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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2121 W Sonoran Desert Drive Unit 45
Phoenix, AZ 85085
$630,995
2
Beds
2.5
Baths
1,854
SqFt
Status
Active
MLS #
6728641
Property Type
Townhouse
Price Type
--
This beautifully crafted villa offers 1,854 square feet, 2 primary suites, and 2.5 baths. Tall windows in the great room allow for an abundance of natural light. Designer-appointed features throughout. Contemporary neutral paint colors throughout makes this home ready for you to add your personal touches. Explore everything this exceptional villa has to offer
2434 W Rowel Road
Phoenix, AZ 85085
$630,990
3
Beds
2.5
Baths
1,964
SqFt
Status
Active
MLS #
6755330
Property Type
Single Family Residence
Price Type
--
Welcome to your NEW HOME at Aster in Union Park! This home offers 1,964 sq ft of living space with 3 bedrooms, 2.5 bathrooms, and a 2-car garage. The primary bedroom has dual walk-in closets and a private deck. The Design features are the Elevated A package of upgrades including 42'' flagstone cabinets, quartz countertop, custom backsplash, large island, stainless steel gas range and tile flooring. HOA includes Union Park Amenities, front yard landscaping & maintenance along with concierge trash pickup. Union Park residents will enjoy the abundance of amenities that include, resort styled pool and lounge areas, a 5800 sq ft clubhouse, pickleball courts, basketball courts, 11 parks, playgrounds and walking paths. Easy access to 3 freeways within 10 minutes and 25 minutes to Airport.
921 N 297 Drive
Buckeye, AZ 85396
$630,000
4
Beds
2
Baths
1,896
SqFt
Status
Active
MLS #
6748283
Property Type
Single Family Residence
Price Type
--
Home on over an acre of land, built in 2022 4bedrooms 2bathrooms split floor plan, with a two car garage. NO HOA
15743 W Sierra Street
Surprise, AZ 85379
$630,000
5
Beds
3.5
Baths
4,035
SqFt
Status
Active
MLS #
6701423
Property Type
Single Family Residence
Price Type
--
This impeccably upgraded home features freshly painted walls and new carpeting, enhancing its already charming appeal. From the stylish tile, cabinets, and granite countertops to the welcoming loft and game room, every detail exudes modern elegance. The master bedroom boasts luxury amenities, including a separate large tub and shower, double sinks, and not one, but two master closets. Additionally, there's a cozy den, perfect for relaxation or work. The expansive formal dining area adds to its allure. With its refreshed interiors and upgraded features, this home offers a perfect blend of comfort and sophistication for tenants to enjoy.
14815 N 68th Drive
Peoria, AZ 85381
$630,000
3
Beds
3
Baths
1,500
SqFt
Status
Active
MLS #
6751269
Property Type
Single Family Residence
Price Type
--
1 Acre+ property with no hoa located on county island ready for you to build, have animals, trucks, rv garage/ workshop warehouse, for you to bring your business and have the freedom you need. Quartz counters, all tile bathrooms and Plenty of room for all of your needs! Don't miss out on this rare property in the best Peoria location!
831 E Wagoner Road
Phoenix, AZ 85022
$630,000
4
Beds
2.5
Baths
2,226
SqFt
Status
Active
MLS #
6753107
Property Type
Single Family Residence
Price Type
--
Welcome to this gorgeous 4-bedroom, 2.5-bath, two-story home nestled on a desirable N/S exposure lot in North Point Crossing, offering breathtaking mountain views, a sparkling blue pool, and a 3-car garage. Located just minutes from Desert Ridge and North Scottsdale, you'll have access to fantastic restaurants, premier shopping, entertainment, and the Mayo Clinic. This home truly has it all! Inside, you'll love the spacious layout featuring vaulted ceilings, luxury wood-like plank flooring in the formal living room and great room, oversized ceramic tile in the kitchen and baths, and new plush carpeting in all bedrooms, combining elegance with comfort. The updated gourmet kitchen is a chef's dream, showcasing matching LG appliances, stunning granite countertops, a stylish glass-tile backsplash, and a center island that opens to a bright dining nook, surrounded by bay windows. The adjacent great room boasts a cozy fireplace, perfect for gathering on cooler nights. Step outside to your resort-style backyard, complete with a refreshing pool, low-maintenance synthetic turf, and a decorative stamped concrete extended patioideal for relaxing or hosting family and friends. Upstairs, the luxurious primary suite offers a private balcony with picturesque mountain views. The ensuite bathroom features dual sinks, a glass-enclosed walk-in shower, a separate garden tub, a private toilet, and a spacious walk-in closet. The upper level is completed by three additional bedrooms and a full guest bath with dual sinks. Additional highlights include a new roof installed in 2022 and updated pool equipment in 2023. Plus, easy access to multiple freeways ensures convenient commuting. Don't miss the chance to make this stunning home your own - submit your offer today!
57 N Roadrunner Road
Apache Junction, AZ 85119
$630,000
4
Beds
3
Baths
2,086
SqFt
Status
Active
MLS #
6775561
Property Type
Single Family Residence
Price Type
--
Your Arizona Dream Awaits! Nestled on over 1 acre, this stunning property features a 3-bedroom, 2-bathroom home, plus a casita, perfect for guests or additional space. Complete with a horse setup and million-dollar views, this home offers the ultimate Arizona lifestyle. Imagine sitting on your back patio, watching the sunrise, or waiting for the moon to rise from the East. The interior boasts vaulted ceilings and a desirable split floorplan, providing privacy and a spacious feel. With plenty of room for parking and the serenity of being away from it all, this property is ready to become your desert retreat.
1540 W Lawrence Lane
Phoenix, AZ 85021
$630,000
4
Beds
2
Baths
1,895
SqFt
Status
Active
MLS #
6769284
Property Type
Single Family Residence
Price Type
--
This lovely 4 bed, 2 bath well-loved home in the highly sought after Royal Palm neighborhood is ready for you to make it your own. Open kitchen overlooks lush green backyard. Bonus room with separate exterior access could be used as an Office/Den/Family Room. Large Primary bedroom with direct access to backyard & patio. Oversized lot with long patio, wrap around yard, play house & a fenced garden area too. Plenty of room to add on extra livable space or put in a pool. 2 car garage with built in cabinets and a large attached shop/storage room is perfect for all of your projects. With some fresh paint and new flooring, this home will shine! This family friendly neighborhood is close to Royal Palm Park, restaurants, grocery stores & bike paths. It is in district for Sunnyslope High School. This home is being sold AS IS.
18031 N Buntline Drive
Sun City West, AZ 85375
$630,000
3
Beds
2
Baths
2,247
SqFt
Status
Active
MLS #
6765848
Property Type
Single Family Residence
Price Type
--
Welcome to our jewel in the desert. This home is situated on the corner of Parkwood Drive and Buntline Road. Located on the 16th green of the Pebblebrook golf course. Complete with your own private swimming pool, this home has recently had a complete new roof installed. This home has three bedrooms, an open kitchen complete with upgraded quartz countertops. You are invited to come and enjoy all the improvements done. Thanks very much. Professional photography taken Monday, October 7, 2024.
6795 W Miner Trail
Peoria, AZ 85383
$630,000
4
Beds
3
Baths
2,799
SqFt
Status
Active
MLS #
6768885
Property Type
Single Family Residence
Price Type
--
THIS IS THE ONE you've been looking for! Located on an interior corner lot in the highly sought after tucked away Sonoran Mountain Ranch community, this meticulously maintained home offers offset tile & luxury vinyl flooring throughout the first floor while plush carpeting graces its 2nd level. Upon entering & overlooking your covered front porch, you will find the formal living/dining/flex room with decorative window casings. Be prepared to be wowed by the large stunning kitchen complete with Black Galaxy Granite Counters, staggered Cherry Cabinets adorned with Crown Molding & ample storage, SS Appliances including a double oven, large island with even more storage, R/O, recessed lighting & pantry too. There is a nicely sized eat-in kitchen area that is open to your roomy family room complete with a built-in large media niche , surround sound speakers & decorative window casings. Beyond the family area is a fantastic flex room with glass French Doors, perfect for that home office, playroom, hobby room or guest quarters/5th BR. Right next to it is a full bath too, great for guests! As you make your way up to the 2nd level you will notice the built-in work desk at the foyer, 4 generously sized bedrooms, laundry room complete w/cabinets, W/D to stay & 2nd bath. The 2nd bath has a dual sink vanity with plenty of storage as well. The owner's suite is large & tucked away from the other bedrooms. Its private en-suite is perfectly placed at the owner's suite & hosts 2 separate vanities each with its own sink & storage areas, separate tub/shower, private water closet and HUGE closet! BR 2 has a custom white shiplap wall & decorative window casing & BR 4 boasts a walk-in closet & decorative wood accent wall. Each bedroom has amazing mountain views too! Time to head out to your backyard oasis! Because your new home is located on an oversized pie-shaped elbow lot there is plenty of room for everyone! Its large, covered patio leads you to an extended paver patio sitting area, great for dining al fresco! On the east side of the home there is a beautiful refreshing fenced play pool with a new Wi-Fi pool pump while the west side of the home has lush grass & mature trees. Don't forget to check out the large, 3 car tandem garage which has 2 access doors leading you into the home complete with built-in cabinets, workbench & a service door to the yard. New (23') AC system with Digital thermostats & mobile phone app capability too! With perfect curb appeal an Elegant Stone Elevation, beautiful mountain views & located on a private interior lot, this home has it all! Call for your private showing today!
2057 E Marquette Drive
Gilbert, AZ 85234
$630,000
4
Beds
2
Baths
2,142
SqFt
Status
Active
MLS #
6772728
Property Type
Single Family Residence
Price Type
--
Rare remodeled single-story home with 4 bedrooms and a 3-car garage in desirable Val Vista Lakes! This open-concept home features soaring vaulted ceilings, a cozy fireplace, and a beautifully remodeled kitchen with stone countertops + farmhouse sink. Mix up your favorite beverage at the custom coffee/wet bar with mini fridge. Updated bathrooms add a fresh, modern touch. Outside, enjoy the large covered patio, mature trees, and low-maintenance artificial turf. Huge additional space to add your own pool / shop or other backyard entertainment. Lots of parks and trails just steps away. Perfectly located near the 60, downtown Gilbert, Epicenter and the Riparian Preserve. Don't miss this opportunity to own a stunning home in a prime location with desirable VV Lakes amenties and low HOA.
2739 E Sourwood Drive
Gilbert, AZ 85298
$630,000
3
Beds
2
Baths
2,303
SqFt
Status
Active
MLS #
6775275
Property Type
Single Family Residence
Price Type
--
This beautiful 3-bedroom, 2-bathroom home is in an unbeatable location that borders a common area on the side and with no neighbors behind for added privacy. Offering 2,303 sqft of spacious living, this home features large bedrooms, a den, and a bonus room for flexible use. The living room, complete with a gas fireplace, is perfect for relaxing in front of a warm fire, while the neutral interior paint tones, tile flooring, and big windows add to the bright atmosphere. The kitchen boasts beautiful granite countertops, walk-in pantry and an island. Outside, the covered patio opens up to a low-maintenance backyard with pavers, new artificial grass (2023) and new landscape lighting (2020). Fantastic upgrades include a new water heater (2024), new water softener (2024) and newer A/C (2020). Additional features include an alarm system and complete pest control update roof and exterior in 2023. This home is as functional as it is beautiful!