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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3102 E Agritopia Loop Gilbert, AZ 85296

$1,195,000

4 Beds

3.5 Baths

4,217 SqFt

Status Active

MLS # 6761495

Property Type Single Family Residence

Price Type --

Beautiful gem with a basement in the heart of Agritopia! You're greeted by a charming front porch, perfect for morning coffee. The spacious great room boasts high ceilings, a contemporary palette, classic plantation shutters, and durable tile flooring. Cook delicious meals in the gourmet kitchen, equipped with granite countertops, shaker cabinetry with crown moulding, recessed lighting, a subway tile backsplash, sleek stainless steel appliances, a pantry, and a two-tier peninsula with a breakfast bar for casual dining. You'll also find a versatile den ideal for an office and a workout room for staying active. The sizable primary bedroom offers a lavish ensuite with double vanities and a convenient walk-in closet. Venture into the finished basement with soft carpeting throughout and a... Venture into the finished basement with soft carpeting throughout and a functional kitchen, perfect for a family room or hosting memorable gatherings. The enchanting backyard showcases a covered deck, pristine artificial turf, and a refreshing pool for cooling down on hot summer days. Make this beautiful residence yours today!

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844 W Beechnut Drive Chandler, AZ 85248

$1,195,000

4 Beds

2 Baths

2,226 SqFt

Status Active

MLS # 6763701

Property Type Single Family Residence

Price Type --

Minutes from world class golf, dining, and shopping, welcome to this outstanding TURN KEY waterfront property in Oakwood Lakes! An open layout with skylights, a spacious den, vaulted ceilings, and a 5-panel glass of sliding pocket doors that merge the indoor/outdoor living areas. Gourmet kitchen has SS appliances, a stylish backsplash, an L-shaped peninsula with a breakfast bar, a pantry, granite counters, white cabinets, and a pass-through window w/glass garage door opening to the backyard. Discover another glass garage door in the main retreat that provides plenty of natural light and a lavish ensuite for a very private space. The entertainer's backyard includes firepit area, putting green, blue pool, relaxing spa, Ramada w/built-in BBQ and pendant seats, covered patio, bocce ball court, boat dock for a trip on the water, and amazing lake views. Plus, RV gate/parking for all your toys. Biking and hiking trails border the neighborhood! Can't miss out on this incredible opportunity! Truly a wonderful property for a 2nd home and a perfect rental (VRBO & AirBnB approved) while you're away!!

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6735 E Dove Valley Road Cave Creek, AZ 85331

$1,195,000

4 Beds

2.5 Baths

2,887 SqFt

Status Active

MLS # 6773699

Property Type Single Family Residence

Price Type --

INVESTORS DREAM HOME!!!!! Discover a unique opportunity in Cave Creek with this off-market home at 6735 E Dove Valley Road. Set on a beautiful, expansive lot, this territorial-style property offers stunning desert views and plenty of space to enjoy the tranquility of the area. While the home could use a little TLC, it presents a great chance for someone to make it their own at a competitive price. With its spacious lot and peaceful surroundings, it's a rare find in this area. If you're interested in learning more or scheduling a time to see it in person, feel free to reach out. SW Capitol Hard Money loan ASSUMABLE 792K 1 year, 400K Seller Carryback assumable Call for Detail

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3940 Rolling Stock Way Wickenburg, AZ 85390

$1,195,000

3 Beds

3.5 Baths

3,058 SqFt

Status Active Under Contract

MLS # 6749602

Property Type Single Family Residence

Price Type --

Welcome to your dream oasis nestled in the serene landscape of Wickenburg Ranch!! This luxurious 3000 square foot home boasts breathtaking views that will leave you in awe every day. Step inside to discover a massive kitchen, meticulously designed with numerous appliance upgrades, perfect for the culinary enthusiast. Adorned with a stunning tile backsplash and granite countertops, the kitchen exudes both elegance and functionality. As you wander through this impeccable abode, you'll be greeted by beautiful timeless tile floors that add a touch of sophistication to every room. The spa-like bathrooms are a sanctuary unto themselves, featuring a rejuvenating sauna for ultimate relaxation. The oversized laundry room serves as a multifunctional space, doubling as an office to accommodate your lifestyle needs seamlessly. Step outside to your own private paradise, where a gorgeous outdoor living space awaits. An artistic fountain sets the tone for tranquility, while the travertine tile extended length patio provides the perfect setting for al fresco dining or simply soaking up the sun. Entertain with ease in the built-in outdoor kitchen, remote controlled screens, complete with all the amenities you need to host memorable gatherings. The landscaping is meticulously curated, enhancing the beauty of your surroundings and creating a serene ambiance. Keep your utility bills low with OWNED solar panels!! The home comes with HOA approved plans for a 795 sq ft Casita plus an RV garage!

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6435 E Maria Drive Cave Creek, AZ 85331

Open House

$1,195,000

5 Beds

3.5 Baths

3,209 SqFt

Status Active

MLS # 6704239

Property Type Single Family Residence

Price Type --

5 bedrooms 2.5 bathrooms with a Separate 1 bedroom 1 bath guest house (income opportunity) Incredibily peaceful, quiet location. Hard to believe your minutes away from everything.Courtyard entrance with fireplace accesssible from guest house and main house-great to enjoy on chilly nights. Extended back patio provides shade. Majestic Views of Black Mountain from the pool, view deck, back yard, primary bedroom & main living areas make this a must see home! Lawn in the yard great for the pets. Souring Ceilings t/o the home. All bedrooms are generously sized. Kitchen and Laundry Room all new 2023 quartz counters, shaker cabinets, tile backsplash and stainless steel appliances. Pool remodeled in 2024. Over an acre, County Island, plenty of room for ADU, RV garage, shop, Toys, Horses, ect

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15943 E Mark Lane Scottsdale, AZ 85262

$1,190,000

4 Beds

3.5 Baths

3,107 SqFt

Status Active

MLS # 6746266

Property Type Single Family Residence

Price Type --

New construction in North Scottsdale! Recently completed home located along the Rio Verde Drive/Dynamite corridor just 10 minutes east of Troon North. This 3107 sf single level home captures sweeping views of the Tonto National Forest & Four Peaks. Situated on one acre with ample water available via newly built private well, this property features paved roads and will be surrounded by new homes. Creative split floorplan and open great room/kitchen concept. Layout also includes generous primary suite, 3 guest bedrooms, office and 3 car garage. High level interior finishes featuring white oak hardwood flooring, Quartz countertops, Monogram appliances, 48' linear fireplace, and large wrought iron lighting fixtures. Room for expansion on the lot for guest house/RV. NO HOA ! Home is situated on a paved road with easy access to Rio Verde Dr. Backyard is left open for buyer to create their outdoor living (not included in the price). Only minutes from McDowell Mountain Parks and 22,000 acres of exploration. Highly rated hiking and biking trails within minutes. Preview this beautiful property that combines the clean sophistication of new construction with the relaxed setting of this Scottsdale neighborhood.

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14124 W Christy Drive Surprise, AZ 85379

$1,190,000

4 Beds

3 Baths

4,255 SqFt

Status Active

MLS # 6757336

Property Type Single Family Residence

Price Type --

This property is a dream come true for anyone seeking luxurious living in the gated subdivision of Mountain Gate in Surprise, AZ! Solar efficient home alllows for ultimate in low utility costs! This large 1 acre lot, 4255 sq ft ranch-style home features an open, great room floor plan, formal living room and dining room, gourmet kitchen with stainless appliances, huge walk in pantry, large laundry room w/brand new washer + dryer, 4 bedrooms, 3 baths, a den/office, a game room, 3 car garage, salt water HEATED POOL plus outdoor bar allowing for a combination of elegance and sophisticated ambiance right from the moment you arrive! The sport court is perfect for outdoor activities pared with wonderful outdoor living makes this an ideal home for gatherings! RV parking allowed.

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7207 N 175th Avenue Waddell, AZ 85355

$1,190,000

4 Beds

3.5 Baths

2,657 SqFt

Status Active

MLS # 6770376

Property Type Single Family Residence

Price Type --

Remodeled Farm house (Furnished) and property 2022-2023. This well maintained home has been completely updated to encompass modern farm feel top to bottom. Inclusive of entertainment courtyard; bar and grill ramada, fire seating area, fountain and much more. The property has a large barn that will accommodate horses and or small animals. Situated at the back of the property there is a newly added practice breakaway/sand riding arena including shoot and shaded cattle pen. You will also find a pasture with a small enchanting orchard that is accompanied with two wooden tree swings. Furnishings included with a few exception Note: All Smart appliances in kitchen and laundry Kitchen; GE Profile induction cooktop/range with air fry, convection oven, Microwave does as well.

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7528 E Corrine Road Scottsdale, AZ 85260

$1,190,000

4 Beds

2 Baths

2,550 SqFt

Status Active

MLS # 6779074

Property Type Single Family Residence

Price Type --

Nestled in Scottsdale's desirable 85260, this former model block-built home features 4 spacious bedrooms & 2 baths on a 1/3-acre lot with no HOA! Located in a quiet double culdesac, it's a short walk to Cactus Park, JCC, & Sonoran Sky. The expansive backyard offers a 60-yard golf hole with 3 sand bunkers, citrus trees, multiple seating areas, & mature landscaping w/ cooler summer evenings creating a natural habitat for bunnies & quail. Inside, the kitchen boasts ample cabinetry and SS appliances, with solar tubes bringing in natural light. All bedrooms & formal rooms feature beautiful hardwood flooring, with tile t/o the rest of home. This home combines location, space, & the opportunity to personalize at a great price, with Scottsdale's top shopping, dining, schools, & parks nearby!

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193 S Union Park Drive Payson, AZ 85541

$1,190,000

3 Beds

4.5 Baths

4,691 SqFt

Status Active

MLS # 6704155

Property Type Single Family Residence

Price Type --

Star Valley Stunner! Meticulously maintained log cabin, carefully crafted with imported Romanian wood. All 3 levels feature unobstructed breathtaking views of Monument Peak, Granite Dells and the Mogollon Rim, the almost 2.2-acre property backs to the Tonto National Forest. This charming cabin has 3 levels with ample room to entertain. There are 3 large master bedrooms, 4.5 bathrooms, and a 2-car garage, and it is absolutely move-in ready! This perfect cabin has a spacious open floor plan, a gourmet kitchen with a large island, gorgeous chalet windows that allow the ideal amount of natural light during the day and star gazing at night, soaring ceilings, oak floors, & tons of rustic charm but not lacking in the modern details for laid back comfortable living.

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38 W Lynwood Street Phoenix, AZ 85003

$1,190,000

4 Beds

4 Baths

2,754 SqFt

Status Active

MLS # 6775795

Property Type Single Family Residence

Price Type --

Charming Roosevelt Historic District Home with Casita. Welcome to this stunning 4-bedroom, 3-bathroom residence nestled in the heart of the Roosevelt Historic District. This delightful home combines modern amenities with timeless character, making it a perfect retreat! Step inside to discover a spacious parlor area that exudes warmth and charm, featuring original built-ins and beautiful stained glass windows that bathe the space in colorful light. The open layout seamlessly connects the living areas, perfect for both entertaining and everyday living. The main floor primary bedroom offers a private sanctuary with French doors leading to a serene patio, complete with a hot tub—an ideal spot for relaxation and unwinding after a long day. With three additional well-appointed bedrooms, there's plenty of room for all. An inviting upstairs study provides a peaceful work or flex space, while the newly installed AC unit ensures comfort year-round. The separate casita adds versatility, making it perfect for guests, a home office, or an art studio. Enjoy the vibrant lifestyle of the Roosevelt Historic District, with its unique blend of culture, dining, and community events. Don't miss the opportunity to make this enchanting home yours!

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13385 N 91st Street Scottsdale, AZ 85260

$1,190,000

4 Beds

2.5 Baths

3,026 SqFt

Status Active Under Contract

MLS # 6748467

Property Type Single Family Residence

Price Type --

OVERSIZED lot...14,560 Approx.SF!!! A Neighborhood Gem in the heart of Scottsdale. Key components have been updated...two new HVAC units in 2021, roof replaced in 2017 & new pool pump/filter/heater in 2022. This 4 bedroom, 2.5 bath property sits on an oversized cul-de-sac lot with heated pool/spa, built in BBQ, lush landscaping & sports court. The gourmet kitchen features stainless steel appliances, gas cooktop, pantry closet and large island perfect for entertaining. The primary suite is on the main level and upstairs you will find 3 bedrooms, a full bath, loft & office/gym. Improvements include flooring, bathrooms, custom blinds, exterior paint. Close to the 101 freeway, shopping, restaurants, and golf courses. This property is an absolute MUST SEE!

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