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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7508 W Beryl Avenue
Peoria, AZ 85345
$465,000
3
Beds
2
Baths
1,816
SqFt
Status
Active
MLS #
6677431
Property Type
Single Family Residence
Price Type
--
Light and bright this Peoria home with a pool boast all tile and vinyl floors, granite countertops and plantation shutters throughout. Primary bath has garden tub, 2 closets and executive height countertops with custom glass tiles surrounding mirrors. Newer roof, AC and water heater. Newly painted, updated ceiling fans, light switches and outlets throughtout. Plus the vaulted ceiling, split floorplan and living/family room combo make this house a spacious place to call home. Large lot, RV gate and solar panels with NO HOA!
8877 N 185th Drive
Waddell, AZ 85355
$465,000
4
Beds
3
Baths
2,027
SqFt
Status
Active
MLS #
6694027
Property Type
Single Family Residence
Price Type
--
Energy-efficient, newer smart home! Open floorplan. Four-bed, three- bath home featuring thoughtfully designed layout. Spacious primary suite with a large bathroom and walk in closet. Enjoy the convenience of bonus room nestled between two bedrooms, providing the perfect space for leisure and entertainment. Bedroom number four enjoys its privacy with a separate bathroom, offering comfort and functionality for guests or family members. Kitchen is open to dining and gathering room, appointed with a massive gleaming granite island, stylish backsplash, amazing pantry with abundant shelves, a gas stove. Fully landscaped, private backyard with block wall privacy, pavers, and turf. Breathtaking views of the White Tank mountains, quiet location, minutes away from Whitetank Regional Park. Park with play area right around the corner. Conveniently located close to the 303 freeway.
1650 E Ponderosa Parkway
Flagstaff, AZ 86001
$465,000
2
Beds
2
Baths
1,134
SqFt
Status
Active
MLS #
6681315
Property Type
Apartment
Price Type
--
Welcome to your ideal Flagstaff condo! This 2-bed, 2-bath gem on Ponderosa Parkway offers unbeatable convenience near downtown, NAU, hiking, and dining. With all appliances included and an elevator for easy access, this condo is both practical and luxurious. Enjoy two covered patios, one off the owner's suite, and another from the main living room. Don't miss this opportunity for prime Flagstaff living!
14643 N 35th Drive
Phoenix, AZ 85053
$465,000
4
Beds
2
Baths
2,013
SqFt
Status
Active
MLS #
6684971
Property Type
Single Family Residence
Price Type
--
Welcome to your beautifully updated 4 bedroom 2 bath split floorplan. Nicely priced for a quick sale. Interior has been completely and tastefully renovated to include brand new kitchen cabinets and quartz countertops, bathrooms, flooring, even the windows have been replaced. So much closet and storage in this spacious home, the huge laundry room can double as extra storage/pantry space. All appliances including washer and dryer. Move in ready. Great location near the I-17, loop 101, ASU West Campus, and GCU.
6344 W Berkeley Road
Phoenix, AZ 85035
$465,000
4
Beds
2
Baths
2,019
SqFt
Status
Active
MLS #
6685860
Property Type
Single Family Residence
Price Type
--
This must-see completely remodeled home provides a large open floor plan with plenty of space for family and friends to enjoy. A lovely kitchen with white shaker cabinets, beautiful quartz countertop, stainless steel appliances, gas range, and a large walk-in pantry is sure to please the chefs in the family! A bright airy Arizona room adds more room for family gatherings. Plank flooring and new carpet in bedrooms. Ceiling lights throughout. New roof and new insulation. Beautiful fence with iron in front yard and block in back. RV Gate. This over 2k foot 4-bedroom 2-bath home is minutes from central Phoenix, parks, shopping, and stadiums; it's everything you're looking for and more.
951 S 240th Drive
Buckeye, AZ 85326
$465,000
4
Beds
2.5
Baths
3,140
SqFt
Status
Active
MLS #
6686855
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home in the upcoming city of Buckeye. This open concept home features 4 bedrooms, 2.5 baths, 3140 sqft and is the corner lot of the cul-de-sac. As you walk through the front door you notice the vaulted ceilings throughout the first level and space for your creativity to unravel. The backyard has a full-size pool, fire pit, and a newly added pergola perfect for entertaining family and friends. The entire house (inside & out) is set to be professionally painted 4/15. Beyond the walls of this exquisite home, the Acacia Crossing community provides a welcoming environment with scenic views and an array of amenities. From the Buckeye Recreation Center, parks & trails to nearby shopping and dining options, this neighborhood offers a vibrant and convenient lifestyle.
9614 E Nacoma Drive
Sun Lakes, AZ 85248
$465,000
2
Beds
2
Baths
1,575
SqFt
Status
Active
MLS #
6689665
Property Type
Townhouse
Price Type
--
Absolutely stunning 2 bedroom 2 bath property with a 2 car garage, in the apprised guard gated community of Sun Lakes Iron Oaks. This property features hardwood floors and berber carpet throughout, granite counters, SS appliances, newer remodeled bathrooms, front door security gate and the most peaceful patio overlooking a lush greenbelt. Walking distance from the gorgeous golf course of Iron Oaks and tons of restaurants and shopping. Apart of this amazing community is a community center, pools, spa, pickle ball courts, and much much more. Priced as one of the lowest in the area with a very motivated seller. Don't miss out to make this property your very own!
7508 E Earll Drive
Scottsdale, AZ 85251
$465,000
2
Beds
2
Baths
1,047
SqFt
Status
Active
MLS #
6691124
Property Type
Townhouse
Price Type
--
Home Sweet Home!! GATED community! Nicely upgraded throughout! Tile, laminate flooring, upgraded bathrooms with tiled showers, granite countertops in the kitchen! 2 bedrooms/ 2 bathrooms/ 1 car garage with a balcony!! Stainless steel appliances in the kitchen! Close distance to Fashion Square mall, Scottsdale multi use bike park, Starbucks, Osborn Medical, restaurants, Scottsdale Stadium, golf, parks, art galleries, t101 freeway, and all else this fantastic location has to offer location has to offer. Refrigerator, washer and dryer stay!! Enjoy the community pool/ spa!! Perfect for primary home or investment! Buyer to verify schools, HOA and all info. Professional pictures coming soon.
17625 W Dahlia Drive
Surprise, AZ 85388
$465,000
4
Beds
2
Baths
1,917
SqFt
Status
Active
MLS #
6692113
Property Type
Single Family Residence
Price Type
--
Beautiful single level home with desirable great room floor plan, 4 split bdrms and extended 3-car tandem garage. Kitchen upgrades include sharp quartz countertops, 42'' cabinets with raised panels and brushed nickel hardware, gas range, island and stainless steel appliances. Other upgrades include 18'' tile in walk areas, surround sound, radiant barrier roofing for energy efficiency, French doors to the patio, and cabinets in the laundry room. The south-facing backyard is easy maintenance, with a built-in grill with fridge and bar, extended patio, gas stub, dog run, and high quality artificial grass. Exterior was painted in 2023, full interior painted 4/2024. Community park with basketball and sand volleyball courts are within walking distance.
13651 N 79th Lane
Peoria, AZ 85381
$465,000
4
Beds
2
Baths
1,821
SqFt
Status
Active
MLS #
6693268
Property Type
Single Family Residence
Price Type
--
Welcome home, nestled in the vibrant community of Peoria, AZ. This residence offers a blend of sophistication and comfort. As you step inside, you are greeted by a seamless open concept design, adorned with pristine tile flooring that flows effortlessly throughout the home and vaulted ceilings. The spacious living areas provide the perfect setting for both relaxation and entertainment, while the kitchen beckons with its sleek appliances, and solid surface countertops. Outside, a private oasis awaits, featuring a sparkling pool enveloped by a full covered patio and surrounded by stylish pavers. Ideally situated in a prime location, this home offers easy access to a plethora of amenities.
43576 W Snow Drive
Maricopa, AZ 85138
$465,000
4
Beds
3
Baths
3,183
SqFt
Status
Active
MLS #
6694059
Property Type
Single Family Residence
Price Type
--
Spectacular location close to North entry of popular Villages community! This private lanscaped lot has fruit trees, a raised barbecue & outdoor fireplace entertainment area that overlooks green belt park and sport courts. Close walk to community pool and clubhouse. Great main floor plan with spacious entry living room, large kitchen incl. corrian countertop island and dining area that opens to large family room with built-in shelfing system, 1 bedroom & full bath, laundry room. 3 bedroom and comfortable open sitting area upstairs. Main upstairs bedroom has access to large balcony deck with views of park and mountains. 3 car extended garage. North/South exposure! This homes great location, floor plan and entertainment yard make it a great home to any buyer!
368 W Golden Aspen Drive
San Tan Valley, AZ 85140
$465,000
4
Beds
3
Baths
2,165
SqFt
Status
Active
MLS #
6694410
Property Type
Single Family Residence
Price Type
--
Welcome to this beautifully upgraded David Weekly Home where Pottery Barn meets Chip and Joanna! This meticulously maintained home is move in ready. The beautiful exterior elevation welcomes you into the open light & bright great Room split floor plan with 10 ft. ceilings, custom paint, shiplap accent wall, recessed can lighting, 4 true bedrooms w/ 3 full baths, bedroom 4 with private ensuite creating privacy for family or guests. Awesome floorplan! Upgraded gourmet kitchen has large breakfast bar Island, granite counters, SS appliances, gas Cooktop, 42 inch upper cabinets w/ under cab lighting, tile backsplash, apron sink, walk in pantry, eat in kitchen/dining room and the oversized family room! The king sized primary bedroom features ensuite w/ large walk in shower, raised vanities, private toilet, & walk in closet. You will love the customized laundry room with pipe shelving with custom wood folding table. The backyard is fully landscaped with travertine tile, custom bar with electrical, lighted gazebo with electrical, putting green & artificial grass. Low maintenance a wonderful space to relax and entertain. 2 car garage with storage racks, garage opener. Fiber Optic wiring thru out home, water softener owned, Highest Energy efficient homes in The Parks with 2x6 construction, R30 cellulose blown insulation exterior walls Attic Batts and blown cellulose. Leased Solar panels installed 2021 saves on monthly electric bills with low monthly payment. Close to shopping, Olive mill, Schnepf farms, hospitals, restaurants and area is growing.
