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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11615 N 30th Street
Phoenix, AZ 85028
$850,000
4
Beds
2
Baths
2,047
SqFt
Status
Active
MLS #
6746910
Property Type
Single Family Residence
Price Type
--
OVER $70K in improvements DONE SINCE LAST YEAR! Be surrounded by the Mountain preserve yet Minutes to Freeway, airport, dining, shopping-Enjoy the Gourmet Kitchen w/ Quartz Island, built-in Island microwave, 5 burner Gas Range w/Pot filler, Large Walk-in Pantry-SONOS whole home surround sound system w/built in speakers wired direct to TV's-Custom closets thru-out, whole home Soft water system-Both baths freshly renovated-All dual-pane windows come w/ New Window coverings-Landscaped & outdoor space consists of Renovated pebble tech pool, a retractable electronic pool cover, Pet friendly synthetic turf, fruit/veggie Garden, chicken coop, Gravel/Stone Front w/ large shade tree & Auto watering systems-Neighborhood Schools are w/in walking distance including BASIS academy.
6803 E Main Street Unit 4407
Scottsdale, AZ 85251
$850,000
2
Beds
2.5
Baths
1,622
SqFt
Status
Active
MLS #
6749449
Property Type
Apartment
Price Type
--
Welcome to The Mark in Old Town Scottsdale, and to this amazing 1622 square foot home. This condominium has 2 large bedrooms, each with ensuite bath and spacious closets. Every room in the home has a view of the Papago or McDowell Mountains. Stone tile floors throughout contribute to a spacious feel. In addition, there is a sizeable laundry room, powder room, and plenty of closet and storage space. The updated kitchen includes a Wolf gas stove and GE Monogram appliances. The community has recently updated the rooftop pool/spa, outdoor kitchen, and entertainment areas, framing views of Camelback Mountain and downtown Scottsdale. Walkability is premier for one of the best locations in Old Town. You will definitely enjoy the classic elegance of The Mark.
33325 W Old Us Highway 80 Highway
Arlington, AZ 85322
$850,000
4
Beds
2.5
Baths
2,299
SqFt
Status
Active
MLS #
6753494
Property Type
Single Family Residence
Price Type
--
Welcome to this charming 4BR, 2.5 bath Farm house on a 7.68-acre lot with impressive mountain views! Detached 15X40 shop w/ cooler, lift & air compressor. Covered (15X40)RV pad & 20X40 covering for boat. Aprx 3 acre fenced pasture with sprinklers. Huge outdoor patio & entertaining space includes bar, sink, grill, smoker, fridge, kegarator, fans & speakers. Newer roof, HVAC's & recent exterior paint. Primary downstairs retreat boasting two spacious closets and an ensuite with a dual sink vanity. Kitchen with new SS appliances, lots of cabinets, walkin pantry & breakfast bar. Upstairs 1 bath & 3 bedrooms-1 with access to a balcony and 1 with attic storage space. Many extras include: shutters, firepit, spa, garden & RV outlets (50amp & 30 amp). Country living and no HOA! Many possibilities!
32313 N 16th Lane
Phoenix, AZ 85085
$850,000
4
Beds
2.5
Baths
3,122
SqFt
Status
Active
MLS #
6756171
Property Type
Single Family Residence
Price Type
--
Stunning TW Lewis home in a quiet, gated community in Sonoran Foothills. Stylish and functional floor plan with plenty of space to live, work and entertain. Warm neutral finishes, custom maple cabinetry, granite counters and plantation shutters throughout. Gourmet kitchen abuts den with stacked stone fireplace. Separate area for dining room if desired. Huge primary suite with walk-in closet, 3 additional bedrooms plus a large bonus space. Garage has epoxy floors and cabinets. An intimate courtyard upon entry and a spacious backyard with gorgeous desert views. Property backs to a wash making it very private and serene. Extensive walking, hiking and biking trails from your front door. Community amenities include parks, basketball, volleyball, tennis, pickleball, pool, spa and splashpad. Easy access to I17 and 303.
39004 N 33rd Avenue
Phoenix, AZ 85086
$850,000
4
Beds
4
Baths
3,206
SqFt
Status
Active
MLS #
6763037
Property Type
Single Family Residence
Price Type
--
Enjoy your privacy without giving up the perks of living in town with nearby shopping, dining, and outdoor recreation. This 3206 sqft custom home was recently painted inside and out and sits on a quiet street with plenty of space to expand and includes an attached Casita with separate entrance off front Courtyard. The main home has 3 Bedrooms each with full Bathrooms, separate Office or 5th Bedroom, spacious eat-in Kitchen, Family Room, Great Room or Flex Room with wet bar. The Family Room and Primary Bedroom open up to a spacious covered Patio, large fully block-fenced Backyard with 2 RV Gates, sparkling Pool, built-in Fire Pit and BBQ area. Ample parking including an attached large double Garage with room to expand; add an RV garage, storage building or workshop. No HOA! Low assumable 3.25% mortgage. Home Warranty included.
7640 E Snowdon Circle
Mesa, AZ 85207
$850,000
5
Beds
4
Baths
3,426
SqFt
Status
Active
MLS #
6759152
Property Type
Single Family Residence
Price Type
--
Discover luxury living in the prestigious Highlands at Las Sendas, nestled on a prime cul-de-sac lot. This home boasts nearly 11,000 sq. ft. of outdoor space with RV gate access and an oversized 3-car garage. Inside, elegance meets functionality with plantation shutters, granite finishes, and crown molding throughout. The gourmet kitchen is a chef's dream, complete with a spacious island featuring a gas cooktop, two dishwashers, and two refrigerators, perfect for entertaining. Retreat to the Master Suite, where a private sitting area opens to a deck with uninterrupted views of the preserve--no neighbors in sight! The two secondary bedrooms each offer their own en suite baths, ensuring comfort and privacy. Step outside to your personal oasis: a saltwater pool, outdoor kitchen, and fire pit, designed for unforgettable gatherings. This home offers more than just spaceit's an experience. Don't miss your chance to see what makes this property so exceptional!
9225 E Barn Wood Lane
Prescott Valley, AZ 86315
$850,000
4
Beds
3
Baths
2,299
SqFt
Status
Active
MLS #
6757436
Property Type
Single Family Residence
Price Type
--
Custom designed horse set up built in 2021 at the back of the property is a horse lover's dream! This little ''farmette'' just needs your horses and chickens and it is turn-key! Inside the home features a Spacious Island Kitchen with loads of counter space and open to the gourmet kitchen complete with a new Wolf stove. Separate living room and Great room + 4 bedrooms. High End surround sound in family room and outside patio areas. Fully fenced back yard with excellent landscaping and lots of trees, Amazing well! Enjoy the master suite with large bath with jetted tub & Separate shower along with a massive walk in closet. 3 other good sized bedrooms perfect for family and guests. Solar system for low electric bills! A super opportunity for an amazing home. Extended 3 car garage, RV parking on the side + a large storage shed, roof is 8 years old. Built in cabinets in the garage. Security cameras on exterior of the house along with a ring doorbell system. New high end water filtration system installed includes RO system and water softener.
21479 E Arroyo Verde Drive
Queen Creek, AZ 85142
$850,000
6
Beds
3
Baths
3,030
SqFt
Status
Active
MLS #
6768373
Property Type
Single Family Residence
Price Type
--
***Full Kitchenette in Nextgen suite or 6 bedroom potential!!! Seller is offering $10,000 towards buyers closing costs. Buyer can use these funds to finish out the kitchenette with built in range/oven and stack washer/dryer or convert to a 6 bedroom home!*** Fall in love with this meticulously maintained next gen style home located in Hastings Farms featuring a guest wing with kitchenette! From the moment you walk up the paved driveway through the lush courtyard, this 4 bed, 3 bath, 3 car tandem garage is spacious and inviting. This great room floor plan is perfect for entertaining w/ large kitchen featuring double oven, tile backsplash, granite counters, SS appliances, large range hood, gas range, pantry & island w/ breakfast bar. The primary bedroom is spacious & the ensuite bath... features a large walk in shower & expansive closet. The guest wing boasts a large office w/ barnyard door, separate teen room w/ dedicated bdrm & kitchenette featuring full size fridge, dishwasher, and sink and it can be easily enhanced with oven/range & stack....laundry. The serene backyard provides a relaxing environment perfect for entertaining & indoor/outdoor living! Other features include a refreshing pool with travertine stone decking, built in gas grill, turf grass, lush trees, expansive pergola, and epic landscape lighting! The tandem 3 car garage is extra wide and allows for ample storage and includes a Tesla charging station, water softener, and side door access to the backyard. This home also has been freshly painted and has no carpet so it is turn key ready. Come see this home today before it is gone!
15444 E Palo Brea Lane
Scottsdale, AZ 85262
$850,000
4
Beds
3
Baths
2,766
SqFt
Status
Active
MLS #
6770538
Property Type
Single Family Residence
Price Type
--
Experience luxury living in North Scottsdale without the hefty price tag. This stunning home sits on a sprawling acre of land, half a mile from Tonto National Park, with breathtaking views of Four Peaks and Granite Mountain. Practically new, it stands out with an exceptional outdoor living area that includes a custom retaining wall, fresh pavers, and a spacious turfed yard—perfect for entertaining. Inside, every room feels like it belongs in a magazine, illuminated with natural light and elegant finishes throughout. The kitchen and bathrooms, especially the luxurious owner's ensuite, showcase high-end upgrades. Thoughtful storage spaces and open floor plan maximize every square foot. It's the perfect balance of privacy and comfort, offering a retreat-like feel while still being in North Scottsdale. Plus, the shared well and no HOA provide major savings. Don't miss your chance to own a Scottsdale oasis!
1243 E Artesian Way
Gilbert, AZ 85234
$850,000
4
Beds
3
Baths
1,902
SqFt
Status
Active
MLS #
6772579
Property Type
Single Family Residence
Price Type
--
Rare lakefront home in Harbor View at Wind Drift! 4 bed 3 bath updated home w/pool & spa-plus lakefront access w/private dock. Remodeled open concept kitchen: upgraded kitchen appliances-48'' custom Italian range, 48'' range hood, pot filler, stainless steel sink w/ commercial grade kitchen faucet, subway tile backsplash, large kitchen island, all new kitchen cabinetry & countertops. Main floor bedroom & full bath w/ spa like feel. Two living areas-one w/vaulted ceiling & faux ceiling beams & one w/fireplace. Plus new light fixtures and recessed lighting. 3 bedrooms upstairs including luxurious primary suite! Enjoy all the best in your low maintenance backyard with new turf on the side -heated pool & spa, covered patio, enjoy gas AND charcoal grills! New pool heater and new smart pool pump, new garage door motors, new paint thru the house. 3 car garage with EV charging. Close to shopping and all Gilbert's amenities!
1120 N Road 1 --
Chino Valley, AZ 86323
$850,000
3
Beds
3
Baths
2,752
SqFt
Status
Active
MLS #
6771043
Property Type
Single Family Residence
Price Type
--
Discover country living at its finest on nearly 5 acres in Chino Valley! This ranch-style home offers 3 beds, 3 baths, plus a den/office, and an extra-large master suite. The gourmet kitchen is a chef's dream. A one-bedroom guest house with a 2-car attached garage and a 3-car detached shop adds even more appeal. Outdoors, enjoy mature trees, a greenhouse, and a large deck. The property is fully landscaped with drip irrigation. Handicap accessible with wide hallways and doors. RV garage workshop (2,120 sq ft) and space for up to 10 cars. Amazing views throughout!
7300 E Sand Hills Road
Scottsdale, AZ 85255
$850,000
4
Beds
3
Baths
2,205
SqFt
Status
Active
MLS #
6773182
Property Type
Single Family Residence
Price Type
--
Renovated gated luxury in North Scottsdale for under $1,000,000? Yes! Once inside this desirable gated community, you will be taken to your awesome new home that has been meticulously renovated and cared for. Awesome home for entertaining with separate living and family areas, and a kitchen that will make your friends totes envious of you. There is a bedroom/office downstairs and a full bathroom-perfect for multi-generational living. Upstairs are the master suite with gorgeous bathroom and other bedrooms. The best for last--the backyard. No neighbors behind you means more privacy, relaxing play pool, sunshine, margaritas, coffee or juice--this is desert living at its finest...and in North Scottsdale, close to TPC, Barrett Jackson auto Show, Mayo and everything else. Why ya waiting?