Last week’s economic news included reports on retail sales, inflation, and weekly reports on mortgage rates and new jobless claims.
Retail Sales Slip as Consumer Prices Inch Up
Retail sales dipped into negative territory in August with a reading of -0.30 percent as compared to expectations of -0.10 percent and July’s reading of +0.10 percent. Retail sales excluding auto sales were better at +0.30 percent. Analysts expected a reading of +0.20 percent based on July’s reading of -0.40 percent. August’s negative reading for retail sales was the first negative report since March.
Inflation fared better than retail sales with August’s Consumer Price Index reading at 0.20 percent. Analysts expected a reading of 0.10 percent; July’s reading was flat. Core Consumer Price Index readings for August are less volatile, as the Core CPI does not include readings for food and energy costs. August’s Core CPI reading was 0.30 percent. A reading of 0.20 percent was expected; July’s reading was 0.10 percent. It appears that inflation is creeping upward, but remains well below the Fed’s target reading of 2.0 percent.
Mortgage Rates, New Jobless Claims Rise
Freddie Mac reported higher mortgage rates across the board last week. The average rate for a 30-year fixed rate mortgage rose six basis points to 3.50 percent; the average rate for a 15-year fixed rate mortgage rose one basis point to 2.76 percent and the average rate for a 5/1 adjustable rate mortgage rose one basis point to an average of 2.82 percent. Average discount points were 0.50 for 30 and 15-year fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.
Low mortgage rates have helped home buyers, especially first-time and moderate income buyers, meet affordability challenges. Home prices have risen due to low numbers of available homes and high demand for homes. If mortgage rates continue to rise, fewer buyers will be able to qualify for mortgages and or afford asking prices for available homes.
Next week’s meeting of the Fed’s Federal Open Market Committee is expected to bring news of a Fed decision on raising the target federal funds rate. If the Fed raises its rate, consumer interest rates for mortgages, vehicles and other goods can be expected to increase as well.
What‘s Ahead
This week’s economic news includes the NAHB Housing Market Index, Commerce Department reports on housing starts and building permits issued and a Fed Statement at the conclusion of its Federal Open Market Committee meeting on Wednesday. Fed Chair Janet Yellen is also slated to give a press conference after the FOMC statement. The National Association of Realtors will also release a report on sales of previously owned homes.
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32541 N Thompson Road
Queen Creek, AZ 85142
$1,590,000
4
Beds
3.5
Baths
3,284
SqFt
Status
Active
MLS #
6750283
Property Type
Single Family Residence
Price Type
--
WOW - Fully custom, newly-built, and never lived in luxury home with a 6.500 square foot garage with 16-foot ceilings & 14-foot tall steel garage doors! No HOA! Over 3,200 square feet of living space with an open floor plan & huge entertainer's kitchen! Around 10,000 sqft of under-roof space! 16-foot wide powered glass door in the living room with an electric fireplace & vaulted ceilings! 42-inch custom solid wood cabinets with quartz counters, 5-burner cooktop, & a 14-foot wide island! Extra-large walk-in panty, and over-sized laundry room w additional storage. Primary suite has separate exit, walk-in tile rain shower, and an absolutely huge primary closet. 3 other bedrooms, plus a den/office/flex room! Garage has 200-amp sub panel & spray-foam insulation as well! Hiking trails nearby!
5009 E Gelding Drive
Scottsdale, AZ 85254
$1,590,000
5
Beds
3
Baths
3,000
SqFt
Status
Active Under Contract
MLS #
6754158
Property Type
Single Family Residence
Price Type
--
Spectacular 5 bedroom, 3 bathroom, 17' high cathedral ceiling Remodel in a cult-a-sac close to everything. Almost a half acre lot. Huge Master Shower and Closet with separate washer and dryer hookup in Mst Closet. Entertainers Delight! Seller is offering a credit for you to design and build your own cabinets in closet$$$ NO HOA:-) With this property, you can either have a pickle ball court in the back yard or a fully approved 1200 sqft 2 bedroom, 2 bathroom guest house with permit ready to build. Approved plans for guest house. This property would be amazing with 7 bedrooms, 5 bathrooms, 4 car garage
2502 N 85th Street
Mesa, AZ 85207
$1,590,000
4
Beds
3
Baths
3,299
SqFt
Status
Active
MLS #
6733761
Property Type
Single Family Residence
Price Type
--
Stunning new Farmhouse architectural custom home. 3299 sf livable with designer interior finishes including oak floors in livable areas and master bath. Custom cabinetry, white quartz counters with extensive use of visual comfort light fixtures and high end finishes. Automated swimming pool with spa and baja shelf and in water lounge chairs. This home is a must see in the high desert and includes a fenced desert landscaped yard with synthetic grass in front and back. Room for RV parking or future RV Garage.
14102 E Highland Avenue
Fountain Hills, AZ 85268
$1,589,995
4
Beds
4.5
Baths
2,978
SqFt
Status
Active
MLS #
6717196
Property Type
Single Family Residence
Price Type
--
Move in early 2025! Designer appointed Thaxton Modern offers room for family and guests. A nice front courtyard offers privacy for the attached casita making great outdoor space and inviting entry to the home. This home features additional bonus room and separate office. Open concept kitchen, casual dining and great room with fireplace opens to covered patio and spacious backyard for entertaining. Kitchen boasts Wolf appliances including 36'' cooktop, double ovens and built in 48'' Sub-Zero side by side refrigerator! Primary suite with luxurious bath with separate soaking tub, walk-in shower and two walk-in closets. Final opportunity for this amazing floorplan!
10887 E Peak View Road
Scottsdale, AZ 85262
$1,589,000
3
Beds
3
Baths
3,284
SqFt
Status
Active
MLS #
6751836
Property Type
Single Family Residence
Price Type
--
Beautiful Custom Build in Highly Desirable Guard Gated Community of Candlewood Estates at Troon North. Walking distance to Brown Ranch Trail. Enjoy Breathtaking Views of the Mountains and Watch the Sunset Over the Sonoran Desert. The House is Nestled on a Corner Lot of a Cul-De-Sac Surrounded by Protected Land Giving You Privacy. Recently Renovated; Wood Floors, Custom Built Cabinets, Pella Doors, Custom Power Blinds, Primary Bath, and SubZero/Wolf Appliances. A Resort Style Backyard and Pool. Pool Equipment, Outdoor Kitchen Equipped with Twin Eagles BBQ, Teppanyaki Grill, and Power Super Burner in June 2022. No Expense Spared on Upgrades. Water Features and a River Flowing Into the Pool to Complete Your Own Private Resort. Don't Miss This Perfect Opportunity to Have Your Own Oasis.
6038 Orion --
Lakeside, AZ 85929
$1,588,000
5
Beds
4
Baths
3,915
SqFt
Status
Active
MLS #
6718783
Property Type
Single Family Residence
Price Type
--
Discover the ultimate in luxury lifestyle on this elevated lot in Starlight Ridge Estates with unforgettable views! Arguably one of the best lots in the White Mountains. Situated in a private cul de sac connecting to the National Forest and Reservation. Perched at the end of the community every area of this estate has spectacular views and has been completely renovated. The result, a sophisticated custom home where functionality is key, yet still elegant, warm and inviting. The unique design truly elevates the principles of timeless appeal and resort style living. Enjoy the outdoors year-round with choices of warm summer days, cool winter evenings, take refuge from the sun under many expansive covered patios, or just relax in privacy.
6701 E Redfield Road
Scottsdale, AZ 85254
$1,585,000
4
Beds
3
Baths
3,388
SqFt
Status
Active
MLS #
6774725
Property Type
Single Family Residence
Price Type
--
Discover unparalleled luxury in this stunning 4-bedroom, 3-bath residence, perfectly situated on a sprawling over ½-acre corner lot with no HOA. Boasting 3,828 sq. ft. of refined living space, included an additional 440 sq. ft. bonus room (not reflected on tax records), this home is designed for both grand entertaining and serene relaxation. The recently remodeled gourmet kitchen flows effortlessly into a vast living area, complete with a custom wet bar and an impressive, statement fireplace. This space is ideal for hosting elegant gatherings or cozy evenings at home. The expansive master suite offers a tranquil retreat, featuring a private sitting area, a second fireplace, and spa-like en-suite. Every bathroom in the home has been luxuriously renovated, exuding sophistication and and modern elegance. Step into your own private resort-style backyard, where lush greenery and expertly designed pavers surround a sparkling Pebble Tec pool. The large, covered gazebo, equipped with a built-in TV, is perfect for outdoor lounging and entertaining in style. Additional features include a redesigned walk-in laundry room, a grand iron front entry door, beautifully paved front walkway, engineered wood flooring throughout, skylights, and a dedicated storage unit. Just minutes away from the finest shopping and dining at Kierland and Scottsdale Quarter, this residence offers an exceptional blend of luxury and convenience. Please note: The bonus room was added without city permits and is not reflected on tax records.
4741 S Rockwell Street
Gilbert, AZ 85297
$1,585,000
5
Beds
3.5
Baths
4,583
SqFt
Status
Active
MLS #
6749864
Property Type
Single Family Residence
Price Type
--
Luxurious Living in Weston Ranch: A Dream Home in Gilbert, Arizona Welcome to a world of elegance and comfort in the prestigious gated community of Weston Ranch, located in the heart of Gilbert, Arizona. As you approach this stunning residence, the grand half-circle driveway beckons you toward a magnificent entryway adorned with stately Roman-style columns and majestic iron doors, setting the tone for the grandeur that awaits inside. Step through the doors and be immediately captivated by the soaring 14-foot ceilings that crown the expansive living spaces, all gracefully accented by rich wood flooring. The attention to detail in this home is nothing short of extraordinary, with solid 8-foot wood doors throughout and intricate finishes that exude timeless sophistication. The heart of the home is undoubtedly the gourmet kitchen, designed for both culinary artistry and entertaining. Here, you'll find top-of-the-line Wolf double convection ovens, a 42 SUB-ZERO stainless-steel refrigerator and freezer, a sleek dishwasher, custom cabinetry, and gleaming granite countertops. A spacious walk-in pantry completes this chef's paradise, ensuring ample storage for all your gourmet ingredients and kitchen essentials. For those who work from home, the dedicated den/office offers a quiet and productive space, while the formal dining and living rooms provide an elegant setting for hosting guests. The family room, anchored by one of the two gas fireplaces, is the perfect spot to unwind and create memories with loved ones. The primary suite is a private retreat, featuring a lavish bathroom with a snail shower equipped with dual heads, a luxurious jacuzzi tub, and a large walk-in closet with built-ins that offer both style and functionality. Additional bedrooms are generously sized, with a Jack & Jill bathroom that's perfect for family living. Outdoor living is equally impressive with lush, custom landscaping surrounding the property, creating a serene oasis in the desert. The backyard is an entertainer's dream, featuring a heated pool with a cascading waterfall, an in-ground cleaning system, and saltwater chlorination for a resort-like experience. A jetted hot tub, flanked by fire and water pots, adds a touch of luxury, all easily controlled with a remote. Multiple sitting areas invite you to relax and enjoy the warm Arizona evenings, while the sport court and 50-amp RV power hookup cater to your recreational needs. The oversized 4-car garage, complete with cabinetry, offers ample space for vehicles and storage, while the RV gate and block wall fencing ensure privacy and convenience. Additional amenities include plantation shutters, structured wiring, and a spacious laundry room with built-in cabinets and a sink, making everyday living a breeze. This Weston Ranch gem is more than just a home; it's a lifestyle. Don't miss the opportunity to own this exquisite property, where luxury meets comfort in one of Gilbert's most sought-after communities.
7205 W Fallen Leaf Lane
Peoria, AZ 85383
$1,580,000
5
Beds
4.5
Baths
3,808
SqFt
Status
Active
MLS #
6774023
Property Type
Single Family Residence
Price Type
--
***ESTATES at HAPPY VALLEY*** Welcome to elegance and tranquility with this 3,803-sq ft home nestled in an exclusive gated community. Set on a generous acre, this property boasts 5 spacious bedrooms and 4.5 baths, offering ample space for family living and entertaining guests. Gourmet Kitchen with granite countertops and oversized Granite island that can seat up to six, 5 burner gas stove, dble wall ovens, built in microwave, dishwasher, x-large walk-in pantry ensures storage for all your needs and a 4-car garage for your vehicles and toys. *HOA does allow for ALL your toys; RV's, boats and the Lot still allows room to build an RV garage and/or Casita . A custom-designed 3-hole mini golf course, perfect for practicing your swing or hosting friendly competitions with family and friends. Feel yourself basking in the sun by your very own 850-sq ft heated swimming pool, where cascading waterfalls, arching jets, surrounding mature Palm trees and 4 towering pillars supporting gas fire pots create a breathtaking backdrop for relaxation. The splash deck invites you to host summer gatherings and enjoy endless fun in the sun. The U-shaped travertine island, equipped with a gas line for BBQ, is perfect for outdoor entertaining. With its own electric breaker for lights and outlets, you'll have everything you need for unforgettable gatherings under the stars. Located in North Peoria with easy and equal distance to I-17, Loop 101 and the Loop 303 Don't miss the opportunity to own this piece of paradise.
3743 E Maffeo Road
Phoenix, AZ 85050
$1,580,000
4
Beds
2.5
Baths
3,402
SqFt
Status
Active
MLS #
6762455
Property Type
Single Family Residence
Price Type
--
Luxury Single-Story, No-Stairs, 2025 Design Trends w Palette of Nature-Inspired Grey's & Earth Tones, Sustainable Bamboo Floors & Warm Wood Tones. Enjoy the Resort-Style Backyard w Pool & NEW: Turf Lawn, Trees, Shrubs, Irrigation/Lighting. Massive 35' Covered-Patio Entertaining Space w Misters, Grill/Bar Island, Alfresco Dining, Outdoor Living Rm. Dinner Party Ready Chef's Kitchen w 5-Burner Gas Cooktop, Double-Wall Oven, Monogram Fridge. WFH in Family Room Desk Nook. Private Primary Bedroom w Spacious Seating Area and a Separate Wing for Everyone Else...3 Bedrooms plus a Large Flex Room. Front Yard Refreshed w NEW: Boulders, Plants, irrigation/lighting. Near Mayo Clinic & Desert Ridge Marketplace. Aviano at Desert Ridge includes Community Clubhouse/Pool & Fitness Ctr/Rec Ctr/Trails/Parks
7014 E Aster Drive
Scottsdale, AZ 85254
$1,580,000
6
Beds
3
Baths
3,916
SqFt
Status
Active
MLS #
6765644
Property Type
Single Family Residence
Price Type
--
Unlock a Unique Investment Opportunity with TWO HOMES UNDER ONE ROOF! Perfect for the savvy investor or multi-generational family, this remarkable, nearly 4,000 square foot, 6 bedroom, 3 bath home is in a prestigious multi-million dollar neighborhood. Recently remodeled inside and out, it boasts a sprawling 23,372 sq. ft. lot with an RV gate, a sparkling pool, and an outdoor kitchen. The main house features a spacious kitchen with warm cherry wood cabinets and granite countertops, making it an excellent space for anyone who loves to cook. This versatile property includes a main house with 3 spacious bedrooms and a huge bonus room perfect for a home theater, game room, or man cave separate from the main living area. The guesthouse has a private entrance and 3 bedrooms, a full bath, laundry, kitchen, and living area. This setup allows for privacy and independence, making it perfect for accommodating additional family members or renting it out for extra cash. In addition, the spacious 4 car garage (tandem), measuring approx. 33' 4 x 19' with over 30 feet of parking space, has soaring 10.5-foot ceilings offering plenty of storage space. The ample backyard space also provides the perfect opportunity for future expansions or additions. This home is a rare find in today's market. Don't miss your chance to own this remarkable home! Home also comes with a Home Warranty valid through Sept 2027.
5419 E Pinchot Avenue
Phoenix, AZ 85018
$1,580,000
4
Beds
3
Baths
2,665
SqFt
Status
Active Under Contract
MLS #
6778850
Property Type
Single Family Residence
Price Type
--
Welcome to the modern farmhouse you've been searching for! Fully renovated in 2021, this 4 bed/3 bath Arcadia-Osborn smart home boasts an entertainer's kitchen with custom zellige tile backsplash, shaker cabinets, stainless appliances, and stone countertops. An open concept great room with vaulted ceilings flows into a charming patio with views of the backyard. The primary suite features a spa-like bathroom, with a dual walk-in shower & soaking tub. Two guest bedrooms boast ample closets & a tastefully updated bathroom, while the 4th bedroom provides an ideal guest room/home office/playroom. Less than 1 mile from 3 schools, this home offers unbeatable proximity to education/shopping/dining, leaving you more time to enjoy sunset views of Camelback Mountain from the front patio & fire pit.