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.
Click Here to See What Your Home is Worth
7780 E Vaquero Drive
Scottsdale, AZ 85258
$3,500,000
7
Beds
9
Baths
8,460
SqFt
Status
Active Under Contract
MLS #
6762399
Property Type
Single Family Residence
Price Type
--
Welcome home to Gainey Ranch - A guard gated oasis of lush vegetation, convenient shopping, a variety of dining, 27 holes of golf, and active lifestyle amenities such as an indoor gym, sports courts, and a lap pool, all at your doorstep. This gated estate is perfectly situated along the Arroyo golf course on an acre lot, with panoramic golf course and Mummy mountain views. Perfect for car collectors or large families, this home features an 8-car garage (all w/ room for lifts), an attached guest casita with 3 bedrooms and kitchen, as well as a kids wing with 3 ensuite bedrooms, ideal for multi generational living. As you enter the home, a wide wall of floor to ceiling windows draws your eye out over the sparkling blue pool to gently rolling emerald fairways. The expansive layout with bright, airy rooms, offers a variety of living and entertaining options: from the intimate private office, to separate wings for children and/or guests, to the sprawling formal living area, to the cozy open floor family/breakfast room and kitchen. Enjoy the primary rooms' elevated, unobstructed view of the luscious golf course and rugged mountains. The primary suite encompasses a large bedroom, sitting area, wet bar, laundry room as well as His & Hers closets, His & Hers bathrooms, His & Hers showers, AND His & Hers vanities. With easy access to premier amenities, matched with a unique yet highly desired layout - this spacious home embodies Scottsdales vibrant lifestyle full of luxury and leisure.
27111 N 150th Street
Scottsdale, AZ 85262
$3,500,000
5
Beds
4.5
Baths
5,513
SqFt
Status
Active Under Contract
MLS #
6749282
Property Type
Single Family Residence
Price Type
--
This fully fenced 5 acre Equestrian Estate is a timeless work of architectural art; a labor of love in every detail. Offering both privacy and sophistication, it is set within a breathtaking desert landscape. This custom residence, tastefully designed by architect Bryan Rains, is impeccably maintained & features a split floor plan with high-end finishes throughout. The Resort-style backyard takes entertaining to a whole new level, allowing for year-round enjoyment of Arizona's natural beauty. The equestrian facilities include a 4-stall barn w/outdoor runs & turnouts with potential for further expansion. Enjoy direct access to extensive trail riding, including McDowell Mountain Regional Park, while remaining conveniently close to fine dining, shopping, & the vibrant Scottsdale amenities.
5871 E Sanna Street
Paradise Valley, AZ 85253
$3,500,000
4
Beds
4
Baths
4,956
SqFt
Status
Active
MLS #
6783603
Property Type
Single Family Residence
Price Type
--
Enjoy curb appeal galore at this remodeled Santa Barbara Spanish gem on a quiet cul-de-sac in coveted Camelback Country Estates neighborhood. Soaring ceilings & dramatic 2-story picture windows welcome you to the stately, yet comfortable home, bursting with abundant natural light. Large great room holds a crowd, with room to relax, dine and cook in highly-functional kitchen. Luxurious indoor/outdoor living w/expansive yard that boasts desirable amenities: mountain views, heated pool w/baja shelf/water feature, large covered patio, grassy areas for play, mature trees (citrus too), gate to large field and golf course. Substantial laundry w/walk-in pantry. 3-car, temp-controlled garage w/exercise area. Loads of storage throughout property. Proximate to shopping/dining/commute. Move-in ready!
865 E Monte Vista Trail
Wickenburg, AZ 85390
$3,500,000
5
Beds
7
Baths
7,880
SqFt
Status
Active
MLS #
6659880
Property Type
Single Family Residence
Price Type
--
Experience luxury & sophistication gated community! Integrating indoor & outdoor living. BREATH TAKING VIEWS! Nestled in the heart of Wickenburg, this stunning custom home has 5 bedrooms, 7 baths & theater room. Entering thru this grand entrance you are greeted w/a water feature & expansive living spaces. Gourmet kitchen is a chefs dream. Featuring top-of-line appliances, custom cabinetry, 2 warming drawers, 3 ovens, & a spacious island. Custom built bar. Relax by one of 5 fireplaces. Your master suite is a private sanctuary boasting a spa-like feel, fireplace, Large walkin & jet tub. Stepping into your private backyard oasis offers total relaxation. Negative edge pool/spa, built in b-bque, ramada, steam room & lush landscape is your ideal entertainment. The spacious 3200 sq ft RV garage. Spacious RV garage with a drive through RV Stall, can hold 8+ vehicles. Until you see this amazing property in person, you will not appreciate the value. This custom home was built by Tom Hogue and used as his personal home. From the grand entry way, rocked pillar, fountain water feature, floor to ceiling retractable glass doors, workout room, sauna and so much more. This is a MUST SEE!!!
3428 S 159th Street
Gilbert, AZ 85297
$3,500,000
5
Beds
5.5
Baths
10,171
SqFt
Status
Active
MLS #
6712293
Property Type
Single Family Residence
Price Type
--
Experience livable luxury in this stunning iconic colonial style home ideally located across the street from the LDS Temple in the heart of Gilbert. The architectural masterpiece combines historic elegance with modern amenities, offering an unmatched lifestyle. Designed for both comfort and entertainment, this nearly 11,000 square foot home features a beautiful front porch and balcony straight out of the movies, grand foyer, 20 ft. vaulted ceilings, extensive molding and trim work, expansive living and dining areas, a huge entertainer's kitchen with hidden walk-in pantry complete with a commercial grade walk-in refrigerator, indoor pro racquetball court, theater room and serene library. Majestic kitchen features a two tier island with breakfast bar and large dining area with the temple as a backdrop out every window. The home boasts 5 spacious bedrooms and 5.5 bathrooms, extended 3 car garage on one side of the house and an additional 2 car garage on the apartment side of the home. Enter the master bedroom through a large sitting room with fireplace and front porch access. Large master has built in bookshelves, bay window with temple views, and large ensuite bathroom complete with his and hers sinks, expansive walk in shower/steamer and walk through master closet. Relax in the upstairs loft, on the balcony or with your favorite movie in the theater. Large laundry room is equipped with 2 sets of washer/dryer, center island surrounded by cabinets and more storage. The separate apartment is perfect for guests, in-laws or rental income. RV gate with RV pad. 32kW paid off solar system with battery backup. With no HOA restrictions, you have the freedom to truly make this home your own. Embrace the perfect blend of historic charm and contemporary luxury in a location that offers top-rated schools, easy access to the 202 freeway, Mercy Hospital, San Tan Mall, dining, entertainment, shopping and community events. Too much to list here, this home is a must see.
18720 N 101st Street Unit 2006
Scottsdale, AZ 85255
$3,500,000
2
Beds
3
Baths
2,752
SqFt
Status
Active
MLS #
6718632
Property Type
Apartment
Price Type
--
**NEW-CONSTRUCTION** The best opportunity to be inside the gates of Silverleaf at a competitive price. ICON at Silverleaf offers an unlimited lifestyle with the lock-and-leave luxury of exceptional single-story flats amid the incomparable beauty of Arizona's McDowell Mountains. This rare and unique offering of spacious, open-concept residences affords the very best of all possible worlds, close to the cosmopolitan conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert behind the gates of the truly iconic upscale private resort community of Silverleaf.
19621 N 96th Place
Scottsdale, AZ 85255
$3,500,000
5
Beds
4
Baths
4,435
SqFt
Status
Active
MLS #
6752044
Property Type
Single Family Residence
Price Type
--
Highly sought after, gated DC Ranch Hacienda on one of a kind, oversized lot is tucked on an exterior cul de sac street with amazing curb appeal, faces open preserve and backs to natural area with picturesque McDowell mountains. Capture serene mountain and city light views from multiple areas of the home. Desirable great room home plan features 5 bedrooms, 4 baths, downstairs office and plus an upstairs office/den with wine fridge bar, and an expansive flex bonus room upstairs, with charming interior courtyard for entertaining. Enjoy seamless indoor/outdoor AZ living with a telescoping glass door from great room to picture perfect resort style backyard with scenic mountain backdrop, featuring oversized grassy area plus garden planters, outdoor covered ramada adjacent to generous heated pool and spa, and linear firepit, built-in BBQ with seating, covered patio, with ample hardscape space for seating/lounging. Stunning designer finishes including oak hardwood flooring throughout the home, light and bright oversized eat-in kitchen island, chic statement vent over gas range overlooking backyard, refined marble and tile selections throughout for a polished sophisticated appeal. Breathtaking views from second level primary suite with sitting area overlooking majestic McDowell Mountains, enjoy generous wardrobe, and spa like bath with freestanding bubble soaker tub. Convenient utility room with hall tree, three car tandem garage with cooling unit, plus spacious additional paved parking for four more cars. Quaint neighborhood park nearby. This showstopper is a unique opportunity in the coveted DC Ranch Haciendas.
10416 N 52nd Street
Paradise Valley, AZ 85253
$3,500,000
5
Beds
6
Baths
6,685
SqFt
Status
Active
MLS #
6768580
Property Type
Single Family Residence
Price Type
--
REDUCED PRICE FOR QUICK SALE! Magnificent Tuscan-style estate on a sprawling, beautifully manicured acre lot located in the highly sought-after Paradise Valley, just moments away from top-tier shopping and dining in both PV and Scottsdale. With over 6600 square feet of living space, this residence offers a spacious great room floor plan with 5 bedrooms and 6 bathrooms. The home boasts elegant formal living and dining rooms, a large family room with a gas fireplace, and a bonus/game room for added leisure. The split floor plan ensures privacy, with the expansive primary suite featuring a cozy sitting room with a gas fireplace, a spa-inspired bathroom with dual sinks, a walk-in shower, a freestanding soaking tub with a remote-controlled electric fireplace, two oversized walk-in closets and a cedar closet. The guestwing offers 4 spacious en-suite bedrooms, each with walk-in closets. The gourmet kitchen is a chef's paradise, equipped with a large island and top-of-the-line appliances. Multiple French doors open to the resort style backyard oasis, complete with a spacious covered patio, a heated pebble tec diving pool, a lush lawn, built in BBQ and a ramada perfect for outdoor entertaining. Luxury finishes throughout include marble and travertine flooring, vaulted and wood-beamed ceilings, crown molding, custom cabinetry, and designer lighting. This home is a must see and has been meticulously maintained. Home is available to be purchased fully furnished on a separate bill of sale.
6527 E El Sendero Road
Carefree, AZ 85377
$3,500,000
4
Beds
4
Baths
5,843
SqFt
Status
Active
MLS #
6783146
Property Type
Single Family Residence
Price Type
--
Villa Sorgenfrei invites you to discover its charm. At first glance, it appears modest, but as you step through the hand-carved front door, a grand reveal awaits: an expansive living room with soaring, beamed ceilings, Saltillo tile floors, and a wall of windows framing a stunning gas fireplace. You're immediately drawn toward the windows, which offer a sweeping view from Pinnacle Peak to Camelback Mountain, stretching out to the stadium and beyond. Enjoy sunsets, city lights, and mountain vistas from both inside and on the spacious covered patio. A terraced backyard is adorned with desert plantings and is complete with a heated pool and spa. The custom-designed kitchen is a chef's dream, featuring high-end Gaggenau and Dacor appliances, copper sinks, an oversized island, and vaulted ceilings and decorated with Tabarka tile. Dine in the kitchen's cozy breakfast nook or in the window-lined dining room, beautifully set between arched doorways. For seamless entertaining, the custom bar is equipped with a wine station and beer tap with a striking custom copper tower and cabinetry crafted from Arizona Mesquitealso featured in the kitchen's hood mantle, the living room's fireplace mantle, and the office built-in. The office is both functional and inviting, featuring a Murphy bed making it an ideal guest room. Adjacent is a beautifully tiled ¾ bathroom with authentic Mexican tile, a custom vanity, and copper fixtures. The primary bedroom is a serene retreat with vaulted ceilings, large windows facing the south, and ample natural light. It includes two walk-in closets and a luxurious primary bath, completing the west side of the home. A third bedroom is set apart from the rest for maximum privacy, featuring an en-suite bath with Mexican tile, a custom vanity, and a hand-painted sink. Throughout the home, designer-selected lighting fixtures add unique character, chosen during the thoughtful remodel in 2018-19. Guests will enjoy the detached casita, complete with its own kitchen, living area, bedroom, bathroom, and a private deck for relaxing in solitude with panoramic views. A one-car garage adds both convenience and charm for guests. Quintessential Carefree awaits. (Main house has 3 steps in from garage and no other interior steps. Casita is all one level.)
8332 E Sand Flower Drive
Scottsdale, AZ 85266
$3,499,995
4
Beds
4
Baths
4,297
SqFt
Status
Active
MLS #
6734396
Property Type
Single Family Residence
Price Type
--
MOVE IN READY beautiful pre-designed home with luxurious upgrades inside and out. The award winning Mayne Modern home design was made for entertaining. This single-level home showcases an open floor plan with elevated ceiling heights in the main living spaces. The Gourmet kitchen is a chef's delight with upgraded maple cabinets and designer stainless steel appliances included a Wolf 48'' Rangetop w/Griddle, Pro Hood, Micro Drawer, Pro Double Ovens, and Cove Dish Washer. Spacious great room features a 60'' primo fireplace and 20' multi-stacking door open to covered patio. Oversized bonus room with wet bar and direct access to large covered patio. Attached casita with living area and full bath. Price includes full landscape and pool. THIS IS A MUST SEE!
14300 N Moongaze Drive 03 Drive
Marana, AZ 85658
$3,499,900
3
Beds
4
Baths
2,934
SqFt
Status
Active
MLS #
6770080
Property Type
Single Family Residence
Price Type
--
Experience the ultimate in privacy, tranquility, and security at Saguaro Ranch/Moonlight Canyon. This incredible MOVE-IN READY New Construction home boasts 2,934 sq ft, 3 Bedrooms, 3.5 bathroom, and a den/office. Enjoy EXPANSIVE, breathtaking, panoramic views of the Catalina Mountains and Tortolitas, and marvel at the stunning Ron Robinette Architecture and Lori Carroll Interior Design. Featuring a WINE CELLAR built INTO the Mountain! Other features include split bedroom plan with en-suite baths, 3 car side entry oversized garage, 400 AMP Electric service, 2x6 and some double 2x12 exterior wall construction with foam and batt insulation, recirculating hot water system combined with tankless hot water heater, Wolf and Subzero stainless appliances. Synthetic plaster exteriors, tile in all the public areas. Don't miss out on this once-in-a-lifetime opportunity!
6413 E Ashler Hills Drive
Cave Creek, AZ 85331
$3,499,900
4
Beds
5
Baths
4,057
SqFt
Status
Active
MLS #
6762063
Property Type
Single Family Residence
Price Type
--
Stunning rustic contemporary home on a private road with no hoa. Home sits on 2 1/2 acres fully fenced with rear yard that has capabilities for adding another 10,000 of casita, garage and or under roof if desired. Home surrounded by beautiful cave creek desert mountain views, as well offers privacy and while being close to shopping and schools. The chefs kitchen boast twin Subzero 736 refridgerators and Wolf oven and range top, large walk in pantry, prep and primary sink on dual islands, hidden accessories, quartzite countertops. Home has City of Scottsdale water, 2 stage water filtration, a water softener and 2 RO systems for drinking water and ice. Back patio boast tv sitting area, 48 inch firepit, built in BBQ and sink, bar island and mister system. Buyer to verify all information.