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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4422 N 75th Street Unit 6008 Scottsdale, AZ 85251

$925,000

2 Beds

2 Baths

1,197 SqFt

Status Active

MLS # 6764280

Property Type Apartment

Price Type --

SPECTACULAR UNIT WITH SPECTACULAR VIEWS..... Stunning 6th floor SE corner unit with 350 sq ft. wraparound deck at the ENVY Residence. Start off each day with floor to ceiling windows that provide an unobstructed view of the mountains and sunrise. Spacious 2 bedroom/2 bath. Features include contemporary styled kitchen with high-gloss Goldreif by Poggenpohl cabinets. Bosch stainless steel appliances, polished quartz countertops, motorized black-out shades, upgraded hardwood floors, storage unit, 2 spaces of underground parking, electric vehicle charger, plumbed for gas grill on decks. Envy features top concierge service, 24 hours security, 4,000 sq ft State of the Art Lucas James designed fitness center, outdoor Zen garden, yoga studio, resort-like pool, TV and a Black Label Lounge and Bar

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10731 E Hillview Street Mesa, AZ 85207

$925,000

3 Beds

2.5 Baths

2,705 SqFt

Status Active

MLS # 6754712

Property Type Single Family Residence

Price Type --

Discover your dream home! This custom-built gem boasts 3 bedrooms plus a master sitting room, 2.5 baths, and breathtaking views of Superstition Mountain and Usery Pass. Enjoy the luxury of two balconies and custom paint throughout. The spacious 3-car extended garage features custom cabinets, perfect for storage. Inside, vaulted ceilings create an open, airy feel. Situated on a large lot with a fenced-in yard, this home offers ample space for outdoor activities. Located near Usery Park and Tonto National Forest, this home combines comfort and convenience. Don't miss out on this exceptional property!

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1 Easy Street Unit 25 Carefree, AZ 85377

$925,000

3 Beds

3.5 Baths

2,283 SqFt

Status Active

MLS # 6757312

Property Type Townhouse

Price Type --

Amazing, Contemporary Townhome that is walkable to everything Carefree. Finished in late 2023, this home has exquisite finishes, not to mention spectacular views of Black Mountain. 2 primary suites, one on MAIN FLOOR. Porcelain plank flooring, Quartz Counters with Waterfall Island, Built-In Bosch stainless appliances, tankless gas water heater and backlit mirrors create a fresh interior finish. Tongue & Groove Cedar ceiling treatments and 14' Vault at upper-level display thoughtful structural design.

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5732 N 25th Street Phoenix, AZ 85016

$925,000

3 Beds

3 Baths

2,044 SqFt

Status Active

MLS # 6758488

Property Type Townhouse

Price Type --

Spacious townhome with welcoming courtyard entry in guard-gated Heights of Biltmore at Taliverde. Bright neutral paint and wood flooring throughout with tile in two of the baths. Kitchen features warm cabinetry, granite, stainless steel appliances, and eat-in breakfast area with coffee bar. Great room living/dining has a wet bar, built-in cabinets, soaring fireplace with stone surround, and a wall of French windows and French door to the balcony. Primary suite has a floor-to-ceiling fireplace, full bath with double sinks and separate step-in shower, walk-in closet with organization, patio and atrium access. Two secondary bedrooms and an office with bookcase. 2-car garage has built-in storage and epoxy floors. A/C's 2023/24. Enjoy Biltmore area dining, entertainment, shopping and more!

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22938 S 193rd Street Queen Creek, AZ 85142

$925,000

4 Beds

3 Baths

3,234 SqFt

Status Active

MLS # 6773260

Property Type Single Family Residence

Price Type --

A remarkable find of uncompromising quality is yours in this sophisticated home. Custom built-in 2003, the home is 3,235 SF, a one-of-a-kind custom and renovated home. The house is flooded with natural light and sits on a 35,005 sq. ft. homesite in the heart of Queen Creek. Beautiful, minimal maintenance landscape with a lighted bridged pathway entry from the street to your new front door makes this home a genuine opportunity for the discerning buyer. Enjoy the grand entrance, with 12-to-14-foot ceilings and an open split floor plan adorned with architectural accents throughout the home. This floor plan is perfect for entertaining and enjoying your daily life, in addition to the substantial storage space throughout the house. The incredible Gourmet double Island kitchen awaits you

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30526 N 116th Lane Peoria, AZ 85383

$925,000

3 Beds

2.5 Baths

2,773 SqFt

Status Active

MLS # 6768983

Property Type Single Family Residence

Price Type --

Beautiful one of a kind David Weekley Home situated in the master planned community of Vistancia. Striking beams in the living room and a spacious open floor plan. A chef's dream kitchen with top of the line appliances such as the Monogram 48'' professional 6 burner gas range with griddle, Thermador dishwasher (new April '24), Sub-Zero Pro Series refrigerator/freezer, built in beverage fridge, white cabinets with iron forged custom handles. Large Island is perfect for gatherings. Master bedroom has a no step super shower, dual sinks and large walk in closet. On the other side of the home you will find 2 bedrooms, full bath, flex room and laundry with built in cabinets and sink. Stepping out on the patio you will be in awe with the beautiful, relaxing gardens, fountain and built in gas fireplace. During the warmer months you can still enjoy sitting outside with the commercial misting system. This is the only home that has custom beams and an outdoor built in fireplace on the patio.

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28811 N 45th Street Cave Creek, AZ 85331

$925,000

4 Beds

2 Baths

2,186 SqFt

Status Active

MLS # 6775598

Property Type Single Family Residence

Price Type --

This quiet, corner lot home is completely renovated and reimagined and ready to be your forever home. NEW AC, NEW roof, NEW paint & garage epoxy, CUSTOM closets, shutters, pool resurfaced, high-end fixtures throughout. Over $150k in renovations and upgrades. Tatum Ranch is known for its family-oriented, yet peaceful way of life, whether you seek private solitude or bustling activity, your story can be told here. Allow yourself to discover your forever lifestyle in this turnkey property. List of just some of the impressive improvements and features this updated property has to offer are included in the Documents Tab.

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16639 W Longview Drive Surprise, AZ 85387

$925,000

2 Beds

2.5 Baths

2,483 SqFt

Status Active

MLS # 6773403

Property Type Single Family Residence

Price Type --

Enjoy gazing down the 13th Fairway to view the WHITE TANK MOUNTAINS, capturing the famous AZ sunsets Overlooking the 13th green on the CIMARRON GOLF COURSE, the view is spectacular. ASHBURY model, loaded with upgrades, having both a Guest House (CASITA) and extended 3-CAR GARAGE make this offering one you surely won't want to miss. Classic White Kitchen features granite counters, and back-splash, SS appliances, convenient center island, and bayed dining nook. Patio features a rock waterfall flowing into the heated SPOOL. Natural gas BBQ grill island. Remote controlled sun awning plus remote shades allows for either sun or shade when you're entertaining. Both bedrooms are suites, so you actually have 3 BR's and 3.5 Baths. Double leaded glass doors for private Office/Den.

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11206 N Partridge Place Fountain Hills, AZ 85268

$925,000

3 Beds

2.5 Baths

2,591 SqFt

Status Active

MLS # 6778706

Property Type Single Family Residence

Price Type --

Beautifully remodeled, nestled in a serene cul-de-sac. This modern Spanish residence features 3 beds, 2.5 baths, offering the perfect blend of comfort & style. You'll be greeted by a custom-designed kitchen featuring elegant cabinetry, Pottery Barn lighting, and Rejuvenation hardware, all contributing to a sophisticated ambiance. The open layout flows seamlessly into the living areas, showcasing walnut-stained wide plank French oak flooring and gracefully arching walls, creating a warm and inviting atmosphere.Natural light pours in through multiple windows, revealing breathtaking 180-degree views, including a spectacular vantage point of the iconic Fountain Hills fountain. Whether you're entertaining guests or savoring a quiet evening. These stunning views will leave a lasting impression!

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21642 N 59th Street Phoenix, AZ 85054

$925,000

4 Beds

3 Baths

2,024 SqFt

Status Active

MLS # 6776475

Property Type Single Family Residence

Price Type --

Charming New Home in Gated Desert Ridge Community Step into this stunning 2022-built residence where modern luxury meets comfort. This light-filled home features a gourmet kitchen equipped with Quartz countertops, a large island perfect for entertaining, and a classic tile backsplash. The elegance extends with plank tile flooring throughout, enhancing the clean and airy ambiance. Comfort is paramount in this home, offering spacious walk-in closets, walk-in showers, and a tankless water heater ensuring endless hot water supply. Each detail is meticulously designed for convenience and style. Outside, the backyard is a crafted oasis upgraded with travertine pavers, a cozy gas fireplace seating area, and low-maintenance artificial grass, making it an ideal retreat for relaxation or hosting gatherings. Located in the highly sought-after area of Desert Ridge, this home offers convenience at your fingertips with easy access to shopping, dining, Mayo Clinic, and the 101 freeway. Within the secure confines of a gated community, residents enjoy top-notch amenities including a heated pool and spa, state-of-the-art fitness center, a 10-acre park, charming pocket parks, and a serene yoga lawn. This property promises a blend of sophistication and ultimate comfort, making it the perfect haven for anyone looking to indulge in a luxurious lifestyle with all conveniences close by.

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6725 N 160th Drive Litchfield Park, AZ 85340

$925,000

3 Beds

2 Baths

1,720 SqFt

Status Active

MLS # 6778032

Property Type Manufactured Home

Price Type --

Prominent 303 Corridor location with amazing developmental potential. The fast growing 303 Corridor boasts industries such as Amazon, Walmart, Best Buy, FedEx, & UPS. This esquestrian property is located less than a mile from state route 303 and currently is being used as a boarding & lesson facility with an established client base. Three bedroom/two bath manufactured home. Property includes 29 large, covered stalls, multiple turnouts with shades, large lit round pen, four horse motorized hotwalker, two tack rooms, & a five-ton pellet bin. No HOA

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685 N Horseshoe Trail Wickenburg, AZ 85390

New

$925,000

3 Beds

2 Baths

1,785 SqFt

Status Active

MLS # 6783533

Property Type Single Family Residence

Price Type --

EVERY COWBOYS DREAM PROPERTY 1,785 SQ FT HOME 3 BEDROOMS 1.75 BATHS *NEW LAMINATE FLOORING THROUGHOUT *PAINT AND NEW AIRCONDITION * GREAT USABLE HORSE PROPERTY ON ALMOST 3 ACRES * 2 COVERED STALLS 12X12 WITH POWER AND WATER * LARGE TURNOUT W/ WATER & POWER & SHADE* ROOM FOR SEVERAL MORE HORSES * LARGE PORTION OF PROPERTY IS LEVEL GOOD ROCK FREE GROUND * RV COVERED SHED * PANORAMIC VIEWS OF THE MOUNTAINS & PROPERTY IS PARTIALLY FENCED * SURVEYED AND ALL CORNERS MARKET ON 10/2023 * A LIST OF ALL UPGRADES CAN BE PROVIDED *

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