Last week’s economic reports included new and pre-owned home sales, new jobless claims and Freddie Mac’s weekly mortgage rates survey.
Home Sales Mixed in October
According to the National Association of Realtors®, sales of previously owned homes reached a seasonally adjusted annual level of 5.60 million sales, which exceeded expectations and October’s reading of 5.49 million sales. Analysts had expected a rate of 5.44 million sales.
October sales of preowned homes rose 2 percent over September’s reading and were 5.90 percent higher year-over-year. This was the highest reading for sales of pre-owned homes since February 2007. High demand for homes is driving housing markets in spite of obstacles including rising mortgage rates and tight mortgage approval requirements.
Sales of new homes were lower in October, which indicated continued ups and downs in the economic recovery. October’s reading of 563,000 sales on a seasonally adjusted annual basis was lower than expectations of 595,000 sales and September’s downwardly revised reading of 574,000 new homes sold.
New home sales were 17.80 percent higher year-over year and 12.60 percent higher year to date, but analysts said that housing markets continue to be constrained by a short supply of available homes. Inventories of available homes are slowly increasing, which is expected to help curtail rapidly rising home prices caused by pent-up demand.
The median price of a new home was $304,500 in October as compared to September’s median price of $314,100 and October 2015’s median price of $298,700. There were 246,000 new homes for sale in October, which was the highest quantity of new homes on the market since September of 2009.
Mortgage Rates, New Jobless Claims Rise
Mortgage rates jumped last week in response to an increase in the 10-year Treasury note rate. The average rate for a 30-year fixed rate mortgage rose nine basis points to 4.03 percent; the average rate for a 15-year fixed rate mortgage was 11 basis points higher at 3.25 percent. The average rate for a 5/1 adjustable rate mortgage was five basis points higher at 3.12 percent. Last week’s readings were the first time in 2016 that mortgage rates exceeded four percent.
New jobless claims were also higher last week with 251,000 claims filed as compared to expectations 248,000 new claims and the prior week’s reading of 233,000 new claims filed. Last week’s reading marked the 90th consecutive week of new jobless claims less than the benchmark of 300,000 new claims, an event that hasn’t occurred since 1970.
What‘s Ahead
Economic reports scheduled this week include Case-Shiller Housing Market Indexes, pending home sales and construction spending. Readings on inflation and labor will also be released along with weekly reports on mortgage rates and new jobless claims.
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355 S Latigo Way
Cottonwood, AZ 86326
$455,000
3
Beds
2
Baths
1,695
SqFt
Status
Active
MLS #
6689165
Property Type
Single Family Residence
Price Type
--
Centrally located, this gem combines natural beauty with modern amenities, offering an idyllic lifestyle for anyone looking to buy. Don't miss your chance to claim this home, where luxury meets efficiency, and the views are simply unmatched from the front of the home looking towards Mingus Mountains and rear of home towards the gorgeous Red Rocks of Sedona, giving spectacular reverse sunsets. Experience energy efficiency and cost savings with owned solar panels, and enjoy the comfort of newer Lennox furnace and A/C units at your fingertips. Add to that the convenience of an indoor laundry room, with cabinets and a newer washer and dryer. Revel in the high ceilings which enhance the home's open and airy ambiance, while the professionally installed vinyl flooring in the entryway, family room, kitchen, and bathrooms exudes modern sophistication. The master suite features a spacious walk-in closet with built-in cedar planking shelving for shoes, ensuring organized and stylish storage. The rear guest bedroom comes with brand-new carpeting, adding a touch of luxury and comfort for your guests or family members. Experience culinary perfection with matching Samsung appliances in a kitchen that's a chef's delight, and enjoy the health benefits of a water softener, whole-house chlorine removal system, and reverse osmosis for pristine water quality. Indulge in the convenience of instant hot water to sinks, saving time in your daily routine. The home has been thoughtfully updated with all walls freshly repainted and decorative base trim in most rooms. New light fixtures in the dining and kitchen areas provide the perfect blend of functionality and style. As a bonus, the garage door has been meticulously maintained, receiving periodic visits from a local company, ensuring that the motor and springs, replaced within the last year, are in top condition. Additional practicality comes courtesy of the new mop sink installed this year, complete with special fittings for a garden hose - ideal for refilling the backyard oasis that is your personal HotSprings salt system spa. Seating 4 comfortably with two lounge chairs, relax and gaze upon the stars, an awesome experience that awaits you each night. This property is designed with outdoor living in mind, featuring a large rear covered back porch that spans an impressive 34 feet in length, enhanced by decorative pavers. The porch is adorned with 3 decorative exterior ceiling fans, creating a cool retreat for those warm summer days. With a gas connection ready for your barbecue, the outdoor space is ideal for hosting friends or simply enjoying a quiet evening. Privacy and tranquility are provided by a jasmine plant that fills the air with a delightful seasonal aroma. A planter box with faux ferns adds a touch of greenery and charm. This home invites you to imagine your life surrounded by these thoughtful improvements and indulgent features. Welcome home to comfort, style, and unforgettable moments.
19414 N 8th Street
Phoenix, AZ 85024
$455,000
3
Beds
2
Baths
1,338
SqFt
Status
Active
MLS #
6685473
Property Type
Single Family Residence
Price Type
--
**OWNED SOLAR** Brand New Hot Water Heater Move-in ready perfection! This stunning 3 bedroom, 2 bathroom house has undergone a complete renovation and is ready for you to call it home. All new everything! Enjoy the fresh feel of new flooring, new paint, new stainless steel appliances, and new fixtures throughout. Newer roof in great shape and A/C is blowing cold. The kitchen boasts beautiful granite countertops and ample cabinet space, perfect for creating culinary delights. With 3 bedrooms and 2 bathrooms, this home offers the perfect layout for families or those who desire a home office or guest room. Owned solar panels will keep those hot summer months nice and cool at little to no cost! Don't miss your chance to own this beauty!
16541 W Sierra Street
Surprise, AZ 85388
$455,000
4
Beds
3
Baths
2,284
SqFt
Status
Active
MLS #
6686167
Property Type
Single Family Residence
Price Type
--
A nice house in great community Sycamore farms community pool open floor plan for guest entertainment where all guest can be together on area really well maintain condition Also it is a good location on the west valley area. everything there hospital near by
20822 N Desert Glen Drive
Sun City West, AZ 85375
$455,000
2
Beds
2
Baths
2,104
SqFt
Status
Active
MLS #
6689241
Property Type
Single Family Residence
Price Type
--
This Beautifully Renovated Eldorado Model is located in the highly desirable area of SCW near the Echo Mesa Golf Course and Kuentz Recreation Center. As you walk through the front door you are greeted by high ceilings, tons of natural lighting and tasteful renovations. The large gourmet kitchen comes with upgraded cabinets, marble countertops, new appliances, deep dark stainless-steel sink and custom overhead lighting. The oversized Owners Suite is located in the rear side of the house with vaulted ceiling, high-grade new carpet, luxury bathroom with a walk-in shower, Marble countertops, oversized mirror and upgraded in floor toilets. The Large 280sq ft climate-controlled Arizona room gives you a great way to enjoy the weather year-round in Arizona.
