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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7400 E Gainey Club Drive Unit 211 Scottsdale, AZ 85258

$1,150,000
3 Beds
2 Baths
1,869 SqFt
Status Active
MLS # 6759730
Property Type Townhouse
Price Type --
Golf Course Views from spectacular Gainey Ranch Townhome. Fully Remodeled second story unit with two car garage & breathtaking views! Featuring 3 beds 2 bath, loft/office upstairs, featuring wood floors & white shutters this home has it all. Kitchen is equipped with glass door cabinets, SS appliances, breakfast bar & formal kitchen seating area. Open floor plan allows to entertain in living room & dining room with the two-sided fireplaces & private patio. Primary bedroom includes private patio & primary bathroom has dual sinks, jetted tub & tiled separate shower & large walk in closet with built-ins. The 8 million dollar clubhouse offers world class amenities including: gym, tennis courts, bar, lounge, wine room, conference room, two pools, hot tub, & more!

205 W Blue Ridge Way Chandler, AZ 85248

$1,150,000
4 Beds
2.5 Baths
2,696 SqFt
Status Active
MLS # 6757683
Property Type Single Family Residence
Price Type --
Optional Seller Financing available. Located in the heart of Ocotillo, this Fulton Ranch property is a gem. Professionally remodeled inside and out, with modern luxurious finishes. The brand new kitchen includes quartz counters, stainless appliances, 36inch gas range, stunning oversized waterfall island, all accented with natural wood inlays. Beautilful white oak spc flooring, 7.5 inch baseboards and new bedroom carpet. Custom 8ft linear fireplace surrounded in natural stone highlights family room overlooking the pool. With 4 bedrooms and an office, this home truly has it all! Primary suite offers tranquillity, with oversized shower and freestanding tub. Escape to the backyard oasis...transformed with brand new turf, travertine pavers and a modern pergola. (2) New Carrier AC units(2.5 and 4.5ton) as well as both furnaces New hot water tank New RO system and water softener (both owned) All new stainless appliances and commercial 6 burner gas range New interior/exterior paint New SPC flooring and 7.5 baseboards New carpet in kids/guest bedrooms All cabinetry professionally refinished New hardware throughout home New fans, lighting and recessed LEDS New 100 fireplace New fixtures throughout home New Lumataj quartz counters in kitchen and primary bath New Fossil Grey quartz in laundry room and full bath All bathrooms updated with new sinks, fixtures, toilets, stone and glass doors New Bermuda turf New travertine pavers New 11'x13' louvered pergola, New backyard landscaping and irrigation

6979 E Mighty Saguaro Way Scottsdale, AZ 85266

$1,150,000
3 Beds
2.5 Baths
2,450 SqFt
Status Active
MLS # 6765050
Property Type Single Family Residence
Price Type --
You want character? Come see this timeless home in the Guard gated community of Terravita! This home is stunning with its concrete floors, concrete countertops and much more. The many unique updates to this home: the artistic stained glass panels of (Oak Creek, Sedona) at the entrance, solid wood doors, complete kitchen remodel with SS appliances -Viking 4 burner stove, beverage/wine fridge, Reverse osmosis, sitting bench with storage in primary bedroom, complete remodel of primary bathroom incudes walk-in shower. The family room is light & bright with tall windows looking out to the view fence & natural area, the den has a double sided fireplace with an attached wall library - great for adding your personal touch of decor. Newer roof, Hunter Douglas blinds with shutters in some of the home, lots of updates to come see. The garage has plenty of cabinet storage, epoxy flooring, water softener & recirculation pump on water heater & Tesla Solar. Out back you will enjoy the view fence against the natural area adding privacy. Citrus trees ( Fig, lemon & grapefruit) with just the right amount of gardening area are perfect for spending time outdoors.

20636 E Ocotillo Road Queen Creek, AZ 85142

$1,150,000
2 Beds
1 Bath
1,057 SqFt
Status Active Under Contract
MLS # 5580021
Property Type Single Family Residence
Price Type --
INVESTORS, LOCATION, LOCATION, LOCATION. THIS IS A MUST SEE!!! Located in the Heart of Queen Creek on a CORNER LOT. This property is currently zoned residential, but can be turned into commercial. BRING YOUR VISION, THE SKY IS THE LIMIT.

36648 N 27th Avenue Phoenix, AZ 85086

$1,150,000
4 Beds
3.5 Baths
3,667 SqFt
Status Active Under Contract
MLS # 6722360
Property Type Single Family Residence
Price Type --
Indulge in luxury and serenity at this pristine, never-lived-in Desert Hills home, situated on 1.25 acres with breathtaking mountain views. Experience seamless indoor-outdoor living in an open-concept layout. The gourmet kitchen boasts commercial-grade appliances, dual islands, a breakfast nook, and formal dining space — an entertainer's dream! Enjoy no HOA, no interior steps, wood accents throughout, and walk-in closets in every bedroom. The primary bath features a Jacuzzi-style tub, complemented by practical amenities such as a 4-car garage with 220v, a spacious laundry room with built-in cabinets and sink, and a back patio pre-wired for a hot tub. Recent upgrades include a finished block wall and staircase to the walk deck, enhancing this ideal desert retreat.

1748 Commonwealth Street Prescott, AZ 86301

$1,150,000
3 Beds
3 Baths
2,545 SqFt
Status Active Under Contract
MLS # 6727665
Property Type Single Family Residence
Price Type --
Back on the market! This stunning Parkside in Prescott Lakes home is conveniently located right on the edge of the Prescott Lakes Golf Course, at the 16th tee box! Step inside through the oversized front door of this custom-built home and be welcomed by high ceilings that create a bright and open space. Throughout the house, you'll find beautiful, scraped hardwood-look tile flooring throughout . The great room features a wet bar equipped with a Beer Meister, mini fridge, sink, a large picture window with views of the picturesque Granite Mountain, surround sound, and a stunning stone and granite fireplace that invites you to relax and unwind in this spacious and cozy haven. Opening up from the great room is the heart of the home - the dream kitchen.

1034 E Sandpiper Drive Tempe, AZ 85283

$1,150,000
4 Beds
3 Baths
3,143 SqFt
Status Active Under Contract
MLS # 6744043
Property Type Single Family Residence
Price Type --
Snag this top-notch gem located in Tempe's sought-after Lakes before it's gone! Not only will you enjoy living in a well established neighborhood with a dynamic HOA engaged in constant community improvements, but you will also delight in the comfort of your gorgeous new home! Permitted and taken down-to-the-studs, this 2021 reconstruction boasts over 3,100 sq ft of meticulously planned living space with high-end finishes throughout. Enter through the custom Alder Dutch door and enjoy the new open floor plan including a deluxe primary suite upstairs, and additional primary area downstairs with an attached multi-use den/office/playroom/nursery. No expenses spared- owned energy-efficient solar (ask agent for summer AC savings), dreamy Quartzite kitchen island, 2021 matching LG stainless steel kitchen appliances, dimmable LED lighting beneath upper kitchen cabinets, a sparkling pool with new pump and LED multi-color lighting, 4-panel electric outdoor security screen for added pool safety and privacy, all-new windows, wiring, garage charging for 2 EVs, an outdoor 50 amp plug-in for potential RV visitors, reconfigured low-maintenance landscaping, and the list goes on! Tempe area homes like this rarely come available. Discover for yourself the warmth and sophistication of every upgrade thoughtfully crafted to enhance your living experience!

1045 S 131st Street Gilbert, AZ 85233

$1,150,000 - 4Br/2Ba -  for Sale in White Fence Farms Unit 2, Gilbert
Open House
$1,150,000
4 Beds
2 Baths
1,909 SqFt
Status Active
MLS # 6776807
Property Type Single Family Residence
Price Type --
Rare Opportunity in White Fence Farms! Step into a tranquil, tucked-away haven where classic charm meets endless outdoor possibilities. Located in the heart of Gilbert on a picturesque street lined with acre-sized lots, mature trees, and lush green lawns, this property offers a private retreat with the convenience of city life just minutes away, including the vibrant Heritage District and downtown Gilbert. This expansive irrigated acre+ lot is designed for both relaxation and recreation. A beautiful, fenced diving pool with a recently added salt system invites you to cool off under the sun, while a charming pagoda and deck offer the perfect spot for outdoor entertaining. The property is dotted with fruit and pecan trees and shaded by majestic, towering trees that change with the seasons, creating a picturesque landscape year-round. The spacious backyard has ample room for horses or small farm animals, gardening, or simply unwinding in the peace and privacy this setting affords. With its idyllic blend of rural tranquility and modern accessibility, this home is perfect for those who cherish outdoor living, making it a rare gem in Gilbert. Solid slump block construction stands the test of time, and the classic ranch style home has been tastefully updated, featuring a 4 bedroom/2 bath layout with neutral tile floors, classic white fireplace surround (wood fire), wood laminate flooring in three bedrooms for easy care and tile in the bathrooms. The kitchen features white cabinets, granite counters, tiled backsplash, refrigerator, updated plumbing/sink and appliances, leads out to an expanded covered patio for indoor/outdoor living. The owner's suite has a combination of tile and carpet, with a vanity or sitting area that offers views of the outdoors. Recently updated bathrooms feature quartz counters, tiled shower/bath areas, brushed nickel fixtures and newer cabinets. The property has an attached 2-car garage, expanded driveway, RV gates and room for RV/trailer parking. Three storage sheds are located on the property, and discover plenty of room to build an RV garage, guest house, workshop and more. The HVAC was fully replaced in 2023 and has a 10-year transferrable warranty. Updated dual pane vinyl windows add additional efficiency. The water heater was also replace in 2023, shingle roof in 2015 and over-patio roof in 2023. An attached laundry/utility room offers more storage or room for an additional refrigerator. Just down the street is access to the Heritage Trail and canal, with miles of walking, biking and horse access. Travelling north on the trail will connect you to the Wester Powerline Trail, taking you directly to downtown Gilbert and the Liberty Marketplace as well as fabulous restaurants and breakfast spots! White Fence Farms is just 22 minutes from two major airports and convenient to downtown Phoenix, Scottsdale and Tempe/ASU, as well as a short drive from popular hiking and biking trails, lakes and rivers.

4135 E Glenrosa Avenue Phoenix, AZ 85018

$1,150,000 - 3Br/2Ba -  for Sale in Orange And Lemon Grove Tract Lots 10 11 16 17, Phoenix
Open House
$1,150,000
3 Beds
2 Baths
1,511 SqFt
Status Active
MLS # 6768902
Property Type Single Family Residence
Price Type --
A beautiful re-envisioned home for design minded buyers in a very sought after section of Arcadia Lite. Three bedroom, two baths with a separate casita with 3/4 bath. New floors and kitchen with new wolf range and paneled Sub Zero refrigerator, marble countertops and new cabinets. New upgrades in both bathrooms. Wall of windows with custom drapes in living room and dining room. Landscaping by TrueForm. Backyard oasis with pool, as well as a casita that can be used as an office or guest house. There is also a separate matching structure currently used as storage that can be finished for additional living space. Close to all that Arcadia has to offer. Walking distance to LGO, Postino's, Kachina park and nearby canal access for walks or bicycling.

6525 E Cave Creek Road Unit 6 Cave Creek, AZ 85331

$1,150,000 - 2Br/3Ba -  for Sale in Hidden Rock At Cave Creek 2nd Amd, Cave Creek
Open House
$1,150,000
2 Beds
3 Baths
2,078 SqFt
Status Active
MLS # 6774805
Property Type Single Family Residence
Price Type --
Discover the epitome of luxury living in this esteemed Hidden Rock community, nestled beneath the picturesque Black Mountain. This impeccable, move-in-ready home offers a seamless blend of elegance in a thoughtfully designed open floor plan accentuated by 20' soaring ceilings. Boasting two generously sized bedrooms, each capable of serving as a the primary suite, providing both flexibility and privacy. The state-of-the-art kitchen is a chef's dream, featuring sleek dark cabinetry & light quartz countertops for a stunning contrast. Top-notch stainless steel appliances, including a professional-grade gas range, ensure a superior cooking experience. The spacious waterfall island with bar seating offers both functionality and a great gathering space. With its open layout and modern design, this kitchen is perfect for crafting gourmet meals and hosting delightful gatherings. Constructed with superior energy efficiency in mind, it features remarkably insulated 8-inch thick walls (R40) and 12-inch thick ceilings (R60), showcasing the finest in desert home engineering. Sophisticated, newly updated high-end finishes grace every corner. Additionally, a two-car garage adds to the home's practical offerings. Located just minutes from the vibrant shops and restaurants of Cave Creek, this home perfectly marries comfort with opulence in an unparalleled setting. Experience this exceptional property and its inviting surroundings firsthand. Visit today and be prepared to be thoroughly impressed.

3675 Gold Ridge Road Wickenburg, AZ 85390

$1,150,000 - 3Br/4Ba -  for Sale in Wickenburg Ranch, Wickenburg
Open House
$1,150,000
3 Beds
3.5 Baths
2,768 SqFt
Status Active
MLS # 6773771
Property Type Single Family Residence
Price Type --
This 2,768 sq ft Latigo floor plan in the Bonanza neighborhood sits on an elevated corner homesite with sunrise & mountain views from the living room & primary bedroom, both with sliding doors to a private patio. The guest suite has its own entry off the front courtyard. The great room opens to outdoor living with sliding glass walls, leading to a fenced backyard with a pool, BBQ & covered patio. The primary suite includes 2 walk-in closets, dual vanities, a tub & walk-in shower. Features include paid-off solar, an extended tandem garage with a mini-split system, extended driveway, new garage door opener & fresh paint, plus a golf cart that conveys!

5101 E Kathleen Road Scottsdale, AZ 85254

$1,150,000 - 5Br/3Ba -  for Sale in Paradise Valley, Scottsdale
Open House
$1,150,000
5 Beds
3 Baths
3,464 SqFt
Status Active
MLS # 6775228
Property Type Single Family Residence
Price Type --
Take advantage of a rare opportunity to own a single-detached home in a desirable neighborhood. Best price per sq. ft. in 85254 .Experience resort-style living on an oversized lot with mature, fully-grown trees, property boasts coveted North/South exposure, offering privacy & tranquility ensuring year-round enjoyment of the large, sparkling pool with no HOA restrictions in the heart of Scottsdale..The spacious floor plan is perfect for a large family and ideal for entertaining guests, both indoors and outdoors.Enjoy easy access to a wealth of nearby amenities. Scottsdale is renowned for its vibrant community events, top-rated golf courses, The excellent schools and Kierland Commons/Scottsdale Quarter just moments away, you'll have unparalleled shopping, dining, entertainment options at your fingertips. Perfect for those who appreciate nature, luxury & convenience!

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