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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20382 N 53rd Avenue
Glendale, AZ 85308
$875,000
4
Beds
3
Baths
2,314
SqFt
Status
Active
MLS #
6779095
Property Type
Single Family Residence
Price Type
--
This is the Arrowhead Lakes home you have been waiting for! Beautifully updated 4 bedroom 3 bath home with incredible long lake water views! Indulge in amazing sunset views on a private, quiet cul-de-sac lot. Newly updated kitchen and bathrooms, including one bedroom and bath on the lower level, and new interior paint throughout the home emphasize the light and airy feeling throughout the home. Entertaining oversized pavered backyard with heated in ground spa grotto to enjoy your lake and sunset views from. This beautiful retreat has been lovingly maintained and it shows! Very low maintenance outdoors also makes this an ideal second home! Don't wait to see this amazing home in prestigious Arrowhead Lakes!
2437 S Racine Lane
Gilbert, AZ 85295
$875,000
4
Beds
3
Baths
2,862
SqFt
Status
Active
MLS #
6779508
Property Type
Single Family Residence
Price Type
--
This is an immaculate, beautiful home! Don't let this one get away! Remodeled kitchen and great room, with an open concept! Lot's of bright, open spaces! Beautiful finishes! Remodeled master bath space! Nothing has been left untouched in this amazing corner lot home! Massive 13k sq ft. lot with no neighbors behind! Perfect space to add a pool if you desire! Beautiful neighborhood, owned solar, and an amazing location near San Tan Village are just some of the amenities! Come see this one today before it goes away!
32408 N 211th Avenue
Wittmann, AZ 85361
$875,000
3
Beds
2
Baths
2,290
SqFt
Status
Active
MLS #
6779955
Property Type
Single Family Residence
Price Type
--
LOCATION, LOCATION, LOCATION, 2 ACRES WITH A 1ST CLASS 4 STALL HORSE SHED ROW WITH ELECTRIC, AUTOMATIC WATERS, FANS & A SAND TURN OUT PEN, COVERED TACK ROOM & HAY SHED WITH CONCRETE SLAB & TIE RACKS, GRAVELED FRONT & BACK YARD, 1 ACRE COMPLETELY BARE SO YOU CAN HAVE A FULL SIZE ARENA OR LARGE SHOP, MORE PARKING, ETC FOR ALL YOUR NEEDS, PARCEL 503-40-073A IS INCLUDED IN SALE, 1 ACRE FULLY FENCED IN CINDER BLOCK THE OTHER 1 ACRE 5 RAIL PIPE FENCE, CONCRETE WALKWAY FROM HOUSE TO HORSE PENS, HOME UPGRADES INCLUDE-NEW APPLIANCES, NEW EXTERIOR PAINT, STONE INTERIOR THROUGH OUT HOME, WOOD PLANK CEILING IN MASTER BEDROOM, PAINTED CABINETS, 2 CUSTOM RV GATES, RAIN BIRD DRIP SYSTEM, 15 MINUTES TO SURPRISE, 30 MINUTES TO WICKENBURG, THIS PROPERTY IS A MUST SEE
860 E 7th Street
Mesa, AZ 85203
$875,000
6
Beds
3
Baths
3,736
SqFt
Status
Active
MLS #
6780308
Property Type
Single Family Residence
Price Type
--
Welcome to your dream family home, set on a spacious lot with mature and citrus trees. This stunning residence features 4 bedrooms and 2 bathrooms on the main floor, plus 2 additional bedrooms and a bathroom in the basement—ideal for in-law quarters or a playroom. The beautifully remodeled kitchen includes a large island with a breakfast bar, quartz countertops, and ample cabinetry. Recent upgrades feature a new water heater and water softener (2024) and new A/C units (2023). Step outside to your private oasis with a refreshing pool, built-in BBQ, and a slide and swing set for the kids. With new tile flooring on the main level and remodeled bathrooms (2022), this home is perfect for creating lasting memories. Don't miss this incredible opportunity to make this beautiful home your own!
20750 N 87th Street Unit 1146
Scottsdale, AZ 85255
$875,000
3
Beds
2
Baths
1,715
SqFt
Status
Active
MLS #
6781289
Property Type
Townhouse
Price Type
--
Experience luxurious living in this gorgeous townhome in the gated Community of Encore at Grayhawk Condominium! Sits on a quiet cul-de-sac, this beauty offers 3 beds, 2 baths, & a 2-car garage. Home exudes elegance with a circular foyer, fire sprinklers, plantation shutters, modern light fixtures, tall ceilings, a neutral palette, & wood-look tile flooring t/out. You'll LOVE the formal dining room and inviting living room w/fireplace! The fully equipped kitchen boasts quartz counters, recessed & pendant lighting, tile backsplash, a pantry, ample cabinets w/crown molding, and a 2-tier peninsula w/breakfast bar. The owner's suite has patio access and an ensuite with dual sinks, separate tub/shower, & a walk-in closet. Relax while enjoying BBQ under the cozy back-covered patio! Welcome home!
8225 E Chaparral Road
Scottsdale, AZ 85250
$875,000
4
Beds
3
Baths
2,054
SqFt
Status
Active Under Contract
MLS #
6781664
Property Type
Single Family Residence
Price Type
--
This FULLY-FURNISHED OLD TOWN SCOTTSDALE STR/AIRBNB is an established INCOME-PRODUCING VACATION RENTAL that generates nearly $100K in annual gross rents. One of the most loved homes on Airbnb, this guest favorite boasts 78 nearly perfect 5 star reviews. It includes $129K in recent upgrades, sparkling pool and hot tub. Guests rave about the charming decor, amenities and outstanding location. INVESTORS: hit the ground running with this truly turnkey investment property and begin generating revenue as soon as you close, in time for the end of the tax year! *ASK YOUR AGENT FOR THE HISTORIC BOOKINGS & EXPENSES*.
1932 E Brentrup Drive
Tempe, AZ 85283
$875,000
5
Beds
3
Baths
3,207
SqFt
Status
Active
MLS #
6782120
Property Type
Single Family Residence
Price Type
--
Discover this stunning tri-level home located in the highly sought-after community of Oasis at Anozira in Tempe. This friendly and quiet neighborhood features its own private 6.5-acre catch-and-release lake surrounded by a lush 0.88-acre greenbelt, offering a serene retreat right at your doorstep. This spacious home boasts a three-car garage with built-in cabinets for ample storage. The layout includes a formal dining area, a cozy family room, and a separate living room—perfect for entertaining or family gatherings. The updated kitchen is a chef's delight, featuring beautiful shaker cabinets and elegant granite countertops. With two bedrooms conveniently located downstairs, perfect for teens or in-laws. The primary en-suite offers a walk-in closet, and a large bathroom. French doors lead out to your own backyard oasis. Enjoy a refreshing pool, a covered patio for outdoor dining, and a grassy area complemented by fruit treesperfect for relaxation and entertaining. Located within the esteemed Kyrene school district, this home is also conveniently situated near schools, freeways, shopping, and dining. Don't miss the opportunity to make this beautiful property your new home!
12473 W Montgomery Road
Peoria, AZ 85383
$875,000
5
Beds
3.5
Baths
3,841
SqFt
Status
Active
MLS #
6782293
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home in the highly sought-after Vistancia community! This spacious 3,841-square-foot, two-story residence offers five bedrooms, three and one-half bathrooms and an abundance of modern amenities, ideal for both relaxation and entertaining. Located in the vibrant Vistancia community, this home offers access to top-rated schools, parks, walking trails and resort-style amenities, including pools and recreational facilities. Don't miss the opportunity to make this stunning home yours—schedule a private showing today!
3056 E Appaloosa Road
Gilbert, AZ 85296
$875,000
5
Beds
5
Baths
3,155
SqFt
Status
Active
MLS #
6783093
Property Type
Single Family Residence
Price Type
--
Owned Solar (no loan or lease) and Tesla PowerWall! and EV car charger. Two-story residence in Morrison Ranch exuding comfort and elegance! Grassy front yard, stone-accented façade, and welcoming porch. Interior has plantation shutters, tile and carpet flooring, neutral paint throughout, recessed lighting, and thick baseboards. Open den, cozy family room, and oversized loft are areas providing endless entertainment possibilities! The eat-in kitchen has stainless steel appliances, a center island w/breakfast bar, granite counters, and a walk-in pantry. Large master boasts a lavish bathroom with a glass enclosure rain shower and a dual sink vanity. All bedrooms have walk-in closets for convenience. Downstairs bedroom can be easily used as an office. Permanent holiday lighting installed. Washer, dryer, utility sink, and cabinetry included in the laundry room! Private and serene backyard offers a covered patio and green grass for relaxing evenings. The 3-car tandem garage allows you to bring all your vehicles. Don't miss out on this excellent opportunity!
15048 E Sierra Madre Drive
Fountain Hills, AZ 85268
$875,000
3
Beds
2
Baths
2,313
SqFt
Status
Active
MLS #
6784226
Property Type
Single Family Residence
Price Type
--
Sitting on an almost ½ acre elevated lot backing to open desert, this charming home in North Heights has just been updated & upgraded! Just completed: $20k new roof w/underlayment, $6k pool heater, complete interior paint, 2 new skylights, new tile & fans in 2 bedrooms, plumbing fixture & hardware! Enter into the large & open great room with wood burning fireplace, skylights and view out to the back yard & open desert beyond. Kitchen offers extensive cabinetry and counter space, granite counters, wine fridge, double oven, large island with seating, and breakfast bar area. Spacious master suite has patio access, oversized walk-in closet, separate tub & shower. The serene backyard is north-facing for maximum shade, open desert on all sizes and a large heated pebble-tec pool. The spacious 3 car garage has cabinetry on both sides. Owner is open to providing interest-only financing at below market rates. Easy to show, this one won't last!!
7131 E Rancho Vista Drive Unit 3001
Scottsdale, AZ 85251
$875,000
2
Beds
2
Baths
1,327
SqFt
Status
Active
MLS #
6784495
Property Type
Apartment
Price Type
--
Gorgeous corner unit at Optima Camelview with beautiful natural light, and ready for its next owner. Located in the back of the complex and away from main roads, the unit has been freshly prepared for market and would make a great unit for investors, second home buyers, or someone who wants to make downtown Scottsdale their home and appreciate fine living. The Optima Camelview complex has fantastic amenities and services available to its residents including a concierge office, onsite HOA management, huge gym, multiple pools, and is seconds from Scottsdale Fashion Square and all the shopping and dining the area offers. Rents are strong in this complex if looking to buy as an investment! A truly turnkey unit or one that you could make your own.
3742 S Coach House Drive
Gilbert, AZ 85297
$874,999
7
Beds
3
Baths
3,450
SqFt
Status
Active
MLS #
6727128
Property Type
Single Family Residence
Price Type
--
*******RARE******BASEMENT HOME IN Power Ranch*********7 bedrooms- Huge 3450 Sq Ft. Over $170K in new upgrades, including custom plank tile flooring, both upstairs baths completely remodeled, complete new Kitchen with all new SS GE Profile Appliances, BRAND NEW, not painted white Cabinets with pull out shelves, Quartz Counters, Double ovens, new SS Sink and Faucet with disposal. They have even added in a Built in Nugget Ice maker. Huge Rv Gate with ample concrete parking behind and ln front of the gate. Private 8' deep heated Pebble Tec Pool with a waterfall slide, and hot tub. New Water Heater, and 2 new Ac units in 2020. SELLER WILL PAY OFF SOLAR LOAN WITH THE RIGHT OFFER..... In 2018 seller added a whole home Solar system, it has a loan balance that will need to be taken over or a new loan taken out from the buyer. Payments are $354 for the life of the loan. Balance owed is around $37K. All the TVs and mounts do not convey with the sale.