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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1535 W Wagon Wheel Drive
Phoenix, AZ 85021
$2,149,751
4
Beds
4.5
Baths
3,647
SqFt
Status
Active
MLS #
6717216
Property Type
Single Family Residence
Price Type
--
Last new-build opportunity in our popular North Central Phoenix, Willow neighborhood. Tucked behind the bridle path located on 15th Ave between Glendale and Northern, with breathtaking views of Piestewa Peak. Interior selections have been chosen by our award-winning designers. You won't be disappointed!
7180 E Kierland Boulevard Unit 508
Scottsdale, AZ 85254
$2,149,000
3
Beds
3
Baths
2,018
SqFt
Status
Active
MLS #
6823785
Property Type
Apartment
Price Type
--
Rare 3 Bed, 3 Bath on the coveted Northeast corner of #7180 at Optima Kierland. The largest covered patio in the building, with amazing views of the McDowell Mountains and Pinnacle Peak. Floor to ceiling glass and sliding glass door from great room to patio. The best floor plan and upgrades, including a custom bar with two Sub-Zero beverage refrigerators and built-in ice maker. Walk-in laundry room featuring built-in shelves and cabinetry. Stainless Steel Bosch appliances and Kohler plumbing fixtures. Shades, washer and dryer included. Walking distance to Scottsdale's world class dining, shopping and resorts. Combination of location, views and features differentiates this unit. Turnkey opportunity with all furnishings available. Parking spots 3103 and 3104, are 7-steps from the elevator
6240 E Ironwood Drive
Scottsdale, AZ 85266
$2,149,000
5
Beds
4.5
Baths
5,005
SqFt
Status
Active
MLS #
6822571
Property Type
Single Family Residence
Price Type
--
LUXURY home located in the gated ALTERRA community of Scottsdale. This beautiful 5,000 sq ft home is on a corner lot that had a $200k premium over other lots in the subdivision. The home has 5 bedrooms, 4.5 bathrooms, a recreation room, office & a 3-car garage. A true gem! The inviting open concept floor plan with an elegant design includes high ceilings, picture perfect windows, a spacious living room, & great room with a gas fireplace. The perfect place to entertain family & friends. The kitchen features a Sub-Zero fridge, Wolf gas cooktop, granite countertops, SS appliances, an island with breakfast bar, & two Dacor ovens. There is a formal dining room & breakfast area off the kitchen. The primary bedroom features two large walk-in closets with built-in shelves, an amazing ensuite bathroom with separate tub & shower, dual vanities & plantation shutters. The remaining bedrooms are of great size & include plantation shutters. Don't forget the backyard oasis with a fully equipped ramada & a sparkling pool with a jacuzzi. K-6 school 1/2 block away. Nearby golf & hiking. Seller has provided an upgrades list available upon request. Other upgrades include a stereo system throughout the home, 8-foot solid core doors & a security system with (8) 4K cameras.
8536 E Preserve Way
Scottsdale, AZ 85266
$2,147,000
4
Beds
4.5
Baths
4,406
SqFt
Status
Active
MLS #
6772307
Property Type
Single Family Residence
Price Type
--
Assumable Mortgage at 3.75%!!! Stunning desert oasis with guest Casita in the sought after gated community of Boulder Ridge in Prime North Scottsdale! With its stone facade, 3-car garage, and large front porch, this beauty exudes elegance. Sophisticated interior will leave you in awe with its dazzling lighting fixtures, soaring ceilings, enormous porcelain tile, soft palette, and pre-wired surround sound. Highlights include a bright living/dining room and a dedicated office. Modern great room is adorned with exposed ceiling beams and a wall-mounted gas fireplace adding warmth and charm to any get-together. Culinary enthusiasts will be thrilled with the magazine-cover kitchen showcasing a plethora of cabinetry, chefs sink, tile backsplash, waterfall island and Cambria quartz counters. Top-of-the-line appliances. Impressive master boasts hardwood floors, direct outdoor access, and a lavish ensuite comprised of two vanities, a massive soaking tub, and an enclosed glass shower. Fully equipped guest's quarter/casita! Backyard promises year-round entertaining, which provides a covered patio, built-in BBQ, exterior fireplace, and an enticing pool. This unique find will captivate you! Nearly $500K remodel in 2021!
3439 E Tonto Drive
Phoenix, AZ 85044
$2,145,000
5
Beds
5.5
Baths
5,523
SqFt
Status
Active
MLS #
6814293
Property Type
Single Family Residence
Price Type
--
Enjoy the privacy and beauty of this Frank Lloyd Wright-inspired custom home with its own lushly-vegetated 2.7 acre desert hillside that completely wraps around the cul-de-sac lot. One of the orig. Ahwatukee Custom developers held back this choice lot in his personal portfolio until he sold it to the current owners, who built their dream home on it. Stunning views from all windows and large diving pool nestled among the natural desert. Only a 16 minute drive to Sky Harbor Airport, and a 4 minute walk to the 16,000 acre So. Mountain Park/Preserve—one of the largest municipal parks in the country, with more than 100 miles of trails for hiking, mountain biking, & horseback riding. Don't miss this first-ever opportunity to own this home! See full list of features/upgrades under ''Documents.''
3901 E Sagebrush Street
Gilbert, AZ 85296
$2,139,000
4
Beds
3.5
Baths
5,234
SqFt
Status
Active
MLS #
6793448
Property Type
Single Family Residence
Price Type
--
*This property qualifies for a lender incentive using our preferred lender!* Welcome to Lakeview Trails, the crown jewel of the Morrison Ranch community, featuring abundant green parks, white picket fences, serene lakes, sports courts, and breathtaking views of the iconic historic silos. With a versatile layout that can easily convert into 5-6 bedrooms, this 4-bedroom, 3.5-bathroom home is a masterpiece of design and luxury with over $400,000 in upgrades. As you approach, the striking curb appeal immediately draws you in, featuring a front yard with lush, natural grass, vibrant landscaping, mature trees, and a cozy front porch. Exquisitely designed interior showcasing natural light complemented with custom Restoration Hardware lighting and fixtures throughout as well as luxury Mediterranean Vittoria engineered hardwood flooring.The kitchen is a chef's dream complete with soft-closing white cabinetry and mosaic marble backsplash. A waterfall granite island takes center stage, providing a sophisticated yet functional space for gatherings. This culinary haven is equipped with state-of-the-art stainless steel Wolf appliances, including double wall convection ovens and a gas cooktop with a griddle. Complementing these features are a built-in microwave, a custom range hood, and a spacious pantry, seamlessly blending practicality with luxury. The breakfast nook features extended sliding doors, a rare feature in this floor plan adding a unique touch to the home. Entertain your guests around your polished and modern wet bar, complete with a wine fridge and ice maker. Grand formal dining room perfect for family gatherings and guests. The primary spa-inspired en-suite is a haven of relaxation, enhanced with marble tile upgrades, dual vanities, a soaking tub, a walk-in shower with dual shower heads, and a spacious walk-in closet with custom storage solutions. The secondary bedrooms feature plush new carpeting, walk-in closets and private balconies with gorgeous views of the silos, fabulous Arizona sunsets and mountains. Loft perfect for home office or an additional family room/playroom for the kids. The spacious family room features expansive multi-sliding glass doors perfect for indoor/outdoor entertainment. Take full advantage of Arizona's beautiful evenings with an oversized covered patio and meticulously designed backyard that's perfect for entertaining or relaxing in style. Every inch of this home exudes sophistication. Don't miss the opportunity to own this meticulously upgraded and impeccably maintained home in one of Gilbert's most sought-after communities. Just minutes to Downtown Gilbert and SanTan Mall with shopping and dining options galore! Schedule your private showing today!
19702 E Melissa Place
Queen Creek, AZ 85142
$2,139,000
4
Beds
4.5
Baths
4,489
SqFt
Status
Active
MLS #
6799163
Property Type
Single Family Residence
Price Type
--
This stunning residence offers the epitome of luxury living with its expansive open floor plan, boasting 4 bedrooms and 4.5 bathrooms. Step inside to discover the pinnacle of elegance, where every detail has been meticulously crafted to perfection with over $500,000 in upgrades. The heart of the home is the gourmet kitchen, outfitted with top-of-the-line Wolf Subzero appliances that are sure to delight the most discerning chef. The extended 4-car garage provides ample space for your vehicles and storage needs, while the oversized builder options on the den, laundry, and 4th bedroom offer versatility and comfort. Indulge in the ultimate relaxation in the primary suite, where luxury meets functionality.
9130 N Hummingbird Trail
Fountain Hills, AZ 85268
$2,125,000
4
Beds
3.5
Baths
3,100
SqFt
Status
Active
MLS #
6752059
Property Type
Single Family Residence
Price Type
--
New construction with amazing views of Four Peaks & Redrock Mountain nestled in a quiet cul-de-sac near to Firerock Country Club! 3100 sf contemporary southwest home on 1+ acres. Open concept plan with soaring 12' ceilings in the great room, SS appliances with full size refrigerator, shaker style cabinetry, large kitchen island. Step outside to the sparkling pool and enjoy the beauty around you. In addition to the master suite there are 2 additional fully suited bedrooms and a den that is perfect for an office or additional bedroom. 4 car tandem garage! Don't miss out on this opportunity to own a truly unique and beautiful property!
902 E San Angelo Avenue
Gilbert, AZ 85234
$2,125,000
5
Beds
4.5
Baths
4,693
SqFt
Status
Active
MLS #
6743031
Property Type
Single Family Residence
Price Type
--
Gorgeous Remodel! Every detail provided in this Stunningly Beautiful 5 Bedroom, 4.5 Bath Victorian Farmhouse! Including lighted Regulation PICKLEBALL COURT, Workout Room complete with Infrared Sauna. Large Half-Acre Lot with N/S exposure, circular drive entry, mature trees and gorgeous porch in the sought after Circle G Ranches. $600K in upgrades/ improvements. The step-down Office with its own fireplace sits right off the entry. The Kitchen is a masterpiece of design- 2 islands (1 marble and 1 butcher block) 4 Wolfe ovens, 6 burner gas stove/ grill & custom hood, Sub-zero refrigerator/ freezer w/ custom doors, 31'' under counter microwave, Bosch dishwasher, 2 pantries, wine refrigerator w/ 2 cold drawers. Separate Dining Room and Breakfast area. Living Room has wood burning fireplace. Spacious Game/media room w/cauffered ceiling, surround sound and custom barn doors. Downstairs Master Suite features double sink butcher block vanity, large tile shower, claw foot vessel tub, towel warmer and custom designed closet. All 4 additional bedrooms have walk in closets and ensuite- 2 share a Jack & Jill. Large Laundry room has Sub-zero refrigerator, cabinets and work space, sink and walk-in pantry. Backyard is an entertainers dream including beautiful ramada, built in BBQ, newly rebuilt private pool and spa, recently added pickleball court, fire pit, new turf play area with a wonderful shaded area compliments of two mature Ficus trees and multiple fruit trees. Oversized 3 Car Garage with epoxy coated flooring, Pro-Slat walls to hang equipment, steel cabinets and pull down stairs to attic storage. A phenomenal find in this lush BEAUTIFUL Circle G Ranch neighborhood! *Regulation size Lighted Pickleball Court *Fruit Trees include: Tangelo, Orange, Grapefruit, Lemon, Lime *Pentair Pool Equipment *MPulse Infer-red Sauna *Insta- Hot Water in Kitchen *ARO Water Filtration system *Turf in Backyard *Windows all replaced and have a Lifetime Warranty !! Remodel - Upgrades and Improvements over $600,000!!
12870 E Rosewood Drive
Scottsdale, AZ 85255
$2,118,150
3
Beds
3.5
Baths
4,116
SqFt
Status
Active
MLS #
6817651
Property Type
Single Family Residence
Price Type
--
Fabulous well-detailed one-story luxury home just completed in award-winning gated ''Community of the Year'' Rosewood Highlands at Storyrock with miles of nearby walking and hiking trails in Scottsdale's scenic McDowell Sonoran Preserve. Enjoy indoor/outdoor living w/ 20-ft wide Disappearing Wall of Glass, custom Andersen ''view windows'' & 12-ft ceilings on North/South cul-de-sac lot w/ mountain views. Gourmet Kitchen w/ upgraded cabinetry & custom features, authentic Marble countertops, large Island, 6-burner Wolf gas range w/ large convection oven + 2nd convection oven, microwave, 48'' Sub Zero + wine ref! Professionally-designed w/ wood flooring, custom iron/glass front door, Master Suite w/Marble + oversized shower & tub, ensuite Bedrooms, Den, Oversized 3-Car Garage & more. Must see
3110 Arroyo Hondo --
Carefree, AZ 85377
$2,115,000
4
Beds
4.5
Baths
3,887
SqFt
Status
Active
MLS #
6789229
Property Type
Single Family Residence
Price Type
--
Exceptional Opportunity in the Boulders Community! This extraordinary home exudes a casual elegance. Perfectly sited on the 12th fairway of the renowned North Course, it enjoys panoramic views and an enviable location in the Carefree side of the world famous Boulders Community. The Southwest contemporary design flows seamlessly with soaring ceilings, coved vegas, flagstone floors, spacious rooms and casual entertaining options. The primary bedroom suite offers enchanting views and a gas fireplace. 2 additional suites and an office with bath accommodate guests in comfort. Gas fireplaces in the relaxing living room and cozy family sitting area add to the charm. The resort style backyard features pool and spa and shaded patio to enjoy the Carefree lifestyle. A view deck offers spectacular views and the perfect place to experience Arizona sunsets! The guard gated Boulders Community offers membership in the Boulders Club with world class golf, paddle sports, spa and fitness center and is close to all the amenities and fun events of Carefree and Cave Creek.