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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6313 N 10th Drive Phoenix, AZ 85013

$1,550,000

4 Beds

3.5 Baths

2,680 SqFt

Status Active

MLS # 6725247

Property Type Single Family Residence

Price Type --

SELLER OFFERING 5.75% FINANCING RATE FOR 30 DAYS. COME SEE THIS GORGEOUS NEW CONSTRUCTION - CHOOSE YOUR HOME NOW. Blue Sky Homes are 50% MORE energy efficient than a standard new build and Energy Star / Indoor AirPlus Certified for cost savings and a significantly healthier home for you and your family. WELCOME TO ARUMA at CASA AZUL - We are a Newly Constructed 12 home subdivision exuding state of the art smart home features, notable sustainability with the intent of encouraging community and serenity. This 4 bedroom , 3 1/2 bathroom homes offers upgrades and amenities you won't find from any other new home builder Aside from our custom interior design features and highly desirable family friendly floor plans, we proudly offer all of the following upgrades in all of our Casa Azul homes .. 16' Sliding Glass Doors / Vaulted Ceilings / Smart Home Control Center Tablet / Smart lock & Keyless Entry / Smart Thermostat / Smart Home Pre-wiring for Complete Home Synthesis / Quartz Countertops & Custom Cabinetry / Energy Star Appliances / Oversized Bathrooms & Bedrooms / Covered Back Patios / Lifestyle Features / Serene Backyards / Electric Vehicle Charging Outlet / ENERGY STAR Certified / Indoor AirPLUS Certified / 3rd Party Audited Energy & HERS Score Rating / Spray foam insulation / Insulated Garage & Attic / EPA Water sense Toilets, Faucets, & Showers / LED Lighting /Insulated Owner's Suite for Efficiency & Sound / No VOC paint / Low VOC Engineered Flooring. Centrally located and close to all of the best restaurants and schools Arizona has to offer ... welcome to your new home!

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37202 Ne Greythorn Circle Carefree, AZ 85377

$1,550,000

3 Beds

3.5 Baths

3,088 SqFt

Status Active

MLS # 6732284

Property Type Single Family Residence

Price Type --

This nearly new Catalonia model by Toll features a fantastic great room split floor plan w/great Black Mountain views in gated Reserve at Tranquil Trail. 3 ensuite bedrooms, 3.5 baths, an office, & a bonus room plus a 3 car garage all on one level w/a gorgeous pool/spa & gazebo. Upgrades throughout including courtyard entry w/travertine pavers & modern water feature, huge great room w/sliding pocket door, gas fireplace, wood-look tile floors, dark wood cabinets, granite counters, glass tile backsplash, SS appliances, custom lighting, clerestory windows, plantation shutters, & ceiling fans. Large primary bedroom w/lavish bath featuring dual sinks, floating tub, tiled shower surrounds w/dual shower heads, & walk-in closet w/organizers. Great secondary en suite bedrooms and bonus room in

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6324 N 10th Drive Phoenix, AZ 85013

$1,550,000

4 Beds

3.5 Baths

2,696 SqFt

Status Active

MLS # 6733625

Property Type Single Family Residence

Price Type --

SELLER OFFERING 5.75% FINANCING RATE FOR 30 DAYS. COME SEE THIS GORGEOUS NEW CONSTRUCTION - CHOOSE YOUR HOME NOW Blue Sky Homes are 50% MORE energy efficient than a standard new build and Energy Star / Indoor AirPlus Certified for cost savings and a significantly healthier home for you and your family. WELCOME TO TOLTEC at CASA AZUL - We are a Newly Constructed 12 home subdivision exuding state of the art smart home features, notable sustainability with the intent of encouraging community and serenity. This 4 bedroom , 3 1/2 bathroom homes offers upgrades and amenities you won't find from any other new home builder Aside from our custom interior design features and highly desirable family friendly floor plans, we proudly offer all of the following upgrades in all of our Casa Azul homes homes .. 16' Sliding Glass Doors / Vaulted Ceilings / Smart Home Control Center Tablet / Smart lock & Keyless Entry / Smart Thermostat / Smart Home Pre-wiring for Complete Home Synthesis / Quartz Countertops & Custom Cabinetry / Energy Star Appliances / Oversized Bathrooms & Bedrooms / Covered Back Patios / Lifestyle Features / Serene Backyards / Electric Vehicle Charging Outlet / ENERGY STAR Certified / Indoor AirPLUS Certified / 3rd Party Audited Energy & HERS Score Rating / Spray foam insulation / Insulated Garage & Attic / EPA Water sense Toilets, Faucets, & Showers / LED Lighting /Insulated Owner's Suite for Efficiency & Sound / No VOC paint / Low VOC Engineered Flooring. Centrally located and close to all of the best restaurants and schools Arizona has to offer ... welcome to your new home!

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2626 E Arizona Biltmore Circle Unit 35 Phoenix, AZ 85016

$1,550,000

3 Beds

2.5 Baths

2,754 SqFt

Status Active

MLS # 6746652

Property Type Single Family Residence

Price Type --

Stunning home in the highly desirable gated community of Biltmore Square at the Arizona Biltmore. This property offers an ideal layout with two en-suite bedrooms, an office that could serve as a third bedroom, & a versatile upstairs loft. The spacious great room boasts soaring ceilings, a propane fireplace, tile flooring, & a formal dining area bathed in natural light from expansive picture windows & French glass doors. The chef's kitchen is equipped with a Wolf induction cooktop, double ovens, a wine fridge, granite countertops, a butcher block island, & a cozy breakfast nook. The primary suite includes access to the patio, a fireplace, & a walk-in closet. The immaculate backyard features a propane fire pit, built-in BBQ grill, ample seating, artificial turf, lush landscaping, and overlooks the 12th green with picturesque mountain views.

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6305 N 10th Drive Phoenix, AZ 85013

$1,550,000

4 Beds

3.5 Baths

2,680 SqFt

Status Active

MLS # 6750076

Property Type Single Family Residence

Price Type --

SELLER OFFERING 5.75% FINANCING RATE FOR 30 DAYS. COME SEE THIS GORGEOUS NEW CONSTRUCTION - CHOOSE YOUR HOME NOW. Blue Sky Homes are 50% MORE energy efficient than a standard new build and Energy Star / Indoor AirPlus Certified for cost savings and a significantly healthier home for you and your family. WELCOME TO INDIGO at CASA AZUL - We are a Newly Constructed 12 home subdivision exuding state of the art smart home features, notable sustainability with the intent of encouraging community and serenity. This 4 bedroom , 3 1/2 bathroom home offers upgrades and amenities you won't find from any other new home builder Aside from our custom interior design features and highly desirable family friendly floor plans, we proudly offer all of the following upgrades in all of our Casa Azul homes. 16' Sliding Glass Doors / Vaulted Ceilings / Smart Home Control Center Tablet / Smart lock & Keyless Entry / Smart Thermostat / Smart Home Pre-wiring for Complete Home Synthesis / Quartz Countertops & Custom Cabinetry / Energy Star Appliances / Oversized Bathrooms & Bedrooms / Covered Back Patios / Lifestyle Features / Serene Backyards / Electric Vehicle Charging Outlet / ENERGY STAR Certified / Indoor AirPLUS Certified / 3rd Party Audited Energy & HERS Score Rating / Spray foam insulation / Insulated Garage & Attic / EPA Water sense Toilets, Faucets, & Showers / LED Lighting /Insulated Owner's Suite for Efficiency & Sound / No VOC paint / Low VOC Engineered Flooring. Centrally located and close to all of the best restaurants and schools Arizona has to offer ... welcome to your new home!

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10914 E Cinder Cone Trail Scottsdale, AZ 85262

$1,550,000

3 Beds

2.5 Baths

3,900 SqFt

Status Active

MLS # 6758237

Property Type Single Family Residence

Price Type --

Luxury home in Candlewood Estates at Troon North * Open, 3 bedroom plus office and bonus room, game room, formal dining room and living room with zero interior steps * Private north/south exposure lot with mountain and sunset views * Resort-style outdoor living with a pool, covered dining patio, built-in BBQ and gas fireplace * A 3-car garage completes the residence *

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22023 N 34th Way Phoenix, AZ 85050

$1,550,000

5 Beds

4 Baths

3,568 SqFt

Status Active

MLS # 6757379

Property Type Single Family Residence

Price Type --

Discover the modern gem you've been waiting for! Built in 2021, this stunning home is better than new! Nestled in Sky Crossing, a sought-after master-planned community in North Phoenix, this home offers luxury, comfort, and convenience. With 5 bedrooms, 4 bathrooms, and a spacious great room, this open-concept design is ideal for family living and entertaining. The gourmet kitchen features a large island, gas cooktop, built-in combo ovens, an abundance of cabinetry, and a custom beverage bar. Granite countertops, stainless steel appliances, walk-in pantry and a butler's pantry make this the ideal kitchen. Step outside and enjoy your private oasis, featuring a heated saltwater pool and spa, a built-in gas fireplace, low-maintenance turf, all backing to serene open space. OWNED SOLAR!!! Owned solar equals significant utility savings! Inside, the great room is accented by a custom gas fireplace with beautiful tile work, while the multi-slider doors flood the space with natural light, seamlessly connecting indoor and outdoor living. A full bedroom with a wall bed and en-suite bathroom is located downstairs which ideal for guests or extended family. Upstairs, the master suite is a peaceful retreat with a walk-in tiled glass shower, double vanity, and an expansive closet. The versatile loft offers space for a home office, media room, or workout space while the 2nd floor laundry room adds convenience. A three-car tandem garage with a Tesla EV charger completes this exceptional home. Sky Crossing offers residents access to premium amenities, including a state-of-the-art fitness center, a resort-style pool, and a vibrant community calendar filled with events and activities. Located minutes from Desert Ridge shopping, dining, and with easy access to the 101, 51, and I-17 freeways, this home is in a prime location. Don't miss out on this rare opportunity to own a modern, luxurious home in a thriving community. Your dream home awaits!

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580 N Benson Lane Chandler, AZ 85224

$1,550,000

7 Beds

4.5 Baths

5,122 SqFt

Status Active

MLS # 6765082

Property Type Single Family Residence

Price Type --

With impressive curb appeal, and spread over almost a half of acre of land this expansive home welcomes you through a custom iron front door into a grand entryway with soaring ceilings, creating a warm, inviting atmosphere. Two standout features make this property exceptional: a massive 6+ car garage and an entertainer's dream backyard. Spread over 5,122 square feet this home features 7 bedrooms plus an office and 4.5 bathrooms. Rich wood flooring adds to the home's cozy charm, while the fireplace in the front room offers a tranquil space to unwind. The spacious kitchen is a cook's delight, offering ample cabinet space. Its large island is perfect for entertaining, while the nearby family room boasts a convenient bar area for beverage storage. The guest ensuite on the main level features a private den with direct access to the backyard. Upstairs, the luxurious master ensuite showcases a two-way fireplace, a deep soaking tub, a separate shower, and a HUGE walk-in closet. The master suite also features a private patio, and the dual vanity in the bathroom offers plenty of space and storage. Each of the four additional bedrooms upstairs provides extra space to relax, while a versatile bonus room offers endless possibilities. This home truly combines comfort, space, and entertainment. The large basement stays cool during the summer and even includes a bathroomrare for homes in this area. With three indoor fireplaces and an outdoor fire pit, you'll feel at home year-round. This outdoor oasis includes a diving pool, stunning water features, a gas fire pit, a putting green, a sprawling lawn, built-in BBQ, a basketball court area, and a spacious covered patioperfect for gatherings. Located near all of Chandler's best attractions and with easy access to the 101 freeway, this home offers an unbeatable location!

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6314 N 10th Drive Phoenix, AZ 85013

$1,550,000

4 Beds

3.5 Baths

2,703 SqFt

Status Active

MLS # 6769947

Property Type Single Family Residence

Price Type --

SELLER OFFERING 5.75% FINANCING RATE FOR 30 DAYS. COME SEE THIS GORGEOUS NEW CONSTRUCTION - CHOOSE YOUR HOME NOW. Blue Sky Homes are 50% MORE energy efficient than a standard new build and Energy Star / Indoor AirPlus Certified for cost savings and a significantly healthier home for you and your family. WELCOME TO CIELO at CASA AZUL - We are a Newly Constructed 12 home subdivision exuding state of the art smart home features, notable sustainability with the intent of encouraging community and serenity. This 4 bedroom , 3 1/2 bathroom homes offers upgrades and amenities you won't find from any other new home builder Aside from our custom interior design features and highly desirable family friendly floor plans, we proudly offer all of the following upgrades in all of our Casa Azul homes... 16' Sliding Glass Doors / Vaulted Ceilings / Smart Home Control Center Tablet / Smart lock & Keyless Entry / Smart Thermostat / Smart Home Pre-wiring for Complete Home Synthesis / Quartz Countertops & Custom Cabinetry / Energy Star Appliances / Oversized Bathrooms & Bedrooms / Covered Back Patios / Lifestyle Features / Serene Backyards / Electric Vehicle Charging Outlet / ENERGY STAR Certified / Indoor AirPLUS Certified / 3rd Party Audited Energy & HERS Score Rating / Spray foam insulation / Insulated Garage & Attic / EPA Water sense Toilets, Faucets, & Showers / LED Lighting /Insulated Owner's Suite for Efficiency & Sound / No VOC paint / Low VOC Engineered Flooring. Centrally located and close to all of the best restaurants and schools Arizona has to offer ... welcome to your new home!

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6323 N 10th Drive Phoenix, AZ 85013

$1,550,000

4 Beds

3.5 Baths

2,680 SqFt

Status Active

MLS # 6769981

Property Type Single Family Residence

Price Type --

SELLER OFFERING 5.75% FINANCING RATE FOR 30 DAYS. COME SEE THIS GORGEOUS NEW CONSTRUCTION - CHOOSE YOUR HOME NOW. Blue Sky Homes are 50% MORE energy efficient than a standard new build and Energy Star / Indoor AirPlus Certified for cost savings and a significantly healthier home for you and your family. WELCOME TO PACIFICA at CASA AZUL - We are a Newly Constructed 12 home subdivision exuding state of the art smart home features, notable sustainability with the intent of encouraging community and serenity. This 4 bedroom , 3 1/2 bathroom homes offers upgrades and amenities you won't find from any other new home builder Aside from our custom interior design features and highly desirable family friendly floor plans, we proudly offer all of the following upgrades in all of our Casa Azul homes .. 16' Sliding Glass Doors / Vaulted Ceilings / Smart Home Control Center Tablet / Smart lock & Keyless Entry / Smart Thermostat / Smart Home Pre-wiring for Complete Home Synthesis / Quartz Countertops & Custom Cabinetry / Energy Star Appliances / Oversized Bathrooms & Bedrooms / Covered Back Patios / Lifestyle Features / Serene Backyards / Electric Vehicle Charging Outlet / ENERGY STAR Certified / Indoor AirPLUS Certified / 3rd Party Audited Energy & HERS Score Rating / Spray foam insulation / Insulated Garage & Attic / EPA Water sense Toilets, Faucets, & Showers / LED Lighting /Insulated Owner's Suite for Efficiency & Sound / No VOC paint / Low VOC Engineered Flooring. Centrally located and close to all of the best restaurants and schools Arizona has to offer ... welcome to your new home!

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40601 N 26th Street Cave Creek, AZ 85331

Open House

$1,550,000

3 Beds

2 Baths

2,310 SqFt

Status Active

MLS # 6756232

Property Type Single Family Residence

Price Type --

Discover a truly extraordinary property that stands out in every way. This distinctive home offers nearly 2,400 square feet of luxurious living space on over 2 acres of prime horse property, enveloped by the serenity of national forest land. With breathtaking mountain views gracing every angle of the property and convenient horse trails leading from your doorstep to the mountains, this is an equestrian paradise. Step inside to find the timeless beauty of gorgeous hardwood floors that flow through the majority of the home. The bathrooms are adorned with stunning stone flooring, and the master bath is a spa-like sanctuary with dual sinks, a separate tub, and a rejuvenating shower. Transformed into a billiards room, the living area provides a fantastic space for entertainment and relaxation. Soaring ceilings with fans create an inviting atmosphere, while stone countertops and a grand wood-burning fireplace add both style and comfort. This property offers an exceptional bonus with a detached 40 x 40 building, perfect for all your storage needs. A tack room and corral are essential features for any horse enthusiast. With ample RV parking, you'll have room for all your outdoor adventure vehicles. And the tranquility and peace that this property offers are second to none. Don't miss the opportunity to make this remarkable property your own.

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21242 N 80th Way Scottsdale, AZ 85255

Open House

$1,550,000

3 Beds

3.5 Baths

2,532 SqFt

Status Active

MLS # 6773622

Property Type Single Family Residence

Price Type --

This breathtaking home in the highly desirable community of Grayhawk Raptor is nestled nicely at the end of a cul de sac and central in the neighborhood. Within close proximity to all your recreational and highly rated restaurants, this home boasts of extensive stone work all throughout. Take in the serenity of the calming desert gardens all throughout the home and enjoy the brand new hot tub surrounded by it all! Make it all yours!

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