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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3807 W Lodge Drive
Laveen, AZ 85339
$981,993
4
Beds
4.5
Baths
4,349
SqFt
Status
Active
MLS #
6774380
Property Type
Single Family Residence
Price Type
--
Extraordinary new home featuring designer touches throughout. This must-see property boasts accents Aristokraft Benton birch quill cabinets, black matte cabinet hardware, plumbing, and light fixtures, and Bianco typhoon quartz in the kitchen. The kitchen also includes an Executive GE appliance package. Other highlights of the 4-bedroom home include a 16' multi-slider door at the great room, an extended primary suite, an office with double French glass doors and a sliding door to the front courtyard, and pavers at the driveway and courtyard. Located in a new, private and gated community in Laveen.
10010 S 37th Avenue
Laveen, AZ 85339
$981,070
4
Beds
3
Baths
3,129
SqFt
Status
Active
MLS #
6711693
Property Type
Single Family Residence
Price Type
--
Gorgeous new home in Summit at Whispering Hills. Loaded with designer features, this 4 bedroom, 3 bath, 3 car garage home has it all. Features in the kitchen include executive kitchen appliances including a double oven and a 36'' cooktop and hood and Della Terra quartz countertops. Extended dining area with lower and upper cabinets. A 16 x 8 center pull slider door and 12' ceilings at the Great Room. Other highlights include Winstead painted white cabinets, soft close cabinet doors and drawers, black matte lighting, door, and plumbing fixtures, and upgraded carpet and pad at the bedrooms. The extended primary suite has a frameless walk in shower in the bathroom suite. There is 8'' x 40 '' plank tile flooring in all areas but the bedrooms. Also included is an attached accessory garage.
2134 W Rowel Road
Phoenix, AZ 85085
$980,824
4
Beds
3.5
Baths
2,767
SqFt
Status
Active
MLS #
6775338
Property Type
Single Family Residence
Price Type
--
Inventory home under construction with estimated completion in late 2024 . Our Acclaim Plan 1 offers an open-concept design with spacious kitchen with two islands perfect for entertaining, a large great room, split owner's suite, 3 secondary bedrooms, 3.5 bathrooms, and a wrap-around veranda for outdoor living. Professionally designed with quartz countertops in the kitchen, wood look tile floors,16 foot sliding glass door at Great Room, 42'' Maple stained cabinets with soft close doors and drawers, and black faucets and hardware The Encore collection at Union Park features multiple parks, community pool, and rec center. Conveniently located with quick access to schools, shopping, restaurants, all the conveniences of urban living.
15234 N 19th Place
Phoenix, AZ 85022
$980,000
3
Beds
2
Baths
3,024
SqFt
Status
Active
MLS #
6749417
Property Type
Single Family Residence
Price Type
--
Stunning Hillside Retreat with Panoramic Views on Lookout Mountain is on the Market. Nestled at the end of a peaceful cul-de-sac, this exquisite single-level home offers unparalleled 180° views of the McDowell Mountains, Pinnacle Peak and east valley. Located on a 14,964 square foot lot, this property combines privacy with convenience, making it a true gem in the heart of Phoenix. Located just seconds from the Phoenix Mountain Preserve, outdoor enthusiasts will love the proximity to some of the best hiking trails in the area. Enjoy the serene beauty of the desert landscape with no HOA restrictions. The home's elevated position ensures that your views remain unobstructed. This 3-bedroom + office / living room, 2-bathroom residence boasts a thoughtful floor plan designed for comfort and entertaining. The large game room/family room features a built-in wet bar, indoor water feature and a fireplace, creating the perfect ambiance for gatherings. The gourmet kitchen is equipped with high-end appliances including a stainless refrigerator, Bosch dishwasher, custom cabinetry all complemented by a large walk-in pantry. The backyard is an entertainer's paradise, facing Northeast to provide shaded comfort all day. The large patio opens to reveal a sparkling pool with waterfall and stunning views. The patio and backyard areas offer multiple spaces for outdoor dining and relaxation. Including the separate raised deck area away from the main patio. The home features high ceilings and skylights throughout the home, enhancing the sense of space and luxury. The 3-car garage is designed to accommodate full sized vehicles. Additional RV parking area and a storage shed offer even more convenience. A Rare Find in Phoenix, this home offers easy accessibility for all. The combination of its hillside location, breathtaking views, and luxurious amenities makes it a rare find in the Phoenix market. Don't miss the opportunity to own this extraordinary home, perfect for both relaxation and entertainment.
3731 E Equestrian Trail
Phoenix, AZ 85044
$980,000
4
Beds
2
Baths
2,525
SqFt
Status
Active
MLS #
6754417
Property Type
Single Family Residence
Price Type
--
Stunning Equestrian Estates Single Level Home located on almost ½ acre lot. Gated Courtyard Entry Formal Living (Theater) room & Dining (game) room, Family room with Fireplace, Slab Granite Counters, Large Island, Black Appliances, Recessed Lighting and lots of storage, Crown Molding throughout, 6'' Baseboards, Plantation Shutters, Main Suite overlooks Resort Style Pool With incredible water feature, Main Bath has Dual Sinks and x-large shower. Back of Property has approximately 950 sq feet Barn / Workshop with electricity and water, 2 Horse Stalls, direct access to Bridle Path to common riding area, enclosed workshop & storage, Mature Backyard with Covered Patio, Diving Pool & incredible water feature, spa, Large Grass area, Lush Landscaping, Citrus trees, Garden area, RV Gate
6837 E Culver Street
Scottsdale, AZ 85257
$980,000
4
Beds
3
Baths
1,900
SqFt
Status
Active
MLS #
6770609
Property Type
Single Family Residence
Price Type
--
Welcome to Your Dream Home! This stunning 4-bedroom, 3-bathroom home has been meticulously remodeled to blend modern comforts with timeless elegance. As you step inside, you'll be greeted by an open-concept living space that seamlessly connects the living room, and kitchen, creating an inviting atmosphere perfect for both entertaining and everyday living. Interior Features: Spacious Living Room: The living room features large windows that flood the space with natural light, highlighting the beautiful floors and contemporary finishes. Gourmet Kitchen: The kitchen is a chef's delight, boasting brand-new stainless steel appliances, porcelain countertops, a large island with seating, and ample cabinet space. Master Suite: The master bedroom is a true retreat, complete with a walk-in closet and an en-suite bathroom featuring a double vanity and a separate shower. Additional Bedrooms: Three additional bedrooms offer plenty of space for family, guests, or a home office. Modern Bathrooms: The 3 bathrooms have been updated with stylish fixtures and finishes, ensuring a spa-like experience. Exterior Features: One-Car Garage: The attached one-car garage provides convenience and additional storage space. Newly Landscaped Lot: The large lot has been beautifully landscaped, offering a lush green lawn, mature trees, and colorful flower beds. Outdoor Potential: With ample space, the backyard is a blank canvas for your imagination. Whether you dream of installing a pool, creating a garden oasis, or setting up a play area, the possibilities are endless. This home is perfect for those who appreciate quality craftsmanship and modern amenities. Imagine yourself enjoying the serene outdoor space or hosting gatherings in the spacious living areas. It's a place where you can truly make your dreams come true.
4517 W Lodge Drive
Laveen, AZ 85339
$980,000
6
Beds
4.5
Baths
6,056
SqFt
Status
Active
MLS #
6771127
Property Type
Single Family Residence
Price Type
--
Modern Spanish villa in the charming gated community of Coplen Estates. Offering an impressive 6,056 square feet of living space on a generous lot of almost half an acre (18,020 sqft). Featuring 6 bedrooms, 4.5 baths, 4 car garage, this home is perfect for a large family or those who love to entertain and have plenty of space for their hobbies. Privacy and exclusivity provided for all. As you walk in, the inviting courtyard with a fireplace embraces you. Then you'll be greeted by the foyer leading into multiple living rooms on the main level, perfect for gathering with loved ones or finding a quiet corner to relax. The upper level boasts another loft den, ideal for a home office or playrm. 3 en-suites provide privacy and comfort. Don't miss this opportunity to make this your home. Modern Spanish villa in the charming gated community of Coplen Estates. Offering an impressive 6,056 square feet of living space on a generous lot of almost half an acre (18,020 sqft). Featuring 6 bedrooms, 4.5 baths, 4 car garage, this home is perfect for a large family or those who love to entertain and have plenty of space for their hobbies. Privacy and exclusivity provided for all. As you walk in, the inviting courtyard with a fireplace embraces you. Then you'll be greeted by the foyer leading into multiple living rooms on the main level, perfect for gathering with loved ones or finding a quiet corner to relax. The upper level boasts another loft den, ideal for a home office or playroom. 3 en-suites provide additional privacy and comfort. Huge island in the gourmet kitchen with tons of counter spaces. The primary suite, a sanctuary of peace, opens up to a private balcony overlooking the backyard and there is a luxuriously sized bath with soaking tub, his and her vanities and a huge walk-in closet. Outdoorsy folks will appreciate the balconies and multiple sliders to the courtyard and private backyard, offering seamless indoor-outdoor living. The oversized backyard provides room to roam, whether you're hosting a backyard barbecue or planting your dream garden. This energy-efficient home features solar panels and newer appliances to reduce your energy bills. The 4 car tandem garage offers ample parking space for your vehicles and toys. HVAC, oven, dishwasher, & refrigerator have all been upgraded within the last few years. Newer Paint throughout inside and out in 2023. Thoughtfully curated to enrich your domestic experience. Located in a vibrant neighborhood, you'll find convenient amenities nearby. Grocery stores, shops, Heritage Academy, schools and parks are all within a short drive away. Don't miss this opportunity to own this spacious, modern home in a thriving community, designed for comfort and style.
9606 W Gambit Trail Trail
Peoria, AZ 85383
$980,000
5
Beds
4
Baths
3,750
SqFt
Status
Active
MLS #
6733038
Property Type
Single Family Residence
Price Type
--
Don't miss this entertainers DREAM HOME. Beautiful curb appeal. Gorgeous custom double Iron Door. Gourmet Kitchen, with peninsula island that sits 8. New carpet, upgraded wood tile floors. Master Bedroom has beautiful en suite with large walk-in closet.Beautiful sliding door in formal living room that brings the outside in.Beautiful covered patio with vaulted ceiling with an amazing Chandelier with attached Pergola. Covered BBQ area. Newly surfaced play pool. Community has two parks. Gated Community, Great schools. Lake pleasant 15 min away. Paloma Park 5 min away. With this price , it won't last long! Don't miss it!! Turn Key Home.
1725 S Ax Handle Way
Flagstaff, AZ 86001
$979,999
4
Beds
2.5
Baths
2,554
SqFt
Status
Active Under Contract
MLS #
6731573
Property Type
Single Family Residence
Price Type
--
Imagine your dream home nestled in the beautiful ponderosa pines on a quiet cul de sac in Boulder Pointe, one of Flagstaff's most desired communities. As you drive toward the home and take in its curb appeal, you feel your excitement heighten. It's majestic stature, rock accents, three car garage and meticulously manicured yard take your breath away! Without entering you know this is the perfect haven for family, friends, immersing yourself in Flagstaff's stunning natural beauty and living your best life. When you walk through this home, it's everything you hoped. The lower level offers two living areas. One living area is a grand greatroom/dining area. The other is a large, light-filled family room off the kitchen with a cozy fireplace looking into the back yard, creating the open space you love for cooking, gathering and enjoying time together. The kitchen is magnificent! Counters for miles, newer stainless appliances, natural light, and a separate bar overlooking the family room, inviting you to breakfast with the family or immediately start serving cocktails. Step into the back yard. The majestic pines lead you to a lovingly and carefully created natural haven. Crafted with stamped concrete and synthetic grass, you can play bocce ball, let your dogs happily run, grill, gather and hot tub in a stunning and practically maintenance free atmosphere. Enjoy your family or invite the neighbors. There is room for everyone! Upstairs, find your spacious primary suite with a beautifully finished executive bathroom suite, three large bedrooms and a full bathroom. With a three car garage, central air, and a fenced yard with a potential RV gate, this home embodies the essence of mountain living. Inspection has been completed, home is in great shape! Boulder Pointe is one of Flagstaff's most desired communities. Located in the SoutWest of Flagstaff, it offers mostly single family homes that are considered newer for Flagstaff, large fenced yards, front lawns, and pride of ownership. Residents who live in Boulder Pointe relate the sense of friendship and community neighbors share. It is close to all of our West Side Amenities and only two miles from downtown Flagstaff.
1622 E Nighthawk Way
Phoenix, AZ 85048
$979,900
4
Beds
3
Baths
3,014
SqFt
Status
Active
MLS #
6771885
Property Type
Single Family Residence
Price Type
--
This stunning modern farmhouse-inspired home features a 4-bedroom, 3-bathroom home situated on a premium hillside lot in the gated community of Shadow Rock at The Foothills. It features beautiful curb appeal and breathtaking backyard mountain views. As you enter, you'll be greeted by a lovely paver walkway leading to an impressive front entry with an iron and glass door. The foyer opens into a formal living and dining room with high ceilings and plantation shutters. The home has been meticulously maintained and boasts updated fixtures, a remodeled fireplace, new flooring, light fixtures, and paint. The kitchen has been updated with pristine cabinetry, a white granite oversized island, white marble countertops, a custom tile backsplash, and a farm sink. It flows seamlessly into the spacious family room with a cozy fireplace and patio access. The oversized master bedroom suite includes a fireplace, sitting area, plenty of windows, and access to a private balcony with incredible views. The master bathroom features double sinks, granite counters on an extra-long vanity, a glass shower, a soaking tub, and a large walk-in closet. There are also 3 spacious guest bedrooms and bathrooms. The backyard is a true oasis with a covered patio, sparkling pool, built-in BBQ area with seating, lovely landscaping including fruit trees, and an RV gate. View fencing allows you to enjoy the beauty of the hillside from all areas. This home is conveniently located in Ahwatukee and is within the boundaries of the award-winning Kyrene Schools. New windows were installed at the back of the house in 2021.
15120 E Vermillion Drive
Fountain Hills, AZ 85268
$979,900
4
Beds
2.5
Baths
2,774
SqFt
Status
Active
MLS #
6767704
Property Type
Single Family Residence
Price Type
--
Location, Location, Location. All the best Fountain Hills & Scottsdale has to offer! Experience luxury living in the prestigious guard gated golf community of Eagle Mountain. This awesome split floorplan, single level home features: 4 bedrooms, 2 ½ baths a large office, formal living/dining and a 3 car garage. Over $45K spent on the stunning travertine and hardwood flooring. New roof and energy efficient gas tankless hot water heater, 2014. The gourmet kitchen is a chef's delight, with built-in appliances including a gas range, abundant elegant cabinetry, a walk-in pantry and a spacious island breakfast bar. The great room invites relaxation with its cozy fireplace & clerestory windows. Enjoy the best of Arizona when you step outside on to your expansive private backyard & covered patio.
3588 E Kaibab Place
Chandler, AZ 85249
$979,900
5
Beds
4
Baths
4,050
SqFt
Status
Active
MLS #
6763439
Property Type
Single Family Residence
Price Type
--
Discover this exquisite 5-bedroom, 4-bathroom home at 3588 E Kaibab Pl, nestled in the sought-after Old Stone Ranch community in Chandler. With an expansive 4,050 sqft layout, this home is filled with luxury upgrades and thoughtful design. Upon entry, you're greeted by soaring ceilings and abundant natural light, creating an inviting ambiance. The gourmet kitchen is a chef's dream, featuring natural hickory cabinets, granite countertops, and premium stainless steel appliances, including a 48'' refrigerator. French doors off the breakfast nook offer seamless access to the outdoors. The master bath exudes elegance with ceramic tile surrounds, while bronze door hardware and 6-ft interior doors with vaulted ceiling elevate the home's sophistication. Enjoy plenty of living space, including a generous loft. Outside,the large backyard with a sparkling pool provides the perfect retreat. Additional features include a 10-ft RV gate, 4-extended car garage, and close proximity to all amenities and the highly rated Arizona College Prep high school. This home offers the ideal blend of luxury and convenience don't miss out!