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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21743 S 140th Street Chandler, AZ 85286

$1,799,900

5 Beds

3.5 Baths

4,081 SqFt

Status Active

MLS # 6759514

Property Type Single Family Residence

Price Type --

Gorgeous custom home, w/ BASEMENT on nearly 2 acres! Discover the epitome of luxury living in this breathtaking 5-bedroom, 3.5-bathroom home nestled on a rare 2-acre lot in Chandler. Custom features throughout include coffered ceilings, custom tile, snail shower, jetted tub, upgraded carpet, tile, stamped & stained concrete floors. Gourmet kitchen with hickory cabinets and large island. Modern kitchen with high-end appliances and plenty of counter space. Open-concept living areas filled with natural light and designed for comfort.This property boasts a perfect blend of sophistication, comfort, and outdoor entertainment, making it an ideal sanctuary for families and entertainers alike. Key Features: 5 spacious bedrooms designed for relaxation and privacy. 3.5 elegantly appointed bathrooms featuring modern finishes. A finished basement offering additional living space, perfect for a home theater, gym, or play area. Bonus Rooms: Two versatile bonus rooms that can be tailored to suit your needsideal for an office, craft room, or guest accommodations. Outdoor Oasis: Dive into your own private paradise with a stunning swimming pool complete with a grotto and waterslideperfect for family fun and entertaining guests. The expansive 2-acre lot provides ample space for outdoor activities, gardening, or future expansion. Detached Garage: An extra detached garage offers additional storage or workspace, ideal for car enthusiasts or hobbyists. Additional Highlights: . Beautiful landscaping that enhances the property's curb appeal. Oversized 3 car garage with custom cabinetry and epoxy floor. Detached 24'x30' shop with 8' rolltop door and 220 amp panel. Custom saltwater pool with rock grotto and waterfall, slide, and in-floor cleaning system. 2 separate pastures for the horses and plenty of room for all the toys. Custom built 40'x50' Barn, with 20' ceilings, and built in loft. Perfect for additional living, storage, or entertaining space. NO HOA! Don't miss out on this rare opportunity to own a piece of paradise in Chandler! Contact us today to schedule a private tour.

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000k Bogey Drive Williams, AZ 86046

$1,799,000

3 Beds

3.5 Baths

3,095 SqFt

Status Active

MLS # 6681636

Property Type Single Family Residence

Price Type --

LUXURY AWAITS! All the I's have Been Dotted and the T's are Crossed When It Comes to this This Amazing Nearly 3100 Square Foot 3 Bedroom / 3.5 Bath, Great Room Concept Home on Over 2 Acres. High Vaulted Ceilings, Butler Pantry, Office, Additional Craft Room, Oversized Front and Back Covered Patios, Both Additional Bedrooms are On-Suite Bedrooms, Mud Room, Separate Laundry Room, 2 Air Conditioning, Units, 3 Car Garage and City Utilities. All of this is Conveniently Nestled in the Perfect Location Between Elephant Rocks Golf Course and National Forest. Experience Beautiful Mountain Views with Cool Breezes in the Summer or Listen to the Pop of the Fire as You Watch the Snow Fall in the Winter. Escape to the Trails for Hiking and Biking or Put Your Cowboy Boots on a Go Dancing Downtown.

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Bogey Drive Williams, AZ 86046

$1,799,000

3 Beds

2.5 Baths

2,709 SqFt

Status Active

MLS # 6681641

Property Type Single Family Residence

Price Type --

AWESOME FLOORPLAN! You Will Absolutely Fall in Love with This Highly Functional 2700 Square Ft 3 Bedroom / 2.5 Bath, Great Room Concept Home on Over 2 Acres. High Ceilings, Butler Pantry, Jack and Jill Bath, Giant Walk-In Closet, Office, Huge Back Covered Patio, Mud Room, Separate Jack and Jill Laundry Room, 2 Air Conditioning Units, 3 Car Garage and City Utilities. All of this is Conveniently Nestled in the Perfect Location Between Elephant Rocks Golf Course and National Forest. Experience Beautiful Mountain Views with Cool Breezes in the Summer or Listen to the Pop of the Fire as You Watch the Snow Fall in the Winter. Escape to the Trails for Hiking and Biking or Put Your Cowboy Boots on a Go Dancing Downtown. NO HOA! So Start Thinking about Picking Out Your Finishes and Colors Today!

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2295 Dragon Fly Lane Lakeside, AZ 85929

$1,799,000

6 Beds

7.5 Baths

7,645 SqFt

Status Active

MLS # 6733991

Property Type Single Family Residence

Price Type --

This one-of-a-kind property, inspired by grand design, offers a private indoor Pool, a separate Guest House, a fully remodeled kitchen equipped with top-of-the-line Viking ranges and a convenient butler's pantry. The expansive layout includes 6 well-appointed bedrooms and 7.5 bathrooms, ensuring ample space for family and guests alike. The residence boasts 5 fireplaces, adding warmth and ambiance to the already inviting atmosphere, in common living spaces as well as private bedroom! The attached guest house offers privacy and comfort, while the master suite provides a sanctuary of luxury with its opulent design. Artistic hardwood staircases lead to a great room with impressive second-level ceilings and a catwalk that overlooks the sophisticated formal dining room and parlor. The property also includes a vast bonus room, perfect for entertainment or leisure activities. The wrap-around covered porch and open sun deck invite residents to enjoy the picturesque sunsets over the lake, adding to the home's charm. Practical features such as the three-car garage with a new Trex-Deck mud porch provide convenience and functionality. With a total of 7,645 square feet, including a 180 square foot pool room, a 693 square foot guest house, a 741 square foot bonus room, and a 665 square foot storage room, this estate is not only spacious but also meticulously planned to accommodate a variety of needs. It stands as an absolute must-see for those who appreciate the blend of adventure and refined living, with the promise of year-round enjoyment in a setting that is both breathtaking and exclusive. What furnishings are there stay with the home. NEW Roof 2023 Screened in porch off of Master FIVE fireplaces Double / 2 sets of washer/dryers Recreational amenities are abundant, featuring an indoor swimming pool complemented by a hand-crafted stone water fountain, creating a tranquil oasis for relaxation. Additionally, The Shores presents a unique opportunity for those seeking a luxurious lifestyle in a gated community, which includes a private boating dock, tennis/pickle ball courts, and a community area. For the 2 Bonus Rooms, there are endless possibilities, including but not limited to:

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7329 N 173rd Avenue Waddell, AZ 85355

$1,799,000

7 Beds

4.5 Baths

5,380 SqFt

Status Active

MLS # 6769187

Property Type Single Family Residence

Price Type --

Truly remarkable, multigenerational, estate! The tastefully appointed main home offers quality updates throughout. The expansive gourmet kitchen has been completely reconfigured and remodeled and offers a bright and airy eat in nook, upgraded SS appliances, large island, and custom cabinetry. This split level floorplan offers two large bedrooms, full bath, and a large family room with 1 of 2 wood burning fireplaces on the lower level. The main level offers another spacious and bright living area, also with a charming wood burning fireplace, plus additional space for an office or formal dining area. The upper level offers a very large primary retreat with fully remodeled en suite and a large balcony, plus 2 very spacious additional bedrooms and the updated guest bath. Stepping out of the main home you will be greeted with a large covered patio and play area, as well as the sparking pool and spa, completely fenced for added peace of mind. The pool area is conveniently accessed by both the main home and guest home. The beautiful, fully independent, and completely remodeled guest quarters, offers a full eat in kitchen, bath, living area, laundry, and 2 bedrooms. This is a perfect space for multigen living, home office, or even an income producing rental. As if that were not enough to intrigue even the most discriminating buyer, this unique property offers a two car garage as well as covered and gated parking for several oversized vehicles PLUS a brand new septic system, irrigated pastures, and a modest horse set up. Truly all that's missing is you, schedule a showing before it's too late!

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2912 E Houston Avenue Gilbert, AZ 85234

$1,799,000

4 Beds

3 Baths

3,600 SqFt

Status Active

MLS # 6769708

Property Type Single Family Residence

Price Type --

Country Paradise hidden in the city! Nestled on over an acre of lush greenery, this stunning 4-bedroom, 3-bathroom dream home is surrounded by 55+ irrigated trees, including mature oaks, ash, and fruit-producing orange, lemon, tangerine, grapefruit, peach, and plum trees. Summers feel cooler amidst the natural beauty. The master suite is conveniently located on the main floor. The recently updated exterior boasts new siding and a redone front porch (2023). Inside, the kitchen shines with white cabinets, soapstone countertops, and a full-sized refrigerator/freezer. The family and dining rooms feature gorgeous wood beams and hardwood floors throughout. A red barn 4-car garage with a 220V outlet and a covered horse stall complete this incredible property. This one is unique come and see it!

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2522 E Turnberry Drive Gilbert, AZ 85298

$1,799,000

3 Beds

3 Baths

3,847 SqFt

Status Active Under Contract

MLS # 6780298

Property Type Single Family Residence

Price Type --

Step into a dream home that feels like it's straight out of a Pottery Barn catalog. This immaculate 2018 Toll Bros semi-custom is a stunning display of designer finishes & thoughtful upgrades. Nestled in the exclusive, gated Calliandra Estates, this home offers the luxury of single-story living in a serene, upscale community. The open, split floor plan features vaulted ceilings, a custom double corner slider, & North-South exposure, creating a perfect setting for year-round entertaining. Outdoors, a resort-inspired backyard boasts a swim-up bar, sunken kitchen, complete w/ SS, custom lighting, BBQ, kegerator, imported pizza oven, & a big screen TV for the ultimate in alfresco dining & relaxation. The chef's kitchen is a true highlight, featuring a gas range, expanded cabinetry & luxury.

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8642 E Camino Real -- Scottsdale, AZ 85255

$1,799,000

5 Beds

4.5 Baths

3,569 SqFt

Status Active

MLS # 6767390

Property Type Single Family Residence

Price Type --

Check out this amazing opportunity in the heart of Pinnacle Peak! Nestled on over 2 acres, this is one of the rare gems available in the beautiful GATED community of Pinnacle Paradise. Tucked away at the back of the neighborhood, this quiet & private property features a huge fenced backyard, just waiting for your vision. There is an abundance of space in this 5 bedrooms & 4.5 bathrooms home, 4 bedrooms equipped with its own ensuite. The split floor plan includes a spacious primary suite with a bonus room that's perfect for an office or workout space. If you're looking to live or invest in the Pinnacle Peak area, this is your chance! You'll be just minutes away from DC Ranch, Kierland, Scottsdale Quarter, & TPC Scottsdale, with plenty of shopping & dining options nearby. Don't miss out!

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3089 S Prospector Circle Gold Canyon, AZ 85118

$1,799,000

4 Beds

3.5 Baths

3,072 SqFt

Status Active

MLS # 6142764

Property Type Single Family Residence

Price Type --

Build your Dream Home in Prospector Village at Superstition Mountain Golf and Country Club. Top of the line Luxury Finishes. Lot 5 (Golf Course Lot). Two single level 3,000+sqft, 3Bdrm + Den 3.5 Bath floor-plans available. Three car garage option. Superstition Mountain Golf & Country Club is a private guard gated community with two Jack Nicklaus courses, magnificent clubhouse, sports club with swim/tennis/fitness and so much more! Built by Landmark Custom Home Builders. Photos are of previous models. Prices are subject to change

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3119 S Prospector Circle Gold Canyon, AZ 85118

$1,799,000

4 Beds

3.5 Baths

3,072 SqFt

Status Active

MLS # 6142777

Property Type Single Family Residence

Price Type --

Build your Dream Home in Prospector Village at Superstition Mountain Golf and Country Club. Top of the line Luxury Finishes. Lot 3 (Golf Course Lot). Two single level 3,000+sqft, 3Bdrm + Den 3.5 Bath floor-plans available. Three car garage option. Superstition Mountain Golf & Country Club is a private guard gated community with two Jack Nicklaus courses, magnificent clubhouse, sports club with swim/tennis/fitness and so much more! Built by Landmark Custom Home Builders. Photos are of previous models. Prices are subject to change

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3149 S Prospector Circle Gold Canyon, AZ 85118

$1,799,000

4 Beds

3.5 Baths

3,072 SqFt

Status Active

MLS # 6159305

Property Type Single Family Residence

Price Type --

Build your Dream Home in Prospector Village at Superstition Mountain Golf and Country Club. Top of the line Luxury Finishes. Lot 1 (Golf Course Lot). Two single level 3,000+sqft, 3Bdrm + Den 3.5 Bath floor-plans available. Three car garage option. Superstition Mountain Golf & Country Club is a private guard gated community with two Jack Nicklaus courses, magnificent clubhouse, sports club with swim/tennis/fitness and so much more! Built by Landmark Custom Home Builders. Photos are of previous models. Prices are subject to change

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6347 E Old West Way Cave Creek, AZ 85331

$1,799,000

4 Beds

3 Baths

2,984 SqFt

Status Active

MLS # 6720526

Property Type Single Family Residence

Price Type --

Custom home / horse property greets you with pillars both inside & out along with a large arched wooden door, and THE view! 4 bedrooms (plus 2 office/den spaces) & 3 bathrooms. Lovely open floor plan with an entertainer's dream bar & mini fridge. The solar panels are owned making this the catch of the year keeping this high vaulted & flat ceiling space cooled. The 3 car garage with cabinets wrapped around is a dream workspace & parking area with an added work room/office attached. There is gated trailer parking just to the side of the garage. As we make our way outside we find resort style landscaping, an outdoor grill station, pebble tec pool + spa, & a putting green. Just further is a Priefert custom 5 stall barn, shavings area, indoor tack room, sand arena, sprinklers & more!

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