Other than a release on construction spending, last week’s economic readings were dominated by labor and employment data including ADP Payrolls, Non-Farm Payrolls and National Unemployment. Weekly reports on mortgage rates and new jobless claims were also released.
Construction Spending Drops in August
Commerce Department readings on construction spending indicate that overall spending fell in August to -0.70 percent; this reading was lower than the expected positive reading of 0.10 percent. July’s reading showed a drop of 0.30 percent in overall construction spending. The decrease in August spending was largely the result of pull backs on public construction spending, which declined 2.0 percent after July’s decline of 3.50 percent in July. Public construction spending is 8.80 percent year-over-year., and August’s reading was the lowest since March 2014.
Private sector construction spending fell 0.30 percent in August. Residential construction fell by 0.20 percent within the private sector reading. Reasons for falling construction spending include impending winter weather and previously cited labor shortages. Shortages of available homes and high demand for homes are creating pressure on construction companies to build more homes.
Labor Reports: Job Growth Slows in Public and Private Sector
ADP reported 154,000 private sector jobs created in September against August’s reading of 175,000 new private-sector jobs. September’s reading showed the lowest growth rate since April. Analysts said that lower readings for job growth could be expected as job openings are filled.
According to the government’s Non-Farm Payrolls report for September, 156,000 new jobs were added, which fell short of downwardly-revised expectations of 170,000 new jobs added. Analysts said that a reading of 120,000 jobs added represented a healthy rate of jobs growth. As more workers return to or join the workforce, job openings can be expected to decrease. Healthy growth in jobs may signal the Fed to increase interest rates in December.
National unemployment rose from 4.90 percent to 5.00 percent in September; variances can be expected in month-to-month readings that are considered more volatile than quarterly or annual readings.
New jobless claims correlated to fewer job openings and fell to a reading of 248,000 new claims 256,000 new claims were expected based on the prior week’s reading of 254,000 new claims.
Mortgage Rates Nearly Unchanged
Average mortgage rates were unchanged with the expectation of a decrease of one basis point for 5/1 adjustable rate mortgages to 2.80 percent. Average rates for 30 and 15 year fixed rate mortgages were unchanged at 3.42 percent and 2.72 percent Discount points were unchanged at 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.
What’s Ahead
This week’s scheduled economic reports are few due to the Columbus Day holiday Monday. Along with weekly readings on mortgage rates and new jobless claims, reports on job openings and consumer sentiment will be released.
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4627 N 11th Street
Phoenix, AZ 85014
$475,000
3
Beds
2
Baths
1,100
SqFt
Status
Active
MLS #
6698442
Property Type
Single Family Residence
Price Type
--
AMAZING OPPORTUNITY to own this home with a guest house!!! Front house: 3 bedrooms/ 2 baths! Guest house: 1 bedroom/1bath! Super convenient location in Central Phoenix and highly desirable school districts. Recent updates: new roof, both units fully painted, carpets and blinds, and in 2023. Front home water heater replaced in 2023. Also in 2023, all gas lines to appliances in the front house repaired. Kitchen sink new pipe and fittings. Installed clean outs in yard. New Day & Night 4 ton 14 seer AC on front house Jan 2024 through Viking heating & air 10 yr parts warranty & 2 yr labor. New toilet in guesthouse. THIS ONE WILL GO FAST!
20603 N Stonegate Drive
Sun City West, AZ 85375
$475,000
2
Beds
2.5
Baths
1,868
SqFt
Status
Active
MLS #
6707012
Property Type
Single Family Residence
Price Type
--
TWO SPLIT PRIMARY SUITES in this extended Francisco floor plan w/2-1/2 bathrooms. IDEALLY located on a NORTH/SOUTH CORNER LOT backing to the ECHO MESA GOLF COURSE putting green - no worry about flying golf balls here! SPACIOUS home has RENEWAL by ANDERSEN WINDOWS/patio SLIDER, VAULTED CEILINGS overhead & LARGE PORCELAIN TILE underfoot. Ample cabinetry in the SPACIOUS galley kitchen w/GRANITE countertops, smoothtop stove, m/w, pantry & EXPANSIVE BREAKFAST BAR. Entertain in the living & dining rooms which can be multi-use. Abundant storage w/a WALK-IN CLOSET in EACH bedroom & BUILT-IN CABINETS in the garage & laundry room w/SINK. REMODELED BATHROOMS & PLANTATION SHUTTERS. Original owners spared no expense in maintenance over the years. Enjoy your active adult lifestyle - you deserve it!
19217 W Culver Street
Buckeye, AZ 85326
$475,000
3
Beds
3
Baths
1,300
SqFt
Status
Active
MLS #
6702009
Property Type
Single Family Residence
Price Type
--
HORSE PROPERTY WITH HORSE CORRALS IN PLACE ALREADY. RIGHT OFF 1-10 AND JACKRABBIT TRAIL WITH A NICE LITTLE GUEST HOME WITH ITS OWN BATHROOM, KITCHEN AND PORCH. ALL DETAILS TO BE VERIFIED BY BUYER. **There is no record of the well, seller has never used it** Buyer to do due diligence.
248 E Sky Hi Drive
Pinetop, AZ 85935
$475,000
2
Beds
2
Baths
1,650
SqFt
Status
Active
MLS #
6701134
Property Type
Single Family Residence
Price Type
--
Crafted with meticulous attention to detail, this hidden gem in the tall pines of Sky-Hi Retreat will be sure to fulfill all your long-lost dreams! Come relax in the gorgeous deep soaking bath and then cozy up to one of the woodburning fireplaces in either the Living room or Family room! Turnkey and fully furnished all-ready to move in today! An oversized lot perfect for plenty of parking your RV, trucks and toys! Huge back deck with plenty of seating, ready for all the fun summer entertainment and activities with your family! So peaceful, secluded, comfort in the woods is your thing, you finally found the right home away from home! Come see it today, before it's gone!
7261 E Melrose Street
Mesa, AZ 85207
$475,000
3
Beds
2.5
Baths
1,605
SqFt
Status
Active
MLS #
6702763
Property Type
Single Family Residence
Price Type
--
Move In Ready and Model Sharp! Welcome to this beautifully maintained & updated home. You are greeted by a lovely entry way & sitting room. Walk through to the open kitchen/family room set up. The updated kitchen features solid surface counters, large island, white cabinetry, stylish gold hardware, stainless appliances & walk in pantry. The bright space offers eat in kitchen w/access to the extended covered patio, grassy area and low maintenance landscape. The upper level offers 3 bedrooms including a calming primary suite with spacious closet & garden tub/shower. Other features include: plank vinyl flooring, neutral paint, recessed lighting, 2 car garage and much more. Located in Award Wining Las Sendas, close to schools, freeways, Salt River, hiking trails & restaurants, A MUST SEE!!
14388 W Kiowa Trail
Surprise, AZ 85374
$475,000
3
Beds
3
Baths
1,583
SqFt
Status
Active
MLS #
6703604
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home in the Guard-Gated, 55+ Community of Sun Village! Situated in the heart of Surprise, AZ, this stunning GOLF COURSE HOME features 2 bedrooms and 2 baths, plus a detached CASITA with its own full bath and walk-in closet. Imagine cooking in your newly remodeled kitchen with sleek granite countertops and beautiful stainless steel GE Profile appliances or relaxing in the spacious living room with all new SunScape windows offering breathtaking views of the golf course. The home also boasts a new HVAC and newer roof, ensuring comfort and peace of mind. Plus, you'll love the convenience of being located just a short distance from the community center where you can enjoy an impressive array of amenities. Don't miss out on this amazing opportunity to live in Sun Village! HOME FEATURE LIST: -Guard - Gated Community -Spectacular Golf course views -Replaced Patio Roof April 2024 -Roof underlayment replaced aprox 2015 -New Double Stage Trane Heat Pump installed April 2024. -New Sunscape double sliding and double hung windows 2017 -Detached Guest house (Casita) with full bath and walk-in closet -Epoxy Garage flooring -Extended Width Garage with attached garage cabinets -Outside Garage Remote Entry Device -Double door main entry -Paver driveway and private courtyard nestled between the house and Casita. -Granite Countertops -Soft close cabinets & Drawers -Pull out drawers in cabinets -Touchless kitchen faucet -New outlets & GFCIs -Installed several USB outlets throughout home -Updated lighting fixtures / fans -Bosch ultra quiet dishwasher with silverware rack on top. -GE Profile Appliances -Flattop Range/Convection Oven -New fridge in 2022 with bottom freezer drawer -Heated Bidet seats at Master and Second bathroom -Cultured marble window sills, sinks and counters. -Up/down sliding blinds -Plantation shutters. -Potassium Water Softener -Exterior Paint 2023 -Interior Paint 2017 -Tile floors throughout main home -Back patio outdoor 110 outlets and at back fence -Palm trees and cactus landscaping
1782 E Whitehall Drive
Williams, AZ 86046
$475,000
3
Beds
2
Baths
2,044
SqFt
Status
Active
MLS #
6705301
Property Type
Single Family Residence
Price Type
--
Welcome to your slice of rural paradise! Nestled on a lush 1-acre lot, this charming property boasts a meticulously landscaped yard perfect for outdoor living. Step inside to discover a thoughtfully designed split floor plan, offering privacy and comfort for all. Entertain effortlessly on the spacious deck, or cozy up by the wood-burning stove in the generously sized living room. The large kitchen is a chef's dream, and the oversized garage provides ample space for storage or hobbies. And with the added advantage of solar panels, you'll enjoy reduced electricity bills and a smaller carbon footprint. Don't miss your chance to experience the best of countryside living with modern conveniences and sustainable energy!
16068 W Culver Street
Goodyear, AZ 85338
$475,000
4
Beds
2.5
Baths
2,232
SqFt
Status
Active
MLS #
6704044
Property Type
Single Family Residence
Price Type
--
Beautiful 4-bedroom, 2.5-bathroom home in Canyon Trails. A remodeled kitchen boasting stainless steel appliances. The living room provides an inviting space enhanced by neutral paint tones and laminate flooring throughout. Upstairs you will find a spacious loft area. The primary suite features a double-door entry, walk-in closet, and an ensuite bathroom complete with dual sinks, a soaking tub, and a separate standing shower. Conveniently located, this home provides easy access to schools, parks, entertainment venues, restaurants, grocery stores, and retail shops. Close to the Goodyear Ballpark, the spring training facility for the Cincinnati Reds/ Cleveland Guardians. With quick access to I-10 and Loop 303, as well as the Goodyear Civic and Recreational Center.
226 E Redwood Lane
Phoenix, AZ 85048
$475,000
3
Beds
2.5
Baths
1,683
SqFt
Status
Active
MLS #
6707505
Property Type
Single Family Residence
Price Type
--
Don't miss out on this meticulously maintained 3 bedroom, 2.5 bathroom home in the Foothills of Ahwatukee! This property has soaring ceilings and an abundance of natural light! Open kitchen with stainless steel appliances (2020) and mountain views can't be beat! Open concept with tile in all the right places. Upstairs you will find three bedrooms and an additional loft providing a great flexible space for office, entertainment or play room! Out back you can enjoy the privacy of your own patio without any neighbors behind. The desert views are amazing in this quiet gated community that provides close proximity to hiking, biking, freeway access, and shops! It's truly a great opportunity! --All appliances convey including RO and water softener!
2030 E Michigan Avenue
Phoenix, AZ 85022
$475,000
3
Beds
3.5
Baths
1,734
SqFt
Status
Active
MLS #
6705321
Property Type
Single Family Residence
Price Type
--
NEW CONTEMPORARY URBAN STYLE COMMUNITY! Ask about Builder great Incentives to financing/ Interest Rate Buydown! ! 3 bedrooms, all ensuite baths, plus powder. 2 car garage, 2 X6 Construction, Sheared Ext Walls (All plywood wrapped) Spray Foam insulation and insulated garage door for EXTREME ENERGY EFFICIECY! This home is loaded w/ standard features, beyond everyone else! Hurry and select finishes! Bedroom balcony's and first floor patio. 2 Greatroom Balcony's! Quartz countertops, stainless steel appliances, including refrigerator! 5 minutes to Loop 101 and 51 Hwy, Mayo, Kierland, Scottsdale Quarter and Desert Ridge! * Community Pool, Fitness Center coming!
2030 E Michigan Avenue
Phoenix, AZ 85022
$475,000
3
Beds
3.5
Baths
1,734
SqFt
Status
Active
MLS #
6705329
Property Type
Single Family Residence
Price Type
--
NEW CONTEMPORARY URBAN STYLE COMMUNITY! Ask about Builder great Incentives to financing/ Interest Rate Buydown! ! 3 bedrooms, all ensuite baths, plus powder. 2 car garage, 2 X6 Construction, Sheared Ext Walls (All plywood wrapped) Spray Foam insulation and insulated garage door for EXTREME ENERGY EFFICIECY! This home is loaded w/ standard features, beyond everyone else! Hurry and select finishes! Bedroom balcony's and first floor patio. 2 Greatroom Balcony's! Quartz countertops, stainless steel appliances, including refrigerator! 5 minutes to Loop 101 and 51 Hwy, Mayo, Kierland, Scottsdale Quarter and Desert Ridge! * Community Pool, Fitness Center coming!
