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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22421 N 34th Street Phoenix, AZ 85050

$1,575,000

3 Beds

3.5 Baths

2,978 SqFt

Status Active

MLS # 6749997

Property Type Single Family Residence

Price Type --

Welcome to this stunning 3 bedroom, 3.5 bathroom home located in the prestigious Sky Crossing subdivision. Built in 2020, step into this exquisite Plute home, where natural light floods the open floor plan. Whether you're whipping up a gourmet meal or simply enjoying your morning coffee, this kitchen is sure to impress even the most discerning buyer with its dual ovens, stainless steel appliance, oversized kitchen island and pantry. The primary suite is spacious with an attached en-suite that includes tiled, walk-in shower, dual vanities, and large walk-in closet. Your family and company will also enjoy their own spaces in the oversized bedrooms. This smart house features a state-of-the-art system with keyless entry and an app-controlled garage, a hardwired Sonos Sound System, as well as a Vivant security system that is added for peace of mind. The radiant barrier will also help with those electric bills and keep you cooler in the summer and warmer in the winter! Step outside through your wall of slider doors into the luxurious backyard that is an entertainer's dream! The pool and spa contain so many upgrades which include marble pavers and decking, glass waterline tile, and a pebble brilliance interior, and these are just a few of the oasis-like setting upgrades! Enjoy all the Sky Crossing amenities has to offer along with its location, which is just a short distance away from schools, parks and shopping!

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10248 E San Salvador Drive Scottsdale, AZ 85258

$1,575,000

5 Beds

3 Baths

2,798 SqFt

Status Active

MLS # 6765057

Property Type Single Family Residence

Price Type --

Seller is offering a $100,000 concession for a rate buydown/closing costs!!! Unheard of!! This beautifully remodeled Scottsdale Ranch home offers the perfect blend of modern luxury, thoughtful design, and a welcoming atmosphere. Step inside and fall in love with the light and bright open floor plan, complemented by luxury finishes and spacious rooms. The recent 2022 remodel spared no details, featuring new roofing, windows, doors, HVAC, and a water heater—making this home completely turnkey and ready for you to enjoy. The guest casita featuring its own backyard entrance, completely independent from the main house, ensures privacy for you and your guests. The multiple outdoor spaces are perfect for alfresco dining, entertaining, sunbathing by the pool, or enjoying a cozy moment with a good book The neighborhood offers an array of community amenities, including an extensive trail system, activities organized by the HOA like food trucks and movies, and even boat rentals on Lake Serena. You'll love the convenient access to the gym, dentist, medical facilities, and all the best spots in Scottsdaleincluding Old Town and Fashion Square.

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1314 E Coyote Pass Carefree, AZ 85377

$1,569,000

3 Beds

2.5 Baths

2,786 SqFt

Status Active Under Contract

MLS # 6658952

Property Type Single Family Residence

Price Type --

Rare opportunity! Beautiful custom home in the highly sought after Boulders Community. Perfectly sited on the world renowned North Course, this home presents a Southwest contemporary style that is timeless. Tastefully remodeled kitchen and baths and travertine flooring add to the charm. Thoughtful design and abundant windows showcase the high desert palette. Single level with a generous, shaded patio and mature landscaping, the location is ideal with large homesites in the desirable north community providing uncommon privacy. A new water heater and concrete tile roof for easy maintenance. Discover the Boulders. Close to all the shopping, dining and fun events of Carefree and Cave Creek. The world famous Boulders Club offers championship golf, tennis, pickleball and fitness.

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3534 N Boulder Canyon Street Mesa, AZ 85207

$1,565,000

4 Beds

4.5 Baths

4,079 SqFt

Status Active

MLS # 6775487

Property Type Single Family Residence

Price Type --

Prepare to be amazed! Come see this professionally designed luxurious 4 bed, 4.5 bath, + an office, + a media room in Las Sendas. Over 200k in upgrades! Manicured landscape, large 3 garage spaces w/built-in cabinets, paver driveway, and Tesla charger. Marble foyer which flows into an oversized media room with metal/glass doors and formal dining room with custom wallpaper perfect for entertaining. 12ft ceilings, elegant wood flooring, new high-end light fixtures, and designer palette. Family room with custom built-ins and gas fireplace. Quartz countertop, all top of the line appliances in this gourmet kitchen, wood staggered cabinets w/crown moulding, a large walk-in pantry & bar. All bedrooms have their own private bathroom with oversized closets. Primary bathroom has huge his/her walk-in closets with an oversized shower and soaking tub featuring a fireplace with the ultimate relaxation. Pool and spa both are heated with a large grass area. You will be absolutely stunned.

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22034 N 59th Place Phoenix, AZ 85054

$1,564,999

4 Beds

4.5 Baths

3,505 SqFt

Status Active

MLS # 6752073

Property Type Single Family Residence

Price Type --

Shea Home's best selling Model 5016 on one of the largest Premium Lots in the most exclusive neighborhood in Desert Ridge, TALINN. NO HOMES TO THE REAR. Lightly lived in by the orig owners, just long enough to complete the yard, pool and design decor. Ideally configured: Second master downstairs adjacent the optional 5th bedroom. The open great room boasts generous windows to match the 26' high ceiling vaults, with unobstructed views: Rather than neighbor's rooftops, your view of mountain peaks and sunsets are visible from the great room, yard & pool, loft and 1 master bedroom. The open gourmet kitchen features a premium gas range and 4 ovens. A stunning accent wall features Artisan-crafted wood plank slat panels extending from the floor to the 26-foot high ceiling. Each hand-cut panel is arranged in a striking horizontal and vertical pattern. Additional features of the NO-STEP main level include stunning wood-look tile floors, a pre-wired surround sound speaker system, and ceiling fans in every bedroom. Barn doors enhance the office off the Foyer, while texturized wall decor adds a unique touch. The gourmet kitchen is equipped with four ovens, including air-fry and convection, and a well-appointed coffee bar that complements the expansive cabinetry. An organized walk-in pantry easily houses groceries from the adjacent 3-car garage. The large laundry room includes your new washer and dryer, and offers ample shelving and cabinets for multifunctional use, or craft room. Off Season storage closet for long hanging garment and full storage under stairwell (or great fort for the kids). The home also includes a full-home water purification system. With over $300,000 in customizations, this residence is ready for you to move in TODAY! Don't miss the amazing detailscheck out the video. 3D tour available on homes. Conveniently located within 3 miles of Desert Ridge shopping and dining, with quick access to the 101. Walking distance to High Street. Emblem gates are across from the new Talinn community center.

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6131 E Kings Avenue Scottsdale, AZ 85254

$1,564,900

5 Beds

3 Baths

2,639 SqFt

Status Active

MLS # 6741591

Property Type Single Family Residence

Price Type --

LOCATION, LOCATION!!! Located in ''MAGIC ZIPCODE'' of 85254 (Scottsdale address and Phoenix city services) Seller offering $10,000 concessions towards paint. Top demanded 5BR vacation home! This modern style home has everything including vaulted ceilings, incredible open kitchen concept, an indoor-outdoor primary shower, heated salt water pool, putting green and more. It is located in North Scottsdale's most desired zip code, 85254. You are just steps away from premier shopping centers and boutiques like the Kierland Commons and Scottsdale Fashion Square. For a more laidback experience, a quaint park is right across the street, perfect for outdoor picnics, soccer games, and all sorts of family fun! Move IN Ready Home!

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5310 E Nordica Loop Flagstaff, AZ 86004

$1,560,000

5 Beds

4 Baths

3,902 SqFt

Status Active

MLS # 6710483

Property Type Single Family Residence

Price Type --

Welcome to your dream home in prestigious Lakeside Acres! This expansive one-story residence sprawls on a generous 1.1 acre lot, offering both luxury and comfort. Abundant, large windows beneath the soaring vaulted ceiling allow ample natural light as well as fabulous mountain & forest views. The chef's kitchen boasts a large island with sink, double ovens, warming drawer, large JennAir range, stainless appliances & granite. Among many other remarkable amenities, the impressive primary suite offers an additional retreat room and the split floorplan offers privacy & functionality. The whole home humidifier, central air conditioning, heat and two beautiful fireplaces ensure this home is not only stunning but luxuriously comfortable. The spacious, private outdoor living area offers a large semi-covered patio for entertaining or relaxation. With 5 bedrooms, 4 bathrooms, a 3 car garage and so much more, you will not want to miss this incredible home in the pines of Lakeside Acres in the Continental Country Club!

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6623 E Whispering Mesquite Trail Scottsdale, AZ 85266

New

$1,560,000

3 Beds

3 Baths

2,867 SqFt

Status Active

MLS # 6767655

Property Type Single Family Residence

Price Type --

Gorgeous Updated & Impeccably maintained 3 bedroom home PLUS detached Casita w/ Ensuite in Terravita! Too many upgrades to list all include new European Oak flooring w/ 6'' baseboards. Remodeled kitchen & Bar includes gorgeous Quartzite countertops with full backsplash, new cabinetry w/ built-in wood panel Bosch & Thermador appliances and wine refrigerator, new brushed gold hardware. Brand new Home automation includes upgraded Wi-Fi, automated lighting w/ scene lighting capability, television and music surround system, pool & spa features, 2 Nest Thermostats, Video Doorbell, Wi-Fi enabled garage doors.etc. - all controlled via keypad or i-phone. See full list of upgrades! Spacious 3 car garage has all new custom cabinetry. Back yard includes pool & heated spa, new covered outdoor More... built-in grilling station with Napoleon gas grill. New Carrier A/C & furnaces installed '21. Upgraded landscaping.Terravita is a member-owned, private golf and country club, offering year-round active lifestyle options. Many diverse activities and groups that meet regularly to explore new trails, enjoy fitness classes, create art, relax by the pool, play tennis, dine together in a state of the art clubhouse, accolades received for its recent renovations.

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3022 S Clubhouse Circle Unit 57 Flagstaff, AZ 86005

$1,558,000

3 Beds

3 Baths

2,142 SqFt

Status Active

MLS # 6735684

Property Type Single Family Residence

Price Type --

Home is currently under construction. This unit has been enhanced with a large spacious patio. Situated within the high-country forest and including a covered wrap around patio with built-in BBQ, this spacious condo offers a unique mountain escape during any season. Featuring an open concept design, the great room and gourmet kitchen provide an easy flow making it the perfect layout for gathering with family and friends. Incentives are currently being offered. Please call the Pine Canyon Sales Office for more information.

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5250 E Deer Valley Drive Unit 435 Phoenix, AZ 85054

$1,556,951

2 Beds

2.5 Baths

2,025 SqFt

Status Active Under Contract

MLS # 6647664

Property Type Apartment

Price Type --

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10603 N Skyline Drive Fountain Hills, AZ 85268

$1,555,000

4 Beds

3.5 Baths

4,046 SqFt

Status Active

MLS # 6749712

Property Type Single Family Residence

Price Type --

Brand New Construction on probably the best zero premium view lot in Fountain Hills! This stunning home offers the ease of single-level living with the added luxury of a walk-out basement. The main floor features a giant great room with expansive picture windows that capture the stunning views, alongside a gourmet kitchen that opens to a spacious covered terrace overlooking Red Rock, Four Peaks, and the surrounding landscape. Conveniently located near the Scottsdale border, this home provides easy access to everything the area has to offer. The main level also includes the primary bedroom, a dedicated office, and an inviting living area, while the walk-out basement surprises with a generous media room and two additional bedrooms. Come see this beautiful community today!

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1910 W Roderick Lane Wickenburg, AZ 85390

$1,555,000

3 Beds

2.5 Baths

1,800 SqFt

Status Active

MLS # 6765165

Property Type Single Family Residence

Price Type --

She's a beauty! Premium Horse Property in the heart of Wickenburg, on paved road. NEW Custom Horse Facilities. Roping Arena with covered steer pen, 55ft Round Pen with custom sprinklers, pristine 12 stall barn with expansive custom tack and covered hay storage. Auto waterers and stall turn-outs. TWO RV hook ups each with 30, 50 and 110 plug-ins. Home is a 3-bedroom 2.5-bath. Stunning second story views from the dinning and kitchen complimented by evenings on the porch overlooking the arena and equine facilities. Two car garage and an abundance of storage. Bonus room, workshop and full bath in the lower level with walk-out secluded covered patio. Updated kitchen with porcelain counter tops, custom cabinetry and spacious pantry. Leased Solar equates to very minimal electricity bills. Owner is a licensed Arizona Real Estate Agent.

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