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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15027 N 28th Street Phoenix, AZ 85032

$1,225,000
4 Beds
3 Baths
3,448 SqFt
Status Active
MLS # 6732094
Property Type Single Family Residence
Price Type --
This fine custom home offers a world of possibilities for both personal and business needs. This property has plenty of open living space and available land for additional building — perfect for someone working from home or desiring to customize a lot. Its convenient location in the heart of the city makes this 36,000 sqft lot (zoned R-14) an incredibly rare find. The property includes both the 3443 sqft main home and detached 1200 sqft workshop/garage — and the lot still offers room to grow. The interior of the residence boasts 4 bedrooms, an office/bonus room, and a large loft area with access to a spacious observation deck/balcony built with entertaining in mind. The exterior features an enormous paved parking space and a stylish backyard with always green artificial grass, fruit ..... fruit trees and a flower garden. The focal point, however, is the covered patio and BBQ area plus the large fire pit. They make the backyard perfect for entertaining large groups. And that's not all! The home also has an oversized RV gate.The interior finishes include recently updated real wood floors /large stone tiles /solid wood doors. The owner has also installed solar panels on the roof, providing you substantial savings on electricity bills. This spacious lot would also be perfect for the addition of a pickle ball or a tennis court. Don't miss out on your chance to make an offer on this remarkable property that has an ideal combination of convenient location and acreage! Short distance to 51 FRWY , Great Hearts Academy, Basis School, PV GOLF, Kierland Shopping and Mayo Hospital. Ready to Move- In.

2133 W Tanya Trail Phoenix, AZ 85086

$1,225,000
4 Beds
3.5 Baths
3,065 SqFt
Status Active
MLS # 6755847
Property Type Single Family Residence
Price Type --
The seller is offering $20,000 towards the buyer's INTEREST RATE BUY-DOWN options. Newly constructed in 2022 on a spacious acre lot with no HOA, this highly sought-after NextGen Builders Prescott floor plan offers an exceptional living experience with its thoughtfully designed layout. The residence features a great room floor plan, encompassing four bedrooms, three and a half bathrooms, and an additional office/den. The home is elegantly appointed with high-end finishes, a chefs kitchen including Wolf & Sub Zero appliances, and exhibits a refined, tasteful design. The backyard is designed for low-maintenance living, complete with a covered patio, generous artificial turf space, ramada, and a large paver pad. Additionally, half of the lot remains a blank canvas, ready for you to add your personal touch.

10484 E Mission Lane Scottsdale, AZ 85258

$1,225,000
4 Beds
2.5 Baths
2,121 SqFt
Status Active Under Contract
MLS # 6733308
Property Type Single Family Residence
Price Type --
Opportunity awaits in highly-desirable Scottsdale Ranch! Situated on an oversized corner lot in a quiet cul de sac, this property offers a thoughtful floor plan with 4BR/2.5BA. Soaring ceilings and over 2,100 SQFT introduce travertine stone floors, solid wood cabinets, and granite countertops throughout. Entertain in the chef's kitchen, feat. stainless steel appliances, a massive center island, and dining area. Getaway to the primary suite feat. a private backyard entrance, dual vanities, separate shower/soaking tub, and large walk-in closet. Relax in the spacious backyard with sparkling pool/spa, built-in fireplace, and lush landscaping. SUPERIOR LOCATION: Less than 3 mi to Loop 101 FWY, shopping, and dining. Less than 20 min to TPC Scottsdale, Kierland Commons, and Old Town Scottsdale.

3713 E Nolan Drive Chandler, AZ 85249

$1,225,000
5 Beds
3.5 Baths
3,908 SqFt
Status Active Under Contract
MLS # 6750895
Property Type Single Family Residence
Price Type --
Situated on one of the most desirable lots in all of Valencia this exceptional 5-bedroom, 3.5-bathroom basement home offers the perfect blend of luxury, comfort, & eco-friendly living. Gorgeous wood-look tile, neutral paint, and stunning natural finishes - contemporary meets traditional in this TW Lewis quality home. Enjoyable from both inside & out, the lake with waterfall directly behind the home offers both privacy and serenity. The main level is designed with both style and functionality in mind. Including a modern kitchen with high-end appliances, huge breakfast bar, gas range, double ovens, built-in microwave, under cabinet lighting, & tons of counter/cabinet space. Suitable for entertaining or lazy evenings with the family the kitchen opens to the family room with gas fireplace. The living room is suited for entertaining with built-in bar and views of the stunning backyard accessible through the double slider doors - creating true indoor/outdoor living capitalizing on our gorgeous AZ weather. The primary suite serves as a peaceful retreat with a walk-in closet and a luxurious spa-like en-suite bathroom. The unique split floor plan basement features two generously sized bedrooms, a full bathroom, and a versatile flex roomideal for a home office, gym, or entertainment space or think multi-generational living! Step outside to enjoy your private backyard oasis, complete with a sparkling pool, large covered patio, artificial grass, & tons of pavers - a welcome retreat for your morning coffee or a glass of wine in the evening. The property also boasts pre-paid solar ensuring low electric bills for years to come.

3323 E Vogel Avenue Phoenix, AZ 85028

$1,225,000
3 Beds
2.5 Baths
2,110 SqFt
Status Active Under Contract
MLS # 6771382
Property Type Single Family Residence
Price Type --
Professionally designed by Studio H, fully engineered/permitted rebuild in 2016. Stucco exterior newly painted 2024. New water heater in 2024. New pool in 2019, Rebuild includes additional square footage, concrete, masonry, framing, drywall, roof, flooring, custom glazing, all new PEX plumbing and fixtures, all new copper electrical with custom light fixtures. Custom flooring, wallcoverings, architectural metalwork and details inside and out. Climate controlled 3+ car garage, with insulated tile flooring, cable TV, bar area, full height gabion wall, architectural lighting and interior details. 2+ bedrooms with office (easily converted to a 3rd bedroom) Elevated observation deck with custom spiral staircase and glass guardrails. Custom perforated steel shade at entry/courtyard, with low walls and gate for security. Custom poured concrete driveways, walkways and hardscape. Custom metal fence w/ access code gates and corner double gate for RV storage? Salt water pool with integral glass bead propane fireplace, fountains and Baja shelf. Jacuzzi Hot Tub 1 year old included. Custom interior barn doors along with hinged solid wood doors with frosted glass inserts. 3 A/C units, one for the master suite, one for balance of house and one for the garage. Grade AA drywall and paint finishes help create the modern million dollar feel inside. Large walk in master closet with custom cabinetry and skylight. Flueless fireplace in great room, with custom blackened steel wall panels. Kitchen has a large island, with a quartz top featuring a lighted art niche, custom glass bar top (eat in kitchen), a built-in warming drawer and wine fridge. Kitchen and Laundry have Italian custom Kitchen soft close cabinets and drawers. Kitchen has matching top of the line stainless steel appliances plus washer & dryer. Fully wired for security system with alarm and cameras. Note: Some Furniture, Art Work may be available for purchase by separate agreement, transferable upon closing of home.

12654 N 17th Place Phoenix, AZ 85022

$1,225,000
4 Beds
3 Baths
3,410 SqFt
Status Active Under Contract
MLS # 6666445
Property Type Single Family Residence
Price Type --
The elevated, hillside location delivers unparalleled sunset, golf, and mountain views in a gated community overlooking Lookout Mountain Golf course. This Ridge at Lookout Mountain property surrounded by scenic beauty, is now freshly painted, with a clean, modern ambiance, grounded with natural stone flooring and flooded with natural light through panoramic windows. The kitchen features custom cabinetry and high-end SubZero and Wolf appliances. Owned solar = sunshine pays the bill. A split owner's suite is a lavish escape with hardwood floors, sitting area, gas fireplace, dual walk-in closets, jetted tub, and snail shower. The low-maintenance yard enhances outdoor relaxation with a covered patio, pebbletec pool, built-in BBQ, and artificial turf, creating a perfect retreat. A new roof, tankless water heater, all new smart locks, shutters, invisible screen doors, electronic window screens, both a water softener and reverse osmosis, new insulated garage doors, two pergolas, gutters and a backyard gate are recent improvements. Overall, this residence combines modern elegance, integrated with its natural surroundings, offering a luxurious and tranquil lifestyle for those seeking a sophisticated home with breathtaking views and upscale amenities.

6918 E Granada Street Mesa, AZ 85207

$1,225,000
4 Beds
2.5 Baths
2,970 SqFt
Status Active
MLS # 6744579
Property Type Single Family Residence
Price Type --
Welcome to this stunning single story custom home on a 30,000 + Square foot lot with North/South lot. In Northeast Mesa! This is the complete package! New AC units in June 2024, Owned solar system. Kitchen boasts Huge Island, Maple Cabinets, large walk-in pantry, with Granite counter tops. Travertine Tile inside and outside. Great room features Beautiful Stone Wall with Gas Fireplace, Beamed Ceiling, and Double French Doors, and 12-inch Glass Doors. Office with separate entry, can also be used as 4th bedroom. Coffered ceilings throughout. Master Suite with French Doors, Gas Fireplace with sitting Room or workout area. Luxurious Master Bath and Fully built out Master Closet. Enjoy another day in Paradise in your resort style back yard with large extended patio and stunning pool & heated 4 car garage, spacious area for RV Parking and oversized driveway, minutes from 202, Highly Rated Schools, close to hiking and biking trails. Conveniently located minutes from shopping, restaurants, and more!

3361 Josey Wales Way Wickenburg, AZ 85390

$1,225,000 - 3Br/4Ba -  for Sale in Wickenburg Ranch, Wickenburg
Open House
$1,225,000
3 Beds
3.5 Baths
2,724 SqFt
Status Active
MLS # 6764569
Property Type Single Family Residence
Price Type --
This stunning 3-bed, 3.5-bath home spans over 2,700 sq ft on an oversized homesite, offering expansive indoor & outdoor living. Impeccably maintained, it features a private guest casita with a separate entrance, custom gazebo & water feature. The gourmet kitchen boasts a Monogram cooktop & refrigerator, soft-close cabinets & drawers, & a custom pantry. Large picture windows & two full walls of sliding glass doors seamlessly blend indoor & outdoor spaces. The covered patio with a built-in BBQ is perfect for entertaining. Exterior painted recently with Rhino Shield® paint (25-year warranty) offers protection from cracks and chips. The extended tandem garage has upgraded insulation & a mini-split for climate control, ideal for year-round use. (See Below for Full Description) This beautifully maintained 3-bedroom, 3.5-bath home spans over 2,700 sq ft and sits on an oversized homesite, offering both luxurious indoor and serene outdoor living spaces. Every inch of this home has been designed with comfort and style in mind, featuring thoughtful upgrades throughout. The private guest casita, with its own separate entrance from the front courtyard, provides a tranquil retreat for visitors. The courtyard itself boasts a custom gazebo and water feature, perfect for relaxing or entertaining. Step into 10ft ceilings and 8ft doors with 6in baseboards in every room. The gourmet kitchen and experience true chef-level luxury, with a built-in Monogram cooktop and refrigerator with a custom built-in pantry in the home's smart space, designed for ultimate convenience. The main living area is flooded with natural light from large picture windows and two full walls of sliding glass doors that open at the corner, seamlessly blending indoor and outdoor spaces. This open-concept design leads to a large, covered patio complete with a built-in BBQ, creating the perfect setting for entertaining or relaxing year-round. The exterior has been recently painted with the high-end Rhino Shield® system, which comes with a 25-year warranty against cracks and chips, ensuring your home's curb appeal remains pristine for years to come. The extended tandem garage is designed for more than just parking, featuring upgraded insulation in the walls, ceiling, and garage door, along with a mini-split system for climate control, making it a perfect workspace all year long. Don't miss out on this exceptional home, offering a blend of style, comfort, and innovation in every detail.

4675 Copper Court Wickenburg, AZ 85390

$1,225,000 - 3Br/4Ba -  for Sale in Wickenburg Ranch, Wickenburg
Open House
$1,225,000
3 Beds
3.5 Baths
3,024 SqFt
Status Active
MLS # 6742332
Property Type Single Family Residence
Price Type --
Enter the spacious 3-bed, 3.5-bath Orion floor plan. Dramatic 10 & 12 ft ceilings accentuate mountain views from the grand living room's ample windows. Den & media room offer additional hosting space when the family comes for the holidays. Granite countertops at dining & baths. Smart space at laundry adds storage, office or craft area. Kitchen is an entertainer's dream w/ built-in cooktop, microwave, oven, & large island for guests. Alcove dining space opens to 600 sq ft of covered patio. Powered shades, built-in BBQ & ceiling fans. artificial turf and mountain views, stunning sunrises & sunsets are all waiting in your backyard. Fully paid off solar, 3-car garage, hot water recirculation & water filtration primary bath with soaker tub and glass enclosed shower upgrades just to name a few

50 W Lynwood Street Phoenix, AZ 85003

$1,225,000 - 3Br/2Ba -  for Sale in Chelsea Place, Phoenix
Open House
$1,225,000
3 Beds
2 Baths
2,235 SqFt
Status Active
MLS # 6772709
Property Type Single Family Residence
Price Type --
Here is your chance to own a modernized, historic craftsman bungalow sitting on one of Arizona's most charming, walkable, and neighborly streets! Designed for easy living, this spacious bungalow has a fantastic floor plan, garden setting porches, heated pool, and is available furnished. Total peace of mind with the installed metal roof, free and clear solar and new HVAC units. Owner has spared no expense with creating a home that is intended to be enjoyed. The living area features floor-to-ceiling glass window doors that flood the space with natural light, while the kitchen is equipped with stainless steel appliances, original exposed brick, and space to entertain. The master bedroom offers a peaceful spa-like upgraded master bathroom. Historic Tax rate of 50% off for owner occupants, too

21211 N 38th Place Phoenix, AZ 85050

$1,224,500
4 Beds
3.5 Baths
3,552 SqFt
Status Active
MLS # 6751849
Property Type Single Family Residence
Price Type --
Seller offering $10k towards buyer closing costs or rate buy down with strong offer. FULLY remodeled home in Fireside at Desert Ridge Community. The first floor features a kitchen to living room open concept with soaring ceilings, 1/2 bath, dining room, office & en suite guest room. 2nd floor includes a loft, 2 guest rooms, full bath and primary bedroom. Interior upgrades include new flooring & paint throughout. Kitchen-Custom island & breakfast nook, resurfaced cabinets, backsplash, high end ss appliances & sink. Living Room-new entertainment center with oversized fireplace & built in wine fridge. All bathrooms-upgraded floor tile, countertops, sinks, tiled showers & glass doors. Exterior upgrades-full home paint, front courtyard pavers & gas fireplace, lighting, turf, gazebo & misters.

5312 N Sierra Hermosa Court Litchfield Park, AZ 85340

$1,220,000
6 Beds
3.5 Baths
4,824 SqFt
Status Active
MLS # 6749766
Property Type Single Family Residence
Price Type --
Move in Ready property located in the gated community of Dreaming Summit at Barrington Estates! 6 bedrooms + loft/game room, office on first floor with separate entrance/exit, 3.5 baths, 4,824 square feet, 4 car garage on an oversized cul de sac lot (1.172 acres), huge first floor master bedroom with French doors leading to the backyard, dual vanities, separate tub & walk-in shower, his & hers walk in closets, gourmet kitchen boasts Dual-Viking ovens, gas cooktop, Sub Zero refrigerator, kitchen island, ample cabinets & counter space, granite counters, family room has gas fireplace with stone mantle, 5 bedrooms upstairs, plantation shutters, backyard oasis awaits you that includes children's playground, Playhouse with air conditioning, trampoline, large covered patio, RV gate, large grass area, pool for those hot Arizona summers, built in BBQ with gazebo, outside fireplace, sport court, walking path, close to freeways, shopping, entertainment, too much to list here, see this home today!

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