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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4395 E Savannah Circle Flagstaff, AZ 86004

$825,000

4 Beds

3.5 Baths

2,593 SqFt

Status Active

MLS # 6779771

Property Type Townhouse

Price Type --

Welcome to this stunning freestanding townhome, perfectly positioned to back onto Foxglenn park and connect directly to the Urban Trail System—giving you the best of both nature and modern comforts right at your doorstep. Step onto the Trex deck and take in the breathtaking views of the Peaks, where relaxation comes naturally as you overlook the peaceful park setting and stunning view. This home has been beautifully upgraded throughout and is move-in ready!

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8728 E Via De Viva -- Scottsdale, AZ 85258

$825,000

3 Beds

2 Baths

1,702 SqFt

Status Active

MLS # 6782496

Property Type Townhouse

Price Type --

Welcome to a Rare Find in Historic Sands North. This remarkable property is on the market! Discover classic Arizona-Modern architecture in this beautifully preserved single-level 1972 townhome, part of Scottsdale's famous E.T. Wright development. Architectural details shine throughout, from the welcoming front courtyard to the optimized floor plan with spacious rooms, gorgeous hardwood flooring, a refreshed kitchen with soft gray cabinetry, and 2 fully remodeled bathrooms. Home Highlights: Classic Mid-Century Design, Generous Living Spaces with oversized owner's retreat. Large backyard complete with private pool. New mid-century lighting fixtures and fresh paint throughout. The community has a heated pool, private RV storage lot, and gated access to Salt River Fields. Superb Location: Minutes to high-end Scottsdale shopping, dining, McCormick-Stillman Railroad Park, Ritz-Carlton PV Resort, and Palmeraie Shops. Don't miss the chance to own paradise in Scottsdale Sands North.

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17209 W Wildwood Street Surprise, AZ 85388

New

$825,000

3 Beds

3 Baths

2,219 SqFt

Status Active

MLS # 6784992

Property Type Single Family Residence

Price Type --

This Guard Gated Resort Style Golf Community Offers Heated Pools, Spa, Tennis, Pickle ball, Workout facility, Restaurant, and more..Freshly Painted. Better Than New Luxury Home has 2 Master Suites, a Den/Guest Rm and additional powder room. Unique Interior Atrium w/ 4 Panel Slider Travertine floors, Retractable Awnings adds another living space. 4 panel slider out to peb tech play pool, Pergola and Gas Dacor BBQ w/side burners. Gourmet Kitchen inside W/ Gas Cook Top, Double Oven, Microwave, Quartz Counter Tops, 42'' Upgraded Cabs, Tile Backsplash and large Island with breakfast bar. Spacious Walk-in Pantry, Lg pvt Laundry rm. and Cabinets at the garage entry. 10' Ceilings & 8' doors throughout. Service Door, soft water loop, Sink and Storage Cabs in Gar. Ready for a quick close.

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7606 W Libby Street Glendale, AZ 85308

$825,000

4 Beds

2.5 Baths

3,225 SqFt

Status Active Under Contract

MLS # 6723740

Property Type Single Family Residence

Price Type --

Welcome to this spacious and inviting single-level home located in the sought after Hidden Manor subdivision. Boasting 4 bedrooms and 2.5 bathrooms and 3,225 square feet, offering ample space for comfortable living and entertaining. The expansive family room is ideal for gatherings, with a fireplace adding warmth and charm. The primary suite is a private retreat complete with a spacious walk-in closet and en-suite bathroom featuring dual vanities, a jetted-tub, and a separate shower. Three additional bedrooms offer comfort and versatility, accommodating guests, family members, or home office needs. Outside, the property sits on a generous lot spanning 15,921 square feet, offering plenty of room for a pool or garden. **New roof installed in late 2022** **Exterior painted in June 2024**

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10711 E Talon Avenue Mesa, AZ 85212

$825,000

5 Beds

3.5 Baths

4,350 SqFt

Status Active Under Contract

MLS # 6776224

Property Type Single Family Residence

Price Type --

Stunning great room plan built by Ashton Woods offers 5 bed/3.5 bath + formal dining + den/flex + lg loft allows for ample living space. The kitchen is equipped with white shaker cabinets, extensive granite counters, a lg island with dark maple finished, subway backsplash, peek-a-boo windows, a lg W-I pantry, gas cooktop & wall oven which provide a functional cooking space. The primary en-suite is conveniently located on the main floor offering a lg private bath with tiled shower & separate soaking tub, raised vanity with dble sinks & has a lg pass though W-I closet leading to the spacious laundry rm. The home features a spiral staircase leading to the 2nd level which includes 4 bdrms (3 with W-I closets), 2 linen closets, & 2 full bths with dble sinks & private tub/shower+ toilet areas. The lg loft area boasts a flexible space that can be tailored to your lifestyle. The home also includes a 3 car split garage with an epoxy floors, & the oversized lot is ready for your landscape design. This amazing gated community offers a clubhouse to meet with friends, work-out facility, community pool, play grounds and lots of green space.

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1435 E Tonto Drive Chandler, AZ 85249

$825,000

5 Beds

2.5 Baths

2,696 SqFt

Status Active Under Contract

MLS # 6769229

Property Type Single Family Residence

Price Type --

Special home ideally located on a corner lot across from the park. Enter through the front courtyard & upgraded door into the generous foyer. Open great room w/4 spacious bedrooms, 5th is a den/office, 2.5 baths. Beautiful wood-like tile flooring & large windows overlooking the backyard. Gourmet, eat-in kitchen boasts large island, walk-in pantry, granite counters, tile backsplash, upgraded cabinetry, gas cooktop & SS appliances including fridge. RO & soft water systems. Secluded main suite w/separate exit, huge walk-in closet & remodeled bathroom w/tile shower & soaking tub. Resort like, private backyard w/shady covered patio, sparkling pebble sheen pool & manicured landscaping! 3 car tandem garage & RV gate. Too many upgrades to list. Top-rated Chandler schools. Exceptional location!!

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4803 N Woodmere Fairway -- Unit 2006 Scottsdale, AZ 85251

$825,000

2 Beds

2 Baths

1,548 SqFt

Status Active

MLS # 6782445

Property Type Apartment

Price Type --

Embrace the refined lifestyle at Sage Condominiums. This spacious two-bedroom home features a generous den, two luxurious bathrooms with marble countertops, an open kitchen with stainless steel Appliance, light oak wood flooring, and a striking gas fireplace framed in floor-to-ceiling travertine tile. Indulge in resort-style amenities, including a sparkling pool, fitness center, social clubhouse, and a BBQ area perfect for entertaining. Ideally located near Scottsdale's finest arts, dining, and entertainment, Sage Condominiums puts vibrant urban living, boutique shopping, scenic trails, and dynamic nightlife right at your doorstep—placing you at the center of it all.

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8155 E Del Joya Drive Scottsdale, AZ 85258

New

$825,000

3 Beds

2 Baths

1,938 SqFt

Status Active

MLS # 6785574

Property Type Single Family Residence

Price Type --

Situated in Scottsdale's highly sought after McCormick Ranch subdivision in Heritage 3, you are in the heart of the community. Enjoy all the nearby amenities including 2 Pools, Heated Spa, Pickleball Courts, Golf, Community Paths, Lakes & Green Belts. Enjoy a walk or bike ride on the Classic Scottsdale Bike Path winding through several major parks, golf courses and recreational areas stretching across the city. Inside the home you'll find Pride of Ownership - nicely updated throughout! This gently used and meticulously cared for home has been a winter home for 14 years. The Spacious 3 bed 2 bath split floorplan features a Gated Front Courtyard, Formal Living, Dining, Family Room, Newer AC, Plantation Shutters, Stainless Steel Appliances, Stone Counters, Hard Wood Floors, Tile Floors..... A 2 car garage with Storage Cabinets and a Fantastic South facing rear patio for all your entertaining needs. The AC is newer and all furnishings are available if so desired; even turn key! Be sure to put this one on your list, A great Home!

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2353 Florian Meadow Trail Overgaard, AZ 85933

$825,000

3 Beds

3 Baths

2,898 SqFt

Status Active

MLS # 6663325

Property Type Single Family Residence

Price Type --

A custom 3 BR/3BA, 2898 SqFt cabin in a very pristine area of Overgaard. This home is nestled on a full acre that is heavily treed with mature Ponderosa Pines. The interior features a great room design with 30' knotty pine ceilings, a wall of windows, a duel fuel stone faced fireplace, a large kitchen with butcherblock countertop, an island with Silestone counter, wood, tile laminate and carpet flooring. The wood flooring is from the Chediski fire. It also boasts, a wet bar, a 24x24 Arizona room with a freestanding wood burning stove,. a loft with four permanent bunkbeds, an upstairs bedroom with bathroom. The master bedroom is downstairs with an en-suite bathroom with jacuzzi tub. There is also a game game room w/fireplace. The exterior boasts a patio with a fireplace and circular drive. This pristine homesite would make a wonderful horse property. Plenty of room for a barn with stalls and a round pen.

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15931 W Myrtle Avenue Litchfield Park, AZ 85340

$825,000

3 Beds

2 Baths

1,860 SqFt

Status Active

MLS # 6681308

Property Type Single Family Residence

Price Type --

Step into this beautiful 3-bedroom, 2-bathroom home in Litchfield Park. All hard wood floors, freshly painted and move in ready. Huge Extra room that can be used for a den, workspace, or family room. This 2 acre property is fully fenced, horse property with irrigation, and No HOA. Bring your animals and toys. Extra storage space in the large shed at the back of the house. Come view your next home.

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36601 N Mule Train Road Carefree, AZ 85377

$825,000

2 Beds

3 Baths

1,970 SqFt

Status Active

MLS # 6692497

Property Type Townhouse

Price Type --

MUST SEE THIS TOTALLY REMODELED AND FULL FURNISHED CONDO!! This absolutely stunning 2nd floor condo offers an open concept floor plan that is fully furnished with brand new furniture, appliances, flooring, remodeled kitchen and baths. It features two patios, a deck with a beautiful view, and a shared one-car garage. The unit boasts LED lighting, new roller shades, and fresh interior and exterior paint. Enjoy a beautiful community pool and proximity to hiking trails. A perfect blend of modern upgrades and leisurely comforts in a sought-after location. You won't be disappointed!

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28917 N 66th Avenue Phoenix, AZ 85083

$825,000

4 Beds

3 Baths

2,967 SqFt

Status Active

MLS # 6710471

Property Type Single Family Residence

Price Type --

Stunning next-generation home in the Pyramid Peak subdivision with endless mountain views. The Next gen Suite has 1 bedroom/1bath, dedicated AC unit, vinyl plank flooring, kitchenette, living area,separate entry, hookup for stackable washer/dryer and dedicated 1 car garage. Perfect for multi-generational living or having guests or an extra office. The Main home is split floor plan with 4 spacious bedrooms one bedroom is set up as a dedicated office and 2 full bathrooms. Kitchen is a chefs dream with white cabinetry, stunning quartz countertops, huge island for entertaining, stainless steel Monogram appliances with 6-burner gas stove, perfect for culinary enthusiasts. Enjoy seamless indoor-outdoor living with a stunning wall of patio doors that open to the backyard.... step outside to enjoy your private paradise featuring a heated pool and spa with a stunning stone backdrop and tranquil waterfall featureideal for relaxation and entertainment. Covered patio with an extended paver patio, dog run on the side yard with easy care artificial turf. This home combines luxury and practicality, offering a unique and versatile living space. Don't miss the opportunity to make this stunning property your own.

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