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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8727 E Jasmine Street Mesa, AZ 85207

$819,000

3 Beds

3 Baths

2,321 SqFt

Status Active

MLS # 6749706

Property Type Single Family Residence

Price Type --

Big Price Reduction!!! Welcome to this amazing home in the highly desirable gated community of Valencia at Mountain Bridge. Featuring 3 bedrooms, 3 baths, and 3 car extra deep tandem garage. This spacious residence includes a gourmet kitchen with granite countertops and a large island, beautiful greatroom floorplan plus a den, perfect for a home office or additional living space and so much more.. The open great room overlooks a beautifully landscaped backyard with view fencing, offering serene desert and mountain views. Located just around the corner and within walking distance of the awesome clubhouse with heated pool, spa, fitness center, pickleball and tennis courts, playground, walking trails and so much more. Don't wait because this gem will not last.

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2986 E Linda Lane Gilbert, AZ 85234

$819,000

4 Beds

2.5 Baths

2,715 SqFt

Status Active

MLS # 6767355

Property Type Single Family Residence

Price Type --

If you've ever thought about owning your dream home in highly sought after Higley Groves West, then this is your chance! This home has it all. The backyard is an entertainer's paradise complete with gorgeous views and pool, built in BBQ, and a firepit. The home is spacious and laid out well. The split master has his/her closets, tub, and shower, plus a bedroom exit to enjoy morning coffee on the beautiful patio with serene views. The large family room welcomes you light and bright and perfect views of the backyard oasis. Kitchen is equipped with double ovens, large island, eat in breakfast bar into the family room with fireplace for the cozier life moments. Bedrooms are spacious. Upgrades like plantation shutters throughout and crown molding make this home even more beautiful. Brand new ice maker machine was just installed in the kitchen. This home is turn key and ready for its new owners.

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4220 N 32nd Street Unit 31 Phoenix, AZ 85018

$818,000

4 Beds

4 Baths

1,923 SqFt

Status Active

MLS # 6729055

Property Type Townhouse

Price Type --

Introducing the epitome of modern living in the heart of Arcadia - welcome home to the Arcadian Phoenix. Nestled in the coveted 85018 area code, these modern townhomes redefine living with their spacious floor plans and an array of amenities. Step inside to discover a haven of elegance, boasting 10-foot ceilings on the main living floor and large windows that flood the space with natural light. The gourmet kitchen seamlessly merges with the inviting family room, creating the perfect setting for both everyday living and entertaining. Revel in the exquisite finishes, featuring stunning cabinetry, sleek quartz countertops, and timeless stainless steel appliances. Experience true architectural brilliance with the inclusion of a charming Juliet balcony and private rooftop deck

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3060 N Ridgecrest -- Unit 110 Mesa, AZ 85207

$818,000

5 Beds

3 Baths

2,733 SqFt

Status Active

MLS # 6781405

Property Type Single Family Residence

Price Type --

Welcome to this stunningly updated home with bright, modern flair in the heart of Las Sendas! Backing to a lush desert wash, the home features a mountain backdrop from the sparkling pool and spa. From the second-story balcony, enjoy serene vistas and a sweep of city lights. This sought-after Palo Verde model features vaulted ceilings and expansive living spaces designed for both relaxation and effortless entertaining. The main level features an inviting guest bedroom or office, along with a full bath, perfect for visiting friends or family. Upstairs, four generously-sized bedrooms provide ample room for rest and privacy. The heart of the home is bathed in natural light, thanks to a dramatic wall of windows and glass slider door, bringing the outdoors in. The home features sophisticated design with a fresh color palette and a striking stone-lined fireplace wall, creating a warm, inviting atmosphere. The main level and bathrooms showcase sleek, large-format tile in neutral tones, while the kitchen boasts white cabinetry, honed countertops, stainless steel appliances, and convenient pull-out shelving. The spacious owner's suite opens to a private balcony, ideal for enjoying morning sunrises, breathtaking sunsets, and views of Red Mountain. The ensuite bath exudes spa-like luxury, with dove gray quartz countertops, floor-to-ceiling glazed tile in the shower, upgraded fixtures, and a freestanding tub over framed mountain views. A coveted 3-car garage assures extra room for 'toys,' perfect for a community that features miles of hiking, walking and biking trails, an award-winning 18-hole award-golf course, heated Olympic and recreational pools, tennis, pickleball, splash pad, parks and a gorgeous trailhead club with a membership-optional fitness center and spa. Convenient to the 202 Red Mountain Freeway with access to top-rated schools, the community backs to the Tonto National Forest, and is just minutes from popular hiking and mountain biking trails, paddling and kayaking, nearby lakes and just one hour from the cool pines of Payson!

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6838 E Almeria Road Scottsdale, AZ 85257

$818,000

3 Beds

2.5 Baths

2,121 SqFt

Status Active

MLS # 6764207

Property Type Single Family Residence

Price Type --

Great Scottsdale location. Plantation shutters throughout. Large kitchen with Jenn-air gas cook top, wine fridge and double oven.Master bedroom suite has a sitting area. Master bath has a walk in double shower with rain shower head, double sinks and a jetted tub. Wood flooring in living room and formal dining. Plantation shutters throughout. Tankless hot water, Private pool and spa. Close to shopping and Downtown Scottsdale, Phoenix Botanical Garden, Phoenix zoo and Papago Park.

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7381 W Bent Tree Drive Peoria, AZ 85383

$816,990

4 Beds

3.5 Baths

3,167 SqFt

Status Active

MLS # 6763842

Property Type Single Family Residence

Price Type --

Welcome to the Aloravita lifestyle! This beautiful designer home will have you from hello! The beautifully landscaped front yard will be your invitation to the desert contemporary designed iron entry door. The main level boasts a great room floor plan with gourmet kitchen layout, including waterfall island, decorative backsplash,s/s appliances, separate beverage refrigerator, gas cooktop, quartz counter tops, and a walk-in pantry. The main level is also home to a spacious office/den, covered patio, and en suite guest bedroom. Ascend the stairs to the second level to enjoy the spa-like primary suite including upgraded tile and glass shower with rain shower head, dual sinks, and large walk-in closet. Level two is also home to the loft, laundry room (with cabinets), two bedrooms, and a full hall bath. This stunning home also features a car tandem garage with exterior keyless entry pad. Enjoy spectacular mountain views, biking, hiking and walking trails, as well as nearby golf, shopping, and dining opportunities.

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14049 E Burnside Trail Scottsdale, AZ 85262

$815,000

4 Beds

3 Baths

2,738 SqFt

Status Active Under Contract

MLS # 6724081

Property Type Single Family Residence

Price Type --

JUST COMPLETED New Construction contemporary desert home on 1.7 ACRES with direct backyard views of Granite Mountain & 4 Peaks!! This new build with NO HOA includes a gorgeous custom iron front door, a MASSIVE open Kitchen & living room with high-end Cabinets, White Quartz Countertops, 36'' Cooktop, Built-in Stainless Steel Microwave and double ovens, & upgraded flooring. The upgrades continue with a stunning Master Bathroom with a Freestanding Soaking Tub, Modern Shower and Beautiful Double Vanities, an oversized four car garage, exceptional energy efficiency with spray foam insulated walls & ceilings, upgrading A/C system, Premium Stucco, & last but not least an upgraded full 12' patio to watch the sunset on Granite Mountain from.

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4706 S Primrose Drive Gold Canyon, AZ 85118

$815,000

4 Beds

3 Baths

3,064 SqFt

Status Active

MLS # 6765667

Property Type Single Family Residence

Price Type --

Fully furnished single level home with private pool. Backs to state land with gorgeous mountain views and 100% privacy. Currently operating as a short term rental, this home is a perfect income generating property or personal vacation home. Home has been well maintained, including new roof in 2020, new A/C unit in 2023, and numerous major appliance replacements. Full home speaker system plus 9 TVs throughout the home, including 3 TV wall in entertainment room. Both interior and exterior of home painted in 2020. Financials of rental income available upon request.

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1768 W Redfield Road Gilbert, AZ 85233

$815,000

5 Beds

3 Baths

3,273 SqFt

Status Active

MLS # 6781579

Property Type Single Family Residence

Price Type --

FULLY REMODELED! TURN-KEY! Brand new kitchen & flooring! The backyard offers stunning views, low-maintenance landscaping, and a sparkling pool with brand new pebble surface. Inside, the open floor plan you'll find huge living areas, as well as additional bedrooms and full bath downstairs. Brand NEW beautiful wood-like tile, luxury carpet & professionally painted throughout. The kitchen has been fully remodeled w/ new cabinets & quartz countertops. TWO NEWER AC UNITS ensure low electric bills. All appliances are newer & come w/ the house, including additional laundry room fridge & washer/dryer pair. Upstairs, you'll find three generously sized bedrooms + a master retreat w/ a private balcony. The community offers great amenities, including tennis courts, parks, basketball! This won't last!

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9746 E Thornbush Avenue Mesa, AZ 85212

$815,000

4 Beds

3 Baths

2,876 SqFt

Status Active

MLS # 6782397

Property Type Single Family Residence

Price Type --

Dream home alert in Cadence! Fantastic curb appeal featuring a 3-car garage with built in overhead storage & epoxy floors! Discover a captivating open floor plan with high ceilings & plantation shutters throughout. Tile flooring in all living areas, carpet in bedrooms. The kitchen comes with granite counters, white shaker cabinets with crown moulding, pendant/recessed lighting, a subway tile backsplash, SS appliances, a walk-in pantry and island with a breakfast bar. You'll also find a versatile bonus room that provides additional living space. The serene main bedroom showcases plush carpeting, direct backyard access, an ensuite with double sinks & his and hers walk-in closets. Enjoy relaxing outdoor moments in the backyard, boasting a covered patio, BRAND NEW Pool, Spa, Turf & Dog run.

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3106 N 70th Street Unit 2008 Scottsdale, AZ 85251

$815,000

3 Beds

2.5 Baths

1,820 SqFt

Status Active

MLS # 6747088

Property Type Townhouse

Price Type --

Experience luxury living in this exquisite townhouse, where meticulous attention to detail is evident. One of the rare units featuring a private oversized yard, this contemporary masterpiece is perfectly positioned in a highly sought-after neighborhood, just a short stroll from the vibrant heart of Old Town Scottsdale. Step inside to discover a spacious, light-filled open floor plan adorned with expansive windows boasting Hunter Douglas Window Treatments, European Oak Engineered Hardwood flooring, and a stunning glass panel staircase. The home is accentuated by sophisticated light fixtures that add a touch of elegance to every room. The gourmet kitchen, a true chef's delight, boasts pristine white cabinetry, quartz countertops, and high-end stainless steel appliances, offering ample space for culinary creations. The living room opens to a private balcony, providing views of Camelback Mountain, perfect for enjoying serene mornings or sunset evenings. Retreat to the opulent owner's suite, where soaring ceilings enhance the airy ambiance. The ensuite bathroom is a sanctuary of indulgence, featuring a freestanding soaking tub, an oversized step-in shower, and a walk-in closet outfitted with custom built-ins, offering abundant storage and style. This is not just a homeit's a statement of sophisticated living in one of Scottsdale's most desirable locations.

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4541 E Rakestraw Lane Gilbert, AZ 85298

$815,000

3 Beds

3 Baths

2,551 SqFt

Status Active Under Contract

MLS # 6769499

Property Type Single Family Residence

Price Type --

Welcome to this gorgeous home in Trilogy, Gilbert's premier active adult community. The open-concept design provides a seamless flow, offering a bright and spacious environment perfect for entertaining or simply relaxing. The kitchen is truly a chef's delight, featuring Wolfe and Subzero appliances, ideal for preparing gourmet meals or hosting gatherings. Two covered patios offer peaceful retreats, perfect for enjoying your morning coffee or winding down with a glass of wine in the evening. Beyond the home, Trilogy offers a vibrant lifestyle with access to golf, pickleball, a resort-style pool, and numerous activities and amenities designed to keep you active and connected with the community. Experience the perfect blend of luxury and leisure in this stunning property.

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