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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2324 W Tanya Trail Phoenix, AZ 85086

$825,000

3 Beds

2.5 Baths

2,739 SqFt

Status Active Under Contract

MLS # 6690866

Property Type Single Family Residence

Price Type --

Discover the epitome of desert living in this exceptional 1+ ACRE property in North Phoenix, where privacy meets convenience in a breathtaking setting with NO HOA! This home is a sanctuary of peace and tranquility, perfectly situated just minutes from ANTHEM COUNTRY CLUB, the vibrant NORTERRA shopping and dining scene, BOULDER CREEK HIGH SCHOOL, Sonoran Health Medical Center, Lake Pleasant, and a short TRAIL RIDE North or South to state land. Experience unparalleled energy efficiency with OWNED SOLAR PANELS that dramatically reduce your energy bills. This remarkable residence boasts a welcoming circular driveway leading to a spacious 2-car garage, an RV GATE with plenty of space for RV PARKING, and a charming courtyard entry. Step inside to find an interior that embodies modern elegance with an abundance of natural light, and a soothing color palette. With fire sprinklers installed throughout, this home features a formal dining room and a spacious living room equipped with surround sound, media niches, perfect for entertaining or quiet evenings in. The fusion of tile and carpet flooring under high ceilings, illuminated by recessed and pendant lighting, creates a warm and inviting atmosphere. The gourmet kitchen is a chef's dream, complete with built-in appliances, a walk-in pantry, GRANITE countertops and backsplash, ample cabinetry accented with crown molding, a prep island, and a breakfast bar. Adjacent to the kitchen, a cozy breakfast nook with a bay window offers a delightful spot for casual dining. The primary suite features direct outdoor access, an en-suite bathroom with dual sinks, a soaking tub for ultimate relaxation, and a spacious walk-in closet. With ample space for future HORSE STALLS, BARN or even a SPARKLING POOL, this incredible backyard features a tranquil water feature, a full-length COVERED PATIO, and a gazebo, making it the perfect venue for weekend gatherings and creating unforgettable memories. This property is not just a home; it's a lifestyle waiting to be embraced. See for yourself the true beauty and rare opportunity this North Phoenix gem offers.

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5312 E Evans Drive Scottsdale, AZ 85254

Open House

$825,000

4 Beds

2 Baths

2,012 SqFt

Status Active

MLS # 6762938

Property Type Single Family Residence

Price Type --

Beautifully remodeled 4 bedroom Cavalier home in the ''magic'' 85254 zip code! Kitchen, flooring, hall bath, pool surface and more were all remodeled in the last 7-8 years. Within the past year, the master bath has been gutted and replaced, new A/C and water heater added, foam roof recoated, new light fixtures throughout (included recessed lighting in living areas, new baseboards throughout, complete interior/exterior repainting, popcorn ceilings removed and retextured, fresh rock and landscaping brought in, new front yard landscape lighting added, and more! Most of the original single pane windows have been upgraded to dual pane. Security system added. Mid-block, N/S exposure on a large, private lot. If you have been patiently waiting for the right home to come along, here is your reward

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2701 N Black Rock Road Buckeye, AZ 85396

Open House

$825,000

4 Beds

3.5 Baths

3,194 SqFt

Status Active

MLS # 6777357

Property Type Single Family Residence

Price Type --

Welcome to luxury living in the master-planned community of Verrado, where this single-story, OWNED SOLAR, pool home awaits. This residence offers a perfect blend of elegance and functionality. Enjoy an open view fence with stunning mountain and city views. Step inside to discover an open and floor plan with a flex living space, perfect for versatile living arrangements. The second living room features three separate bedrooms and two baths, while additional highlights include an office and a dining room with a slider leading to a side patio. Updates include new paint both inside and out, brand new carpet, new water heater, misting system, custom sliders, dog door/dog run, new pool salt cell and a professionally designed master closet. This unique opportunity doesn't come around often!

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12377 W Desert Vista Trail Peoria, AZ 85383

Open House

$825,000

2 Beds

2.5 Baths

2,438 SqFt

Status Active

MLS # 6779094

Property Type Single Family Residence

Price Type --

Stunning custom Aurora Model situated on a prime golf lot with only one neighbor! Overlooking the 11th tee box, this lot offers a lush greenbelt on one side & captivating views down the entire hole. The coveted floor plan is ideal for entertaining, featuring 12' ceilings, dual kitchen islands, a stylish built-in wine room, crown molding, surround sound & plantation shutters throughout. The incredible backyard boasts travertine tile hardscape, a spacious covered patio & built-in BBQ. Additionally, there's a charming side courtyard with an outdoor fireplace. The oversized master suite with dual walk-in closets is complemented by a large en-suite 2nd bedroom & versatile den/office. 3-car garage with epoxy floors offers ample storage. Fully pre-paid solar & just a short walk to the Kiva Club.

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14832 N 47th Place Phoenix, AZ 85032

Open House

$825,000

3 Beds

2 Baths

1,839 SqFt

Status Active

MLS # 6765207

Property Type Single Family Residence

Price Type --

If you envision a huge lot with room to enjoy all your dream activities, this is it. This lot is nearly twice the size of the average area lot, at just under a half-acre and provides the rarest of opportunities and value on a nearly private cul de sac. The home has many recent upgrades including interior and exterior paint, stone elements on front elevation, new, modern garage door, massive, metal RV gate, newer roof, brand new HVAC, nearly $30K in pool improvements, including water and light features programmable from your phone. New laminate flooring was just installed last week in main areas along with new carpet in the guest bedrooms. Home features an awesome $10K commercial grade water filtration system. Weight room could be 4th bedroom with simple closet addition) or den. Decorative, electric fireplace adds charm and warmth of the hearth. Step out to the magnificent yard and let your imagination run wild. Kids will be in sheer paradise with all the room to play they can imagine. How cool is this tree fort?! Artificial turf is both attractive and a safety feature for rough and tumble kids. Seller is willing to leave all the play equipment or can have it removed if desired. Like to party? Invite a 100 guests, no worries. Huge patio, spacious firepit area and pool bar area that would make Jimmy Buffett proud. All in all, your client will thank you for finding this gem that exudes charm and potential for even greater upside possibilities. Ask agent about sellers' thoughts on kitchen expansion.

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10538 E Sheffield Drive Mesa, AZ 85212

Open House

$825,000

6 Beds

3.5 Baths

4,002 SqFt

Status Active

MLS # 6754952

Property Type Single Family Residence

Price Type --

Through 11/3 the seller is offering 25K in seller concessions to help with rates! Why wait for a new build when you can get a home with over 150k in upgrades from a beautifully designed backyard to upgrades fixtures and a lot of Wall Designs to clearly make this home give off the WOW factor! Imagine living in a home that offers the best of both worlds - the convenience of single-level living with the added bonus of a second floor! This exceptional home features 5 bedrooms, 3.5 baths, and a 3-car garage. The First level has the Primary Suite and 3 additional bedrooms and 2.5 bathrooms. The second story offers a loft, two bedrooms, and a bath, that's perfect for accommodating guests or creating a private retreat

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3649 N 56th Street Mesa, AZ 85215

$824,999

5 Beds

4.5 Baths

3,211 SqFt

Status Active

MLS # 6745144

Property Type Single Family Residence

Price Type --

Do not miss this almost brand new home built in the gated and resort style community of Reserve at Red Rock. Pull up to this beautiful home with a very welcoming elevation and style. This prime location is close to top rated schools, including the new ALA campus, 202 on-ramp, shopping, dining and golf courses in the area. Low maintenance landscaping, covered porch and wider paver driveway welcome you to your new home. Enter the upgraded iron door to beautiful flooring, fresh and bright colors and upgrades everywhere you look. Fantastic en-suite bedroom right off the front door is perfect for a guest room or generational living with its own bathroom and walk-in closet. Pass through to the well appointed kitchen with upgraded white shaker dovetail cabinets with soft-close cabinets with stainless steal appliances, extensive stone backsplash, unique matte granite counters and opens up to the dining and living rooms as well as the 4 panel slider heading out to the backyard. You'll feel the plush carpet as you head upstairs to view the remaining living space. The master en-suite offers a large bathroom and walk-in closet with custom designer tile and nicer finishes. 3 car tandem garage offers an EV outlet. Spend time to check out the multi-million dollar private clubhouse with a heated pool, spa, workout room, playgrounds, sport courts, trails, pickle ball courts and so much more.

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19021 W Lawrence Road Waddell, AZ 85355

$824,990

4 Beds

3.5 Baths

3,197 SqFt

Status Active

MLS # 6726645

Property Type Single Family Residence

Price Type --

An 11' ceiling at the Family Room and 16' Multi Sliding Glass Door, making this home perfect for the indoor/outdoor living that is so desired in Arizona. You can enjoy the bright and cozy feel of the Sunroom located off the Dining Room or venture out onto the large Extended Patio to enjoy the outdoors. Located on a Corner homesite, this special plan has many highly desirable upgrades, such as the Extended Family Foyer with Backpack Rack and upper cabinets which helps to keep belongings organized, Manhattan Drywall Finish with Square Drywall Corners and mitered Base Boards, Super Shower in Owner's Suite, Gourmet Kitchen with Gas Cooktop, upgraded cabinets and countertops, along with a custom backsplash and walk in pantry. Too many additional upgrades to list, make this home a Must See!

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1952 W Bramble Berry Lane Phoenix, AZ 85085

$824,990

5 Beds

4.5 Baths

3,018 SqFt

Status Active

MLS # 6731409

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 2% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. Explore the Prato two-story floorplan, ready by Sept/Oct, featuring an owner's suite and an additional suite on the first floor. The chef's kitchen includes a gas cooktop, hood, and quartz countertops, with upgraded tile and carpet throughout. A center slider in the gathering room enhances indoor-outdoor living. An added bathroom upstairs creates another suite. The home also includes a full electrical package, a landscaped front yard, and stylish interiors.

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5549 S Del Rancho -- Mesa, AZ 85212

$824,900

4 Beds

2.5 Baths

3,167 SqFt

Status Active

MLS # 6755822

Property Type Single Family Residence

Price Type --

Located in the premier gated community of Estates at Eastmark. This stunning single-level home offers a spacious layout w/3 bedrms, 2 versatile flex spaces + a den, perfect for a home office. The bright gourmet kitchen opens nicely to the living & dining areas, creating the ideal space for gatherings. The butler's pantry offers extended counter space and cabinet storage. The owner's suite is complete with a large walk-in closet & en-suite bathroom featuring dual vanities, separate tub & a walk-in shower. Step outside to your private, low-maintenance backyard oasis. Enjoy the extended patio, turf, & stylish pergola. The 3-car garage offers ample storage & parking space. Enjoy the Eastmark community with top-notch amenities including parks, pools, gym & highly-rated schools Residents of the Estates at Eastmark have access to their own community center with community pool and spa. It's also gated offering even more privacy. This particular home is adjacent to a large common area with easy access to walking paths throughout the community. Other features of this home include: Wood grain tile plank floors throughout main living areas with carpet in the bedrooms. Owned water softener, window coverings throughout, upgraded lighting fixtures and fans, stainless appliances including a 5 burner gas cooktop. Home offers 2 flex spaces (front parlor and additional play room or teen space) plus a den plus a dining room. Need 2 home offices plus a kids area? Done! Or use one space as a library or music room! Endless opportunities! Eastmark has easy access to Loop 202, Mesa Gateway, shopping, schools, restaurants, you name it!

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15832 E Brittlebush Lane Fountain Hills, AZ 85268

$824,900

2 Beds

2 Baths

2,203 SqFt

Status Active

MLS # 6768184

Property Type Single Family Residence

Price Type --

Stunning home on a golf course lot in prestigious SunRidge Canyon! This 2,203 sq ft home offers 2 bedrooms, den, 2 baths and heated SPOOL. Custom glass door entry door welcomes you to the spacious living area with gas fireplace. Huge chef's kitchen features Thermador SS luxury appliance package, refinished cabinetry, tile backsplash & R/O system. Step outside to a large covered patio, built-in BBQ grill, gas fire pit and sparkling SPOOL (small pool/spa) with a beautiful water feature. A true entertainer's delight offers great mountain and golf course VIEWS! You'll love the natural light, soaring ceilings, plantation shutters & wood-look plank tile flooring throughout. Double doors lead to a huge master suite. Updated master bath has walk-in shower w/custom glass door, soaking tub, double ramp sinks & Toto toilet. Guest bath is also updated with tile shower, ramp sink & Toto toilet. Den makes for a great office w/custom built-in desk and cabinets. Laundry room offers lots of cabinets for storage. Don't miss out on this home, it won't last long!

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1841 W Honeysuckle Lane Chandler, AZ 85248

$824,900

4 Beds

2 Baths

2,592 SqFt

Status Active

MLS # 6776876

Property Type Single Family Residence

Price Type --

Welcome to this charming single-story home, perfectly situated on a spacious corner lot! This inviting property features four bedrooms and two bathrooms, offering both comfort and convenience. Step inside to find beautiful wood flooring that flows seamlessly through the main living areas, complemented by stylish tile in key spaces for an elegant touch. The open layout is perfect for entertaining, with a spacious living room and a modern kitchen ready for gatherings. Outside, enjoy your own private oasis—a sparkling pool awaits in the backyard, ideal for relaxation or weekend fun. With a prime location of chandler Just Reduced 25k

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