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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15436 E Dixileta Drive Scottsdale, AZ 85262

$967,000

4 Beds

3.5 Baths

3,121 SqFt

Status Active

MLS # 6764353

Property Type Single Family Residence

Price Type --

Brand new home just waiting for its first owner! Light & bright w/ great room open floorplan. Colorful electric fireplace in the living room sets the stage for the different lighting you want!! Unlimited wall space for a giant wall mounted TV. Big open kitchen w/ island, huge walk in pantry, double ovens, refrigerator included. For entertaining, you'll love the accordion sliding doors, kitchen window that opens for breezes or pass thru for food to back patio. Beautiful lighting, but with all the windows, you probably won't use them much. Great for saving on electric bills. Oversized laundry room w/ sink, lots of cabinets and folding area. Massive dining room or perfect for a pool table!! Grand entry barn doors into master bath w/ luxurious spa like setting w/ soaking tub, huge walk in... double rain shower, long vanities, linen closet and closet organizer!! Elevated lot gives you views of the surrounding mountain ranges!! Extended back patio is perfect for the cooler evenings, sunsets on the mountains and just enjoy the country living!! Ride off your property to unlimited hiking, biking and horseback riding in the Tonto National Forest, Scottsdale Preserve and McDowell Mountain Preserve. Only 10 minutes to the Needle Rock Recreation area, golf courses, restaurants, etc. Plenty of room for a pool and backyard play area.

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29906 N 154th Way Scottsdale, AZ 85262

$965,000

4 Beds

2.5 Baths

3,100 SqFt

Status Active

MLS # 6776931

Property Type Single Family Residence

Price Type --

This contemporary custom home on over 1 acre is a desert gem with stunning mountain views and a shared well. Inside, the spacious layout features a formal dining room and a spacious great room with a cozy electric fireplace. The chef's kitchen with an oversized island, breakfast bar, and extensive butler's pantry is perfect for entertaining. The primary suite offers a spa-like bathroom for true relaxation with a rain shower and soaking tub. Enjoy the extended patio for seamless indoor-outdoor living. Room for a pool, horse setup, or workshop. An over-sized 3-car garage is ideal for all your toys, cars, etc. Located on an elevated lot, the home provides stunning mountain views and access to the Tonto National Forest, Scottsdale Preserve, and McDowell Mountain Preserve for endless outdoor activities. Just minutes from Needle Rock, golf courses, and dining, this property combines convenience with natural beauty.

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22050 W El Grande Trail -- Wickenburg, AZ 85390

$965,000

3 Beds

3 Baths

2,485 SqFt

Status Active

MLS # 6771371

Property Type Single Family Residence

Price Type --

BEAUTIFUL custom home in the highly desirable Vista Royale community. !!! The views are AMAZING from this custom built 2485 sq ft home on 2.76 acres. This corner lot features an extra deep 3 car garage, 3 bed and 3 bath plus den/office area. AMAZING views from your living room, kitchen and master bedroom. Chiseled granite counters. Custom soft close cabinetry. Walk in closets in the master and guest bedrooms. Huge walk in pantry. Laundry room with extra refrigerator space and utility sink, with garage access. On the East side of your home, enjoy your morning sunrise with unobstructed views of the Weaver and Bradshaw mountains from your covered patio that also gives you continuous afternoon shade for those wonderful evening BBQ's. Owners have recently completed some wonderful additions to this fabulous property. Beautiful fully fenced dog yard, Electronic keypad entry for both garage doors, and whole house surge protector. The property has been tastefully landscaped with terrific trees, shrubs and an auto-watering system, along with an added circular gravel driveway. They have also had several areas of the property professionally graded and cleared for multiple locations where you can build your dream horse setup. Plenty of room with level building areas for your pastures, round pen/riding arena and barns.

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7861 E Tailspin Lane Scottsdale, AZ 85255

$965,000

4 Beds

2.5 Baths

2,492 SqFt

Status Active

MLS # 6775686

Property Type Single Family Residence

Price Type --

Discover this modernized property located in Coventry at the Park, Grayhawk tucked away on a sought-after cul-de-sac in North Scottsdale. Boasting four spacious bedrooms and two and a half baths, this home perfectly balances comfort and style. Step inside and be welcomed by an inviting living area that exudes warmth and elegance. The main floor features a tranquil primary suite with double door entry, designed for both convenience and privacy. The en-suite bathroom is a true sanctuary, offering a relaxing atmosphere with a separate shower and tub, along with dual vanities. At the heart of the home lies an expansive kitchen that seamlessly flows into the family room and a cozy breakfast nook. A chef's dream, the kitchen showcases ample granite countertops, more... a suite of professional-grade appliances, and a chic design that makes cooking and entertaining a delight. Upstairs, you'll find generously sized secondary bedrooms, each providing plenty of room for personalization and comfort. This thoughtfully designed floor plan ensures everyone enjoys their own private retreat.The low-maintenance backyard invites you to soak up Arizona's beautiful weather, making outdoor relaxation effortless. Plus, with shopping and dining just moments away, convenience is at your fingertips.Embrace the Grayhawk lifestyle where luxury meets community in this exceptional home that redefines gracious living. Walking distance to Grayhawk parks, schools, dining and nearby shopping.

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38500 N School House Road Unit 13 Cave Creek, AZ 85331

$965,000

3 Beds

3 Baths

2,113 SqFt

Status Active

MLS # 6773243

Property Type Single Family Residence

Price Type --

NESTLED ON A $65K PREMIUM CDS LOT IN UPSCALE, AMENITY-RICH GALLOWAY RIDGE, WITH BLACK MTN TO FRONT & NAOS/ MOUNTAIN PANORAMA TO REAR, THIS EXQUISITELY DECORATED VILLA IS AN ABSOLUTE STUNNER--NO EXPENSE SPARED in $150K+ deco selections, upgrades & options + $60K in after-market improvements! 12' ceilings & gorgeous oak hardwood flooring t/o enhance interior drama w/ 60''-linear fireplace forming striking great room focal point. 3-BR/3-BA Ascent plan offers private guest ste. and Owner's 'Ultra Spa' bath. High-end kitchen features premium appliances &, quartz w/custom-tiled backsplash, waterfall island, LED lighting, 42'' cabinets, wine/beverage center & more. Multi-slide glass doors display pro-landscaped granite-paved patio w/fireplace & serene vistas beyond! SEE More & DOCS! WITHIN WALKING DISTANCE TO ALL THE CHARMING TOWN OF CAVE CREEK HAS TO OFFER, INCLUDING SHOPPING, DINING & ENTERTAINMENT, GALLOWAY RIDGE ALSO OFFERS FANTASTIC COMMUNITY AMENITIES: Heated pool and spa, adjoining outdoor kitchen/picnic area, fitness center, pickleball court, dog park. All furnishings available by separate bill of sale. All front and rear patio decor, including custom-cut ornamental wrought iron wall panels, potted plants and planter stands, yard art, fountain, entry bench and piped Weber gas grille included with sale. See Documents tab for the following: Community Map; Floor Plan; Ascent Plan Options; Builder Features; Options, Upgrades & Improvements; HOA Addendum; SPDS & CCR's.

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5544 E Dusty Wren Drive Cave Creek, AZ 85331

$965,000

4 Beds

3 Baths

3,155 SqFt

Status Active

MLS # 6695109

Property Type Single Family Residence

Price Type --

Price Enhanced!!! You must see this charming single-story haven nestled in a prime cul-de-sac - the pictures do not do this home justice! Offering privacy and great mountain vistas!. What a great family home this is, with an ideal split floor plan, and plenty of room for a pool! The home boasts a chef's dream kitchen with upgraded staggered cabinetry, granite counters, and a GE Monogram appliance suite. The inviting eat-in space features a center island and a generous pantry, perfect for culinary enthusiasts. With wood-look tile flooring, 10ft ceilings, and freshly painted interiors, every corner exudes warmth and hospitality. The master suite is a true retreat, featuring hand-scraped hardwood floors, a private backyard exit, and a lovely full bathroom adorned with brand new quartz counters, dual sinks, a jetted tub and walk-in shower. Step into the backyard oasis and savor the tranquility of the extended covered patio overlooking a faux grass lawn, framed by a wrought iron view fence and secured with a RV gate. Additionally, indulge in the convenience of a 2-car garage with epoxy flooring and ample storage cabinets. What was a third bay of the garage was enclosed making a large climate controlled room, currently used for storage, but could be a play room, work-out room, or a number of other possibilities. In all, this home offers the perfect blend of luxury and practicality, promising an unparalleled lifestyle amidst breathtaking surroundings. Don't miss the opportunity to make this your forever home!

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9023 W Monte Lindo Street Peoria, AZ 85383

$965,000

4 Beds

2.5 Baths

1,805 SqFt

Status Active

MLS # 6747788

Property Type Single Family Residence

Price Type --

Welcome home to this gorgeous property! Prepare to be amazed by this unique masterpiece in Sunrise! Lovely curb appeal is enhanced by a 3-car garage, large RV gate, and mature trees that provide refreshing shade. Entertain guests in the inviting living room adorned with plantation shutters and wood-look tile flooring in all the right places. Fabulous eat-in kitchen displays recessed lighting, built-in appliances, granite counters, and plenty of cabinetry with crown moulding. Spacious main retreat boasts French doors to the back patio, an ensuite with dual sinks, a glass block in the shower, and a walk-in closet. In the massive backyard highlights a covered patio, play area, gazebo, beehive fireplace, storage shed/workshop, and a HUGE 2300sqft detached garage with 1/2 bath & 2 evap coolers

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7556 N Via De La Siesta -- Scottsdale, AZ 85258

$965,000

3 Beds

2.5 Baths

1,980 SqFt

Status Active

MLS # 6765824

Property Type Single Family Residence

Price Type --

Discover this fully remodeled 3-bedroom gem nestled in La Mariposa Villas! From the moment you step into the expansive courtyard, you'll be captivated by the inviting spool and charming details throughout. Inside, the home boasts wood-look floors, stunning exposed beams, plantation shutters, and a spacious living/dining area complete with a cozy gas fireplace. The chic kitchen is a chef's dream, with stainless steel appliances, granite counters, recessed lighting, a pantry, and a breakfast bar. Retreat to the bright main suite, which offers direct backyard access and a luxurious ensuite featuring dual sinks, a standalone soaking tub, and a generous walk-in closet. The additional bedrooms have mirrored closet doors, and the washer and dryer are conveniently included... Enjoy extra storage in the garage with built-in cabinets. The serene backyard with a covered patio is perfect for relaxing with your favorite beverage. This home is a must-see and won't disappoint!

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9553 W Keyser Drive Peoria, AZ 85383

Open House

$965,000

6 Beds

3.5 Baths

4,464 SqFt

Status Active

MLS # 6777504

Property Type Single Family Residence

Price Type --

Experience this exquisite home that boasts a resort-like backyard, highlighted by a heated pool and spa, a custom slide, and a grotto, all situated on a spacious 1/3-acre lot. This bright and airy home features impressive high ceilings and a gourmet kitchen that opens to a welcoming family room with a versatile wet bar. The first floor includes an en-suite bedroom, while the second floor offers four spacious guest rooms, along with a large bonus room ideal for movie nights. The expansive primary suite includes his and hers walk-in closets, designed with custom cabinetry, and provides access to a patio deck perfect for enjoying sunsets. Additional features include a spacious 4.5-car garage, elegant window shutters, an RV gate for easy access, and plenty of slab parking in the backyard for all your recreational vehicles.

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1618 E Briarwood Terrace Phoenix, AZ 85048

Open House

New

$965,000

3 Beds

2 Baths

2,557 SqFt

Status Active

MLS # 6782319

Property Type Single Family Residence

Price Type --

This beautifully maintained 3-bedroom, 2-bath home, PLUS a den, offers the perfect blend of comfort and style. Located in the desirable Ahwatukee Foothills, this home is truly move-in ready and features gorgeous upgrades and high-end finishes throughout. The home boasts a spacious 3-car garage, complete with a Level 2-50 amp charger-perfect for EV owners, soaring vaulted ceilings throughout, tile flooring, and a cozy family room featuring a built-in bar. The upgraded kitchen is a chef's dream with new appliances, quartz countertops, beautiful cabinetry, large island, and a breakfast nook. Step outside to your private backyard oasis! Spacious, extended covered patio, sparkling pool and beautifully paved areas provide ample space for entertaining family and friends. Welcome Home!

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8705 E Eastwood Circle Carefree, AZ 85377

Open House

$965,000

2 Beds

2.5 Baths

2,236 SqFt

Status Active

MLS # 6764672

Property Type Single Family Residence

Price Type --

Welcome to this beautifully designed and extremely private sanctuary in sought after gated enclave of Eastwood. If you want year round outside living, and where silence is golden, this is the most desirable unit in Eastwood. This lock and leave 2 bed plus office, 2.5 bath has it all! Upon walking through the door it will become evident the home has been upgraded with the finest materials and shows better than a model home. A chef's kitchen opens to the great room with a cozy fireplace, and the breakfast nook has a disappearing corner wall of glass which creates a seamless connection to the backyard sanctuary with a shaded patio with east facing views in the late afternoon, relaxing Jacuzzi hot tub and mature foliage. The spacious primary suite has a standalone tub, double sinks, and ample natural light that looks out to the garden. The secondary bedroom offers flexibility with a Murphy bed and desk, plus its own en-suite bath. With over $50,000 in upgrades, every detail thoughtfully designed and ready for you to move right in! Do not forget about the community pool, a great bonus to enjoy those hot summer days.

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1452 E Prescott Place Chandler, AZ 85249

$964,900

5 Beds

3.5 Baths

4,064 SqFt

Status Active

MLS # 6773088

Property Type Single Family Residence

Price Type --

Beautiful 5 bedroom, 3.5 bathroom Chandler basement home located in Geneva Estates. This meticulously remodeled home boasts upgrades throughout including show room living room and family rooms with wood floors, wainscoting, fireplace, custom paint, and upgraded fixtures. Plantation shutters, custom paint, upgraded fixtures and high ceilings throughout. A chef's kitchen boasts granite countertops and backsplash, Bosch stainless steel appliances, gas cooktop, Alder Shaker cabinets. Spacious primary suite with direct backyard access, large walk-in closet, double sink vanity, large tiled shower and separate soaker tub. Professionally landscaped, resort-style backyard w/ covered patio, ceiling speakers, BBQ area, Pebble-Tec diving pool w/ waterfall & fire wok-pots, & mature lemon, orange,

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