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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4526 E Vista Bonita Drive
Phoenix, AZ 85050
$1,300,000
4
Beds
3
Baths
3,342
SqFt
Status
Active
MLS #
6780803
Property Type
Single Family Residence
Price Type
--
A fantastic 4 bed, 3 bath residence in Sanctuary at Desert Ridge loaded with upgrades including an OWNED solar system! Featuring a beautiful facade w/stone accents, low-care landscape, 3 car tandem garage, and a paver driveway,! Huge iron door with privacy glass leading you into the grand entry. Spacious great room & a formal dining room w/high ceilings and a giant Island, perfect for hosting a dinner party. Hone your cooking skills in the gourmet kitchen, 42'' upper cabinetry w/crown molding, a walk in pantry, granite counters, subway tile backsplash, gas cooktop and stainless steel appliances. Upstairs you will find a Large loft and e additional bedrooms. Guest bedroom downstairs has built in custom cabinetry for an amazing office. The yard has a spectacular pool, gas fireplace and turf The primary bedroom showcases soft carpet, a walk-in closet, and a lavish ensuite w/dual vanities. Also including a lovely backyard w/a covered patio, artificial turf, an outdoor fireplace, and a sparkling blue pool, this home is a dream come true! Don't miss out!
8310 E Devonshire Avenue
Scottsdale, AZ 85251
$1,300,000
4
Beds
3
Baths
1,922
SqFt
Status
Active
MLS #
6786600
Property Type
Single Family Residence
Price Type
--
Beautifully furnished and rare 4-bedroom (including 2 primary suites), 3-bathroom home located in the heart of Old Town Scottsdale. Currently operating as a successful Airbnb, this property features an open and bright floor plan with split bedrooms for added privacy. Step through the custom tri-fold door to your private backyard oasis, perfect for relaxation or entertaining. Enjoy the sparkling pool, new hot tub, pergola with a firepit, and a custom Scottsdale mural. Conveniently situated just minutes from Scottsdale's Spring Training stadium, premier dining, and upscale shopping. Additional upgrades include a brand-new AC unit. This property is fully equipped for Airbnb, including future bookings, making it an exceptional investment opportunity!
6109 E Brilliant Sky Drive
Scottsdale, AZ 85266
$1,300,000
4
Beds
3.5
Baths
2,718
SqFt
Status
Active
MLS #
6725585
Property Type
Single Family Residence
Price Type
--
TERRAVITA STELLA WITH CASITA. 3 BEDROOMS, 3.5 BATHS AND CASITA WITH SEPARATE ENTRANCE - THREE CAR GARAGE. GOLF COURSE VIEWS - Entrance to home has flagstone and fountain. Interior entrance tiled and open. Great Room has large window to bring in Arizona outdoor beauty and with a south view lots of light. Entertainment center with niches, fireplace, hearth area. Kitchen and dinette with seating room area all open and with lots of windows with fairway views. Double doors to patio. SS appliances with gas range. Peninsula island. Primary bedroom and bathroom spacious. Windows for golf views in bedroom. Bathroom has double vanities, walk-in shower and soaking tub. Floor Plan under Doc Tab click More tab for additional information. Second bedroom carpet, spacious with single vanity bathroom and combo tub/shower. Third bedroom/game room has built-in desk, carpet and multitude of options. Hallway cabinetry for additional storage. Large den with wall of built-in shelving and work counter. Powder room with pedestal sink. Casita has separate entrance with carpet in bedroom area and bathroom with single vanity and tub/shower combo. Laundry has ample cabinetry upper and lower and counter. A backyard paradise - golf course views, flagstone and rock, covered patio, outdoor grill/kitchen with decorative tiled counter area and a corner fireplace. Make it your dream home!
2552 E Ridgewood Lane
Gilbert, AZ 85298
$1,300,000
4
Beds
4.5
Baths
4,027
SqFt
Status
Active Under Contract
MLS #
6776619
Property Type
Single Family Residence
Price Type
--
Rarely do properties like these hit the market! Here's your chance to own a stunning country retreat in the prestigious Greenfield Acres. Picture yourself relaxing on the expansive front porch, working on projects in your sprawling garages, or hosting unforgettable poolside gatherings in your entertainer's paradise of a backyard. Perfect for car enthusiasts, this property boasts two oversized garages and ample storage with multiple sheds. Inside, the spacious yet cozy layout, paired with the warmth of natural brick, creates an inviting and timeless charm. This home is designed for making memories, blending functionality with comfort—an opportunity not to be missed!
3414 E Virgil Drive
Gilbert, AZ 85298
$1,300,000
5
Beds
3.5
Baths
4,239
SqFt
Status
Active
MLS #
6785032
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home! This incredible basement home overlooks the 14th green of Seville Golf and Country Club. Spanning 4,239 sqft, this home features five bedrooms, three and half baths, an office and plenty of storage. The kitchen is a masterpiece of design and functionality, boasting wood cabinetry, granite counters, a large island and a walk-in pantry. The main bedroom is spacious and has a spa-like ensuite with dual vanities, a soaking tub, a huge snail shower and walk-in closet. The rest of the main floor has two additional bedrooms, a full bathroom and large hall closet. The basement stays cool during the summer and with the kitchenette/bar, makes it the perfect place to entertain while watching movies or the big game. The basement also has two spacious bedrooms and one full bathroom. The backyard is an oasis with plenty of space to entertain with a covered patio, built in bbq, heated pool and spa, all with amazing golf course views. THIS HOME IS A DEFINITE MUST SEE!
1813 E Mallory Street
Mesa, AZ 85203
$1,300,000
5
Beds
4
Baths
3,964
SqFt
Status
Active Under Contract
MLS #
6768387
Property Type
Single Family Residence
Price Type
--
Welcome to this CHARMING 5-bedroom custom home in NE Mesa, where classic elegance blends seamlessly with modern comforts. Overflowing with character, this home invites guests into formal living & dining rooms with large windows that offer picturesque views of the expansive front porch and yard. Everyday living is a delight in the open & airy spaces featuring a family room with a brick fireplace, spacious dining area & beautifully remodeled kitchen(2020) with white cabinetry, quartz countertops, huge island, built-in refrig/freezer & double ovens. The backyard is designed for entertaining with a large covered patio, fenced diving pool, putting green & built-in BBQ. This rare find with NO HOA offers a perfect blend of charm, modern upgrades, & functional living spaces. The home's split floor plan includes 3 bedrooms and 3 baths on the main floor (including the primary suite) and 2 bedrooms and 1 bathroom upstairs. The spacious laundry room features a built-in desk for work or crafting, laundry sink, 2nd pantry, and extra space for an additional refrigerator or freezer. An extended length garage offers built-in cabinetry and a fantastic workshop. The property also features an RV gate plus a separate storage room above the garage which could be reimagined as living space. This home features so many upgrades including: French oak luxury vinyl plank throughout the living spaces, new HVACs ('22,'23), new water heaters ('22,'24), lifetime metal roof and more! This is a truly special place to call home!
10331 E Starion Avenue
Mesa, AZ 85212
$1,300,000
6
Beds
4
Baths
4,210
SqFt
Status
Active
MLS #
6783724
Property Type
Single Family Residence
Price Type
--
Welcome to luxury living in the highly sought-after Eastmark community, just steps from The Mark and Great Park! This meticulously maintained home offers stunning curb appeal and a range of high-end upgrades that will make you fall in love as soon as you walk in. The coffered ceilings in the formal living room, dining room, and primary suite add a touch of elegance to the open layout. The chef's kitchen is an entertainer's dream, featuring beveled granite countertops, ample cabinetry, a beautiful tiled backsplash, dual wall ovens, and GE Profile appliances. A morning kitchen with a sink, disposal, wine fridge, and overhead glass cabinets adds both style and functionality, making hosting a breeze. Upstairs, an expansive loft awaits, leading you through French doors to the primary suite, where coffered ceilings and abundant natural light make it a true retreat. The luxurious primary bath includes granite countertops, dual sinks, a separate tub and shower, and an impressive walk-in closet. The additional five bedrooms are perfectly appointed; there is even a bedroom off the loft that serves as an additional primary suite with its own ensuite bathroom and walk-in closet, another features a private balcony, and 3 more include walk-in closets for optimal storage. This home is packed with modern conveniences, including a central vacuum, a fully owned security system with sensors on every door and window, a 50-gallon hot water heater, new carbon dioxide sensors, Cat 5 connections throughout, and a whole-house water filtration system. The 4-car tandem garage is equally impressive, with epoxy flooring, overhead storage racks, a NewAge cabinet system with a bamboo workbench, and a stainless steel sink. Step outside to your backyard oasis, featuring 2,000 square feet of travertine tile on the extended patio and around the 18x36 pebble tech pool with an integrated 7x7 heated spa. Enjoy the convenience of the Pentair wireless control system controlled through the app, while the pergola with a plumbed gas Kokomo grill, refrigerator (which is included), remote control lighting, and outdoor Bluetooth speakers makes this the ultimate space for entertaining. Lush turf completes the picture-perfect yard. Eastmark offers a resort-style lifestyle, with luxurious pools, splash pads, numerous parks, Steadfast Farm, and the state-of-the-art clubhouse, The Mark, hosting year-round events and games. This is a rare opportunity to own a truly exceptional homemake it yours today!
105 E Claremont Street
Phoenix, AZ 85012
$1,300,000
5
Beds
3
Baths
2,984
SqFt
Status
Active
MLS #
6780206
Property Type
Single Family Residence
Price Type
--
Nestled in the desirable North Central Corridor, this inviting single-level home offers modern comforts combined with classic appeal. Sitting in a private cul-de-sac, this home boasts a large front yard with mature trees and a peaceful sitting area. Inside, find a spacious open floor plan with updated kitchen and living areas. With 4 bedrooms, 3 bathrooms, plus a cozy casita that adds 121 sq ft, there's ample space for all. The sizeable backyard is a true oasis, featuring play-pool updated in 2021, water feature, and new equipment. An expanded covered patio with Travertine tile is perfect for entertaining or relaxing. Additional features include split floorplan, new concrete tile roof, driveway with pavers, 2 fireplaces, no HOA, proximity to Bridal Path and many coveted schools, and opportunity to add your personal touch. Well-priced and in a prime location, this home is a remarkable find.
6757 E Paradise Lane
Scottsdale, AZ 85254
$1,300,000
5
Beds
3
Baths
2,759
SqFt
Status
Active
MLS #
6782645
Property Type
Single Family Residence
Price Type
--
Currently a high producing STR. Great location next to Kierland Golf Club and Kierland Commons. This property boasts a stunning resort style backyard for entertaining w/ pool & spa, putting green, fire table, and new outdoor furniture. The interior offers an open kitchen that transitions into a large living room. Opposite of the living room area is an updated game room with billiards, PAC-MAN, and foosball. Tons of upgrades performed in 2022, as well as trendy interior design concepts to keep this home a top producing STR!
8757 E Lariat Lane
Scottsdale, AZ 85255
$1,300,000
3
Beds
3
Baths
2,888
SqFt
Status
Active
MLS #
6776524
Property Type
Single Family Residence
Price Type
--
Introducing an Exquisite Professionally Designed Home in North Scottsdale! Nestled in the coveted 85255 zip code, this stunning, fully remodeled residence is situated on an expansive acre-sized lot, showcasing beautiful desert landscaping and mature shade trees. The spacious, epoxied three-car garage and extended driveway offer ample parking for guests. Step inside to discover a generous living area highlighted by high ceilings and large windows that flood the space with natural light, offering breathtaking panoramic mountain views. You'll fall in love with the waterproof LVP flooring, a cozy wood-burning fireplace with a custom-designed mantle, freshly painted walls, and elegant light fixtures throughout. The chef's kitchen is a culinary delight, featuring brand new upgraded cabinetry, a professional-grade Bertazzoni induction range, Mykonos quartzite countertops, an apron front sink, and a charming breakfast nook. The gorgeous custom glazed cabinets come with all with soft close doors and drawers, lots of storage, and elegant crown molding. This inviting space is perfect for gathering, cooking, and entertaining. Retreat to the large master bedroom, accessed through double French doors, complete with a vaulted ceiling, designer accent wall, and a private balcony that showcases spectacular mountain and city light views. The luxurious master bath boasts a freestanding clawfoot tub, a spacious walk-in shower with body sprays, a tremendous LED vanity mirror, stylish lighting accents, and ample vanity space adorned with spectacular real marble countertops. This magnificent, move-in ready home offers the perfect blend of luxury and comfort in a superb location. Don't miss the opportunity to make it yours!
7538 E Tuckey Lane
Scottsdale, AZ 85250
$1,300,000
2
Beds
2
Baths
1,989
SqFt
Status
Active
MLS #
6787482
Property Type
Single Family Residence
Price Type
--
Just WOW! This marvelous home in the coveted 7600 Lincoln harmoniously blends contemporary elegance & optimal functionality! The sheer beauty & attention to detail are found inside! Discover an inviting foyer, travertine flooring, crown moulding, & plantation shutters. Imagine yourself cozying up by the floor-to-ceiling stone fireplace or opening the French doors for fresh air in the spacious living room. Gourmet eat-in kitchen comes complete w/recessed lighting, a plethora of cabinetry, a butcher block island, desk area, granite counters & backsplash, & top-of-the-line SS appliances such as a wall oven, range hood, & cooktop gas. Owner's retreat is a true gem, showcasing plush carpet, direct outdoor access, & an ensuite comprised of dual sinks, soaking tub, & a walk-in closet. Flexible den provides the perfect space for an office or entertainment room. In the large backyard, you will have a covered patio, built-in bench, & a garden fountain. Walk to the Scottsdale Bike Path right outside the gate to 7600 to bike or walk all over Scottsdale. The 7600 community area features a Country Club setting with the community pool, spa, pickleball courts, tennis courts and even a basketball hoop. Located just minutes away from shopping and restaurants in Old Town Scottsdale too. Don't let this one-time opportunity slip by!
16076 E Ridgestone Drive
Fountain Hills, AZ 85268
$1,300,000
3
Beds
3.5
Baths
1,915
SqFt
Status
Active
MLS #
6771065
Property Type
Single Family Residence
Price Type
--
Nestled within the guard gated community of FireRock Country Club, this step-free single level home is a true gem. Enjoy one of the rarest models that features its own casita and emerald views of the 10th hole. Built in 2019, this thoughtful home is sure to please with modern amenities and designer finishes. Step inside the stately foyer and instantly notice soaring ceilings and walls of glass. Open to the living and dining room, the Chef's kitchen is a delight with upgraded extended height cabinetry, 6 burner + griddle wolf stove, dual wall ovens, massive island with breakfast bar, and smart ''hidden'' walk-in pantry. Compelling rejuvenation, the master is a true retreat with its own 2 way fireplace, over-height windows, massive walk-in shower, dual raised vanities, private water closet, custom walk-in closet. A secondary full en-suite bedroom PLUS a full en-suite casita make this a perfect layout for loved ones or guests. Just off the entry, a convenient workspace, flex-storage space, and oversized laundry that can be used as a miniature office are sure to please. Step out to your backyard Sonoran Sanctuary and enjoy any season with a fantastic covered patio with ceiling heating, fireplace, built-in BBQ grill, stainless mini-fridge, incredible travertine bar, and a separate open air deck for basking in the sunshine and Golf Course views. Hidden features of this home include wood plank tile, low maintenance landscaping, fire suppression systems, plenty of storage, tankless gas water heater, and more!