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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14371 W Desert Cove Road
Surprise, AZ 85379
$1,000,000
4
Beds
2.5
Baths
3,359
SqFt
Status
Active
MLS #
6760139
Property Type
Single Family Residence
Price Type
--
Discover your dream home on a breathtaking 1-acre lot w/ salt water pool! This stunning property welcomes you with a circular driveway, a spacious 3-car garage, and an RV gate for added convenience. Inside, the stylish design features sleek tile and wood-look floors, complemented by plantation shutters. The inviting living room flows into a formal dining area perfect for festive gatherings. A spacious great room offers the ideal spot for entertaining. The modern kitchen dazzles with stainless steel appliances, including wall ovens, granite counters and backsplash, abundant cabinetry, and a large island with a breakfast bar. Retreat to the serene main suite, which boasts backyard access, a cozy sitting area, and a luxurious ensuite with dual vanities, a soaking tub, and a walk-in closet... Need extra space? The versatile den is perfect for an office or media room. Outside, the expansive backyard offers a covered patio, paver seating area, and a sparkling pool for endless enjoyment. This gem truly has it all! Don't miss out!
1636 E Sattoo Way
San Tan Valley, AZ 85140
$1,000,000
4
Beds
3
Baths
3,623
SqFt
Status
Active
MLS #
6776369
Property Type
Single Family Residence
Price Type
--
VA Assumable loan at 2.397%! Encanterra living at its finest! This stunning Alicante model home is a true one-of-a-kind featuring a guest casita with full bath, bedroom, kitchen, living room and plenty of privacy. The entry has a courtyard with an iron door to the main home and a separate entrance to the casita. As you walk through the front door there is a grand staircase that leads upstairs to a loft, 2 additional bedrooms and a Jack n Jill bathroom. You will also notice a formal dining room off the right side of the entrance that leads into the grand great room with a stack stoned gas fireplace as well as a wall of stack stone for a designer touch. The chef's kitchen is perfect for the chef in anyone with a oversized kitchen island as well as a separate island with a wine/bar fridge, stainless appliances including an induction cooktop, custom backsplash that compliments the quartz countertops, upgraded white cabinets, custom light fixtures and a large walk-in pantry. The master suite is downstairs, and it consists of a large bedroom with door to backyard, master bath with a newly remodeled walk in 12 x 24tile shower with 2 shower heads including a rain shower, bench, double sink quartz vanity with custom lite mirror/medicine cabinets built-in, free-standing tub, double linen closet, private toilet room and a large walk-in closet with custom cabinetry. The backyard is an entertainer's dream featuring a multi slide door off the great room leading out to the must have covered patio and extended travertine paver patio with misters, mounted tv, gas fireplace, wall fountain with fire pots, and a BBQ area with a pergola. As an added bonus this home offers a solar system for added energy efficiency. This home as many addition upgrades including plantation shutters, iron doors, custom iron window decor, brick veneer on the front of the home, water softener and whole house conditioning system, soft water hose in garage, tankless water heater, garage cabinets and workbench, mini split air-conditioning and heating in the garage, all kitchen appliances replaced and upgraded, kitchen remodeled, master, bathroom remodeled, all new carpeting, entire house painted, new flooring in third bathroom and in Casita. See the document tab for the special features list. Some of Encanterra's amenities include a championship golf course, 60,000 sq. ft. Clubhouse with dining, fitness, tennis, pickleball, relaxation, complete w/multiple pools, an expansive athletic club, & full-service Spa.
4935 W Lariat Lane
Phoenix, AZ 85083
$1,000,000
4
Beds
3.5
Baths
3,296
SqFt
Status
Active Under Contract
MLS #
6745866
Property Type
Single Family Residence
Price Type
--
Welcome to this unbelievable semi-custom home in the highly sought-after Stetson Valley community. This single-level stunner is loaded with upgrades and offers over 3,200 sqft of living space, showcasing meticulous attention to detail and quality throughout. Built with 2x6 construction and featuring 12 ft ceilings, this home offers an open and spacious feel from the moment you step through the grand entry with its impressive rotunda and statement iron front door. The home boasts 4 bedrooms plus a den, 3.5 baths, and a 3-car garage, along with an RV gate for added convenience. The family room is a cozy retreat with a stone fireplace, perfect for relaxing evenings. The chef's kitchen is a true highlight, featuring granite counters, a large island, stainless steel GE Mono gram double oven and built-in refrigerator including a gas range and a butler's pantry. The primary bedroom ensuite is a luxurious escape, complete with double sinks, soaking tub, walk-in shower, and an expansive closet. Step outside to the backyard, an entertainer's dream come true. Enjoy a beautiful PebbleTec pool, a built-in BBQ, a travertine patio, lush landscaping, and a large covered patio with breathtaking mountain views. The pool, built in 2019, adds a modern touch to this immaculate outdoor space. Additional upgrades include new interior paint within the last year, new shutters, and sunscreens throughout, and a new AC installed in 2019. Stetson Valley is a master-planned community offering a range of amenities, including playgrounds, splash pads, greenbelts, and access to hiking trails at Deem Hills. The nearby Deem Hills Park features playgrounds, soccer fields, pickleball courts, and a dog park, making it a perfect place for families. Excellent schools in the area further enhance the appeal of this fantastic home. This home truly offers a combination of luxury, convenience, and community living. Don't miss the chance to make it your own!
1110 Kellis Road
Wickenburg, AZ 85390
$1,000,000
3
Beds
2.5
Baths
2,349
SqFt
Status
Active Under Contract
MLS #
6746231
Property Type
Single Family Residence
Price Type
--
Turtleback Mountain Ranch Estate is nestled on 10 acres, boasting captivating vistas of the Sonoran Desert's majestic mountains. Impeccably maintained by its sole owner, this property promises to mesmerize you at every turn. As you approach, a gated entrance and secluded driveway extend a warm welcome. The front entry patio is adorned with enchanting cacti gardens, setting the tone for the home's desert oasis ambiance. Step inside to discover a spacious great room characterized by its graceful curved architecture and floor-to-ceiling windows that frame the sweeping views of the expansive back patio. A cozy fireplace anchors the room, complementing the generous living area and seamlessly flowing into the open dining space. The kitchen is a chef's delight, boasting custom cabinets &MUCHMORE
8087 E Cortez Drive
Scottsdale, AZ 85260
$1,000,000
3
Beds
2
Baths
2,197
SqFt
Status
Active Under Contract
MLS #
6776185
Property Type
Single Family Residence
Price Type
--
Enter this beautiful home to see what Scottsdale Country Club has to offer! You'll be met with high, vaulted ceilings combined with North/South exposure that makes for an exceptionally well-lit home. Tastefully updated, high end kitchen & features plenty of counter/cabinet space, as well as top of the line stainless steel appliances. Continue into the bright, spacious, primary bedroom with updated full bathroom. Patios accessible through any of the three sliding doors where you can dine under the large pergola, soak up the sun, or read a good book in the shade. Split floorplan & designer touches throughout. A lush, green, guard gated golf course community that offers heated pool, spa & tennis courts. **All furniture & accessories available on a separate bill of sale.
7622 E Shooting Star Way
Scottsdale, AZ 85266
$1,000,000
3
Beds
3.5
Baths
3,186
SqFt
Status
Active Under Contract
MLS #
6777068
Property Type
Single Family Residence
Price Type
--
Spacious home in Winfield Resort Community. Features include expansive master suite with large walk in closet and glass block shower. Second and third bedrooms en suite with walk in closets and full baths. Golden Beryl floorplan with coffered ceilings, family room with gas fireplace opens to the kitchen. Kitchen has a large island,breakfast nook, gas stub for range. A separate den/office adds to this 3 bedroom home. NO CARPET, plank porcelain tile in bedrooms & den/office. 3 dwarf citrus trees in back & side yard are orange, grapefruit & lemon. Private front courtyard has an exterior wood fireplace & mature landscape. Winfield Resort features a clubhouse with a fitness facility, community heated pool/spa, pickle ball, 8 tennis courts (2 clay),& many social clubs and activities
21641 N 58th Avenue
Glendale, AZ 85308
$1,000,000
4
Beds
3.5
Baths
4,140
SqFt
Status
Active
MLS #
6630447
Property Type
Single Family Residence
Price Type
--
REDUCED! Absolutely stunning lakeside property with mountain views on a cul de sac street with little traffic! Custom built 4 bedroom, 3.5 bath home with three levels of living space! Boat dock, pool, fenced yard with gates across the lake side, 3 car split garage, 2 fireplaces, sauna, walkin closets in all bedrooms, most amazing views from upstairs walkout deck & balconies! Check out the photos for all the details this home has to offer - 3 new HVAC systems in fall 2023. A great lifestyle with easy access to the 101 Loop and I-17. Huge storage room in lower level, service pit in single garage for the car enthusiast, & the most relaxing views of the lake and the mountains - all while living in the desert. Mature neighborhood with great amenities all around! City of Glendale servi Mature neighborhood with great amenities all around! Floorplan sketch under DOCUMENTS tab. Blueprints from original owner available.
1330 E Lynx Way
Chandler, AZ 85249
$1,000,000
5
Beds
3.5
Baths
4,041
SqFt
Status
Active
MLS #
6720736
Property Type
Single Family Residence
Price Type
--
Discover your dream investment property in Southeast Chandler. This pristine 5-bedroom, 3.5-bath home boasts a 4,041 sq. ft. interior with new updates, including a roof, two HVACs, granite/quartz countertops and more. Has an oversized private pool, hot tub, lush backyard with a secret garden, a 3-car garage, RV gate, and top-notch interior finishes. Located one block from San Tan K-8 and Quail Run Park. - Long term tenant in place
907 W Restin Road
Phoenix, AZ 85086
$1,000,000
4
Beds
3
Baths
2,573
SqFt
Status
Active
MLS #
6741259
Property Type
Single Family Residence
Price Type
--
Located on private street, this custom home was designed for comfort! Formal living and dining room features three way gas fireplace great for entertaining. Large kitchen has island, granite countertops and ample storage open to dining area and family room with built in entertainment center. Split floor plan with large master suite with private access to back yard large walk-in closet and spacious bathroom. Screened in patio looks out to spectacular back yard with large pool and pool house as well as custom bbq and fire pit. Four car garage has tandem bay for all your toys or great for workshop. Block wall surrounds property and separates large area of lot to keep your animals and toys! Minutes from schools, close to shopping, restaurants and trails.
5127 E Michelle Drive
Scottsdale, AZ 85254
$1,000,000
4
Beds
2
Baths
2,159
SqFt
Status
Active
MLS #
6759999
Property Type
Single Family Residence
Price Type
--
Gracious living in Triple Crown Community at its finest! This stunning home offers a 3-car garage and a low-care desert landscape. Discover sheer beauty & spectacular detail throughout! From the blend of wood-look & tile flooring, tall vaulted ceiling, dazzling light fixtures, and plantation shutters, this house will astonish you. Large living/dining room and harmonious great room are designed to maximize the space for airy and easy access to everyday living. Gorgeous kitchen boasts abundant cabinets & cupboards with crown moulding, stylish tile backsplash, SS appliances, quartz counters, and a waterfall island with a breakfast bar. You will be impressed by the owner's retreat, showcasing direct outdoor access, an ensuite with two vanities, and a walk-in closet with mirrored doors. PLUS! Outside, you will find the serene backyard oasis, complete with a covered patio and a shimmering pool perfect for boundless summer fun. This dream haven is the one!
12715 E Lupine Avenue
Scottsdale, AZ 85259
$1,000,000
4
Beds
3
Baths
3,201
SqFt
Status
Active
MLS #
6767560
Property Type
Single Family Residence
Price Type
--
Located in the GATED community of Sonoran Heights in a premium Scottsdale location. With four bedrooms, three full bathrooms, & a three-car garage, there's plenty of space for a family or guests. The former model UDC home offers a newly remodeled large, open kitchen with SS appliances and granite counters. Eat in kitchen, breakfast bar, and Butler's pantry. Owner's retreat is large with 8 jet oversized walk-in shower, waterfall faucets, granite tops, and glass bowl sinks. Newer water heater, remodeled pebble sheen pebble tec pool, new variable speed pump. Fitted cabinets in laundry room & garage. Some additional features include freshly painted inside and out, custom lighting, and marble flooring.throughout are some additional features. Overall, this home offers a luxurious and well-maintained living space with a host of attractive features both indoors and outdoors. Its prime location, close to schools, healthcare facilities, dining options, and recreational activities, further enhances its desirability. Minutes from the Mayo Clinic, A+ rated Desert Mountain High School or the top-rated Basis. It seems like an ideal choice for those seeking a comfortable and well-cared-for residence in a gated community with city light views.
4077 W Forest Court
Pine, AZ 85544
$1,000,000
4
Beds
2.5
Baths
2,497
SqFt
Status
Active
MLS #
6775255
Property Type
Single Family Residence
Price Type
--
A unique opportunity just in time for the fall season in this highly sought after gated community called Strawberry Hollow. This custom home, built just three years ago boasts soaring ceilings, custom woodwork, hardwood floors, and community seating around the kitchen. The extended driveway is perfect for early evening bonfires, additional guest parking or runway for the wildlife. 4 Full bedrooms, accompanied by two full baths and additional half bath is situated on one of the larger lots in the subdivision. Open all the windows for that mountain breeze or warm up near the fireplace on the cold winters days. The attached and extended two car garage provides ample area for vehicles and toys! Let this custom designed home be your next weekend getaway or home in the mountains! Dual shower heads in the master, heated toilet seats, Forever outdoor lighting, coffee bar, custom lighting just to name a few extras! Home can be turn key with selected furniture as discussed.