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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31207 N 124th Drive Peoria, AZ 85383

$920,000

3 Beds

3.5 Baths

2,149 SqFt

Status Active

MLS # 6761995

Property Type Single Family Residence

Price Type --

BEAUTIFUL PROPERTY IN THE PRESTIGIOUS BLACKSTONE COUNTRY CLUB. THIS PROPERTY OFFERS PRIVACY WITH ITS PRIME CORNER LOT IN THE GREENS LOCATION. YOU WILL BE AMAZED BY THIS WELL MAINTAINED PROPERTY. THE DESERT LANDSACPE IS LOW MAINTENANCE YET INVITING AND WELL MANICURED. THE FIRST FEW STEPS INTO THE HOME FEELS SPACIOUS WITH HIGH CEILINGS AND NATURAL LIGHT. YOU WILL FALL IN LOVE WITH THE GOURMET KITCHEN AND LARGE ISLAND. THE SPACE IS PERFECT FOR ANYONE WHO LOVES TO COOK OR HOST EVENTS. EACH BEDROOM IN THIS HOME HAS ITS OWN BATHROOM WITH A HALF BATH IN THE HALL FOR GUESTS. DON'T MISS THIS OPPORTUNITY TO GET INTO THE HOME OF YOUR DREAMS WITH ALL THE AMENITES. ITS YOUR CHANCE TO INDULGE IN A LUXURIOUS LIFESYLE.

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17640 W Guthrie Street Surprise, AZ 85388

New

$919,995

3 Beds

3.5 Baths

2,200 SqFt

Status Active

MLS # 6784499

Property Type Single Family Residence

Price Type --

Your dream home is waiting. Located comfortably in a 55+ neighborhood this Carmet floorplan has everything you need. The bright foyer sets the perfect mood, offering plenty of natural light that flows effortlessly into the rest of the home. The great room is the perfect setting for relaxation with its cozy fireplace that is highlighted by gorgeous tile floors and convenient access to the covered outdoor patio accompanied by 20' glass sliding doors. The stylish kitchen features beautifully finished grey cabinets, Kitchen Aide appliances, and immense counter space with a large central island. Nearby within the community are the resort-style amenities with a full 18 hole golf course, clubhouse activities, pools, sport courts, professional spa, and an on-site restaurant and bars.

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32535 N 135th Drive Peoria, AZ 85383

$919,990

4 Beds

3.5 Baths

2,985 SqFt

Status Active

MLS # 6747166

Property Type Single Family Residence

Price Type --

4 bedrooms + study, 3.5 baths, and 3 car garage, this great room design is flush with natural light...perfectly capturing those Arizona sunsets. With large picturesque, energy-efficient windows, 10' flat ceilings and 8' tall doors, this home offers tremendous sight lines and just feels like 'home.' Perfect for entertaining, the Gourmet kitchen boasts an oversized island, stainless GE appliances, and designer-appointed backsplash - be the envy of your family and friends. Inside the owner's retreat, personal relaxation is achievable with a spa-like bath boasting a tiled walk-in shower and gorgeous quartz countertops. 2x6 construction and Extensive NEW HOME WARRANTY = peace of mind. Welcome home.

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2963 Iron Horse Street Wickenburg, AZ 85390

New

$919,900

3 Beds

2.5 Baths

2,078 SqFt

Status Active

MLS # 6783069

Property Type Single Family Residence

Price Type --

Impressive IRONWOOD model with Amazing Views! Perched on an elevated lot with no neighboring homes to the south or east sides. Featuring 3 spacious bedrooms, 2.5 bathrooms, wood flooring, extended front bedroom suite and 4ft extended garage w/220V. Gorgeous kitchen is fully equipped w/abundant white cabinetry w/ crown moulding, honed matte finish granite counters, large island, gas stove & top of the line stainless appliances. Just off the kitchen is a large laundry room with cabinets, tile flooring & walk in pantry. Multi pane glass sliders lead to the covered patio where you will experience the perfect outdoor living with stunning views and landscape upgrades of 170k, featuring a pool with electric heating & cooling, jets & beautiful water feature, gas fire pit, synthetic grass areas, putting green, stone pavers, misting system, view fencing, BBQ area & raised garden. A few more upgrades include - an Aqua Sauna water filter system throughout, Extra-large propane tank, Custom front security door, Electric line along eaves for easy lighting install. Enjoy all the Amenities & Lifestyle Wickenburg Ranch has to offer - 2 Golf Courses, Pickleball, Tennis, Community Pool, Spa, Restaurants and more! Make this gem your dream home today!! *All furniture available for sale outside of escrow.

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13451 N 93rd Way Scottsdale, AZ 85260

$919,900

5 Beds

3 Baths

2,953 SqFt

Status Active

MLS # 6689364

Property Type Single Family Residence

Price Type --

Amazing Home within Encantada Subdivision. This Home offers 5 Bedrooms and 3 Full Baths with a Sparkling Pool. Separate Living Room and Great Room Areas. Large Kitchen area for entertaining! Plenty of Storage throughout! Large Backyard cooking and serving island by the Pool. Close to Schools, Shopping and Freeway. Also, Seller is offering 3% concessions towards Sellers closing costs or interest rate buy down. Seller is currently remodeling home.

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200 W Portland Street Unit 927 Phoenix, AZ 85003

$919,900

2 Beds

2.5 Baths

1,498 SqFt

Status Active

MLS # 6739050

Property Type Apartment

Price Type --

UNICORN ALERT! Rarely does this floor plan come available and it is easy to understand why! Perched on the 9th floor as an end cap unit with no shared walls giving you views South/North and sunset's from your balcony looking over the downtown skyline! Inside you will find the perfect floor plan, split bedrooms with large walk in closets and stylish bathrooms. The island kitchen overlooks the large loving room with floor to ceiling windows. Bosh appliances, quartz counters and laminate wood floors accent this unit beautifully. Best part of this plan is the extra 1/2 bath! The community boasts rooftop BBQ, fire pits, grass and amazing views. Don't miss the gym. pool. dog washing station, local art and more. Walk to everything including the parks and light rail! You will love it here!

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13022 N Crystal Hills Drive Fountain Hills, AZ 85268

Open House

$919,900

4 Beds

2 Baths

2,436 SqFt

Status Active

MLS # 6771499

Property Type Single Family Residence

Price Type --

A fantastic 4 bed, 2 bath property located in Fountain Hills is now available! Corner lot features views and desert landscaping with a 3 car garage and much more, you simply have to come see it to believe it! Inside you will find vaulted ceilings, large dining/living areas, and a luxurious kitchen that would make any chef jealous, with its ample cabinetry, pantry, granite countertops, tile backsplash, double wall oven, charming island, and breakfast bar. The grandiose master bedroom is ideal with its spacious walk-in closet, private exit, and bath with double sinks. The stunning backyard sits on a nearly 15,000 s.f lot and includes a covered patio along with a sparkling blue pool perfect for the hot summer days! By the way, kiss those high electric bills away with the owned solar system!

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7452 W Remuda Drive Peoria, AZ 85383

Open House

$919,900

5 Beds

3.5 Baths

3,938 SqFt

Status Active

MLS # 6776617

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning 5-bedroom, 3.5-bathroom home, is nestled on a premium lot in a highly sought-after location, offering rare greenbelt and mountain views with unparalleled privacy. The well-designed open floor plan provides spacious living with two additional lofts, perfect for entertainment, work, or relaxation. The master suite, conveniently located on the first floor, boasts a newly remodeled bathroom for a touch of luxury. Step outside to enjoy a private, heated pool and hot tub, along with a cozy outdoor fireplace—ideal for year-round gatherings. Plantation shutters add elegance and functionality throughout, and a 4-car garage provides ample storage and parking space. This home truly combines comfort, style, and an unbeatable setting—come see it for yourself! Marvel at stunning sunsets and mountain views in the enchanting backyard, complete with a covered patio, a built-in BBQ, an outdoor fireplace, a spa, and a sparkling pool for endless summer fun. This gem will sell fast!

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3823 W Lodge Drive Laveen, AZ 85339

$919,795

4 Beds

3.5 Baths

3,476 SqFt

Status Active

MLS # 6774341

Property Type Single Family Residence

Price Type --

Gorgeous new single-level home nestled in the private and gated Atlas at Whispering Hills Community. The spacious 4-bedroom home is loaded with designer selections such as an Iron front door, an executive GE café appliance package, Aristokraft Landen Maple Burlap Cabinets, Champagne kitchen cabinet hardware and faucet, and so much more. The office boasts double French glass doors and the home also includes a flex dining space. The bathrooms have black matte cabinet hardware and plumbing fixtures. Other highlights include Quartz Bianco Pearl in the kitchen and primary bath, Marazzi Merona 8 x 40 tile everywhere but the secondary bedrooms which have upgraded carpet and pad.

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13642 W Buckskin Court Peoria, AZ 85383

$919,500

5 Beds

4 Baths

3,330 SqFt

Status Active

MLS # 6722494

Property Type Single Family Residence

Price Type --

PRICE DROPPED!! BRAND NEW '& READY FOR YOU! $20,000 towards closing costs with preferred lender! Nestled within the gates of ''The Retreat'', this exquisite home by Scott Communities boasts 5 Bedrooms +Den, 4 baths, and 3.5-car garage. Bask in Arizona's eternal sunshine on the expansive patio, accessible through multiple sliding glass doors. Revel in the opulent kitchen featuring contemporary wood cabinets, herringbone backsplash, and creamy white & taupe quartz. Equipped with two ovens, a gas cooktop, microwave drawer, oversized island, and walk-in pantry, this kitchen is a must! Luxuriate in the spa-like owner's bathroom with an oversized soaking tub, walk-in shower, and mosaic tile flooring. Matte black fixtures add a touch of sophistication throughout. Wood-look tile. Closing cost assistance available! A 10ft side gate ensures easy backyard access.

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127 E Sabrosa Drive New River, AZ 85087

$919,000

4 Beds

3 Baths

3,496 SqFt

Status Active

MLS # 6760472

Property Type Single Family Residence

Price Type --

Discover luxury living in this stunning custom-built single-story home, offering 4 bedrooms, 3 bathrooms, and a spacious 3,496 square feet of meticulously designed living space. Nestled on a serene, fenced lot with breathtaking views of the Circle and Daisy Mountains, this property offers both tranquility and elegance. Step inside to find high-end finishes, including gleaming granite countertops and exquisite travertine tile flooring in the main living areas. The open kitchen is a chef's dream, featuring a large breakfast bar, stainless steel appliances, and a stylish tiled backsplash. The living areas boast 10+ foot ceilings, creating an airy and inviting atmosphere. The primary bedroom is a private retreat with direct access to the expansive backyard, where you can unwind in the... the luxurious ensuite bath, complete with granite countertops, a separate tub, and a walk-in snail shower. The secondary bedrooms are equally impressive, with plush carpeting and a convenient Jack-and-Jill bathroom. Outside, you'll find a huge, fenced backyard with endless possibilities to create the outdoor space of your dreams. A covered patio offers the perfect spot for al fresco dining or simply enjoying the stunning mountain views. Additional features include a 3-car garage, RV gate, and plenty of space for all your outdoor needs. This custom home truly has it allstyle, space, and spectacular views!

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17740 E Bismark Lake Court Rio Verde, AZ 85263

$919,000

2 Beds

2.5 Baths

1,679 SqFt

Status Active

MLS # 6755687

Property Type Single Family Residence

Price Type --

WAKE UP TO SPECTACULAR SUNRISES AND WATCH THE MOUNTAINS CHANGE COLORS EVERY EVENING FROM THIS SOUGHT-AFTER ELEVATED LAKEFRONT HOME AT TRILOGY VERDE RIVER. This gorgeous Valletta resort home has been meticulously maintained; comes equipped with dozens of builder and designer upgrades throughout. Beautiful kitchen w/ upgraded Monogram Appliances, Quartz Counters, upgraded Cabinetry & custom Pendant Lights. Spacious great room w/ stunning Tile Floors, floor outlet & wall-mounted TV audio/video sleeve. Walk out of the sliding glass doors to the upgraded extended patio w/ Pergola & privacy screen to enjoy one of the best views in the entire community. An extraordinary & rare opportunity to own one of the premier mountain view resort homes to ever become available. Move-In Ready!

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