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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3831 E Huber Street Mesa, AZ 85205

$4,100,000

6 Beds

7 Baths

10,418 SqFt

Status Active

MLS # 6707677

Property Type Single Family Residence

Price Type --

Experience the epitome of luxury living in this Tuscany-inspired custom basement home nestled on a private 2.1-acre lot. Boasting 6 bedrooms (Guest house with full kitchen), 7 bathrooms, and a 5-car garage, this residence offers unparalleled comfort and elegance. Entertain guests in style with a diving pool, grotto, waterfall, expansive gazebo with BBQ, and a rooftop deck showcasing panoramic views. Delight in the golfer's paradise putting green amidst citrus trees and an original windmill. The chef's kitchen is fully equipped with top-of-the-line appliances. Descend into the basement via indoor stairs, outdoor stairs, or an indoor elevator leading to a movie theater, built-in bar, game room, wine cellar, and living room. This home redefines the Irrigated horse property luxury living.

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15883 N Silent Moon Lane Prescott, AZ 86305

$4,100,000

3 Beds

3.5 Baths

4,037 SqFt

Status Active

MLS # 6781256

Property Type Single Family Residence

Price Type --

Discover unparalleled luxury in this 2023 custom-built home by Wind Dancer Construction. Nestled on 2 acres backing to State Trust Land. Enjoy breathtaking Northwest Valley views from an expansive floor plan filled with high-end finishes, including a custom Williamson Valley Black Walnut front door, hand-hewn Montana wild wood beams, 10'' engineered hardwood floors & lighted art niches throughout. Indulge in your own private spa featuring granite countertops, elegant granite accent inlay & a spacious walk-in shower. A wine lover's dream with two EuroCave wine towers, perfect for showcasing your collection. Experience breathtaking views from exceptional outdoor living spaces, including an upper deck with a built-in fireplace and a lower patio with a cozy fire pit, perfect for relaxing or entertaining. This home is truly exceptional, offering the perfect blend of luxury and comfort. Talking Rock is a 24-hour staffed gated private community for members only. Amenities include our award-winning Jay Morrish designed Golf Course, Fitness Barn, Ranch House Restaurant and Bar, Coop's Coffee House, Racquet Sports Courts, Dog Park, Community Garden, and over 14 miles of hiking and biking trails.

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E Assisted Living Drive Scottsdale, AZ 85260

$4,000,000

11 Beds

10 Baths

4,302 SqFt

Status Active

MLS # 6785916

Property Type Single Family Residence

Price Type --

Discover a truly one-of-a-kind investment! This massive private Scottsdale estate offers luxury assisted living in a highly sought-after location near Hospital, Mayo Clinic, top rehabilitation centers, and other essential medical and emergency services. Licensed for 10 residents in home, with each resident enjoying private living accommodations. 24/7 care provided by state-certified caregivers, ensuring round-the-clock support for all resident needs, including assistance with eating, dressing, bathing, medication, & more. Daily home-cooked meals with options for dining assistance and specialized diets. Lush, green landscaping with serene fountains, walking paths, and beautifully maintained gardens. Immaculately maintained properties, fully occupied with long-term residents. A guest house on-site, rented to staff for additional income. Energy-efficient property equipped with solar power. This rare property is an excellent opportunity for anyone looking to invest in a thriving assisted living business in a prime Scottsdale area.

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9143 E La Junta Road Scottsdale, AZ 85255

$4,000,000

5 Beds

6 Baths

5,569 SqFt

Status Active Under Contract

MLS # 6778028

Property Type Single Family Residence

Price Type --

A New Construction contemporary masterpiece nestled within prestigious Solitude, North Scottsdale awaits the discerning buyer. Built in 2024 and spanning over 5500 square feet with a separate casita, this architectural beauty designed by Swaback Architects and built by Sonora West Development, blends seamlessly with the desert landscape offering clean lines and a sophisticated façade that captures your attention, promising a home that is as stunning inside as it is out. The modern minimalist, open concept interior welcomes you with soaring ceilings, oak wood floors, custom chandeliers and high-end finishes throughout with over $895k in upgrades. Smart Home technology ensures every detail of modern living is at your fingertips, with an integrated audio visual system. More... A custom 490-bottle wine wall adds a touch of elegance in the entry and dining space of the home. The retractable doors leading to the exterior living space with a South facing backyard, mountain views. Enjoy the chilly Arizona evening with the in ceiling heaters and entertain with al fresco dining with a custom built in bar b que.

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202 Calle Diamante -- Sedona, AZ 86336

$4,000,000

4 Beds

4 Baths

4,601 SqFt

Status Active

MLS # 6753553

Property Type Single Family Residence

Price Type --

Stunning custom home built in 2022 in the gated community of Casa Contenta. If you're looking for views, this is the home! From the moment you open the front door you will understand why this home is special. Light, bright, and open floor plan on the main level. Sliders lead you to an expansive patio that runs the width of the house with a covered BBQ area and overhead heater for those chilly Sedona evenings. Master shares a similar view with Jacuzzi tub, walk in shower, dual sinks, makeup area, and lastly a large closet with extensive build-outs. The downstairs area offers you a multitude of functionality. These 2 rooms can be bedrooms or a game room, media room, and/or office. Once you step into the backyard you will be blown away by the finishes. Beautiful red rock streaming fountain, built in gas fire pit, pavers, artificial turf, and a putting green. Plenty of covered patio with surround sound and a hot tub with miles of unobstructed views. Owner Agent. Some personal property available with separate bill of sale.

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5101 N Casa Blanca Drive Unit 301 Paradise Valley, AZ 85253

$4,000,000

2 Beds

2 Baths

2,000 SqFt

Status Active

MLS # 6751923

Property Type Townhouse

Price Type --

Situated on a detached corner parcel for maximum privacy inside coveted Historic Casa Blanca Phase 3 lies this stunning Spanish/Moroccan contemporary with soaring views of Camelback and beautiful sunsets. Low care manicured landscaping complete with stone fountain and outdoor fireplace, 2 car garage, prime location for safety and tranquility. High ceilings with brand new Lutron lighting system, automated shades, everything new to the studs. Custom Thermador appliances. Marble and quartz counters, lots of natural light, soft oak floors and generous primary. Truly turnkey complete with an added custom built bar. Rich, timeless & elegant, enjoy tennis, pickleball, and 3 heated pools in the convenience of a manned guard gate. Minutes from Fashion Square Mall on most desirable street in PV. Paradise Valley's best shopping and restaurants.

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12183 E Sand Hills Road Scottsdale, AZ 85255

$4,000,000

5 Beds

5.5 Baths

5,022 SqFt

Status Active

MLS # 6764790

Property Type Single Family Residence

Price Type --

Fabulous home on 2 plus acres showcased by a stunning backdrop of natural landscape and large boulders. This home has 5 en-suite bedrooms and a bookcase lined office.The Casita has everything needed for an in-law setup, rental or just family and guests. The pool has a lagoon like setting with a breathtaking waterfall and hot tub spillway. Solar was installed in 2022. Don't be surprised to receive a check from APS at the end of the year. There is a 5 car garage, workshop and fully paved driveway. One has a sense of serenity just pulling up to this special home.

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9215 E Red Lawrence Drive Scottsdale, AZ 85262

$4,000,000

4 Beds

4.5 Baths

5,343 SqFt

Status Active

MLS # 6777014

Property Type Single Family Residence

Price Type --

This charming Lash McDaniels design home is nestled within the community of Carefree Ranch yet within close proximity of the gate. You are welcomed with a mix of warm earthy tones, a weathered brick accents and inviting wood courtyard gates. As you enter the home, you're greeted by a spacious foyer adorned with vintage decor and soft lighting. The living room boasts large windows flooding the space with natural light all while highlighting the warm wood details and cozy fireplace. Entertain family and friends in the intimate elevated formal dining room. The kitchen combines modern appliances with rustic cabinetry, creating yet another warm and inviting space which flows seamlessly into the breakfast area and family room. A cozy office with custom wood doors is a quiet oasis and just steps away from primary suite which features another inviting fireplace, sitting area and stunning views. On the opposite wing you will find two comfortable bedrooms, each with its own unique character and ample storage space. The private separate guest castia is sure to please all your guest with kitchenette and forever views. The patio spaces are a serene oasis with private pool and spa, multiple sitting areas, large fireplace and built in BBQ; relax and enjoy the amazing Arizona sunsets and stunning city iight views.

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10537 E Mariola Way Scottsdale, AZ 85262

$4,000,000

5 Beds

5.5 Baths

6,012 SqFt

Status Active Under Contract

MLS # 6775444

Property Type Single Family Residence

Price Type --

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24715 N 90th Way Scottsdale, AZ 85255

$4,000,000

3 Beds

4.5 Baths

4,734 SqFt

Status Active Under Contract

MLS # 6781426

Property Type Single Family Residence

Price Type --

Spectacular contemporary masterpiece built in 2022 by Sonora West Development and designed by Swaback Architects. This home is ''model perfect''and located in the prestigious gated community of Solitude in NE Scottsdale on a quiet N/S cul-de-sac lot. Breathtaking mountain & sunset views enjoyed from the luxurious backyard retreat with fully retractable 90 degree glass panel doors that merges indoor/outdoor living seamlessly. This home boasts soaring ceilings, an open concept w/clean lines and modern architect, wide plank wood flooring, high-end finishes, chandelier and upscale lighting that creates an atmosphere of sophistication and style along w/functionality. This 4734 square foot home offers 3bdrm/4.5 bath plus office/den and is designed to perfection. The backyard is a true ... oasis featuring thoughtfully designed mature landscaping, a beautiful pool, a cozy fire-pit conversation area, a large expansive patio, built-in BBQ, and multiple seating areas, all ideal for entertaining and relaxing. This exceptional property embodies the best of Arizona living and lifestyle and an entertainer's dream.

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14675 E Paradise Drive Fountain Hills, AZ 85268

$4,000,000

4 Beds

5.5 Baths

7,624 SqFt

Status Active Under Contract

MLS # 6774625

Property Type Single Family Residence

Price Type --

VIEWS, VIEWS, VIEWS!! Celebrate the good life in this spectacular custom sanctuary and bask in stunning city light views, sensational sunsets and pristine mountain vistas in every direction. This timeless single story, European inspired, Tuscan home is warm and inviting, and it is thoughtfully designed with luxurious finishes and superior craftsmanship throughout the property. The well-appointed gourmet kitchen anchors the home, boasting an over-sized island and plenty of counter space for cooking with family and entertaining friends. Hand hewn beams, accent lighting, custom cabinetry, a large walk-in pantry and top-of-the-line appliances with a built-in pizza oven, complete the package.

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7745 N Tatum Boulevard Paradise Valley, AZ 85253

$4,000,000

5 Beds

4.5 Baths

5,322 SqFt

Status Active

MLS # 6760938

Property Type Single Family Residence

Price Type --

This Home was just finished and now job transfer forces owners to sell there newly built dream home in Arizona's most prestigious area. Sitting In the heart of Paradise Valley you will find this Old Tucson Style Slump Block Home but inside is modern contemporary with lots of glass and high ceilings. Folding glass doors open to bring the natural stunning views from the backyard patio of Mummy Mountain to the east and Phoenix mountain preserves from the front patio. The split master bedroom floorplan provides privacy for the entire family and guests The floor to ceiling chilled glass wine cellar adds to the elegancy displaying over 250 bottles of your private collection. Huge covered rear patio has built-in heaters. Private guest quarters upstairs with viewing deck. Convenient N/S garages DRASTIC reduction 1.5 million from original list price of 5.5M

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