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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2948 E Cullumber Street
Gilbert, AZ 85234
$1,225,000
5
Beds
3.5
Baths
4,087
SqFt
Status
Active Under Contract
MLS #
6765990
Property Type
Single Family Residence
Price Type
--
Beautiful 5 bedroom home is different and unique in so many ways. Come see for yourself. This home has multiple upgrades throughout, must see to appreciate. Custom kitchen with built in large fridge and freezer, under counter ice maker, and oversized island. Can lights throughout home with additions of beautiful light fixtures. Beautiful custom mud room off the garage. Large loft with 4 bedrooms upstairs, master bedroom downstairs. Wainscoting and custom wood work throughout the home. Two separate garages. Resort style backyard with pool and slide with in ground trampoline with turf surrounding and large shed on side yard. Too many upgrades to list, this home will go quickly. Highly desired neighborhood and location in Gilbert. Upgrade List 2017 o
12654 N 17th Place
Phoenix, AZ 85022
$1,225,000
4
Beds
3
Baths
3,410
SqFt
Status
Active
MLS #
6666445
Property Type
Single Family Residence
Price Type
--
The elevated, hillside location delivers unparalleled sunset, golf, and mountain views in a gated community overlooking Lookout Mountain Golf course. This Ridge at Lookout Mountain property surrounded by scenic beauty, is now freshly painted, with a clean, modern ambiance, grounded with natural stone flooring and flooded with natural light through panoramic windows. The kitchen features custom cabinetry and high-end SubZero and Wolf appliances. Owned solar = sunshine pays the bill. A split owner's suite is a lavish escape with hardwood floors, sitting area, gas fireplace, dual walk-in closets, jetted tub, and snail shower. The low-maintenance yard enhances outdoor relaxation with a covered patio, pebbletec pool, built-in BBQ, and artificial turf, creating a perfect retreat. A new roof, tankless water heater, all new smart locks, shutters, invisible screen doors, electronic window screens, both a water softener and reverse osmosis, new insulated garage doors, two pergolas, gutters and a backyard gate are recent improvements. Overall, this residence combines modern elegance, integrated with its natural surroundings, offering a luxurious and tranquil lifestyle for those seeking a sophisticated home with breathtaking views and upscale amenities.
4675 Copper Court
Wickenburg, AZ 85390
$1,225,000
3
Beds
3.5
Baths
3,024
SqFt
Status
Active
MLS #
6742332
Property Type
Single Family Residence
Price Type
--
Enter the spacious 3-bed, 3.5-bath Orion floor plan. Dramatic 10 & 12 ft ceilings accentuate mountain views from the grand living room's ample windows. Den & media room offer additional hosting space when the family comes for the holidays. Granite countertops at dining & baths. Smart space at laundry adds storage, office or craft area. Kitchen is an entertainer's dream w/ built-in cooktop, microwave, oven, & large island for guests. Alcove dining space opens to 600 sq ft of covered patio. Powered shades, built-in BBQ & ceiling fans. artificial turf and mountain views, stunning sunrises & sunsets are all waiting in your backyard. Fully paid off solar, 3-car garage, hot water recirculation & water filtration primary bath with soaker tub and glass enclosed shower upgrades just to name a few
9844 E June Street
Mesa, AZ 85207
$1,225,000
5
Beds
5
Baths
4,172
SqFt
Status
Active
MLS #
6744067
Property Type
Single Family Residence
Price Type
--
GORGEOUS MOUNTAIN, SUNRISE & SUNSET VIEWS! Gated private Boutique community nestled in the prestigious Mesa Uplands of NE Mesa. Close to hiking, boating, shopping & dining. Gorgeous contemporary flair that is warm & welcoming. ALL SINGLE LEVEL LIVING. Entertainers dream home & backyard. Entry offers soaring 2 story ceilings with huge windows offering expansive mountain views. True chefs kitchen: 42'' Expresso cabinets, tile backsplash, Granite slab countertops, gas cooktop w/ SS range hood, oversized prep island, built in oven / micro w/ walk in pantry. Generous dining is open to a wonderful family room. Tile flooring. Huge windows allowing natural light & mechanical blinds. Beautiful open staircase w/ decorative banner. The owner's suite is private & offers majestic views. Spa like bathroom offers 2 vanities, free standing tub, walk in shower & everyone's dream closet. Secondary bedroom area offers their own flex space, 2 bedrooms w/ walk in closets and Jack & Jill bath. Front bedroom w/ walk in closet & full bathroom. All baths are nicely upgraded. Second floor offers a super loft which can be used as a den/ studio/ office along with a bedroom & full bath. Wall of windows to the deck will blow your mind with views that are a must to experience. AZ dream resort backyard. Extended covered patio, heated 5.5 ft deep pool, heated spa & water features. Lush landscaping and 5 hole putting green. Views of the Superstitions MTN and Usury MTN are unobstructed. Sunrises and sunsets are spectacular! Close to the 202, shopping, dining, lakes and hiking. This home will not disappoint! This community is outstanding!
1372 E Lovebird Court
Gilbert, AZ 85297
$1,225,000
5
Beds
3
Baths
4,000
SqFt
Status
Active
MLS #
6749965
Property Type
Single Family Residence
Price Type
--
Welcome to this beautifully maintained home, lovingly cared for by its original owners. This exceptional property is situated on a quiet cut-de-sac, that provides ample parking. There is an adjacent walking path, green space and a volleyball court. The home has been thoughtfully updated throughout, ensuring a modern aesthetic and timeless appeal. You'll feel the attention to detail that makes this house a home. There are spacious living areas that include a bonus room, perfect for a teen hangout, home gym or guest space. The highlight of the property is the resort-style backyard, that includes a diving pool, hot tub, outdoor kitchen and fire pit. It's an ideal spot for relaxation and entertaining. There are many options for additional storage, including overhead garage racks, cabinets and an outdoor shed. The property is conveniently located near shopping, restaurants and the San Tan freeway. Don't miss the opportunity to make this property your own! All tv's convey.
21211 N 38th Place
Phoenix, AZ 85050
$1,225,000
4
Beds
3.5
Baths
3,552
SqFt
Status
Active
MLS #
6751849
Property Type
Single Family Residence
Price Type
--
IGNORE DAYS ON MARKET. Buyer could not perform on contingency. FULLY remodeled home in Fireside at Desert Ridge Community. The first floor features a kitchen to living room open concept with soaring ceilings, 1/2 bath, dining room, office and en suite guest room. The 2nd floor includes a loft, 2 guest rooms, full bath and primary bedroom. Interior upgrades include new flooring and paint throughout. Kitchen-Custom island and breakfast nook, resurfaced cabinets, backsplash, and high end ss appliances and sink. Living Room-new entertainment center with oversized fireplace and built in wine fridge. All bathrooms-upgraded floor tile, countertops, sinks, tiled showers and glass doors. Exterior upgrades-full home paint, front courtyard pavers & gas fireplace, lighting, turf, gazebo & misters.
2133 W Tanya Trail
Phoenix, AZ 85086
$1,225,000
4
Beds
3.5
Baths
3,065
SqFt
Status
Active
MLS #
6755847
Property Type
Single Family Residence
Price Type
--
Newly constructed in 2022 on a spacious acre lot with no HOA, this highly sought-after NextGen Builders Prescott floor plan offers an exceptional living experience with its thoughtfully designed layout. The residence features a great room floor plan, encompassing four bedrooms, three and a half bathrooms, and an additional office/den. The home is elegantly appointed with high-end finishes, a chefs kitchen including Wolf & Sub Zero appliances, and exhibits a refined, tasteful design. The backyard is designed for low-maintenance living, complete with a covered patio, generous artificial turf space, ramada, and a large paver pad. Additionally, half of the lot remains a blank canvas, ready for you to add your personal touch.
3323 E Vogel Avenue
Phoenix, AZ 85028
$1,225,000
3
Beds
2.5
Baths
2,110
SqFt
Status
Active
MLS #
6771382
Property Type
Single Family Residence
Price Type
--
Professionally designed by Studio H, fully engineered/permitted rebuild in 2016. Stucco exterior newly painted 2024. New water heater in 2024. New pool in 2019, Rebuild includes additional square footage, concrete, masonry, framing, drywall, roof, flooring, custom glazing, all new PEX plumbing and fixtures, all new copper electrical with custom light fixtures. Custom flooring, wallcoverings, architectural metalwork and details inside and out. Climate controlled 3+ car garage, with insulated tile flooring, cable TV, bar area, full height gabion wall, architectural lighting and interior details. 2+ bedrooms with office (easily converted to a 3rd bedroom) Elevated observation deck with custom spiral staircase and glass guardrails. Custom perforated steel shade at entry/courtyard, with low walls and gate for security. Custom poured concrete driveways, walkways and hardscape. Custom metal fence w/ access code gates and corner double gate for RV storage? Salt water pool with integral glass bead propane fireplace, fountains and Baja shelf. Jacuzzi Hot Tub 1 year old included. Custom interior barn doors along with hinged solid wood doors with frosted glass inserts. 3 A/C units, one for the master suite, one for balance of house and one for the garage. Grade AA drywall and paint finishes help create the modern million dollar feel inside. Large walk in master closet with custom cabinetry and skylight. Flueless fireplace in great room, with custom blackened steel wall panels. Kitchen has a large island, with a quartz top featuring a lighted art niche, custom glass bar top (eat in kitchen), a built-in warming drawer and wine fridge. Kitchen and Laundry have Italian custom Kitchen soft close cabinets and drawers. Kitchen has matching top of the line stainless steel appliances plus washer & dryer. Fully wired for security system with alarm and cameras. Note: Some Furniture, Art Work may be available for purchase by separate agreement, transferable upon closing of home.
5225 W Desert Drive
Laveen, AZ 85339
$1,225,000
4
Beds
5
Baths
5,553
SqFt
Status
Active Under Contract
MLS #
6688946
Property Type
Single Family Residence
Price Type
--
BACK ON THE MARKET. BUYER COULD NOT QUALIFY. NSPECTIONS HAVE BEEN DONE AND BINSR WAS COMPLETED. Welcome to your dream home nestled within a serene gated subdivision, boasting over an acre of lush land, where luxury meets convenience at every turn. You're greeted with a privated court yard and a majestic iron door entry adorned with Cantera stone. Step inside and be greeted by the grandeur of custom-designed kitchen cabinets & showcasing the finest Thermador appliances that cater to the culinary enthusiast's. Venture into the expansive backyard, where you will find a kids' water park and plenty of land to design your own custom pool. For the avid traveler or outdoor enthusiast, the property boasts a colossal RV garage, offering ample space to accommodate your recreational vehicles and gear complete with its own amenities, the possibilities for customization are endless. Whether hosting guests or seeking a private retreat, this versatile space caters to your every need. This custom estate does not disappoint. Very rare to find homes in this neighborhood come on the market.
3713 E Nolan Drive
Chandler, AZ 85249
$1,225,000
5
Beds
3.5
Baths
3,908
SqFt
Status
Active Under Contract
MLS #
6750895
Property Type
Single Family Residence
Price Type
--
Situated on one of the most desirable lots in all of Valencia this exceptional 5-bedroom, 3.5-bathroom basement home offers the perfect blend of luxury, comfort, & eco-friendly living. Gorgeous wood-look tile, neutral paint, and stunning natural finishes - contemporary meets traditional in this TW Lewis quality home. Enjoyable from both inside & out, the lake with waterfall directly behind the home offers both privacy and serenity. The main level is designed with both style and functionality in mind. Including a modern kitchen with high-end appliances, huge breakfast bar, gas range, double ovens, built-in microwave, under cabinet lighting, & tons of counter/cabinet space. Suitable for entertaining or lazy evenings with the family the kitchen opens to the family room with gas fireplace. The living room is suited for entertaining with built-in bar and views of the stunning backyard accessible through the double slider doors - creating true indoor/outdoor living capitalizing on our gorgeous AZ weather. The primary suite serves as a peaceful retreat with a walk-in closet and a luxurious spa-like en-suite bathroom. The unique split floor plan basement features two generously sized bedrooms, a full bathroom, and a versatile flex roomideal for a home office, gym, or entertainment space or think multi-generational living! Step outside to enjoy your private backyard oasis, complete with a sparkling pool, large covered patio, artificial grass, & tons of pavers - a welcome retreat for your morning coffee or a glass of wine in the evening. The property also boasts pre-paid solar ensuring low electric bills for years to come.
10484 E Mission Lane
Scottsdale, AZ 85258
$1,225,000
4
Beds
2.5
Baths
2,121
SqFt
Status
Active
MLS #
6733308
Property Type
Single Family Residence
Price Type
--
Opportunity awaits in highly-desirable Scottsdale Ranch! Situated on an oversized corner lot in a quiet cul de sac, this property offers a thoughtful floor plan with 4BR/2.5BA. Soaring ceilings and over 2,100 SQFT introduce travertine stone floors, solid wood cabinets, and granite countertops throughout. Entertain in the chef's kitchen, feat. stainless steel appliances, a massive center island, and dining area. Getaway to the primary suite feat. a private backyard entrance, dual vanities, separate shower/soaking tub, and large walk-in closet. Relax in the spacious backyard with sparkling pool/spa, built-in fireplace, and lush landscaping. SUPERIOR LOCATION: Less than 3 mi to Loop 101 FWY, shopping, and dining. Less than 20 min to TPC Scottsdale, Kierland Commons, and Old Town Scottsdale.
5312 N Sierra Hermosa Court
Litchfield Park, AZ 85340
$1,220,000
6
Beds
3.5
Baths
4,824
SqFt
Status
Active
MLS #
6749766
Property Type
Single Family Residence
Price Type
--
Move in Ready property located in the gated community of Dreaming Summit at Barrington Estates! 6 bedrooms + loft/game room, office on first floor with separate entrance/exit, 3.5 baths, 4,824 square feet, 4 car garage on an oversized cul de sac lot (1.172 acres), huge first floor master bedroom with French doors leading to the backyard, dual vanities, separate tub & walk-in shower, his & hers walk in closets, gourmet kitchen boasts Dual-Viking ovens, gas cooktop, Sub Zero refrigerator, kitchen island, ample cabinets & counter space, granite counters, family room has gas fireplace with stone mantle, 5 bedrooms upstairs, plantation shutters, backyard oasis awaits you that includes children's playground, Playhouse with air conditioning, trampoline, large covered patio, RV gate, large grass area, pool for those hot Arizona summers, built in BBQ with gazebo, outside fireplace, sport court, walking path, close to freeways, shopping, entertainment, too much to list here, see this home today!