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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9781 E Gamble Lane Scottsdale, AZ 85262

$1,545,000

4 Beds

3 Baths

3,166 SqFt

Status Active

MLS # 6754348

Property Type Single Family Residence

Price Type --

Fantastic opportunity to own a completely remodeled, single level home in the Monument at Troon North. Fall in love with its gorgeous open floorplan featuring wood floors, linear fireplace in great room, chefs kitchen with Wolf Range, double ovens, under/over/inside cabinet lighting, huge breakfast island and quartzite counters. Your favorite room will be the dining room with its lovely view and wall to wall hutch that makes a statement. The inviting primary suite features cozy fireplace and a exit to back patio and view deck. Enter primary bath thru barn door into spa like bath with free standing tub, double sinks, huge shower, private water closet and large walk in closet with organizers. Huge second ensuite with lots of closet space and lovely bath with backlite mirrors, tiled mirror, tiled wall and a lot of style. Large 3rd and 4th bedroom offer walk in closets, shutters, nicely sized, 4th has private patio. Well laid out laundry room with sink and extra refrigerator space. This corner lot gem is a must see, desert landscape with a lot of lights and RV gate, this lot is large enough for putting green, pool and ramada! Garage is 3.5 at least and extended.

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8300 E Dixileta Drive Unit 305 Scottsdale, AZ 85266

$1,545,000

5 Beds

3.5 Baths

3,701 SqFt

Status Active Under Contract

MLS # 6693419

Property Type Single Family Residence

Price Type --

Welcome to this stunning 5-bedroom, 3.5-bathroom residence in the exclusive community of Sincuidados, where modern living is elevated by panoramic views of Pinnacle Peak and the majestic McDowell Mountains. Whether you're seeking ample space for family or the flexibility of a home office, this versatile property delivers with both style and substance. This home is perfectly positioned to capture the beauty of Arizona's natural landscape, with uninterrupted mountain views providing a breathtaking backdrop. Floor-to-ceiling windows and thoughtfully placed skylights fill the space with an abundance of natural light, creating an open, airy ambiance that flows throughout the home. Offering 5 bedrooms, with the option to use one as an office, this home is designed to suit a variety of needs. While certain areas of the home provide the perfect opportunity for personalization and modern updates, the current layout presents a solid foundation for your creative vision. Move-in ready with fresh interior paint and new carpet in select rooms, this home has been enhanced with modern LED lighting and a state-of-the-art 5-stage reverse osmosis system for pristine water quality. Major system upgrades in the last five years include a brand-new foam roof, newer HVAC systems, new water heaters, and a reverse osmosis system ensuring peace of mind for years to come. This property combines the allure of a prestigious location with the opportunity for subtle customization, making it an ideal canvas for buyers seeking both luxury and potential. Whether you're inspired by the stunning mountain vistas or the endless possibilities for modern upgrades, this rare offering is an extraordinary opportunity to create the home of your dreams. Experience a life of beauty, space, and promise in Sincuidados.

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4664 E Grove Circle Mesa, AZ 85206

$1,544,500

6 Beds

4 Baths

4,909 SqFt

Status Active Under Contract

MLS # 6769609

Property Type Single Family Residence

Price Type --

Step into this beautifully remodeled home located on a large cul-de- sac lot located inside of a small gated community. This home features a large 19k+ sq ft lot, 6 bedrooms and 4 full bathrooms and a BASEMENT! The bright open floor plan features soaring ceilings, open kitchen, huge kitchen island and resort-like backyard making it perfect for large gatherings. The kitchen features 2 dishwashers,48 inch built-in refrigerator and a large 6 burner gas range with 2 ovens. The elegant primary suite features a huge shower, soaker tub, and large walk-in closet. Primary bedroom, 2nd bedroom and office space are all located on the main level. Upstairs features 3 bedrooms and 2 full bathrooms, two of the bedrooms share a Jack and Jill bathroom. The upstairs also features a large patio... (cont.) overlooking the backyard with mountain views. The outdoor space is equally as impressive with a large covered patio area, pool with water slide, above ground hot tub, multiple citrus trees, and a garden area with shed. Covered patio area has a drain line for outdoor sink and gas line plumbed in the wall making it a perfect opportunity to build an outdoor kitchen area. Large 3-car garage features a work-out area/storage area that opens up to the pool area through sliding glass doors. Property features a large RV gate and 100ft of paved parking that includes power and sewage drop for the RV. This home needs to be seen in person to be fully appreciated.

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4825 N 72nd Way Scottsdale, AZ 85251

$1,539,000

3 Beds

3.5 Baths

2,235 SqFt

Status Active

MLS # 6729878

Property Type Townhouse

Price Type --

Welcome home to your jewel box in the heart of Scottsdale's high-profile 85251 zip code! This modern masterpiece sits in Royale Gardens, a lush and tranquil tree-lined community reminiscent of Old Hollywood. Completely redeveloped from the foundation up and featuring both Scandinavian and contemporary design, this custom two-story residence features a rare 3 bedroom, 3.5 bathroom layout that is both spacious and perfect for entertaining. Stunning from the finest materials used, including imported hardwood floors, floating staircase, glass enclosed showers, recessed LED lighting, marble bathrooms, and a world-class gourmet kitchen with Sub-Zero integrated refrigerator and Corian countertops.

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20705 E Marsh Station Road Vail, AZ 85641

$1,535,000

3 Beds

2.5 Baths

4,039 SqFt

Status Active

MLS # 6777269

Property Type Single Family Residence

Price Type --

Welcome to a one-of-a-kind gated estate on a private hill in Arizona's gorgeous landscape. Enjoy 5.6 acres plus an additional 51 acres of adjoining land, offering unparalleled seclusion and panoramic views. This 4,039-sq-ft luxury home features 3 spacious bedrooms, 2.5 baths, a chef's kitchen with custom knotty alder cabinetry, and an open-concept living area with stunning wood beam ceilings. Breathe in the desert vistas from expansive windows and outside patio off living area. Relax by two fireplaces-pick your view!. Additional amenities include a 3,200-sq-ft detached warehouse/workshop with a 20x80 carport, perfect for storage or creative projects. Don't miss this Arizona paradise

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3018 N 50th Street Phoenix, AZ 85018

$1,535,000

5 Beds

4.5 Baths

3,819 SqFt

Status Active

MLS # 6739740

Property Type Single Family Residence

Price Type --

Experience the best of Arcadia living - walking distance to the greenbelt, OHSO, all of Arcadia's best amenities. This home features 5 bedrooms, 4.5 bathrooms, and over 3,800 square feet of luxurious living space. The gourmet kitchen boasts slab granite counters, an island, an eat-in area, and opens to a large family room. The primary suite includes a private balcony with Camelback Mountain views, dual walk-in closets, a jetted tub, and a walk-in shower. With two primary suites, one on each floor, the home offers flexibility and privacy. Enjoy high ceilings, formal living and dining areas, a loft, and covered patios in front and back. The property includes a three-car tandem garage and ample sized backyard. Situated on a cul-de-sac street and in the popular Arcadia Osborn neighborhood.

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5455 E Lincoln Drive Unit 1016 Paradise Valley, AZ 85253

$1,529,000

2 Beds

2.5 Baths

1,702 SqFt

Status Active

MLS # 6639094

Property Type Apartment

Price Type --

Indulge in loft living at Mountain Shadows Resort! exquisitely upgraded 2-bedroom loft home is adorned w/ designer touches & meticulous details. Nestled against the breathtaking backdrop of Camelback Mountain, Mountain Shadows Resort offers a distinctive lifestyle in a community of only 41 condo & loft homes, providing a serene Paradise Valley setting w/ full privileges at the resort iincluding a pool, spa, gym, restaurants & concierge services. There's also the unique opportunity to join the rental pool for stress-free income generation. Welcome to the epitome of resort living in Paradise Valley! Step into this two-story residence that emanates unparalleled style, offering turn key living at its finest. Furniture is avail for purchase. Property has ability to be in rental pool program.

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6942 E Thirsty Cactus Lane Scottsdale, AZ 85266

$1,525,000

3 Beds

2 Baths

2,472 SqFt

Status Active

MLS # 6749247

Property Type Single Family Residence

Price Type --

Wonderful home in Terravita Country Club with views of the 14 fairway and Black Mountain with stunning AZ sunsets! This remodeled home offers a fabulous kitchen, granite and luxury stainless appliances all overlooking the great room. The view windows offer unparalleled views of the surrounding mountains, sunsets and world-famous Saguaros. This Caelum model plan is perfect for guests to relax, both inside and out! The backyard is a resort paradise with a heated pool, large built in BBQ/entertaining bar, large gas fire-place and lots of outdoor seating with and covered patio areas to enjoy the best of Arizona resort living! This is a must see!

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7117 E Rancho Vista Drive Unit 4006 Scottsdale, AZ 85251

$1,525,000

3 Beds

2.5 Baths

1,734 SqFt

Status Active

MLS # 6755060

Property Type Apartment

Price Type --

RARE CORNER UNIT COMPRISED OF 3 BEDROOMS + 2.5 BATHS, TWO SEPARATE ENTRANCES (ONE FOR RESIDENT, ONE FOR GUESTS) WITH TWO EXPANSIVE TERRACES, WITH CAMELBACK MOUNTAIN AND CITY VIEWS. PANORAMIC FLOOR-TO-CEILING GLASS SLIDERS. TWO SECURED UNDERGROUND PARKING SPACES NEAR ELEVATORS. AWARD-WINNING OPTIMA CAMEL VIEW IS RENOWNED FOR ITS PRIME LOCATION AND CUTTING-EDGE ARCHITECTURE OFFERING UNPARALLELED AMENITIES INCLUDING POOLS, SPAS, BBQ AREAS, AND A RECENTLY UPGRADED TWENTY-FOUR THOUSAND SQUARE FOOT FITNESS CENTER WITH LOCKER ROOMS, STEAM ROOMS, INDOOR LAP POOL, SPAS, AN ON-SITE CONCIERGE, PUTTING GREEN, HYBRID BASKETBALL/PICKLEBALL COURT, AND RESTAURANT. WALKING DISTANCE TO, COFFEE SHOPS, RESTAURANTS, NIGHTCLUBS AND ALL THAT OLD TOWN SCOTTSDALE HAS TO OFFER.

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3519 Lee Doyle -- Flagstaff, AZ 86005

$1,525,000

3 Beds

2 Baths

2,497 SqFt

Status Active

MLS # 6772140

Property Type Single Family Residence

Price Type --

Located on a large corner lot in a private area of Forest Highlands, this charming SINGLE LEVEL home is the perfect mountain retreat. The open floor plan, privacy and additional bonus room provide comfort and versatility for large groups or intimate gatherings. The open kitchen has granite countertops and stainless-steel appliances as well as a large walk-in pantry. It also has a pass-through service window to the bonus room. The large covered deck has both covered and uncovered areas with a built in barbecue and plenty of room to enjoy the outdoors. This is quite the find at a price point seldom seen in Forest Highlands.

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6055 E Indigo Sky Road Hereford, AZ 85615

$1,525,000

3 Beds

3.5 Baths

3,307 SqFt

Status Active

MLS # 6777571

Property Type Single Family Residence

Price Type --

This stunning Santa Fe style 3300 ft.² + is located between Bisbee and Sierra Vista AZ. Just off highway 92 backed against Thompson Peak. This property offers a perfect blend of modern elegance and serene desert living on a spacious 5 acre lot. The house offers two master suites and 2 1/2 bathrooms. The open concept layout flows seamlessly from the welcoming large foyer with Stackstone accents, to the expansive living areas. The gourmet kitchen is equipped with high-end appliances, granite countertops, butcher block Island, Stackstone backsplash and tons of maple cabinets. The huge main master suite provides a relaxing retreat with panoramic valley and Mountain View's walk-in closet, spa like bathroom and private balcony. A detached one bedroom, guest suite and a 40 ft RV garage/worksho

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7374 E Woodsage Lane Scottsdale, AZ 85258

$1,525,000

3 Beds

2.5 Baths

3,472 SqFt

Status Active

MLS # 6747900

Property Type Single Family Residence

Price Type --

Exquisitely curated interiors create the distinguished ambiance offered in this very private, gracious villa. Discerning tastes will take note of the Ralph Lauren inspired fabrics and appointments throughout the spacious floorplan, with comfortable, open living spaces on the main level, including the dramatic vaulted entry & formal living room w/ wet bar, sophisticated Formal Dining, well-lit kitchen w/ charming breakfast room adjacent to the finely appointed Family/TV room, which overlooks the private patio with glass tiled dipping pool. Upstairs, the Primary Suite is a richly appointed sanctuary of it's own, separated by an open walkway from the secondary bedrooms. Additionally, an office/exercise room & delightful powder room exist on the main floor. (Newer roof w/ warranty.) Furniture may be purchased by separate bill of sale for a move-in ready scenario, if desired.

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