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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14816 E Valley Vista Drive Fountain Hills, AZ 85268

Open House

$1,325,000

3 Beds

2.5 Baths

2,742 SqFt

Status Active

MLS # 6743723

Property Type Single Family Residence

Price Type --

New Build from the Ground Up! Located on a cul-de-sac. This single-story new build home allows you to choose your finishes. This open floorplan showcases the protected easement behind the home with 8' windows and 12' ceilings. Select your finishes and build your dream home now.

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21961 E Via De Arboles Street Queen Creek, AZ 85142

$1,320,000

4 Beds

3.5 Baths

3,196 SqFt

Status Active

MLS # 6770411

Property Type Single Family Residence

Price Type --

Finally- the home where luxury meets modern comfort! This 4 bedroom home has an ADDITIONAL den as well as an office for a total of 6 rooms. A dreamy, spacious kitchen with two-toned kitchen cabinets, stunning quartz counters and upscale appliances. This popular Toll Brothers floor plan is designed with functionality for both relaxed living and stylish entertainment. The backyard features a sleek pool w/ an oversized baja step, a sunk-in trampoline, a fire-pit, raised garden beds, and an outdoor bbq area for year-round enjoyment. The location is ideal; sitting in a gated community that backs up to miles of the Queen Creek Wash walking trail while also being just a few minutes drive to downtown Queen Creek Marketplace place. Book your private tour today.

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3137 E La Costa Court Gilbert, AZ 85298

$1,320,000

4 Beds

3.5 Baths

3,514 SqFt

Status Active

MLS # 6775639

Property Type Single Family Residence

Price Type --

Experience luxury living in your dream home, nestled within an exclusive gated community in Gilbert with stunning mountain views. This elegantly designed residence boasts a split floor plan with expansive master suite, located on one side of the home, features beautiful wood floors, built-in surround sound, and access to the back patio. Indulge in the luxury of two spacious closets, an oversized bathroom with dual vanities, a soaking tub, and a separate shower. The open-concept layout includes family room, dining area, and gourmet kitchen, fully equipped with Monogram appliances, including a 72'' refrigerator, dual dishwashers, a 6-burner cooktop with griddle and chef pantry. The family room, with gas fireplace, wood mantle and surround sound, offers the perfect space for entertainment. In addition to two spacious en-suite bedrooms, the home offers a versatile third bedroom that can easily function as an office. The generous laundry room provides space for dual washers and dryers or an additional freezer. Car enthusiasts will love the 4-car garage, complete with epoxy flooring, a new water heater, and an RV gate. Outside, the backyard oasis awaits, featuring a Pebble Tec pool with a cascading waterfall, an above-ground heated spa, and a built-in pergola with built in BBQ, surrounded by mature citrus trees and artificial turf offering the ultimate relaxation with picturesque mountain views.

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13110 W Denton Street Litchfield Park, AZ 85340

$1,320,000

5 Beds

3.5 Baths

5,055 SqFt

Status Active

MLS # 6766234

Property Type Single Family Residence

Price Type --

Grand Estate Living in Barrington Estates! Gorgeous sprawling 5 bedroom, 3.5 bathroom residence offers over 5000 square feet of luxurious living space with OWNED 52 panel SOLAR on a 3/4 acre corner lot in gated community. A complete renovation in 2020 is what sets this custom apart. Step inside and be greeted by a grand 20 ft high foyer entry with lovely staircase and custom railing. The spacious open floor plan seamlessly connects the great room, kitchen, and game room, creating an ideal space and flow for entertaining. The kitchen's centerpiece is a custom quartzite slab island with seating for six, and the butler pantry allows for convenient storage and serving. The private downstairs EnSuite will be loved by guests or loved ones.Retreat to the tranquil MORE... primary suite with an adjoined private paneled office & walk-out deck overlooking the backyard oasis. The spa-like primary bath features an elegant free standing soaking tub, a separate clear glass shower, and his-and-hers walk-in closets. As stunning as the interiors of this home are, what's on the outside truly epitomizes Arizona living. Enjoy endless outdoor recreation with a private 34'x60' pickleball/basketball court, a resort-style heated pool & spa that is shaded in late afternoon by a 20x20 ramada, an expansive travertine wrap around patio, and custom outdoor kitchen. Additional features include a 19x21 bonus theater or billards room, 4-car epoxy extended length garage, and RV gate leading to your future detached out building. The sellers had drawings rendered for their future detached casita and are included in the sale. This estate is located minutes away the world-renowned Wigwam Golf Resort. Come experience!

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5401 E Corrine Drive Scottsdale, AZ 85254

Open House

$1,320,000

5 Beds

3 Baths

2,889 SqFt

Status Active

MLS # 6775108

Property Type Single Family Residence

Price Type --

Welcome to your new home in the highly sought-after 85254 zip code! This well maintained, clean 5-bedroom, 3-bath residence spans 2889 sq ft on an expansive 1/3+ acre interior lot. No HOA! The backyard features a sparkling diving pool, dual hot tubs (in-ground and above-ground), a charming outdoor fireplace, and lots of shaded areas complete with a patio, gazebo and pergola. Perfect for entertaining or relaxation. Ideal for multigenerational living with a private suite that includes its own entrance and full bathroom. Conveniently located just 1 mile from the new PV Mall and close to the 101 & 51 freeways, blending Scottsdale's prestige, Paradise Valley's top schools, and Phoenix's affordable taxes. Impeccably clean and truly move-in ready - this home is waiting for you!

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630 W Echo Lane Phoenix, AZ 85021

$1,319,500

4 Beds

4.5 Baths

3,442 SqFt

Status Active

MLS # 6649400

Property Type Single Family Residence

Price Type --

Step into this gorgeous home conveniently tucked in a gated enclave of boutique semi-custom homes in an amazing location w/in the popular Phoenix Central Corridor. The open kitchen + great room concept has soaring 22ft ceilings, featuring a Chef's dream kitchen w/ full slab island, 6-burner gas cooktop & oven, dedicated ice maker, wine fridge, & spacious walk-in pantry. The luxurious master suite is on the main level w/ an expansive walk-in closet, dual vanities, & beautiful shower / tub combination. The split floor plan has an upper level w/ 3 oversized bedrooms, 3 full bathrooms, generous laundry room, multi-use loft, & 2 balconies. The backyard is an entertainer's paradise w/ a large covered patio, low maintenance synthetic lawn, & sparkling heated pool & spa w/ mountain views (MORE) plenty of room to roam for both kids & pets. Additionally there is a 3-car tandem garage with builtin EV charger. The home is also conveniently positioned close to restaurants, shopping, entertainment and easy freeway access. Don't wait!

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28217 N 139th Street Scottsdale, AZ 85262

$1,315,000

4 Beds

2.5 Baths

3,281 SqFt

Status Active

MLS # 6774444

Property Type Single Family Residence

Price Type --

Living in the desert offers a unique blend of natural beauty, tranquility, and adventure. This home, with its large east-facing windows, is perfect for enjoying stunning sunrises over the Four Peaks, while sunsets can be admired from the rooftop deck. Located just 10 minutes from Tonto National Forest and numerous trailheads, it's ideal for hiking and biking enthusiasts. The yard often welcomes wildlife such as eagles, owls, and hummingbirds. Enjoy the pool for relaxation and stargazing at night. The yard features fruit trees, a raised garden, and low-maintenance irrigation. With efficient cooling systems and friendly neighbors, it's a peaceful and convenient place to live, close to great dining, shopping, and recreational spots like Scottsdale, Fountain Hills, and golf courses.

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3119 E Tremaine Avenue Gilbert, AZ 85234

$1,315,000

4 Beds

3 Baths

2,950 SqFt

Status Active

MLS # 6710790

Property Type Single Family Residence

Price Type --

Prepare to be amazed! Check out fully remodeled 4 bed, 3 bath horse property now on the market! Nestled on an oversized 1 acre lot w/lush grass, mature shade trees, and a 2-car side garage w/built-in cabinets. Discover a spacious open floor plan w/elegant wood-look flooring, recessed lighting, a lovely bay window, plantation shutters, neutral palette throughout, and a fireplace to keep you warm during the winter months. The fabulous kitchen is comprised of white cabinetry w/quartz counters, a pantry, tile backsplash, a farmhouse sink, stainless steel appliances, and an island complete w/a breakfast bar. Lovely AZ room can work as a sitting area or a dining room! End your busy day in the primary bedroom, boasting vaulted ceilings and a lavish ensuite w/dual sinks & a sliding barn door. Laundry room offers lots of storage space and a convenient utility sink. The expansive backyard includes a covered patio, extended seating area, and a sparkling blue pool! This home is also equipped for horse keeping, including numerous stalls, a corral, and arena! Your new home is waiting for you, act now!

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2945 W Trail Drive Phoenix, AZ 85086

$1,315,000

4 Beds

3 Baths

3,107 SqFt

Status Active Under Contract

MLS # 6693685

Property Type Single Family Residence

Price Type --

This fantastic, 3100+ SF, single story custom home in North Phoenix is a must see! Acre lot at the end of a cul-de-sac, NO HOA, great views & loads of fabulous upgrades, including travertine flooring, 10 ft. ceilings, gourmet kitchen w/ double ovens, Wolf induction cooktop, granite countertops, wine fridge, island w/ sink & lots of storage space! Gas fireplaces in both the spacious family room featuring soaring 14 ft. beamed ceiling, and the primary suite boasting of a snail shower, spa tub, dual sinks & walk-in closet! 2 new AC units, 3-car garage and a separate 1100 SF RV garage/shop with AC & 1/2 bath! Fully landscaped desert front & back yards with w/ oasis like custom pool, putting green, huge covered patio w/ grill area and more to see including the amazing mountain views!! Just minutes to Tramonto, Anthem, EZ freeway access and less than 30 minutes to Lake Pleasant!

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10445 W Navigator Lane Peoria, AZ 85383

$1,310,000

5 Beds

3 Baths

3,231 SqFt

Status Active

MLS # 6660063

Property Type Single Family Residence

Price Type --

Estimated completion 14 months from contract. New community by Canavest Group with each lot having the ability to be fully customizable to your liking and finishes to your selection. Ironwood Estates in Peoria, AZ offers a luxurious living experience in a serene desert setting. This fully improved exclusive 6 lot community features spacious single-family homes with modern amenities and high-end finishes. With 4 lots ½ acre and 2 lots ¾ acres residents can enjoy stunning mountain views, beautifully landscaped yards, and access to community parks and walking trails. With its convenient location near shopping, dining, and entertainment options, Ironwood Estates provides the perfect blend of comfort and convenience for those seeking a sophisticated lifestyle in the heart of Peoria

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32853 N Bell Road Queen Creek, AZ 85144

$1,300,000

4 Beds

3 Baths

2,637 SqFt

Status Active

MLS # 6735331

Property Type Single Family Residence

Price Type --

Step into your own private oasis on over 2+ acres of pristine land. This brand new home, completed in 2023, offers a unique blend of luxury and comfort. The Jack & Jill bathroom is perfectly designed to cater to the needs of any family. The property boasts dual RV storage in a spacious 40x40 garage, complemented by a separate four-car garage. No expense was spared in crafting the backyard into a true masterpiece. Enjoy sweeping panoramic views of the mountains, including the nearby San Tan Mountains with their inviting walking trails. Dive into the stunning 9-foot deep, pebble tech pool, surrounded by lush artificial turf. Entertain in style under the charming gazebo. This exquisite retreat is a rare opportunity to embrace elegance and tranquility in one perfect package.

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32278 N 168th Avenue Surprise, AZ 85387

$1,300,000

4 Beds

4 Baths

3,630 SqFt

Status Active

MLS # 6741875

Property Type Single Family Residence

Price Type --

This custom Modern Farmhouse features 4 bedrooms and 3 ½ baths, including an office, and boasts a 2-car garage along with a large RV garage on a lot exceeding 1 acre. The home includes a massive great room with a fireplace, a large chef's kitchen equipped with upgraded energy-efficient appliances, electric and propane gas hookups, and custom cabinets with a large island. The kitchen also features a walk-in pantry with cabinets and a water hookup for a portable ice machine. A separate laundry room with a sink and space for an additional refrigerator with a water hookup. The primary bathroom includes a fireplace, a separate walk-in shower with custom tile, a luxury sit-in tub, his and her vanities, and a large walk-in closet. Each bedroom has a walk-in closet, with one bedroom featuring a Jack & Jill bathroom and the others having a separate bathroom. Custom tile is laid throughout the home, including the bathroom tub and shower surrounds, which also feature upgraded faucets. The home also features an electric tankless water heater with the option to switch to gas/propane. The entry door is a large, custom-iron secure door. Additionally, the home has a full-back covered patio with bifold doors. This home is adorned with upgraded light fixtures throughout, including a large chandelier at the entry. The lot is enclosed with block wall fencing surrounding the premises.

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