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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18120 W Solano Court Litchfield Park, AZ 85340

$1,175,000 - 4Br/4Ba -  for Sale in Russell Ranch Phase 3 Replat, Litchfield Park
Open House
$1,175,000
4 Beds
3.5 Baths
4,241 SqFt
Status Active
MLS # 6741801
Property Type Single Family Residence
Price Type --
WELCOME HOME to this breathtaking, 4241 sq ft, custom-built Hacienda style home, in the exclusive gated community of Russell Ranch. Enter the through a rustic arched gateway and take in the private courtyard that features lovely landscaping and a beautiful water feature. The split, open concept floor plan includes high ceilings, exposed wood beams, built-ins. . The kitchen has chiseled granite counters, an island, a large buffet, a gas range, and a spacious pantry. The Primary Bedroom is a cozy retreat that includes a stone fireplace, beautiful built-ins, walk in closet and a stunning tiled bathroom. Bedrooms 2 & 3 each have en suites and walk-in closets. Bedroom 4 would make an ideal craft or exercise room. The den/office is spacious and perfectly situated at the front of the house. The backyard oasis was made for entertaining with a charming Palapa, a built in outdoor kitchen and fire pit. Take a dip into the Pebble Tec pool and spa with three cascading waterfalls and a Baja step. Keep cool on those hot summer days with a pro-grade misting system. The extended 3rd car garage can accommodate a boat and includes dual access doors for easy yard equipment and tool storage. This meticulously maintained home sits on nearly half an acre and is a MUST SEE!

4345 Copperhead Drive Wickenburg, AZ 85390

$1,175,000 - 3Br/3Ba -  for Sale in Wickenburg Ranch, Wickenburg
Open House
$1,175,000
3 Beds
2.5 Baths
2,366 SqFt
Status Active
MLS # 6760452
Property Type Single Family Residence
Price Type --
Welcome to this highly upgraded 3-bedroom, 2.5-bathroom home with a den/office, perfectly positioned on an oversized, premium lot in the sought-after Wickenburg Ranch community. With no homes behind, this property offers stunning, uninterrupted views, creating a private and serene atmosphere. Inside, you'll find a carefully curated interior that showcases designer finishes and thoughtful touches throughout. The open-concept layout is perfect for modern living, with a gourmet kitchen featuring high-end appliances including a gas cooktop, beautiful quartz countertops, and custom cabinetry. The spacious great room with tasteful beams is ideal for relaxing or entertaining, featuring large windows to bring in natural light while framing those beautiful views. The primary suite is a true... retreat, complete with a luxurious en suite bathroom and ample closet space. Two additional bedrooms and a versatile den provide plenty of room for family, guests, or a home office. Upgraded solid core doors throughout the home. With the coveted 4' extended garage, there's plenty of space for vehicles, storage, or even a workshop. Outside, the oversized lot is simply priceless, whether you want to relax in your dream backyard or simply enjoy the tranquility of the surrounding landscape. This home combines premium upgrades, incredible views, and unmatched privacy, all in the exclusive Wickenburg Ranch.

8989 N Gainey Center Drive Unit 149 Scottsdale, AZ 85258

$1,175,000 - 3Br/3Ba -  for Sale in 8989 Gainey Center Drive Condominium, Scottsdale
Open House
New
$1,175,000
3 Beds
3 Baths
2,048 SqFt
Status Active
MLS # 6779391
Property Type Townhouse
Price Type --
Beautifully remodeled townhome in coveted, guard gated, Gainey Ranch. This MOSTLY SINGLE STORY property features a spacious, open floor plan, ideal for family gatherings and entertaining. The PRIMARY BEDROOM and GUEST SUITE are on the GROUND LEVEL. A third guest suite with private balcony is upstairs. An extremely private back patio overlooks a peaceful greenbelt area, ideal for relaxing after a dip in the community pool/spa which is only steps away. Additional amenities include the Gainey Ranch Estate Club which includes pickle ball courts, tennis courts, a fitness center and an additional pool and spa. Surrounded by a 27 hole golf course and a short distance from Old Town Scottsdale, this is the ultimate in luxury & convenience!

21914 N 36th Way Phoenix, AZ 85050

$1,174,950 - 3Br/4Ba -  for Sale in Aviano At Desert Ridge, Phoenix
Open House
$1,174,950
3 Beds
3.5 Baths
2,841 SqFt
Status Active
MLS # 6755849
Property Type Single Family Residence
Price Type --
BACK ON MARKET WITH LOTS OF UPDATES!! Step into the realm of luxury living with this exquisite architecturally designed single-story residence nestled in the prestigious Aviano at Desert Ridge community. With a pristine paver driveway circling around a Desert Willow tree is the gateway to your long flowing entry. Boasting 3 bedrooms, each adorned with its private ensuite bathroom, alongside a den, which can be easily converted to a 4th bedroom. This home exudes unparalleled sophistication from the moment you cross the threshold. The expansive foyer features a beautiful hand cut travertine center medallion continuing with the elegance of travertine floors throughout a majority of the home. Indulge your culinary aspirations with top-of-the-line Viking Pro appliances complemented with with top level granite counters, backsplashes, and Knotty Alder cabinetry. The kitchen and great room tie together in a sprawling open floor plan design. The primary suite features double walk-in closets, and a gorgeous expansive ensuite bathroom with granite counters. Prepare to be mesmerized by its impeccable condition and an array of upgrades that rival even the most esteemed model homes. Delight in the finer details with a separate air purification system, soaring 12-foot ceilings, plantation shutters, custom paint, a separate glass-door office, three water systems, freshly painted exterior, and an abundance of additional features. This home is a testament to true luxury living. Outside, discover a resort-style oasis featuring a captivating pool, rejuvenating spa, and cascading waterfalls that offer an ambiance of tranquility. The outdoor fire pit and built-in BBQ is perfect for entertainment. This stunner also features a covered patio across the entire back of the home with electronic shades creating the perfect sunroom. Situated on a view lot with amazing sunsets, this home offers unobstructed views allowing you to bask in the natural beauty that surrounds you. A true sanctuary for the discerning homeowner. Beyond its opulent interior lies a prime location within walking distance of Desert Ridge Marketplace and an array of dining options, ensuring every convenience is at your fingertips. Don't miss the opportunity to make this exceptional property yours and experience the epitome of refined desert living. The Aviano Community has a magnificent 16,000sf Community Center, Massive Pool, Workout Facility, Tennis, Pickleball, and Basketball Courts. Everything you could ask for in Resort Style Living!!

11264 N 128th Place Scottsdale, AZ 85259

$1,174,900
5 Beds
3.5 Baths
3,720 SqFt
Status Active
MLS # 6723945
Property Type Single Family Residence
Price Type --
Beautiful Family Home with Mountain Views and Pool Welcome to your dream family home! This exquisite property is meticulously maintained and ready to welcome a new family. With its stunning features and prime location, it offers everything you need for comfortable and luxurious living. Grand Entrance as you step inside, the gorgeous grand staircase immediately captures your attention, setting the tone for the elegance that awaits throughout the home. High ceilings create an airy and open feel, and unique flooring adds a touch of sophistication. Spacious Living Areas. The spacious downstairs primary suite is a true retreat, featuring its own private fireplace for cozy evenings and a sense of serenity. The huge loft upstairs opens to a balcony that showcases spectacular mountain views a perfect spot for morning coffee or evening relaxation. Gather around the stunning family room fireplace, ideal for family movie nights or entertaining guests. The formal living and dining rooms are designed for memorable family gatherings and special occasions. The upstairs family room or entertaining area offers a versatile space for various activities. Whether you need a game room, a home theater, or a secondary living room, this area provides ample space and comfort for your family's needs. The chef-style kitchen is a highlight, equipped with top-of-the-line appliances and ample space for culinary adventures. Its layout ensures that cooking and entertaining are a breeze, making it the heart of the home. Outdoor Oasis Step outside to the large lot and discover your personal oasis. The fenced pool invites you to cool off on hot days, while the covered patio and outdoor grill area are perfect for summer barbecues and outdoor dining. The turf grass provides a lush, green space for play and relaxation, and the spiral staircase from the balcony to the backyard adds a unique touch of charm. Prime Location located in close proximity to top-rated schools such as Desert Mountain High School and BASIS Scottsdale, this home is perfectly situated for families seeking quality education and a friendly community. Enjoy the convenience of nearby shopping, dining, and recreational opportunities. Don't miss the chance to make this beautiful home yours. With its blend of elegance, comfort, and prime location, it's the perfect place to create lasting family memories. Newer Seller owned 18KW Fusion Power solar panel system with transferable 25 year warranty buyer can assume monthly payments or payoff at buyer's discretion.

10024 E Grandview Street Mesa, AZ 85207

$1,174,900 - 3Br/3Ba -  for Sale in La Jara Estates Replat, Mesa
Open House
$1,174,900
3 Beds
3 Baths
3,236 SqFt
Status Active
MLS # 6765662
Property Type Single Family Residence
Price Type --
PRICED TO SELL!! Welcome home to this stunning VIP semi-custom home in the quaint community of La Jara Estates that allows RV's , boats and trailers to be parked ON property. Featuring 3 bedrooms, 3 bathrooms, private den that can be used as a 4th bedroom, standard 2 car garage along with a full sized RV garage with double doors, 50 amp outlet, water and sewer hookup. The beautiful custom security door with a glass insert is perfect for our upcoming fall nights. Enter the grand foyer to wood look plank tiles throughout the estate. This split floor plan features 2 of the over-sized bedrooms near the front of the home along with a full bath with a dual vanity and an exterior door that is perfect for access for your pool parties that you can host all year long with your heated pool. Pass through to the highly upgraded gourmet kitchen. This kitchen is what dreams are made of. Upgraded 42' upper cabinets with soft close doors and drawers, stainless steel Bosch appliances, tile backsplash, induction glass cooktop, double basin undermount sink, built-in wine cooler, custom lighting, a walk-in pantry and granite countertops with a breakfast bar for multiple people. While in the kitchen you can overlook all of the living space from the formal dining/flex room, massive great room and dining nook. Admire your private oasis with sparkling pool while looking through your massive 4 panel slider door with mountain views and no rear neighbors. The master retreat is generous in size with it's own private sliding door to your over-sized covered patio and pool access. The en-suite bath offers a super shower with rainfall shower head, dual vanity with custom bowl sinks and walk-in closet. VIP offers 2x6 construction, energy efficiency, spray foam insulation and so many other upgrades that are not standard on other homes. All of this with a prime location within minutes of Salt River Recreation area, Saguaro Lake, Usery Pass and a short 30 minutes to Sky Harbor. Allow yourself some room to breathe away from the city but close to everything you can imagine. This home is ready for you but don't delay! Schedule your private viewing and prepare to be blown away.

593 E Peach Tree Street Queen Creek, AZ 85140

$1,173,900
2 Beds
2.5 Baths
2,143 SqFt
Status Active
MLS # 6716810
Property Type Single Family Residence
Price Type --
This Positano floorplan creates the perfect indoor and outdoor space. The two huge sliding walls of glass on the interior of the home connects your living space to a private courtyard with a welcoming fireplace. The expansive kitchen with its large center island is a chef's dream, providing ample space for culinary creations and gatherings. This home offers a spacious primary suite, ensuring both comfort and privacy. The thoughtful addition of a ''smart space'' housing laundry facilities and cabinetry further enhances the convenience and functionality of daily living. Both bathrooms have been upgraded with tile surrounds and beautiful light fixtures. Additional features include shutters, a carpet-free environment and gorgeous views of the golf course.

3547 E Sagittarius Place Chandler, AZ 85249

$1,170,000
4 Beds
3.5 Baths
3,194 SqFt
Status Active
MLS # 6770085
Property Type Single Family Residence
Price Type --
This stunning 4 Bedroom + 3.5 bath home in highly sought after, gated community of Pescara boasts almost 3200SF on N/S facing 1/4 Acre lot with NO neighbors behind! Enjoy the privacy of your own front entry courtyard complete with trellis cover, mounted TV, slider door & $7k iron glass front door. You'll fall in love with the Executive gourmet chef's kitchen that features commercial grade built-in refrigerator, gas appliances, oversized island w/ upgraded quartz countertops, huge walk-in pantry and dining area. Kitchen overlooks the expansive great room that feature high ceilings, large glass sliders that open to the backyard and another formal dining or bar area. Primary suite features spacious bedroom and beautiful bathroom including huge walk in closet and freestanding bathtub. Across the home, this true split floorplan features a spacious game room/bonus room/teen room (or next-gen living area!) with large sliding glass doors to private courtyard, one bedroom that enjoys it's own en-suite bathroom, two other spacious bedrooms and large bath. Every bathroom enjoys upgraded quartz countertops and foam insulation! The backyard oasis is complete with 8' deep, salt water Shasta heated pool, with water features, in-floor cleaning system, high-end Pentair with ozone and pool lighting w/ party option (all controlled from your smartphone), XL pavilion w/electric screens & weather sensors, and spacious side yard + RV gate. Enjoy the sunrise & sunset with views of Santan Mountains. Low maintenance landscaping in front & back includes turf with sprinklers & gorgeous landscape lighting. This home is truly an entertainer's DREAM with sliders throughout the home bringing the outdoors in, mister systems, LED lights in courtyard & backyard, electric shades and also wired for surround sound. Split 3-car garage has epoxy floors and foam insulation. Tankless water heater! 2 soft water tanks! 2 AC Zones! Top of the line security cameras surround the home and allows for 4 days of footage. Enjoy all the perks of a new build without the wait, hassle or expense!

6767 E Nightingale Star Circle Scottsdale, AZ 85266

$1,170,000
2 Beds
2 Baths
1,974 SqFt
Status Active
MLS # 6765472
Property Type Single Family Residence
Price Type --
This highly desirable Crista model offers soaring ceilings, abundant natural light, and a private split-bedroom layout. Then newly installed Sue Bickerdyke-designed kitchen includes dual-tone cabinetry, Taj Mahal Quartzite countertops, a Bellagio Chachet Crème backsplash, and new stainless steel appliances. The center island has storage and a breakfast bar. The family room is cozy with a gas fireplace and the flooring though out the house is either tile and luxury wood vinyl. Located on a cul-de-sac with stunning mountain views, the peaceful backyard features a natural stone patio, fountain raised garden, covered patio, and a built-in BBQ island. The roof and AC units have been updated.—a perfect blend of style and comfort.

14834 E Birchwood Place Chandler, AZ 85249

$1,170,000
4 Beds
3.5 Baths
3,178 SqFt
Status Active
MLS # 6705095
Property Type Single Family Residence
Price Type --
If you are looking for a unique county island horse property, look no further! This gorgeous 3178 square foot home sits on 1 1/2 acres of horse property! It offers 4 bedrooms, that includes an oversized master with an en suite, sunken jetted tub, walk in shower and walk in closet, beautiful formal dining room, plus an eat in kitchen with custom cabinets and large island! Great room that includes wall built ins and a fireplace! Full size laundry room equipped with a sink, folding counter and lots of cabinet space for storage! This home is esquite from it's large open floorplan, to it's 12 foot solid wood doors throughout, mountain views, 6 car garage equipped with heat/AC and custom cabinets, with an empty backyard pallet for someone to create something amazing!! Homeowner owns well right

39068 N 15th Avenue Phoenix, AZ 85086

$1,170,000
5 Beds
4 Baths
4,500 SqFt
Status Active
MLS # 6737942
Property Type Single Family Residence
Price Type --
Price reduced to let you know the owner is extremely motivated. All offers will be strongly considered. Seller carry is a realist option for the right buyer. Privately gated property with with an exceptional opportunity for a multigenerational compund.Sitting on 3.25 acres, this estate provides ample space for all your horses, RVs, and other recreational vehicles, Featuring availability for up to 5 50 AMP RV hookups. The custom home has been completely remodeled, including updates to the piping, electrical systems, and insulation, among other improvements. With its high-income potential and extensive amenities, this property is perfect for those seeking both luxury and functionality in a serene, spacious environment.

10455 E Sheena Drive Scottsdale, AZ 85255

$1,170,000 - 4Br/2Ba -  for Sale in Mcdowell Mountain Ranch, Scottsdale
Open House
$1,170,000
4 Beds
2 Baths
2,294 SqFt
Status Active
MLS # 6776856
Property Type Single Family Residence
Price Type --
This stunning McDowell Mountain Ranch property offers a perfect blend of luxury and comfort, featuring 4 spacious bedrooms and 2 modern bathrooms. The open-concept floor plan is designed for both relaxation and entertaining, highlighted by a beautiful kitchen and inviting living areas filled with natural light. Step outside to your private backyard oasis, complete with sparkling pool and spa, barbeque, and fireplace perfect for enjoying the Arizona sunshine. Located in a desirable gated neighborhood, you'll have easy access to top-rated schools, shopping, dining, and outdoor activities. Don't miss the chance to make this exceptional home yours.

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