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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18144 E Vallejo Street Gilbert, AZ 85298

$1,775,000
6 Beds
5 Baths
3,604 SqFt
Status Active
MLS # 6685956
Property Type Single Family Residence
Price Type --
A new updated look! Your own ''Back Forty'' includes a traditionally classic 3,600+SqFt. 5 bd. 3.5 ba, 3 car attached garage home, plus an AMAZING 3,500+SqFt. detached shop with 740+ sq.ft apartment (casita), 3 overhead doors and interior space that are both ample size for a large RV, and a full auto collection. 3 dozen mature fruit trees. Classy concrete circular guest arrival driveway, plus concrete and gated driveway to rear property (SHOP) and concrete exterior parking for dozens more vehicles, trailers projects and storage. Location is quietly hidden in plain site from the crowd but still in the heart of the town's best conveniences. A major challenge to find another available home with 1.5 acres and established full scale shop, let alone in this condition and location.

7456 S Brighton Court Queen Creek, AZ 85142

$1,775,000
4 Beds
4 Baths
4,356 SqFt
Status Active
MLS # 6715436
Property Type Single Family Residence
Price Type --
Add your POOL with this recent PRICE DROP! Amazing SKI LAKE community of San Tan Lakeside Estates! Premium corner lot location of a peaceful cul-de-sac with impressive lake and mountain views from every angle! Stone accented facade, 4-car garage + paver driveway, manicured landscaping, and welcoming courtyard. Thoughtfully laid-out floor plan comprised of warm wood floors, recessed lighting throughout, pre-wired surround sound, high customized ceilings, and abundant natural light. The formal dining, living room, and family room w/fireplace provide endless entertainment possibilities! Wide-open kitchen has SS appliances, quartz counters, an island for prep and breakfast bar, a walk-in pantry, gorgeous cabinets, and a subway backsplash. Create gourmet dishes in this delightful kitchen Generous size bedrooms with their own upscale bathrooms, 4th bedroom (set up as an office) has its own entrance/exit w/ full bath directly across the hall way. Master split and the secondary bedrooms on east side of the home are amazing. Bedroom 2 complete with huge walk-in closet and tile accented shower. #rd bedroom is the Bunk Room! Check out the amazing built in bunk beds and huge space for gatherings, teen room, game room etc. Ample laundry room with cabinetry space for extra storage can't be left unsaid. Every room is a work of art! The grand owner's retreat offers private backyard access and a spa-like ensuite boasting a jetted tub, glass enclosure raindrop shower, dual vanities, and a large walk-in closet. Enjoy relaxing in your oversized backyard, featuring green grass, a covered patio, a built-in BBQ, a fire pit, plenty of shade trees, and a romantic deck for admiring the stunning mountains or the beautiful lake. This home is a treasure. The natural lighting from the huge windows, and sliders allows the north/south face exposure to shine! Act now!

29315 N 140th Street Scottsdale, AZ 85262

$1,775,000
5 Beds
3 Baths
3,150 SqFt
Status Active
MLS # 6756163
Property Type Single Family Residence
Price Type --
Welcome to your very own ranch in North Scottsdale in the desirable 85262 zip code. This rare, just under 5 acre property in the Rio Verde Foothills offers privacy and tranquility on a dead end road, and features a pitched metal roof and charming wrap around porch perfect for outdoor living while enjoying the scenic views of the Four Peaks, Weavers Needle and the McDowell mountains. A full size windmill adds a picturesque touch to the desert landscape as you sit outside to take in the beauty of the Arizona dessert. The main residence boasts two stone fireplaces that add to the inviting atmosphere in both the primary bedroom and main living area. The high ceiling and numerous windows in the great room enhance the sense of openness making the room feel like an extension of natur The newly remodeled kitchen is modern and stylish designed for both functionality and aesthetics. Additionally, the property includes a separate 2 bedroom, one bath 1000 ft.² Casita is ideal for guests or additional living space and is currently used as an income producing residence. The casita also has an inviting fireplace in the main living area along with a wraparound porch and pitched metal roof and stunning views that match the main home. This beautiful property also comes complete with a four stall mare Motel with runs that can be divided up to eight stalls (16x40), All with automatic waters, tack room, a 50 foot round pen and a large 80 x 200 arena along with a huge fenced turn out with no climb. Miles of scenic trails for riding, hiking, mountain biking, and running are easily accessible just steps from your front door in the McDowell Sonoran regional park. Some additional noteworthy aspects of the home include an oversized three car garage with plenty of room for storage, an on-site shared well (3 share) with new sub pump and a 6000 gallon above ground tank, main home AC unit that is only three years old. The surrounding natural landscape is dotted with mature mesquite and palo verde trees, cacti, and low maintenance rolling desert. This incredible property and traditional ranch style homes combine rustic charm with updated amenities creating a perfect blend of comfort and functionality. This property has so many unique features, you have to see it for yourself!

4045 E Patricia Jane Drive Phoenix, AZ 85018

$1,775,000
4 Beds
3 Baths
2,630 SqFt
Status Active
MLS # 6772811
Property Type Single Family Residence
Price Type --
Discover this beautifully updated home in prime Arcadia Lite, featuring North/South exposure and breathtaking mountain views that add charm from front to back! The chef's kitchen seamlessly connects to a spacious dining and family area, ideal for entertaining. The stunning master suite boasts French doors that open to the picturesque backyard, complemented by three additional bedrooms, including a convenient en-suite. Enjoy privacy in the lush backyard, which includes a pool, built-in BBQ, and a large covered patio perfect for outdoor gatherings. This home also offers the convenience of a 2-car garage with a storage room, a mudroom, a generous walk-in laundry area, and a separate pantry. Located in the Hopi Elementary School boundaries and a short stroll from local favorites like LGO, Ingos, and Postinos, with The Global Ambassador, North Italia, and Chelsea's Kitchen only a quick drive away.

3737 E Amelia Avenue Phoenix, AZ 85018

$1,775,000
6 Beds
4.5 Baths
3,545 SqFt
Status Active Under Contract
MLS # 6707146
Property Type Single Family Residence
Price Type --
Welcome to this beautiful NEW CONSTRUCTION 6 bedroom, 4.5 bathroom, two-story home in Arcadia Lite by Thomas James Homes! When you enter this home, you'll notice the elegant open concept floorplan perfect for modern living with a spacious great room, state of the art kitchen and breakfast nook joined by a perfectly oversized quartz island. High ceilings at the entry allow wonderful natural light to fill this space and into the great room through a multi-sliding door that leads to your covered patio that is perfect for indoor-outdoor living. Escape to the secluded grand suite which boasts a spa like bathroom with a walk-in shower, soaking tub, dual vanity sinks and a walk-in closet. Two additional bedrooms with a shared bathroom are on the first floor. Upstairs you'll find additional living space with a large bonus room connecting 3 bedrooms, and 2 more bathrooms. This sleek home comes complete with a fully landscaped front and backyard and a pool! Come see what this beautiful home with a great address and great Camelback Mountain Views has to offer! Located minutes from dining, shopping and more.

34617 N Desert Ridge Drive Scottsdale, AZ 85262

$1,775,000 - 3Br/3Ba -  for Sale in Legend Trail Parcel E, Scottsdale
Open House
$1,775,000
3 Beds
2.5 Baths
3,929 SqFt
Status Active
MLS # 6757544
Property Type Single Family Residence
Price Type --
Stunning Pinnacle Builder's former Model home nestled on a large ¾ acre south facing lot on the Legend Trail golf course. This immaculately maintained home boasts many elegant design elements including custom art glass entry door & windows throughout home, remote control blinds, & split floorplan w/large open spaces. The 3 car garage is insulated & air-conditioned w/ tiled flooring & 220v plug for EV charging. The back covered patio has a cozy fireplace & built-in BBQ w/mini fridge and leads to a gorgeous backyard w/negative edge pool & Pergola, perfect for enjoying the Sonoran Desert views! The entry foyer opens to an expansive Great Room/Entertaining area which flows to a luxurious kitchen featuring newer appliances, ample updated cabinetry, island, & walk-in pantry. A separate office showcases custom built-in bookcase/cabinetry w/ window seating. The Master has amazing reclaimed wood flooring, large sitting area, & oversized walk-in closet. There are two additional guest bedrooms w/ Jack n Jill bathroom. The Legend Trail amenities include Community Center, Pickleball & Tennis Courts, Gym, Heated Pool & Spa and numerous nearby hiking and biking trails.

20338 N 84th Way Scottsdale, AZ 85255

$1,775,000 - 4Br/4Ba -  for Sale in Grayhawk Parcel 3g, Scottsdale
Open House
$1,775,000
4 Beds
3.5 Baths
3,211 SqFt
Status Active
MLS # 6767094
Property Type Single Family Residence
Price Type --
Stunning Grayhawk Golf Course Home! Discover this rarely available, single-level executive residence, perfectly situated on the 2nd hole of the renowned Talon Golf Course within the prestigious Renaissance Estates, a gated community in the 24-hour guard-gated Talon Retreat at Grayhawk. From the moment you step inside, the exclusivity of this sought-after neighborhood is unmistakable. The location is unmatched! Sitting on a prime golf course lot, the backyard was completely redesigned in 2022, offering a seamless connection to nature with an open space between the view fencing and the 2nd hole's tee box. Every detail of this outdoor oasis has been carefully curated, featuring a sleek, modern linear heated pool and spa, stylish patio areas with turf inlays and (MORE) limestone pavers, and the convenience of an Ultra-Temp pool heater and energy-efficient heat pump, reducing energy costs by up to 80%. Whether you're relaxing on the covered patio or hosting guests in the multiple seating areas, the resort-style backyard is perfect for enjoying Arizona's outdoor lifestyle. Gather around the spacious fire pit on cool evenings, and take advantage of the built-in grill, refrigerator, and large turf side yard for entertaining. Inside, the expansive 3,200+ sq. ft. home is equally impressive. The spacious interior courtyard, accessible from three sides, is bathed in natural light, offering endless possibilities for indoor-outdoor living. With stunning ceiling beams, fans, and paver flooring, this area will leave a lasting impression on your guests and provide year-round outdoor enjoyment. This luxurious home offers 4 bedrooms plus an office, 3 full baths, and a powder roomideal for families of all sizes. The formal living and dining areas, centered around a stacked stone gas fireplace, create a warm and inviting space for gatherings. The open-concept family room and kitchen connect seamlessly to the incredible backyard, making it perfect for both fun and relaxation. The updated entertainment center, complete with surround sound, is perfect for movie nights, with space for even the largest TVs. Throughout the home, 10-foot ceilings enhance the sense of spaciousness, while a motorized solar shade on the large patio-facing window provides effortless light control at the push of a button. The chef's kitchen is a dream, with an oversized island featuring built-in storage, granite countertops, a built-in fridge, double wall convection ovens, stainless steel appliances, a 6-burner gas range, view cabinetry, a stainless steel dual bowl sink, trash compactor, a large pantry, and a reverse osmosis system for added convenience. The generously sized bedrooms include two ensuite secondary bedrooms, while the secluded primary suite offers backyard access and breathtaking golf course views. The primary ensuite bathroom is a private retreat, with dual vanities, two spacious walk-in closets, a corner walk-in shower, and a private toilet area. Enjoy peace of mind with recent upgrades, including a new Trane AC and furnace in 2024, fresh carpet and paint throughout in 2022, a tankless water heater, and updated landscaping in 2022 and 2024. The durable all-clay tile roof, reinforced with double felt and additional underlayment, ensures longevity beyond standard tile roofs. As a resident of this exceptional community, you'll also have access to the community pool and tennis courts, while the HOA takes care of front yard maintenance and repaints home exteriors every seven years. This is a rare opportunity to own a golf course property in one of Scottsdale's most desirable neighborhoods. Don't miss your chanceyour dream home awaits!

10758 E Tamarisk Way Scottsdale, AZ 85262

$1,774,900
3 Beds
3.5 Baths
3,464 SqFt
Status Active
MLS # 6737024
Property Type Single Family Residence
Price Type --
Captivating contemporary residence in the Village of Cochise Ridge at Desert Mountain. This remarkable home boasts expansive living areas, four gas fireplaces, and two strategically positioned skylights infusing natural light for a crisp and clean aesthetic. The third bedroom showcases tall glass sliders, a closet, and a private bathroom with a shower. The Jr. suite offers privacy with its own exit, a spacious walk-in closet, & a bathroom featuring a shower. The primary bedroom provides easy access to the backyard from its private patio for seamless enjoyment of the spa and pool. Indulge in the wonders of the desert from the tranquil, sun-soaked south-facing patio, which offers breathtaking sunset views. The outdoor oasis includes a private pool, spa, and an inviting fireplace barbecue

7260 E Eagle Crest Drive Unit 19 Mesa, AZ 85207

$1,770,000
5 Beds
4 Baths
5,404 SqFt
Status Active
MLS # 6710854
Property Type Single Family Residence
Price Type --
STUNNING 5BR/4BA, 5,400 SQFT CUSTOM HOME IN LAS SENDAS! Private end of the cul-de-sac single level home tucked up next to Tonto National Forest w/ unobstructed views of SUNSETS & RED MTN. Exquisite craftsmanship & finishings w/ travertine floors inside & out, marble showers, copper sinks, granite counters/vanities & custom knotty alder doors/cabinets. Oversized Mstr Retreat w/ two way fireplace, sitting area, huge bath & custom wood closets. Chef''s kitchen w/ Subzero frig & Thermador cooktop & stoves. Elegant Great Room and dining room w/ wood beams, fireplace & french doors opening onto front & rear patios PERFECT FOR ENTERTAINING. Resort back yard w/ Stone fireplace, gazebo, custom glass-tiled pool & spa. Theater room, central vac, home audio system, alarm & more!

18526 E Cloud Road Queen Creek, AZ 85142

$1,765,000
6 Beds
5 Baths
6,200 SqFt
Status Active
MLS # 6753942
Property Type Single Family Residence
Price Type --
Unleash your creativity with this expansive, unfinished home, ready to be tailored to your exact vision! Set on a sprawling 2 acres, this property offers the rare opportunity to craft your perfect residence from the ground up. With a generous 6,200 sq. ft the layout includes multiple bedrooms and bathrooms, allowing for flexible room configurations and personalized touches. Imagine creating expansive living areas, a gourmet kitchen, and luxurious master suites tailored to your taste. The on-site shop adds functionality, whether you need a workshop, storage, or an extra garage.Enjoy the benefits of a private, serene setting while still being conveniently accessible to local amenities and major roads.This is a rare opportunity to finish a home to your wants and needs.

8526 E Country Club Trail Scottsdale, AZ 85255

$1,763,000
3 Beds
2.5 Baths
3,662 SqFt
Status Active
MLS # 6723044
Property Type Single Family Residence
Price Type --

9826 N 85th Street Scottsdale, AZ 85258

$1,760,000
4 Beds
2.5 Baths
2,569 SqFt
Status Active Under Contract
MLS # 6697364
Property Type Single Family Residence
Price Type --
Welcome to Paradise Park Manor, nestled in the prestigious McCormick Ranch community of Scottsdale. This fully renovated gem offers unparalleled luxury and comfort, boasting 4 bedrooms, 3 baths, and a host of amenities perfect for modern living. The open-concept floor plan creates an inviting space for both entertaining and everyday living. The heart of the home is the gourmet kitchen, featuring top-of-the-line appliances, custom cabinetry, and a sprawling island, making it a chef's delight. Relax and unwind in the spacious living area, complete with a cozy fireplace and views of the lush green belt beyond. A must see property.

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