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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8 Biltmore Estate Unit 107 Phoenix, AZ 85016

$1,145,000

2 Beds

2 Baths

1,726 SqFt

Status Active

MLS # 6778441

Property Type Apartment

Price Type --

Stunning single level luxury condo located on the Arizona Biltmore Golf Course, perfect end unit opening onto the golf course with wonderful expansive views and one of largest patios, private front outdoor entry area opening to the unit, gourmet kitchen and great room featuring slab granite counters, beautiful updated cabinetry, stainless steel appliances, wood and stone floors, split primary suite with great views, primary bath features travertine shower, large soaking tub, 2 updated vanities with lighted mirrors and 2 walk-in closets. Step out on your expansive back patio and enjoy the views of golf course & mountains, all of this and a multimillion dollar club house with private workout facility, pool & spa and on site 24 hour guard, closely located elevator that leads to

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205 W Quartz Rock Road Phoenix, AZ 85085

$1,145,000

4 Beds

3.5 Baths

3,529 SqFt

Status Active

MLS # 6665297

Property Type Single Family Residence

Price Type --

Seller is offering 2-1 Buydown to lower your interest rate to 5.125% for the 1st year! Private oasis with detached guest home located on over an acre of with city lights and mountain views. Only 2 blocks from the Preserve's 38-miles of hiking and horseback trails. The 2506sf open floorplan, wood beamed ceilings, and Arcadia doors create a bright, inviting space. A spacious kitchen offers granite counters and plenty of storage. Primary suite has 2 walk-in closets, jetted tub and walk-in shower. Outside, relax on the covered patio or by the pebbletec pool. New exterior paint, new carpet in bedrooms and 2 new AC units. The detached building includes over 1,000sf of livable space with a kitchenette and full bathroom, plus a 1-car garage & workshop. County island with no HOA

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429 W Mary Patricia Drive Payson, AZ 85541

$1,145,000

4 Beds

4 Baths

3,233 SqFt

Status Active

MLS # 6674329

Property Type Single Family Residence

Price Type --

Discover your dream home that marries secluded luxury with the untamed beauty of nature. This majestic residence bordered by the expansive beauty of a National Forest with access to the tranquil E Verde River stands as a beacon of rustic elegance, offering panoramic vistas of awe-inspiring red rock formations that captivate the soul. Crafted with meticulous attention to detail, the interior features rustic stone flooring and pine vaulted ceilings, enhancing its mountainous charm and warmth. Each window frames a painting-like view, ensuring that no corner of this home is untouched by the breathtaking landscape outside. The expansive outdoor living area is a highlight, boasting a large fireplace that promises cozy evening fires under the stars. It's a space designed for both relaxation and entertainment, with ample room to play games and unwind in the embrace of nature. The property's rich history as an ancient Indian fishing camp adds a layer of intrigue and connection to the land, inviting exploration and discovery along the river, where secluded pools await for fishing or a refreshing swim. Adventure seekers will find joy in the direct access to wilderness areas, offering miles of trails for ATV explorations and hiking, ensuring every visit brings a new experience. The entry level of the home is thoughtfully designed for accessibility and comfort, featuring a large family room, two bathrooms, and two bedrooms with private entrances from the spacious outdoor stone patio. This level also includes a second kitchen, an additional family room, and a laundry area, providing convenience and flexibility for guests and family alike. Ascending to the main level, the heart of the home reveals itself in a designer kitchen that exemplifies indoor/outdoor living, seamlessly integrating the stunning natural surroundings. The primary suite, complete with an ensuite bathroom, offers unrivaled serenity and luxury. An office with arguably the best views in the house ensures inspiration and productivity amidst the tranquil beauty.

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16738 E Lone Mountain Road Scottsdale, AZ 85262

$1,145,000

5 Beds

3.5 Baths

3,749 SqFt

Status Active

MLS # 6731568

Property Type Single Family Residence

Price Type --

MOTIVATED SELLER!! Luxury with Views, Actually see the stars at night yet close to all the conviences of Scottsdale. NO HOAs. Great home & location (Mts, lakes, rivers, forests, etc.) for anyone with lots of toys (Boats,4Wheelers, ATVs, Trailors, etc.). High-end finishes thourghout the home that's located on an acre corner lot. Spectacular views of Mazatzal, 4 Peaks, Superstitions Mountains. Horse privileges 168th Str. access to Tonto Nat. Forest from the property. Home is located in the active horse community of Scottsdale/Rio Verde nestled next to the Tonto Forest. Home approved for the EPCOR water pipeline access (Letter upon request). All Buyers and Buyer's agents responsible to comfirm any and all information.

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11621 N 134th Street Scottsdale, AZ 85259

$1,145,000

3 Beds

3.5 Baths

2,184 SqFt

Status Active Under Contract

MLS # 6754237

Property Type Single Family Residence

Price Type --

ARIZONA LIVING AT IT'S BEST! Rare Find, seems like new, immaculately maintained 2nd home. Has all the finest finishes & Just painted 8/24 interior & exterior. Impressive old world turret entry to gated courtyard to model perfect single level home with separate private entry guest casita. Main house boasts two bedrooms, an office & 2.5 bathrooms. State of the art kitchen w/wolf gas cooktop & oven & pasta filler, sub zero frig, Asko DW, granite countertops. Open floor plan to dining area, bar & great rm with fireplace with exit to covered patio, heated spa-pool & colorful sunsets. Upper deck has 180 degree VIEWS of mountains, city lights & Camelback Mountain. Upgrades t/o, premium lot, domed ceilings, art niches. In exclusive gated Vista Collina. 20 single family luxury home enclave. THIS IS NOT A CONDOMINIUM AS SHOWN IN TAX RECORDS. IT IS A SINGLE FAMILY DETACHED HOME. Gated Side yard for your family pet to romp. Close to fine dining, shopping, desirable Scottsdale & BASIS Schools, hiking trails, the Mayo Clinic & easy access to freeways.

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402 E Berridge Lane Phoenix, AZ 85012

Open House

$1,145,000

4 Beds

2.5 Baths

2,323 SqFt

Status Active

MLS # 6776411

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled 4-bedroom, 2.5-bath home nestled in Central Phoenix, offering an ideal location near the 51 freeway, popular dining spots, and the Uptown Farmers Market. This inviting property features modern upgrades throughout, including granite countertops, energy-efficient tankless water heaters, and vaulted ceilings that add an open, airy feel. The layout is designed for both functionality and style, with spacious bedrooms and thoughtfully updated bathrooms. Perfectly positioned for convenient access to the best of Phoenix, this home offers a balance of comfort, location, and refined updates for today's lifestyle.

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1139 E Dolores Road Phoenix, AZ 85086

$1,140,000

4 Beds

3.5 Baths

3,038 SqFt

Status Active

MLS # 6681675

Property Type Single Family Residence

Price Type --

Another beautiful home by NEXTGEN Builders to be built: 4 BD plus office/den, 3.5 BA, high quality luxury home, oversized 2 car gar plus 46+' RV gar with 12x14' tall garage door. Large lot. No HOA, oversized contemporary front door, 2x6 framed exterior, large kitchen island, quartz counter tops throughout. All bedrooms have walk-in closets. Master bath has large entry shower with standalone tub and double sinks. 8' doors throughout. High ceilings, energy efficient spray foam insulation, post tension foundation, Pictures are of model home.

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2775 S Baker Drive Apache Junction, AZ 85119

$1,140,000

4 Beds

3.5 Baths

3,273 SqFt

Status Active

MLS # 6721580

Property Type Single Family Residence

Price Type --

Breathtaking Home with Spectacular Mountain Views nestled on 1.3 acres of serene living, perfect blend of tranquility and luxury. Owner's suite is a private retreat featuring a spa-like bath with glass shower, soaking tub, and a walk-in closet with ample storage. Split Floorplan: This thoughtfully designed layout ensures privacy with the owner's suite on one side and a large flex room along with three guest rooms in another wing. One guest room with en suite bath, while two others share a convenient Jack and Jill bath. A powder room is perfectly situated off the flex space/living room. With 10ft ceilings, spray foam insulation for superior energy efficiency, and large dual pane windows framing picturesque views, every detail of this home exudes elegance and comfort. The heart of the home is an expansive open kitchen featuring a huge center island with quartz counters, a large walk-in pantry, A 4-car garage provides ample space for your vehicles and storage needs, including a dedicated charger for electric vehicles. The meticulously planned yard offers spaces for everything - from enjoying the views to hosting BBQs in the dedicated entertaining area. Artificial turf ensures low maintenance, while well-planned drainage and a garden area cater to all your outdoor needs. There's even space for an additional dwelling, with plans for the next phases of yard development available (pool ADU). The property features a shared well with 4 other homes, reaching 550 ft deep with water at 240 ft. A water softener and RO system ensure high-quality water throughout the home. Spray foam insulation offers excellent energy efficiency. Escape the hustle and bustle with light-restricted nighttime living, perfect for stargazing and enjoying the peaceful ambiance of your surroundings.A few days each year, for just a few minutes, the sun projects a larger-than-life shadow of a cougar chasing its prey, known as the Cougar Shadow. Witness this breathtaking natural event right from your own backyard. This custom home is more than just a place to live; it's a lifestyle. Don't miss the opportunity to make this extraordinary property your own. Experience the perfect balance of luxury, comfort, and natural beauty.

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17810 E Stocking Trail Rio Verde, AZ 85263

Open House

$1,139,900

2 Beds

2.5 Baths

2,186 SqFt

Status Active

MLS # 6762458

Property Type Single Family Residence

Price Type --

Welcome to your Spanish Hacienda in the 55+ community of Trilogy at Verde River. Wow!! This 2 bedroom, 2.5 bath home is absolutely stunning! The front courtyard has an inviting sitting area with an exterior fireplace. As you enter the home, you'll see the den/office, with a barn door. The hallway opens to the kitchen & great room. There are luxury upgrades everywhere! Wide plank tile flooring throughout, with some fun, white washed tile in the bedrooms to make a statement. Beautiful plantation shutters, and the sliding glass doors along the back to bring the outdoor living in. The outside patio has plenty of room for entertaining & the landscaping is exquisite! There is a walking path around the home, to give a little more space to the left side and behind. Trilogy has too many amenities to mention. The Resort style pool, a lap pool, Eddy's Poolside dining, Alvea Spa, a golf course by Tom Lehman, Afturburn Fitness Center, Tennis & Pickleball Courts. Bocce Ball, a 7.5 acre Dog Park, Needle Rock Restaurant, Cooking Classes at Helen's Kitchen, Classes at The Art Loft, outdoor concerts and more!! This is not just a community, it is a lifestyle. Truly a one of kind home, don't miss it!

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13616 W Ocotillo Road Glendale, AZ 85307

$1,139,000

4 Beds

4 Baths

3,940 SqFt

Status Active

MLS # 6773411

Property Type Single Family Residence

Price Type --

A UNIQUE find! Spectacular 4-bedroom home in the highly sought-after Luke Ranch Estates is a dream come true! Starting with a sided 2-car garage, RV garage, RV gate, striking stone accents, extended driveway, and a mature desert landscape. The home exudes elegance throughout! Attention to detail is evident in the plantation shutters that grace the windows, complemented by neutral paint, abundant natural light, archways, stylish light fixtures, dramatic high ceilings, and tasteful flooring - carpet & wood-look tile. You'll LOVE the formal dining room and a desirable great room paired with multi-sliding doors that effortlessly blend indoor & outdoor living! The gourmet kitchen boasts high-end SS appliances w/wall ovens, solid-surface counters, mosaic tile backsplash, & a huge 2-tier island This home is a former Model home. The walk-in pantry, wine rack, and a plethora of cabinetry ensure ample storage. The den provides versatility! The oversized owner's retreat promises a restful night's sleep, featuring a vaulted ceiling and a barn door that opens to the lavish ensuite with two vanities, a soaking tub, a tiled shower, & a sizable walk-in closet. The secondary bedrooms also include their own walk-in closets & private bathrooms. PLUS! As a bonus, this gem has an attached guest house with a bedroom, living area, & a kitchenette. Laundry room with a sink & cabinetry. Beyond the interiors, the RESORT-STYLE backyard holds its own charm! Designed for relaxing & entertaining, it showcases a covered patio, lush lawns, a firepit, well-laid pavers, and a sparkling pool for year-round enjoyment. This gem has it all. See it! Love it! Live it! Seller wants it SOLD!

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2433 E Charlene Place Phoenix, AZ 85024

$1,139,000

4 Beds

3.5 Baths

4,319 SqFt

Status Active

MLS # 6754679

Property Type Single Family Residence

Price Type --

So many recent renovations and upgrades! All new luxury flooring, kitchen, bathrooms, lighting, custom closets, custom cabinetry in the laundry room, all new landscaping with new drip system and lighting, etc. This is a beautiful home on a corner lot backing to the wash with only one neighbor. Enter into the formal living room with soaring ceilings and lots of natural light. Giant open kitchen with breakfast bar, stainless steel appliances, wall mount double ovens and walk-in pantry. Massive family room and loft provides ample room for large family fun. The luxurious master suite has a bonus room perfect for an office or exercise area. The backyard oasis is an entertainers dream. Has pool fencing for child safety. Must see to fully appreciate!

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6429 E Eugie Terrace Scottsdale, AZ 85254

$1,139,000

3 Beds

2 Baths

1,945 SqFt

Status Active

MLS # 6781534

Property Type Single Family Residence

Price Type --

Top to bottom remodel in Scottsdale's most desirable zip code of 85254. Redesigned and renovated throughout with a gourmet kitchen, quartz counters with complimenting tile splash, shaker cabinetry, oversized island with a waterfall finish, complete stainless steel appliance package, and a full-length coffee bar. The master suite features a walk-in closet, custom bathroom with a walk-in shower, tile shower surrounds, & new dual vanity. Don't miss the big tickets items including new windows, spray foam insulation within the exterior walls and ceiling for increased energy efficiency, full length covered patio, fresh front & rear landscape, extended height block fencing for increased privacy, & RV gate for additional parking. Home is located near top-rated schools and extensive options for entertainment, restaurants, and shopping. Desert Ridge is 10 minutes north while Kierland & The Quarter are quick trip east. Close to the 51 and 101 freeways providing easy access throughout the Valley.

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