned with cooling fans, invites al fresco dining and leisurely gatherings, while a meticulously crafted pavered area awaits your grill for memorable barbecue nights under the stars. With attention to detail evident at every turn, this stunning home offers a lifestyle of unparalleled luxury and comfort. Don't miss the opportunity to make this exquisite sanctuary your own.
8782 W Laurel Lane
Peoria, AZ 85345
$475,000
3
Beds
2.5
Baths
2,037
SqFt
Status
Active
MLS #
6683709
Property Type
Single Family Residence
Price Type
--
PRIDE OF OWNERSHIP! This well cared for home is a RARE FIND. Starting with ALL NEW WINDOWS AND DOORS, including four sliding doors and sunscreens. NEW AC UNIT, and CUSTOM MODERN BLINDS. Ceiling fans with lights in every room. CARPET FREE. Upstairs has a HUGE LOFT for a second living room/office/or 4th Bedroom. SPACIOUS Master Suite, OVERSIZED CLOSET, Bathroom with separate TUB/SHOWER and TWO SINKS. Backyard has a COVERED PATIO, with a remote PATIO SUN SHADE, mature landscaping and beautiful GREEN GRASS. More than 50k of improvements. SOLAR PANELS with utility bills averaging $29/month. Located in a great, quiet neighborhood with walking distance to Cheyenne Elementary and close 101 freeway access. This one is a TRUE GEM.
2102 N 24th Place
Phoenix, AZ 85008
$475,000
2
Beds
2
Baths
952
SqFt
Status
Active
MLS #
6684867
Property Type
Single Family Residence
Price Type
--
Welcome home to Vel Ru. Main home 2/2 PLUS 400 sq ft guest house! The guest house features a kitchen, 2 bedrooms, and bath keep it as an office or rent it out as your next investment property. 1920's Bungalow Style Home has gorgeous vaulted ceilings and wood beams. Featuring hardwood floors, rounded archways and a gas fireplace. The kitchen is upgraded with granite counters/backsplash, black appliances, gorgeous slate floor, high ceiling, brick accent wall, & plenty of wood cabinets with hardware. The expansive dining room is bright with a cozy feel. Exit out the french doors to the patio in several rooms, window blinds, and bathroom with retro elements as well as tasteful updates. This huge yard on a corner lot with pavers, storage shed, palm trees, open workshop area. Plus an RV GATE!
