Case-Shiller: Home Price Growth Continues

Home increased in October according to Case-Shiller’s 20City Home Price Index. Home prices rose from September’s annualized reading of 5.40 percent to 5.60 percent. Factors contributing to rising home prices include stronger economic conditions and outlook along with short inventories of available homes coupled with high demand. On average, October home prices rose 5.10 percent on seasonally adjusted annual basis, which was unchanged from September’s reading.

West Continues to Lead Home Price Growth

Top home price growth rates were in Seattle, Washington at 10.70 percent, Portland, Oregon at 10.30 percent and Denver, Colorado with a seasonally-adjusted annual price increase of 8.30 percent. New York, New York had the lowest home price growth in October with a reading of 1.70 percent.

In a separate report, December consumer confidence exceeded expectations with an index reading of 113.70 as compared to an expected reading of 110.00 and November’s reading of 109.40. This was the highest reading for consumer confidence since 2001. Analysts said that the strong reading for consumer confidence was a sign that consumers will increase their spending in 2017, but what will happen with mortgage rates is a big question.

Rising Mortgage Rates May Slow Home Prices, High Demand for Homes

With the Federal Reserve’s decision to raise its target federal funds range in December comes a question of how rising mortgage rates will affect housing markets. Rising fed rates typically lead to increases in consumer lending rates including rates for home loans and refinancing. Combined effects of rising home prices and mortgage rates create challenges for first-time and moderate income home buyers. While higher mortgage rates have not impacted buyer demand so far, rising mortgage rates could sideline some buyers.

A recent compilation of the most expensive places to live in America illustrates the imbalance of home prices as compared to consumer incomes. Brooklyn, NY topped this list with a reading of 127.70 percent of average household income earned in Brooklyn to buy an average priced home in Brooklyn. Analysts reporting this data noted that many Brooklyn homeowners work in Manhattan and earn more than those who work in Brooklyn. Disparities in average home prices and home buyer incomes could “trickle down” to less expensive areas if mortgage rates and home prices continue to rise.

Meanwhile, builder confidence is strong and is expected to lead to higher levels of home construction in 2017.

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8023 E Cholla Street Scottsdale, AZ 85260

$1,800,000
6 Beds
4 Baths
4,066 SqFt
Status Active
MLS # 6673338
Property Type Single Family Residence
Price Type --
Two birds with one stone is possible...as this is two homes on over an acre. What an incredibly rare opportunity in Scottsdale. With two homes on an acre this provides maybe a few generations together OR multiple income streams at one address. The main house is over 2300 sq ft and the manufactured house is over 1500 sq ft and just underwent a dramatic remodel. The remodel included new flooring, completely new kitchen and baths as well as paint and more. These places book end a huge backyard and sparkling diving pool. Both places have ample parking with a 2 car garage, 2 car carport and a circle drive. No HOA restrictions here but you do live right across from Starfire Golf Course (So you have that going for you, which is nice!) And you have an abundance of options with the entire acre.

7629 E Via De Ventura -- Scottsdale, AZ 85258

$1,800,000
4 Beds
3 Baths
2,418 SqFt
Status Active
MLS # 6706404
Property Type Single Family Residence
Price Type --
WELCOME TO THE REALM OF REFINED LIVING & UNMATCHED SOPHISTICATION IN THE HEART OF MCCORMICK RANCH. THIS EXQUISITE 4 BEDROOM, 3 BATHROOM 'MEDITERRANEAN VILLA' CREATED BY 'SCOTTSDALE'S PREMIER LUXURY BRAND' ENCAPSULATES THE EPITOME OF WATERFRONT LUXURY.....OFFERING A LIFESTYLE THAT SEAMLESSLY COMBINES CONTEMPORARY DESIGN WITH BREATHTAKING 'LAKE & MOUNTAIN' VIEWS. SITUATED IN THE PRESTIGIOUS ENCLAVE OF PALO VIENTO WITH WATERFRONT PRIVACY AND THE MOST IDYLLIC OUTDOOR LIVING ENVIRONMENT! A unique opportunity to own 'one' of just 8 homes on a private-sub street perched on lake's edge. With superior corner location, the design is modern & open encapsulating all the space, flow & light with wood beamed soaring vaulted ceilings, engineered hard wood floors throughout. Floor to ceiling illuminating fireplace & 'RESTORATION HARDWARE' chandeliers centers the large open concept living-room with views all around & sliding doors leading to the wrap around terrace, complete with splash sized spool/JACUZZI, BBQ, DINING AREA, FIREPLACE, PUTTING GREEN perfect for family gatherings & 'al-fresco' dining. Wine enthusiasts will appreciate the dedicated floor to ceiling wet bar. State of the art, SUBZERO/ WOLF integrated kitchen sits adjacent to formal dining room that has sliders onto private after dinner cigar patio! The primary bedroom is a true SANCTUARY has large sliders outlining the sensational lake views and opens onto private 'Owner's Suite' patio with easy spa access. featuring walk-in closet with lavish en-suite bathroom. Enjoy 3 more bedrooms & 2 bathrooms. The upstairs has 2 bedrooms share a gorgeous bathroom and open onto huge exquisite view balcony. Enjoy the sun-set over the mountains, twinkling moonlight glistening on the lake... THIS IS SERENITY FOUND AND AN ESCAPE TO PARADISE! FEATURES INCLUDE: TESLA SOLAR PANELS, Inside Laundry with Washer/ Dryer, 2 Car Oversized Epoxy Floored Garage with Electric Car Charging Station, Dual Pane Sliders & Windows, Floor to Ceiling Custom Designed Cast Iron & Glass Front Door, Custom Made to Order Barn Doors, Window Hardware & Drapery, Wood Inlayed Signature Mirrored Staircase, Sundeck, Spa Coating 2022, Roof 2022 HVAC 2022, Water Heater 2022, Smooth Cashmere Walls, Exterior Smooth Stucco, Handpicked Lighting & fans Throughout, Signature Bronze & Pewter Hardware, Custom Designed Wrought Iron Side Gates, New Landscaping, Artificial Turf, Pavers, Lights & Auto H2O System, Scottsdale Schools.

31010 N 117th Drive Peoria, AZ 85383

$1,800,000
4 Beds
3.5 Baths
3,836 SqFt
Status Active
MLS # 6759894
Property Type Single Family Residence
Price Type --
Enjoy resort living on the golf course in the prestigious gated community of Blackstone Country Club. This spotless 4 BDRM 3.5 BATH exceptional contemporary style home is ready to be your new home. W/ 3836 sq ft, a soaring 17' ceiling in main living space & packed w/ top of the line extras ranging from air conditioned 4 car split garages to a 500 bottle wine celler, to a $50,000 Control 4 system. W/ endless designer features this is a one of a kind luxury home. The gourmet kitchen includes Wolf/Subzero appliances, quartz countertops, huge island & an abundance of cabinets. Light & bright w/ tile t/o. Low maintenace yards, gas fireplace in courtyard, extended patio & tons of travertine plus a relaxing golf course view to enjoy the beautiful AZ sunsets. SEE DOC TAB FOR LIST OF UPGRADES.

36215 N 29th Lane Phoenix, AZ 85086

$1,800,000
5 Beds
5.5 Baths
4,667 SqFt
Status Active
MLS # 6769589
Property Type Single Family Residence
Price Type --
Ultra High-End Custom Home on over an ACRE is now available. This property showcases the finest quality building materials throughout including an automated gated front rotunda, a massive Cantara entry door, Venetian plaster walls & ceilings, hand made custom cabinets, wood beamed Great Room w/ soaring ceilings, gourmet kitchen w/ 48'' Wolf range, huge slab granite island, walk-in pantry, luxurious master suite with enormous walk-in shower, his and hers custom closets & more! CAR COLLECTORS, RV OWNERS Dream Garage/ Shop!! 2,000 +/- sq ft -10/12 Car Garage w/air compressor, High output AC cooling system, Swiss Trax flooring and a Full Bath! BACKYARD is beyond belief!! 5 STAR Resorts don't even compare! Custom pool, water feature, massive Palm trees, $7K Pizza Oven 48 inch DCS Gas Grill, professional misting system, new hot tub/spa, gazebo, tons of artificial turf, outdoor parking for over another 20 cars! To finish off this incredible property also has an attached Guest House with full living room, bar, theater, large bedroom and another full bath with separate entrance to the backyard resort or front yard for functionality and privacy! Welcome Home to your new Resort Estate Home! (Approximate shop measurements are 50x17 for RV/Bus and 35x48 for car collection/shop). Detached garage AC unit installed 2021, 26KW Propane powered emergency back up generator installed 9/2023, Control 4 Home System upgraded 2024, Water Softener 2022.**** All furnishings are available for purchase by separate bill of sale. ****

710 N Bullmoose Drive Chandler, AZ 85224

$1,800,000
5 Beds
4.5 Baths
4,350 SqFt
Status Active Under Contract
MLS # 6679883
Property Type Single Family Residence
Price Type --
LOCATION! LOCATION! LOCATION! One-of-a-kind property with 2.5 acres in the heart of Chandler. Close to fways, shopping, dining, schools, Intel and other major employers. Combined PASTURES are 1.5 acres, quiet and serene, SRP irrigated, Corral, room for horses/animals. CAR ENTHUSIAST! Has Garage parking for 7 vehicles, has high ceiling, oversized door, Prof vehicle lift, Evap Cooling, Half Bath, sink, W/D, Micro, soft water plus 50-foot RV Carport and Trailor Parking. BACKYARD is perfect for entertaining with large, covered Patio, Pebble Tech Pool/Jacuzzi/BBQ/Fireplace and artificial grass HOME is well maintained, true Territorial style with 5/Bdrms, 4.5 Baths. MBR is on main level, 2 secondary Bdrms have on- suite Baths. BASEMENT is large with 2 Bdrms, cool in summer. LOW PROPERTY TAXES

7800 E Dale Lane Scottsdale, AZ 85266

$1,800,000
5 Beds
4.5 Baths
6,187 SqFt
Status Active Under Contract
MLS # 6721266
Property Type Single Family Residence
Price Type --
An exceptional estate with NO HOA, boasting two homes and a host of luxurious amenities! The main home, built in 2018, features a chef's kitchen with stainless steel appliances, quartz countertops, and custom white cabinetry, complemented by a full prep kitchen. Polished marble flooring and high ceilings enhance the spacious layout, which includes a cozy living room with an electric fireplace and multiple conversation areas in the great room, complete with a wet bar. Versatile 'His and Hers' offices also double as additional bedrooms, ensuring flexibility. Zoned for horses, the estate features block wall fencing with a gated entrance. Minutes from shopping, golf courses, hiking, and more, this property offers both luxury and practicality. Additional highlights include a detached guest house, a fruitful orchard with orange, tangerine, mango, apple, pomegranate, and peach trees, and automated features such as intercoms, speakers, and security cameras for convenience and peace of mind. Enjoy unique amenities like a secret room, a mini bar adjacent to an entertainment/theater room, and EV car charging capabilities in the spacious 4-car garage. Notably, this home is designed for ease of living with no interior steps. The expansive 4-car garage includes a view deck above, offering a serene space with breathtaking mountain views! Main House sqft is 4311. Guest house sqft is 1876.

10105 E Bayview Drive Scottsdale, AZ 85258

$1,800,000
3 Beds
2.5 Baths
2,864 SqFt
Status Active Under Contract
MLS # 6746481
Property Type Single Family Residence
Price Type --
Discover luxury living with this furnished waterfront home in the exclusive gated community of Island at Scottsdale Ranch! Upon entering, you're welcomed by stunning waterfront views that set the tone for this remarkable home. The spacious living room flows seamlessly into the kitchen and dining areas, creating an inviting open floor plan. The gourmet kitchen features a stainless steel appliance package, high-end soft-close shaker cabinetry, quartz countertops, a wine fridge, and a large island. The family room offers additional living space, highlighted by a tile-surround fireplace. Situated on the second floor, the master bedroom features a sitting area with lake views, walk-in closet, beautifully tiled shower, and a freestanding tub with additional lake views. Two additional bedrooms and a full bath provide ample space for family or guests. The laundry room is equipped with a utility sink and both upper and lower cabinetry for convenience. The garage features epoxy floors and extra storage space. Outdoors, you'll find an entertainer's paradise with a PebbleTec pool, spa, multiple seating areas, expansive lake views, and a boat dock. Additional highlights include newer dual-pane windows and glass sliding doors, an air scrubber system that sanitizes the air by eliminating airborne contaminants, germs, viruses, and odors, and much more.

12238 E Poinsettia Drive Scottsdale, AZ 85259

$1,800,000 - 5Br/5Ba -  for Sale in Sonoran Arroyos, Scottsdale
Open House
$1,800,000
5 Beds
4.5 Baths
4,311 SqFt
Status Active
MLS # 6776329
Property Type Single Family Residence
Price Type --
The moment you enter this elegant Mediterranean Estate, you will notice the warm inviting aesthetic, blending indoor and outdoor living with rich historical character. The incredible attention to every detail with custom painted murals on the interior is truly magnificent. The onyx sinks and stunning roman soaking tub in the primary bathroom coupled with the craftsmanship of the custom cabinets is one of a kind. The kitchen is a chefs dream with top of the line stainless appliances including a double oven and plenty of cabinet space with pull out drawers. The bar area has built in wine racks, beverage fridge and a rose gold sink. All 5 bedrooms are large enough to have king beds, with access to their designated bathrooms for ultimate luxury and privacy for all of your guests. The large covered patio space and lush outdoor landscape provides a serene retreat for your most discerning buyer. Have your friends over to barbecue and a swim in the pool and spa, and enjoy your evenings by the outdoor fireplace. Check out the features list for updates including a newer roof, whole house water softener, 2011 AC units, epoxy garage floor with cabinets and a work bench!

12001 N Miller Road Scottsdale, AZ 85260

$1,799,999
4 Beds
2 Baths
2,566 SqFt
Status Active
MLS # 6747530
Property Type Single Family Residence
Price Type --
Fantastic Opportunity in Sundown Gardens! This is truly the Swiss Army Knife of properties. Ready out of the box for a family, Add on to your liking or Build your dream compound! This acre sized lot has a 4 bed 2 bath updated block home with durable saltillo tile throughout. The interior was updated in 2017 with new interior doors, new Milgard aluminum windows and an eat in kitchen. There's a wood burning fireplace in the familyroom and the 5th bonus room can double as a bedroom, office or play room. Large covered front & back patios, roof was done in 2023 plus a new 200 AMP, solar ready electric panel! The back half of the property has a super cool playhouse w/AC and TV and a cozy studio/casita with AC, TV and a Kitchen as (Featured in Scottsdale Lifestyle Mag) Plus (2) Full RV hook-ups! What the sellers love about the property, in their own words; What I love about this sturdy block home... I love the beautiful palm trees around the beautiful blue pool. I love all the birds and bunnies that are always around. I love the cozy she shed. I love the brown Saltillo tile that is all throughout the house. I love the beautiful tiled shower walls in the bathrooms. I love the bonus room, it can be used for so many things. I love the size of the property, it feels much bigger then an acre. I love that the property is located near so many great restaurants, shopping and attractions like Trader Joe's, Natural Grocers, WM Phoenix Open, Barrett Jackson and the Polo Championships at West World!

6275 E Jacob Waltz Street Apache Junction, AZ 85119

$1,799,999
2 Beds
3.5 Baths
3,480 SqFt
Status Active
MLS # 6758332
Property Type Single Family Residence
Price Type --
This stunning property is nestled at the base of the Superstition Mountains offering breathtaking 360-degree views on the former site of Theodore DeGrazia's art studio. The home features 3480 sq ft on a 54,450 square foot lot, every room was designed for the homeowner to enjoy the views. Quality craftsmanship and custom details make this home a piece of art in the desert. Enter the main home though the custom Bella Grande iron doors into the main living space, marvel at the Superstition Mountains from your living room wall of windows that capture the stunning views and bring the outdoors in. Enjoy the gas or wood burning fireplace, large dining space and gourmet kitchen featuring custom milled solid Alder wood cabinets, Viking stainless appliances, Black Galaxy granite counters, oversized kitchen island with seating for 6, custom wine rack , tons of counter and cabinet space and a large walk-in pantry. The first-floor primary suite is spacious with views of the Superstition Mountains and a private exit to a sitting deck to enjoy the city light views. The en-suite features a tub/shower encased in beautiful Desert Sunrise granite. Make your way upstairs to the second-floor that features a spacious loft, balcony and a 2nd primary suite that has both views of the Superstition Mountains and City light views. This primary features a large walk-in closet, sitting room, private balcony and 2-way fireplace. The en-suite features 2 vanities, a large jacuzzi tub, custom walk in-shower with Mongolian Spring tumbled slate stone on the walls and floors. The property includes a generously sized, temperature-controlled(2 mini splits) detached three-car garage complete with a full kitchen(featuring cabinets and counters from the former DeGrazia Art Studio), full bathroom, walk-in closet and laundry. This could easily be made into a guest home. Tesla charging station. Some of the custom features of this home include, authentic handmade Saltillo tile throughout the home. Underground air returns for extra thermal efficiency. Solid wrought iron banisters and hand rails. Top of the line Pella windows, low emissivity, and dual pane. The primary suite's doors come from a Mission for authentic mission doors. A bridge built for Theodore DeGrazia's original estate, connecting the studio to his gallery, and some of his original fencing adorns the front of the property. The home is equipped with a full house fire suppression sprinkler system, the underground air returns also cool the built-in wine rack, and a fully wired home security system. Additional features include a central vacuum system, sound system including a subwoofer in the loft wall and Klipsch high end speakers in every room, a water softener system , reverse osmosis. Both fireplaces are propane-powered with the capability to burn wood. A 250-gallon buried propane tank serves the fireplaces, pool, spa, and cooktops. The residence also showcases 8 ft doors. Wired for Starlink satellite, dish, cable, and internet. Additionally, there's a smaller storage building located to the south of the main home with ceiling fan and existing power outlets for thermal control, etc. Come see this amazing property and all it has to offer.

3511 E Coolidge Street Phoenix, AZ 85018

$1,799,999
3 Beds
3.5 Baths
3,355 SqFt
Status Active
MLS # 6770742
Property Type Single Family Residence
Price Type --
This beautiful remodeled/rebuilt estate will be number 1 on your list, Open floor plan will leave you speechless while you make it to the oversized Master Suite & then on to your spacious en suite-the icing on the cake, his & hers separate closets & a shower that could fit 6. From the moment of entering thru your circle drive to the oversized amazing kitchen & onto the breathless backyard that you wont want to leave. Enjoying the covered sitting areas with natural gas fire table (front patio) & oversized cov'd patio in the backyard w/ natural gas fire stones on top of dual salt water falls & a natural gas bbq over looking your putting green will be where you want to spend most of your time. Orange, Grapefruit & lemon trees in your backyard retreat, Year round trim lights in the front!

29615 N 55th Place Cave Creek, AZ 85331

$1,799,999 - 3Br/4Ba -  for Sale in Bellissima, Cave Creek
Open House
$1,799,999
3 Beds
3.5 Baths
2,943 SqFt
Status Active
MLS # 6757984
Property Type Single Family Residence
Price Type --
The sellers are unbelievably motivated and already moving on to their new home, making this an opportunity you can't afford to miss! Step into your dream home with this breathtaking 3-bedroom, 3.5-bath single-story residence, meticulously upgraded with over $28,000 in custom features. As you enter, you'll be captivated by the recent refresh featuring new exterior paint and stucco that exude elegance. Rich coffee-stained French oak wide-plank flooring flows seamlessly throughout the space, complemented by plush carpeting in the bedrooms for ultimate comfort. Six-inch baseboards and custom wood shutters elevate the refined aesthetic, while the sleek rectangular fireplace serves as the stunning centerpiece of the living room. he open dining area, with stylish bar seating, flows effortlessly into a gourmet kitchen designed for the modern chef. It boasts a 6-burner gas cooktop, a striking waterfall-edge island, under-cabinet lighting, and double-sided storageperfect for entertaining! Step outside into your private designer paradise, enhanced with over $10,000 in upgrades, including lush landscaping, turf, and grey limestone framing a contemporary pool with three cascading waterfalls. This exquisite home is the ultimate blend of style and sophistication, and with the sellers eager to move quickly, it won't last long! Act fastyour luxury lifestyle awaits!

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