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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1109 N Falconcrest Drive
Payson, AZ 85541
$1,290,000
4
Beds
4.5
Baths
4,300
SqFt
Status
Active
MLS #
6752125
Property Type
Single Family Residence
Price Type
--
A panoramic view of the Mogollon Rim invites you into this 4,300 sq. ft 3 story home near the Payson airport. In addition to the main house, is a separate oversized garage with a 700 sq ft 1 bedroom apartment on the second level Entry to the main house is on the mid level along wit the living room, dining, kitchen, bedroom, bath, utility room, pantry and wrap around deck. On the upper level is the master bedroom with fireplace and walk in closet , master bath with jetted tub, shower, toilet room, dual sinks and closets. Office w 2 desks, a 2nd bedroom, bath, laundry and hobby room and deck are also on this level. Located on the lower level is the Rec room with pool table, 4th bath, storage room and garage. Inviting as a permanent home or a family gathering place..... This one of a kind property includes an elevator in the main house and a tiny house nestled in the trees below, RV parking with full hook up and sits on a 1.7 acre lot. Property may be purchase fully furnished.
15724 E Sunflower Drive
Fountain Hills, AZ 85268
$1,290,000
3
Beds
3
Baths
3,430
SqFt
Status
Active
MLS #
6760227
Property Type
Single Family Residence
Price Type
--
This is the home of your dreams! Custom built sitting on an elevated lot w/gorgeous 4 peaks views!! Single level living w/just a bonus room on lower level! Huge RV garage will hold a 36ft RV/Enter through stunning iron door into a wide open great room! Your eyes will take your right outside to the view, but don't miss the wonderful great room/formal dining/music room/sitting area & of course the kitchen!! Tons of custom cabinets/beautiful granite counters/huge island w/seating/Stainless appliances/ Breakfast rm overlooking the East mountains! Enjoy stunning sunrises from the covered patio off great rm/Bedrooms are split for ultimate privacy/Spacious master retreat/Master bath offers newer walk in shower/slipper tub/double vanity & lg walk in closet/2nd master is perfect for guests/More... Newer flooring throughout/ New windows on the East side of the house / 80% Sunscreens /Energy efficient due to the Solar - owned by seller and part of SRP's Customer Generation plan. Mini splits in garage and bonus room HVAC new in 2018 & 2023. New Water heater in 2023.
3768 E Aspen Court
Gilbert, AZ 85234
$1,290,000
6
Beds
3.5
Baths
3,734
SqFt
Status
Active
MLS #
6772694
Property Type
Single Family Residence
Price Type
--
Welcome to this charming CUSTOM, BASEMENT home in the highly coveted Circle G at the Highlands neighborhood of Gilbert, AZ! Situated on a cul-de-sac setting, nearly 1/2-ACRE LOT, this beautiful property offers 6 beds/3.5 baths + Office + expansive Bonus Room in the basement, perfect for families seeking space and comfort. The property also features a 3-car garage, RV gate for the toys, mature landscaping & welcoming porch. Discover an ample foyer that greets you with NEWLY installed wood floors throughout the home that are warm and inviting. The thoughtfully designed layout includes a finished basement with 2 additional bedrooms, a bathroom, huge storage room and a spacious living area w/ surround sound speakers, which is perfect for a media room providing additional living and entertainment space for your family or guests. On the main level, the gorgeous family room offers a wood-burning fireplace & vaulted ceiling! The gourmet kitchen, complete with granite counters, custom tile backsplash, plenty of white cabinetry, breakfast bar and a sunny bay window in the breakfast nook flows into an inviting living area, ideal for gatherings. Check out the NEWLY remodeled, giant walk-in pantry w/ tons of cabinetry, shelving, quartz counters, beverage cooler & more. Retreat to the main suite to find private backyard access & an ensuite w/dual sinks, separate tub/shower & walk-in closet. Oasis backyard w/ ample space for outdoor activities highlighted by a sparkling pool w/ built-in spa, boulder waterfall/slide, diving board, a concrete play area, firepit, large grass area & extended covered patio w/ a plethora of travertine decking. Also enjoy a harvest of your own fresh citrus with orange, lemon and pink grapefruit trees. Whether you're entertaining guests or relaxing in the sun, this outdoor oasis is perfect for Arizona living. Located in the prestigious Circle G community, known for its large lots and tranquil surroundings, you'll enjoy the perfect balance of luxury and privacy while still being close to Gilbert's top schools, shopping, and dining. Don't miss the chance to own this stunning custom home! ADDITIONAL RECENT UPDATES: -
17662 E Blaze Lane
Rio Verde, AZ 85263
$1,290,000
3
Beds
3.5
Baths
3,004
SqFt
Status
Active
MLS #
6782079
Property Type
Single Family Residence
Price Type
--
Welcome to your desert oasis in the heart of Trilogy at Verde River! This stunning 3-bedroom, 3.5-bathroom home is a true gem, boasting the popular Orion floor plan that's perfect for both relaxation and entertainment. As you step inside, you'll be greeted by neutral porcelain tile that flows seamlessly throughout the home, creating a cool and inviting atmosphere. Perched on a corner lot, this property offers mountain views, providing a picturesque backdrop for your daily life. The chef's kitchen is a culinary enthusiast's dream, featuring a huge center island and an abundance of cabinets with convenient pull-out drawers. Whip up gourmet meals while your guests mingle in the open-concept living area, or take the party outside to the built-in BBQ on the generous covered patio. The primary bedroom suite is a true retreat, complete with a luxurious soaking tub and a spacious walk-in closet. A den/office provides the perfect space for remote work or quiet study, while the bonus/media room offers endless possibilities for entertainment or relaxation. Practical amenities abound, including a utility sink in the laundry room, reverse osmosis system, and water softener. Located in the beautiful resort-style community of Trilogy at Verde River, you'll have access to world-class amenities and the nearby Vista Verde Golf Club. Don't miss this opportunity to live in a home that combines luxury, functionality, and stunning natural beauty. Your desert dream home awaits! Trilogy at Verde River is a Resort Style community featuring something for everyone! Tom Lehman designed golf course, tennis, pickle ball, bocce ball, heated lap pool and swimming pool, hot tub, fitness center, demonstration kitchen and a 7.5 acre dog park. The community center has casual and fine dining, luxury spa and an events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails yet close to the conveniences of affluent North Scottsdale. Live like you're on vacation!!
1730 E Acorn Lane
Huachuca City, AZ 85616
$1,290,000
8
Beds
5
Baths
3,078
SqFt
Status
Active
MLS #
6779176
Property Type
Single Family Residence
Price Type
--
Embark on an extraordinary journey to an enchanted oasis in Southern Arizona! Are you ready to experience the impossible? Nestled amidst the desert landscape, this remarkable property offers a sight rarely seen in these parts - with lush trees, a verdant grassland(Well grass at least), and a mesmerizing year-round stream teeming with fish(Well there are fish)! But that's not all! This 5-bed, 3-bath haven with 3/2 MFH guest house w/ over 55 acres and boasts a 6+ car garage(could be more but its hard for me to count higher than 6 cars), hay barn, pool, and 2 private wells and so much more. Unleash your wildest dreams - a thriving AirBnB, bountiful gardens, or simply your own paradise. Seize this extraordinary once-in-a-lifetime opportunity today.
9255 W Buckskin Trail
Peoria, AZ 85383
$1,290,000
4
Beds
3.5
Baths
4,089
SqFt
Status
Active
MLS #
6708890
Property Type
Single Family Residence
Price Type
--
Welcome to your custom retreat on 1.2 acres in Peoria, ideally located near Lake Pleasant and featuring an impressive 1900 SF RV/Boat Garage. This home offers 4 bedrooms and 3.5 bathrooms, providing ample room for your multi-generations. The gourmet kitchen is a chef's delight, equipped with high-end appliances and finishes, and flows seamlessly into a great room with a breakfast bar, cozy breakfast nook, and formal dining area. Entertain effortlessly in the indoor/outdoor living spaces, which include a putting green, basketball hoop, covered patio, BBQ area, spa, and a sparkling pool that invites relaxation and enjoyment. The spacious layout also features a large workout room with an adjoining steam room, perfect for maintaining your fitness routine. For those who need extra storage or workspace, the property includes a 1900 SF detached RV garage with a large garage doors, one for your RV and the other to store your beautiful boat to take to Lake Pleasant. This garage has ample storage, a workshop, and can accommodate up to 4 additional cars, making it ideal for car collectors or hobbyists. Don't miss the opportunity to own this exceptional property that combines luxury, functionality, and ample space for all your needs.
5321 E Paradise Lane
Scottsdale, AZ 85254
$1,290,000
4
Beds
3
Baths
2,974
SqFt
Status
Active Under Contract
MLS #
6735973
Property Type
Single Family Residence
Price Type
--
Designers feel throughout this spacious 2-story home! Located on a corner lot and just across from the park. Currently being used as a short-term rental property. Come through the double front doors, with security screen doors and beautifully etched glass interior door, to see all the magnificent features of this home. Home is tiled throughout all the main living areas of the home for easy care and maintenance. High vaulted ceilings creating an open and airy feeling. Just to the left of the foyer is the formal living area or use as a gaming area. Then it's the formal dining area with buffet niche, perfect for entertaining. To the left of the stairs is the great room, complete with a built-in fireplace entertainment panel. Wet bar area with beverage fridge. A guest room with en-suite bath to the right of the great room with a separate exit, perfect for overnight guests, or can be used as a den or office. Massive kitchen area with plenty of storage space for all one's cooking needs. Tons of countertop space, with eat-up bar seating. All top-of-the-line stainless steel appliances, including an 8-burner gas range with griddle, dual door sub-zero fridge and freezer. The kitchen area circles back around to the formal dining area, making entertaining your guests a breeze! Head up the stairs and your master suite is just to the left, complete with high vaulted ceilings, built-in fireplace panel and built-in shelving. Master bath is made for relaxation with a soaking tub, oversized shower with multiple shower heads, and dual sink vanities and lots of storage space, and a walk-in closet, complete with built-ins. An additional two guest bedrooms, bathroom and laundry area can also be found on the upper level. The backyard is an entertainer's paradise! Covered patio area providing plenty of space for patio furniture. Take a dip in your refreshing private pool, relax in your own private cabana, or whip up a feast on the outdoor BBQ! Back yard is beautifully landscaped with a mixture of grass and desert landscaping, giving one plenty of room for outdoor games, a kid's playground, or just to enjoy the desired Arizona weather! Block fencing with hedge trimming surrounding you for privacy. Tucked away for that small neighborhood feel, but just a minutes' drive to all the surrounding shopping, restaurants, and lifestyle that Scottsdale has to offer. This is living on Paradise Lane!
9344 E Via De Vaquero Drive
Scottsdale, AZ 85255
$1,290,000
3
Beds
3
Baths
2,769
SqFt
Status
Active
MLS #
6727480
Property Type
Single Family Residence
Price Type
--
Located in the highly sought-after DC Ranch community, this move-in ready Terraces West home offers 3 bedrooms, 2.5 baths, with the master bedroom conveniently on the ground floor. The open floor plan, complete with separate living, dining, and family rooms, is perfect for entertaining. Situated on a north/south cul-de-sac lot with no homes across the street, this home provides stunning views of the McDowell Mountains. If you're looking for a DC Ranch property in The Terraces, this is the perfect opportunity to make it yours!
555 S Cactus Wren Street
Gilbert, AZ 85296
$1,289,000
3
Beds
3
Baths
2,554
SqFt
Status
Active
MLS #
6771575
Property Type
Single Family Residence
Price Type
--
Move in ready, fully remodeled, acre lot in North Gilbert. Property includes 18 mature pecan trees with fencing and horse corral. This home features a new open floor plan that radiates from the finished Arizona room. The converted primary suite includes a new walk-in closet and upgraded primary bath. All renovations performed by licensed contractor. Don't miss the newly constructed, and permitted, workshop. This multi-purpose steel outbuilding has unlimited possibilities, with access directly from the driveway. No HOA, irrigated lot, the list goes on. Don't miss an opportunity to own this classic Gilbert acreage.
2521 W Pumpkin Ridge Drive
Anthem, AZ 85086
$1,289,000
4
Beds
3.5
Baths
3,290
SqFt
Status
Active
MLS #
6780784
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home in the prestigious Anthem Country Club! This stunning 4-bedroom, 3.5-bathroom Sonoma model sits on an elevated lot, offering sweeping views of the 17th hole of the Persimmon Golf Course, lush desert, majestic mountains, and twinkling evening lights. The spacious 3,290 sq ft layout includes a versatile den and a 3-car garage, all set on a serene 0.254-acre lot. Inside, a gourmet kitchen awaits with gleaming granite countertops, stainless steel appliances, and rich dark wood cabinetry. The open-concept layout flows seamlessly into the cozy family room and dining spaces, perfect for entertaining or simply enjoying the view. The owner's suite is a true retreat, featuring a luxurious tile walk-in shower and ample space for relaxation. Step...CONTINUE READING... ...outside to the backyard oasis where you'll find an expansive patio with an outdoor BBQ/bar area under a pergolaideal for al fresco dining. Unwind in the negative edge spool, heating up to 104°, with a tranquil cascading water feature. Whether you're soaking in the vibrant sunsets or hosting friends, this low-maintenance, meticulously landscaped yard offers the best of Arizona outdoor living. Experience resort-style elegance every day in this breathtaking Anthem Country Club home!
16779 W Holly Street
Goodyear, AZ 85395
$1,287,000
3
Beds
2.5
Baths
3,134
SqFt
Status
Active
MLS #
6773405
Property Type
Single Family Residence
Price Type
--
This beautiful Cristall 3-bedroom, 3-bathroom home offers 3,134 sq ft of luxurious living space with golf course view. The home features a stacked stone exterior, a beautiful custom front door and front courtyard. The resort-style backyard is perfect for entertaining with an extended covered patio, lighted pergola, lounging areas with Tiki torches, a built-in BBQ island, 2 firepits, a water feature, and above-ground spa—all overlooking the 14th hole of Tuscany West. The gourmet kitchen is ideal for hosting, featuring a large island, upgraded cabinets, granite countertops, GE Monogram stainless steel appliances, a butler's pantry, and walk-in pantry. The spacious great room offers a stone fireplace and custom media center, with views from the great room, dining area, and main and bedroom. Off the kitchen is a cozy morning room that provides a perfect spot to relax. The primary bedroom offers a serene retreat with an ensuite bathroom featuring dual vanities, a soaking tub, walk-in shower, and large walk-in closet. A second bedroom includes a private bath, while the third bedroom near the front could double as a den or office. Additional features include a 3-car garage, owner-owned 34 solar panels, and a spacious laundry room. Located in the PebbleCreek active adult community, enjoy golf, swimming pools, pickleball, tennis, fitness center, and more.
26720 N 156th Street
Scottsdale, AZ 85262
$1,285,000
3
Beds
2.5
Baths
2,633
SqFt
Status
Active
MLS #
6773995
Property Type
Single Family Residence
Price Type
--
Tucked in off the main roads sits this beautifully maintained home on 2.26+ acres w/ lush desert foliage. So many flora colors & different plants feels like a desert oasis. Bring your toys & horses & enjoy the temperature-controlled man cave/shop/extra garage, 2-stall mare motel w/ good sized arena. Lots of room to give you extra privacy & room to add more features. Relax on the patio & enjoy the peacefulness of the desert, watch the sunrise over Four Peaks & take a dip in the gated pebble tec pool w/ waterfall for that unmatched AZ experience. Great open kitchen w/ plenty of room for the chef to entertain guests. Generous cabinets/countertop space & eat-in kitchen along w/ a nicely sized formal dining space. A final bonus: a timed-irrigation raised bed layout for that gardener who.... loves home-grown vegetables & flowers. If you're looking for a spacious desert retreat that's also very quiet & private, this one is a must-see.