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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38844 N 11th Avenue Phoenix, AZ 85086

$1,619,999
4 Beds
3 Baths
4,116 SqFt
Status Active
MLS # 6773535
Property Type Single Family Residence
Price Type --
Oasis in the Desert! Stunning Ingram built home on 1.13 acre lot. Out front you will find a Circular driveway and regal stone entry which lead to a large private courtyard with fireplace. Expanded floorplan with 10 foot and 12 foot ceilings. Travertine floors and base throughout. Separate family and living rooms. 4 bedrooms plus a 17'5x13' den/office with barn entrance doors. Then there is a 6th room near the family room loaded with cabinets and a sink. It also has a separate exit. Excellent room for an office. Roomy eat in kitchen with island and ample cherry cabinets. Granite countertops, built in fridge, and breakfast bar. More than enough room to entertain. Oversize master bedroom is 25'9x18'. Plenty of room for a sitting area. Huge walk in closet also has a 12' ceiling. Master bath features a jetted garden tub, walk in shower with stone surrounds to the ceiling. Nice size secondary bedrooms and one has its own private bath. 8' over height interior doors throughout. Oversize laundry room with plenty of cabinets/tops and a wash basin. Backyard is absolutely loaded with upgrades and truly is resort style living. This yard is fully landscaped, very private, and an entertainers dream. 25'5x13' covered patio and large amounts of stone leading out. Current owners even removed some of the stone and re-leveled to perfection. Playpool with water feature and a heated spa. Pool was converted to chlorine but could go back to salt. There is a beautiful Ramada with its own fireplace. RV gate and parking on the side with plenty of room for an RV garage to be added. Landscaping is the nicest you will find in Desert Hills. Some of the trees featured are Mesquite, Palo Verde, Orange, Lime, Grapefruit, Pomegranate, Kumquat, Lemon, Japanese Orchid. All recently trimmed. Recently a putting green was installed to improve your game. There is also a huge BBQ island to entertain a large group if you wish. The following has been done in the last couple of years. New interior paint 100%. New exterior paint 100%. New rain gutters. New window screens. Putting green. Endless amounts of rocks, landscaping, plants, pavers, travertine, etc. All new lights inside and outside. All new ceiling fans. All new outlets and switches. New carpet. New RV and man gates. Just over two years warranty from Maximum left on the termite package and 100% stem wall treatment. New roof. New 2 x 5 ton AC units, one x 2 ton. Upgraded Nest climate control. Just finished 100% full yard pruning of trees, $5000 worth of labor. All LED lighting on property. There is a 23.2 KW solar system for low utilities. It also includes an extended warranty. Water softener was just replaced. 3 car garage loaded with built in cabinets. Floor coating recently done. Shared well with storage tank and only two users. Beautiful home and is move in ready!! Full set of photos coming soon.

34277 N 92nd Way Scottsdale, AZ 85262

$1,619,000
4 Beds
3 Baths
3,651 SqFt
Status Active Under Contract
MLS # 6714944
Property Type Single Family Residence
Price Type --
ANOTHER PRICE REDUCTION! SELLER WANTS IT SOLD! A 2013' built Legend Trail custom home in the Estates. This beautiful home sits on over 1/2 acre with generous setbacks in a cul de sac! Spacious split floorplan full of upgrades and updates. (See Doc Section). Garage is an expanded 3 car with a separate storage room. Open Great Room that is equipped with a newly remodeled fireplace is great for entertaining. New appliances and updates throughout. Expansive Primary Suite has a cozy remodeled fireplace. New canned LED lights in every room. Patio and outdoor living area has it all! Recently expanded turf area, fire pit, nice sized pool, BBQ island and roof top deck. Two additional beautiful wood floored bedrooms. Legend Trail Golf Course is a a beautiful course tucked away in the communit All this nestled in Legend Trail with their low HOA fees and outstanding amenities. Must See!

2505 W Black Ridge Trail Prescott, AZ 86305

$1,600,000
3 Beds
3 Baths
3,200 SqFt
Status Active
MLS # 6743215
Property Type Single Family Residence
Price Type --
New Private Property new build, unconstructed roads are unsafe for public driving at this time! Lot 16's unique slope & layout make it perfect for a home design that captures stunning views & blends seamlessly w/ the natural terrain. With the garages positioned towards the road, the design maximizes rear facing views, which are enhanced by expansive windows and ample DECK space. The home features a lower level perfect for a SHOP/RECREATION AREA, but can be easily changed to a THEATER ROOM/GYM/PRIVATE GUEST SUITE. Crystal Creek Builders will prioriize your vision. Customize every aspect, from design to materials, and you can trust the experienced team to bring your dream to life on this exceptional lot. New private property new build, unconstructed roads are unsafe for private driving at this time! Prescott National Forest, but it's an easy 10 minute drive to the best of what Prescott has to offer. From the lively PRESCOTT COURTHOUSE SQUARE & WHISKEY ROW to ample retail and a thriving arts community, Prescott has all the charm of a small town but with big-city amenities. Additionally, HIKING & BIKING TRAILHEADS, along with many outdoor activities are at Stringfields front door. DISCLAIMER: Property is offered as a Design Build of Crystal Creek Builders on Stringfield Lot 16. Lot price is $275.000 and home is budgeted at $1.200.000. Subject to change depending on final design and Buyer/Owner finish selections.

953 W Sheppards Trail Globe, AZ 85501

$1,600,000
4 Beds
2 Baths
1,956 SqFt
Status Active
MLS # 6671909
Property Type Single Family Residence
Price Type --
Let the Views begin!! 360 Degree views from the home. Beautiful well maintained 4 bedroom home that is completely off the grid. Home sits on 158+ acres with fresh springs running throughout the property. Home is Custom built with 18'' insulation walls and 12'' insulated walls. Granite kitchen counter tops. Italian tile in primary bath. Beautiful commercial grade tile throughout the home. Acreage has 2 streams running thru the property to provide fresh water. Plenty of area to built future home. Fruit trees located on property. Gated private entry road.

492xx N 15th Avenue New River, AZ 85087

$1,600,000
4 Beds
4.5 Baths
3,983 SqFt
Status Active
MLS # 6736365
Property Type Single Family Residence
Price Type --
This is your opportunity to build an exquisite custom home boasting a captivating great room floor plan situated on an expansive 1.6 acre lot with 180-degree mountain views, providing the perfect canvas for your vision of luxury living. With the unique opportunity for the buyer to choose all finishes, this remarkable residence promises an unparalleled level of customization and sophistication. Step into the heart of this home, and be greeted by a kitchen that is as functional as it is beautiful. The buyer has the freedom to select their desired stone for the island, countertops, and backsplash, creating a kitchen that reflects their personal style and taste. Every cabinet in this culinary haven is equipped with slow-close drawers and doors, embodying the seamless blend of convenience and refine craftsmanship. With 42 upper cabinets and 30 lower cabinets, ample storage space is provided, ensuring a clutter-free environment. The 3cm countertop edge profile adds a luxurious finishing touch to this stunning kitchen. The elegance continues throughout the home with a choice of 12x24 or 24x36 tiles in all wet areas, creating a cohesive and visually pleasing aesthetic. The 8 baseboards and solid core doors add an extra layer of sophistication and durability. Floor-to-ceiling glass doors open up to a covered patio, seamlessly blending indoor and outdoor living spaces. Step outside and discover an oasis of relaxation and entertainment. The outdoor space boasts a fully equipped kitchen with a grill, and dual burner gas cooktop, offering the perfect setting for al fresco dining and culinary adventures. The centerpiece of the outdoor area is the stunning 20x50 swim-up beach pool with a separate spill-over hot tub, providing a luxurious retreat for relaxation and recreation. Every bathroom in this custom home features custom stone and tile showers, exuding opulence and sophistication. The master shower is equipped with dual body systems, ensuring a spa-like experience in the comfort of your own home. Satin nickel Moen fixtures add a sleek and modern touch throughout. Indulge in the opportunity to create your dream home with this exceptional custom residence. From the meticulously designed kitchen to the luxurious outdoor oasis, every detail has been carefully considered to provide the ultimate in comfort, style, and functionality. Embrace the chance to curate a space that reflects your unique vision, and experience the epitome of elegance and refinement in this remarkable custom home. Opportunity to create your own custom floor plan or add more space, or build a completely Off the Grid home if desired. Custom home builder is ready to start building for you! Solar upgrade, ICF insulation upgrades available.

12405 Forest Service 772 Road Flagstaff, AZ 86005

$1,600,000
2 Beds
1.5 Baths
1,705 SqFt
Status Active
MLS # 6310059
Property Type Single Family Residence
Price Type --
Incredible Opportunity! This gorgeous,10.9 acre property has I-17 highway frontage with an interchange just off the Newman Park Exit and borders the Coconino National Forest. Zoned General, 10 acre minimum. Current home was previously used as a bar/restaurant. There are two additional, small, rustic cabins, RV hookups, an equestrian arena & ponds / water holes. Zoning & proximity to I-17 interchange may allow for use as an auto service station, campground, convenience market, hotel-motel, info center, museum, RV park, rest area, restaurant or truck stops. Also listed commercial ML# 6312512. Please call with questions today before this amazing Northern Arizona property is gone!

8220 E Minnezona Avenue Scottsdale, AZ 85251

$1,600,000
4 Beds
4 Baths
2,509 SqFt
Status Active
MLS # 6767381
Property Type Single Family Residence
Price Type --
AN AQUATIC OASIS CREATED BY SCOTTSDALE'S 'BIGGEST FISH!'...'SCOTTSDALE'S MOST PROLIFIC, DEVELOPER, INVESTOR, DESIGNER'S' LATEST & GREATEST SHOWCASE FEATURE'S THE FIRST-EVER, NEVER-BEEN-SEEN-BEFORE, BUILT-IN FISH TANK RIGHT BENEATH YOUR FEET BY CREATING & DESIGNING AN 'AQUARIUM FLOOR'....NOT ONLY WILL THIS BE A CONVERSATION-STARTING CENTERPIECE BUT ALSO CREATES A TRANQUIL, UNDERSEA AMBIANCE RIGHT THROUGH THE LIVING SPACE! ONLY A GENIUS MIND WOULD KNOW HOW TO MESH CONTEMPORARY DESIGN WITH AN AQUATIC EXPERIENCE! Dare to 'Step-into' and then 'Over' the 'one-of-a-kind' oasis where KOI FISH will guide you through the 4 BED, 4 BATH, (DUAL PRIMARY) zen retreat! This property is truly unlike any other, allow me to point out some unique stand-out features...An in-ground 1200 GALLON FISH TANK, built with tempered glass to withstand over a thousand pounds of pressure, Open concept living spaces with an exposed Silver wooden beam hi-lights the vaulted ceilings, a 6 foot in length WINE GALLERY with custom glass doors to show off your wine collection, Black porcelain Floor to ceiling focal point Fireplace backdrops the Family Room, a '2-tone' Signature Designer Kitchen fully Integrated with 'top-of-the-line' KitchenAid' appliances & 10 Ft Island centered with Gas Cooktop & Italian Black Hood Vent, a BonusRoom/ Flex Room/ Football watching manCave/ Teenage Pad with STRIKING GARAGE DOOR ACCESS opens onto the backyard patio & pool & has own bathroom en-suite for convenience, a ROOF-TOP DECK accessible by black wrought iron spiral stairwell to take in Sunny Scottsdale's Sunsets and DUAL PRIMARY BEDROOMS both with double-vanity en-suite bathrooms just to name a few. Now step outside to the backyard which is an entertainers playground with covered terrace with hanging chair to relax in and gaze out over the HEATED POOL/ SPA backdropped by a vast array of greenery, a wood burning fireplace for the cooler nights, a built-in BBQ & beverage bar for 'al-fresco' dining and a grassy area for our 'furry friends' to enjoy! ACCOMMODATION IS SOMETHING EXTRAORDINARY with the 1st Primary Bedroom, a stand-out 'owner's suite' and set apart from the rest of the house, has its own lounging area with wall-to-wall sliders opening onto the blissful backyard, also features a massive walk-in closet and contemporary & striking en-suite bathroom. Venture down the hallway inlaid with 'first-ever walk-over' aquarium floor which leads you to 3 bedrooms, & 2 bathrooms (en-suite) ...a hallway that needs to be seen to be believed, kids & adults alike... AND THE GRAND FINAL is the inside Laundry, red & white in color, stunning with standout fire-engine red refrigerator, with tiled floors that look like authentic wood floors, a must feel! A 2 car garage oversized with built-in cabinets and E-V car charging station, 2 tone black & blue non-slip flooring and designer lighting. Add in a paved front courtyard, magnificent landscaping, lighting & trees....this is truly an escape from reality.. I'D LIKE TO BE, UNDER THE SEA, IN AN OCTOPUS'S GARDEN WITH YOU!' - Beatles.

35925 S Caballero Drive Wickenburg, AZ 85390

$1,600,000
6 Beds
3.5 Baths
5,057 SqFt
Status Active
MLS # 6717607
Property Type Single Family Residence
Price Type --
Stunning horse property that is elegant inside and out. Home has a fenced pool and has been cared for by single owner since purchase date. Property is upscale inside with extravagant tastes throughout each and every room in the home. The is a prominent subdivision where the roads are paved, and views are absolutely breathtaking. The panoramic views from the living room, dining room and kitchen are amazing.

10190 N Prescott Ridge Road Prescott Valley, AZ 86315

$1,600,000
4 Beds
5 Baths
3,220 SqFt
Status Active
MLS # 6739226
Property Type Single Family Residence
Price Type --
PREMIER EQUESTRIAN LOCATION embodies rare natural beauty w/ panoramic views! Gorgeous, private & serene horse property in prestigious gated Prescott Ridge Community on over 14 acres set back off of Prescott Ridge Rd bordering state land to the south. Direct Gate access to State Land off SW Corner of property. Numerous upgrades in past 3 years including appliances, roofs, some windows & brand new exterior paint. 4 or 5 bedrooms in the main house along with 3 full bathrooms. 2 bed/1 bath guest suite above the barn and a separate detached studio with a kitchenette for an in-law suite. Perfect for multi-generational living. 8 Stall Barn, Foaling Stall, 3 fenced Pastures, Tack Room, Grain Room, Round Pen, Hot Walker & Bath Rack, Fruit Trees, RV Dump & Hook ups & Oversized garage.

3530 N Hawes Road Unit 8 Mesa, AZ 85207

$1,600,000
6 Beds
3.5 Baths
5,052 SqFt
Status Active
MLS # 6740983
Property Type Single Family Residence
Price Type --
Seller says, ''Make us an offer!'' Welcome home to the gated, secluded community of Overlook. Get ready to take in majestic mountain views & spectacular city lights everywhere you look! This residence sits at the highest elevation in the community for unobstructed views of the entire Valley. Situated on a premium lot, this 6 bedroom, 3 ½ bath home with 4-car garage has space for everyone. The living area & great room with wood-burning fireplace give way to the kitchen with dual pantries & expansive work island, perfect for entertaining friends & family; parties & teambuilding events too! The Owner's Suite has its own private exit to the 1700 sqft double view deck with 360-degree views of the Valley. Sunset will take your breath away - - spectacular mountain views of Red Mountain, Superstition, Santan, Goldfield, McDowell & Estrella mountains plus jaw-dropping views of the Valley - all the way to downtown Phoenix. Flexible living spaces abound inside & out, with room for an RV garage - even a guest house. Not only are there gorgeous views of the entire Valley, but the yard includes an oversized patio, sparkling pool and grassy oasis with mature palm trees & saguaros. It is a sight to behold! Enjoy the seclusion of this gated community while also having easy freeway access, making for a convenient commute anywhere in the Valley, and only a 25min drive to Valley airports. Saguaro Lake, Canyon Lake & the Salt River are just 20min away. Hiking & biking paths are right outside your front door. Come enjoy the good life here in the Valley of the Sun. Make plans to see this one today!

18825 E Azalea Drive Queen Creek, AZ 85142

$1,600,000
4 Beds
4.5 Baths
4,371 SqFt
Status Active
MLS # 6753133
Property Type Single Family Residence
Price Type --
Prepare to be stunned! Nestled in the highly desired area of Legado Capstone on a premium corner lot, this home has it all! Boasting 12-foot ceilings throughout, 4 bedrooms with their own ensuites, an oversized sliding glass door overlooking the beautiful backyard, quartz countertops throughout and so much more! The chef's kitchen includes upgraded cabinets, custom backsplash, double ovens, butler's pantry, casual dining area, and a huge island for preparing gourmet meals or just relaxing. The master includes a soaking tub, his and her closets, double vanities, and a massive walk-in shower. Additional home features include a den, formal dining room, bonus room, custom accent walls, built in entertainment center, and spacious 4 car garage. Wind down in the resort style backyard that includes a heated salt pool and spa with a 12-foot fire bar, covered ramada, putting green, and over 2200 sqft of turf. Walk down the block to enjoy the neighborhood parks including a lake, walking trails, splash pad, pickleball courts, playground, basketball courts, and ninja course. This home has so much more to offer than listed so don't let this incredible opportunity slip by!

841 E Juanita Avenue Gilbert, AZ 85234

$1,600,000
4 Beds
3 Baths
4,023 SqFt
Status Active
MLS # 6757331
Property Type Single Family Residence
Price Type --
Welcome to 841 E Juanita Ave, a truly extraordinary estate nestled in the prestigious Circle G Ranches in North Gilbert, offering the perfect blend of country charm and modern luxury. Located just minutes from the vibrant Downtown Gilbert and with easy access to the 60 freeway, this property provides the ideal setting for those seeking tranquility, space, and convenience all in one. This expansive 36,573 square foot lot features not one, but two beautifully crafted homes, making it perfect for multi-generational living, guest accommodations, or even a private home office setup. The main home spans an impressive 4,023 square feet and offers 4 bedrooms and 3 bathrooms, thoughtfully arranged in a split floor plan for maximum privacy. The master suite is a private sanctuary with abundant natural light, an attached office area ideal for working from home or creating a quiet reading nook, and a spacious en-suite bathroom. The heart of the main home is a beautifully designed living space that seamlessly connects the formal living room, family room, and dining areas. The open floor plan is perfect for both intimate family gatherings and larger social events. The gourmet kitchen is a chef's dream, complete with ample counter space, custom cabinetry, and modern appliances, making meal preparation both fun and functional. Outside, the sparkling pool invites you to cool off during the warm Arizona summers, while the expansive yard offers ample space for outdoor entertaining, gardening, or enjoying a quiet moment of solitude. As an added bonus, this estate includes a separate 984 square foot guest house, which is essentially a fully self-contained second home. It offers a cozy family room, a full-size kitchen with all modern amenities, a generously sized bedroom, a large bathroom, a dedicated laundry room, an office area, and a private patio where guests or family members can enjoy their own outdoor space. The guest house is perfect for visiting guests, in-laws, or even as a rental unit to generate additional income. Despite having two homes, a pool, and a three-car garage, this estate still provides ample space for customization and additional amenities. Whether you envision creating a garden, a horse corral, or adding more recreational features, this property offers endless possibilities. The estate even comes with horse privileges, making it ideal for equestrian enthusiasts looking for a luxurious property with room to ride. This rare find in the heart of Circle G Ranches offers a unique opportunity to enjoy a luxurious lifestyle with the space and amenities of a rural setting, while still being close to all the amenities that make Gilbert one of Arizona's most desirable places to live. Don't miss your chance to make this dream property your own!

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