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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2410 W Aloe Vera Drive
Phoenix, AZ 85085
$699,999
4
Beds
2.5
Baths
2,739
SqFt
Status
Active
MLS #
6732990
Property Type
Single Family Residence
Price Type
--
Price Improvement. Step inside this gorgeous 4 bedroom 2 1/2 bath home that shows like a model. Upon entering through the custom decorative steel door, you will be greeted by a large open, light and bright living & dining room with high ceilings. Enjoy the expansive kitchen with its large island and plenty of cabinets for the storage we all crave. If you don't like carpet, then this is the home for you, new LVT throughout most of the home, with tile in all the right places. The primary bedroom is large and bright with a walk-in closet, dual vanities and large tub. The owners spared no expense adding extra cabinets throughout. Plantation shutters and blinds on all the windows makes this a move in ready home. The community pool is just blocks away, best of all someone else takes care of it Let's not forget about the solar system, your APS bill will be less than $50.00 per month, your APS bill will be less than $50.00 per month some months you will even receive a credit, best of all the 2 HVAC systems are newer. Enjoy the 2 different community pools and splash pad areas, perfect for cooling off. Hurry, this one will not last!
760 E Betsy Lane
Gilbert, AZ 85296
$699,995
4
Beds
3
Baths
2,360
SqFt
Status
Active Under Contract
MLS #
6770212
Property Type
Single Family Residence
Price Type
--
This stunning 4-bedroom, 3-bath modern home, built in 2020, offers a perfect blend of style and efficiency. The gourmet kitchen features sleek quartz countertops, a gas stovetop, elegant shaker cabinets and a Reverse Osmosis water filtration system. The open floor plan flows seamlessly to the living area, enhanced by oversized sliding patio doors that lead to a brand new pool, perfect for outdoor entertaining. Energy-efficient with fully paid-off solar panels, this home is move-in ready. Furniture is available for purchase, making it even easier to settle in and start living the dream. Don't miss this exceptional opportunity!
11249 N Blakely Street
Surprise, AZ 85388
$699,995
2
Beds
2.5
Baths
2,503
SqFt
Status
Active
MLS #
6690577
Property Type
Single Family Residence
Price Type
--
INTRODUCING THE WAYLAND SPANISH HOME AT STERLING GROVE GOLF & COUNTRY CLUB IN BEAUTIFUL SURPRISE, ARIZONA! LOCATED IN THE AGE-RESTRICTED 55+ ACTIVE ADULT COMMUNITY IN STERLING GROVE. THIS DESIREABLE GREAT ROOM OPEN FLOOR PLAN HAS 10' FOOT CEILINGS AND WONDERFUL VIEWS! CHEF'S KITCHEN WITH GAS COOKTOP, BUILT-IN WALL OVEN AND MICROWAVE, SOFT CLOSE CABINETS, BACKSPLASH, KITCHEN ISLAND, QUARTZ COUNTERTOPS, AND FORMAL DINING. OFFICE/STUDY ROOM WITH BARN DOOR IS EQUIPPED WITH A MURPHY BED AND CAN BE USED AS A 3RD GUEST ROOM. SPACIOUS MASTER BEDROOM! MASTER BATHROOM WITH HIS AND HER SINKS, WALK-IN TILED SHOWER AND WALK-IN CLOSET. BEDROOM #2: ENSUITE WITH SHOWER/TUB COMBO. OUTBACK, ENJOY OUTDOOR LIVING! PRACTICE ON YOUR 4 HOLE PUTTING GREEN, RELAX IN YOUR REFRESHING THERAPEUTIC HOT TUB OR JUST SIT BACK AND TAKE IN THE VIEWS! Sterling Grove Golf & Country Club is a Gated Community w/24 Hour Guard Post. Great Opportunity to Enjoy on a daily basis so many Wonderful Amenities and Beautiful Views of the White Tank Mountains, Lakes, Ponds and Gorgeous Greens on your Walks, Jogs, Bike Rides! Amenities: TROON Managed Jack Nicklaus Design 18 Hole Golf Course, Tennis Courts, Pickleball Courts, Country Club, Resort Style Pools, Fitness Center, Spa, Restaurants, and Much More!
19447 S 209th Place
Queen Creek, AZ 85142
$699,995
3
Beds
3
Baths
2,352
SqFt
Status
Active
MLS #
6747733
Property Type
Single Family Residence
Price Type
--
Discover this stunning, highly upgraded 3 bed + den, 3 bath single level home in the desirable Gateway Quarter community. With its modern design, luxurious amenities, and serene backyard oasis, this home offers the perfect blend of style, comfort, and convenience. Step inside to be greeted by a spacious and open floor plan featuring a gourmet kitchen with stainless steel appliances, granite countertops, and a waterfall edge. The master suite offers a walk-in closet, dual vanity, and a spa-like step-in shower with a rain head. Secondary bedrooms, one with an en suite bath, provide ample space for family or guests. Modern tile floors throughout, plantation shutters, and executive height vanities with quartz counters complete the interior. Unwind in your private backyard retreat featuring a covered patio, a self-cleaning SALTWATER pool (complete with a water feature), and palm and citrus trees. The property includes full irrigation for easy care and backs up to a wash with no rear neighbors! This home is highly upgraded and offers many modern amenities, including a new A/C unit installed in August '23. Conveniently located near Phoenix-Mesa Gateway Airport, golfing, shopping, and dining, this home provides the perfect blend of comfort, style, and convenience.
6902 E Belleview Street
Scottsdale, AZ 85257
$699,995
4
Beds
3
Baths
2,287
SqFt
Status
Active
MLS #
6770133
Property Type
Single Family Residence
Price Type
--
This timeless 4-bedroom, 2.75-bathroom home has been beautifully upgraded to offer a modern and fresh atmosphere. With 2,287 sqft of spacious living, it's perfect as a primary residence, a vacation home, or an investment property, conveniently located near Old Town Scottsdale. The home features a welcoming family room and a bright kitchen with a center island, breakfast bar, breakfast nook, and plenty of elegant wood cabinetry. Step outside to a covered patio overlooking a vast yard with lush green grass, a sparkling private diving pool, and an RV gate. Recent enhancements include a new pool light, updated pool pump plumbing, a brand-new roof, and exterior stucco, all completed in 2024. Two bathrooms were also remodeled in 2023, featuring new glass doors, upgraded fixtures, vanities, and primary shower and floors just remodeled in October 2024! Interior drywall repairs have been completed for a fresh polished look in the laundry room. In 2020, new primary HVAC unit and new electric heating system were installed. Don't miss out on this this beautifully maintained home!
3911 W Talc Drive
San Tan Valley, AZ 85144
$699,995
4
Beds
3.5
Baths
2,900
SqFt
Status
Active
MLS #
6768170
Property Type
Single Family Residence
Price Type
--
Introducing an exceptional home in the Preserve at San Tan - Sonoran Collection. Step inside and be greeted by the elegance of a well-equipped kitchen with upgraded cabinets, quartz countertops, KitchenAid stainless steel appliances, and a large center island. The casual dining is adjacent to the kitchen and great room. There's a bonus room near the secondary bedrooms. The primary bathroom includes a walk-in shower, dual sink vanity, and walk-in closet. The expansive covered patio, accessed through a12' multi-panel stacking door is ideal for outdoor living. Additional features include a tankless hot water heater, upgraded flooring, a soft water loop, an upgraded insulation package, low voltage upgrades, and more!
702 E Coho Drive
San Tan Valley, AZ 85140
$699,990
4
Beds
3.5
Baths
2,744
SqFt
Status
Active
MLS #
6752379
Property Type
Single Family Residence
Price Type
--
MOVE-IN Est. Nov. 2024 - Stunning home with 4 bedrooms and 3.5 baths. Enjoy a convenient home office off the foyer, a cozy media room with double barn doors, and a stylish kitchen with dark blue cabinets, quartz counters, and stainless-steel appliances. The spacious great room boasts a 12ft sliding door and vaulted ceiling. The serene primary suite includes a resort-like bath and walk-in closet. Plus, an activity room between two bedrooms is perfect for gaming and fun. The 3-car tandem garage provides ample storage for toys. This home is a perfect blend of elegance and functionality! ^^Homes have been significantly discounted and have the option of short/long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply. Additional eligibility and limited time restrictions apply
683 E Grayling Road
San Tan Valley, AZ 85140
$699,990
4
Beds
3
Baths
2,513
SqFt
Status
Active
MLS #
6781142
Property Type
Single Family Residence
Price Type
--
Move In Before the Holidays to Your Dream Home at Edgewood Estates, ideally located near Queen Creek's commuter routes, shopping, & dining. This stunning, home is crafted with our curated Classic Look interior selections. The kitchen is designed to impress, featuring stacked Grey cabinets, Carrara Morro quartz countertops, a sprawling island, and elegant pendant lighting ideal for entertaining. The open great room extends effortlessly through a 15' multi-slide door to a huge, covered patio, ideal for seamless indoor-outdoor gatherings. Retreat to the secluded primary suite, with a coffered ceiling and a lavish primary bath featuring a double vanity and a freestanding tub. The Extra Suite Plus with private entrance, sitting are and bedroom is perfect for multigenerational living or guests. ***Homes have been significantly discounted and have the option of short/long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.***
42151 N Golden Trail
San Tan Valley, AZ 85140
$699,990
4
Beds
2.5
Baths
2,838
SqFt
Status
Active
MLS #
6744217
Property Type
Single Family Residence
Price Type
--
Est. Completion Nov 2024 - Welcome to Edgewood Estates located in the Queen Creek Corridor. This Frankfurt plan is designed with our Classic 'Looks' interior designs! Effortlessly create culinary delights in the open kitchen featuring exquisite Quill-stained maple cabinets, quartz counters and upgraded stainless-steel Bosch appliances. The great room's extra-large sliding glass door seamlessly brings the outdoors in. Enjoy versatile spaces with an activity room and home office, perfect for entertaining, relaxing, or working from home. Indulge in the Primary Suite, with designer bath. ^^Homes have been significantly discounted and have the option of short/long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply. Additional eligibility and limited time restrictions apply.
7248 E Tasman Street
Mesa, AZ 85207
$699,990
5
Beds
3
Baths
2,658
SqFt
Status
Active Under Contract
MLS #
6759584
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home in the highly desirable Las Sendas community in Mesa, AZ! This stunning 5-bedroom, 3-bathroom property offers an ideal blend of luxury, comfort, and functionality, nestled in one of Mesa's most sought-after neighborhoods with beautiful desert surroundings and fantastic amenities. Step inside to a bright, open floor plan with high ceilings and an abundance of windows that flood the home with natural light. The large loft upstairs adds versatility, perfect for a home office, game room, or media space. Every corner of this home feels airy and expansive, offering the perfect layout for both entertaining and everyday living. The beautifully renovated kitchen is the heart of this home, featuring sleek quartz countertops, stainless steel appliances, a large island, and ample cabinet space. The open-concept design seamlessly connects the kitchen to the dining area and family room, making it perfect for hosting gatherings or enjoying casual family meals. One of the most distinctive features of this home is the private bedroom on the first floor, complete with a separate garage entrance. Whether for guests, in-laws, or a home office, this flexible space offers convenience and privacy, setting it apart from other homes in the area. Upstairs, the spacious primary suite offers a tranquil retreat with large windows, ample space, and a spa-like en-suite bathroom with dual vanities, a soaking tub, and a renovated separate shower. The additional bedrooms are nicely sized, each featuring large closets, new carpeting, and plenty of natural light, offering endless possibilities for family, guests, or hobbies. Living in Las Sendas provides access to a wealth of amenities, including multiple pools, tennis courts, parks, and miles of hiking and biking trails. Golf enthusiasts will appreciate the nearby award-winning Las Sendas Golf Club, offering a stunning course with breathtaking views. With the Tonto National Forest and Salt River just minutes away, outdoor adventures are always close at hand. This home's prime location offers easy access to top-rated schools, shopping, dining, and major highways. Whether commuting or enjoying the best of the East Valley, you'll find everything you need within reach. Don't miss the chance to own this exceptional home in one of Mesa's most desirable communities.
10229 N 177th Drive
Waddell, AZ 85355
$699,990
4
Beds
2.5
Baths
3,010
SqFt
Status
Active
MLS #
6779823
Property Type
Single Family Residence
Price Type
--
This NEW Construction home is on an oversized premium lot! This 4 bedrooms, 2.5 bathroom, and 3 car garage home is estimated to close march/april 2025! Our Sedona features an open concept with beautiful natural light, a modern neutral color palette, offering two-tone 42'' shaker cabinetry, upgraded quartz counter tops, a large gourmet kitchen , and 9' ceilings throughout. You'll love our smart home features, as well as dual pane low-E windows, Ceiling fan pre-wires, under cabinet lighting in the kitchen, and window coverings. The exterior features front yard desert landscaping, a covered patio and private backyard. Located off the 303, this community is near shopping/schools. ***Photos are not actual home features colors and options may vary.
5332 W Taro Lane
Glendale, AZ 85308
$699,977
5
Beds
3
Baths
2,398
SqFt
Status
Active
MLS #
6763205
Property Type
Single Family Residence
Price Type
--
WOW Countless UPGRADES and no HOA. This fully remodeled 5-bedroom, 3-bathroom home offers an impressive amount of features and move-in-ready home. Upon entering, you're greeted by high soaring vaulted ceilings that add an open and airy feel to the space. Freshly painted, the home has new flooring throughout, contributing to its fresh, clean aesthetic. The kitchen features newer stainless steel appliances and quartz countertops. The layout includes a formal dining room, a separate living room, and a family room, providing plenty of space for relaxation or entertainment. A versatile loft area also adds extra living space, while the fireplace in the family room brings warmth and charm. Four spacious bedrooms are located upstairs, including a massive master bedroom with vaulted ceiling Four spacious bedrooms are located upstairs, including a massive master bedroom with vaulted ceilings. The master bathroom is equally large, featuring dual sinks, a separate tub and shower, and a generous walk-in closet. The fifth bedroom downstairs would make a perfect office, den, or crafts roomits location provides privacy and convenience. The backyard is a true outdoor retreat. It features a diving pool surrounded by an expansive cool deck, perfect for lounging or entertaining. The built-in BBQ, create an ideal space for hosting outdoor gatherings. The covered patio adds shade and comfort for relaxing in the north/south-exposed backyard. The property faces a natural wash with a scenic walking and biking path, offering peace and tranquility. Best of all, this gem of a home comes with no HOA, giving you even more freedom to enjoy your space! Must see!!