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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8538 E Rovey Avenue
Scottsdale, AZ 85250
$805,000
4
Beds
2
Baths
2,272
SqFt
Status
Active
MLS #
6729964
Property Type
Single Family Residence
Price Type
--
Great price for sought after Scottsdale location where homes are being updated &remodeled, making this neighborhood, close to downtown Scottsdale and NO HOA very desirable w/ Flexibility for vacation rental too. Corner lot w/ covered courtyard entry. Open concept design w/beamed ceilings and French doors from the great room that opens to the backyard and pool. 4 Bdrms PLUS a Large Bonus room! Primary Suite w/ updated bathtroom & another bedroom have access via French doors to the nicely landscaped backyard w/ artificial turf, patio, and a recently resurfaced pool w/ new tile & extended decking. Perfect floorplan for owners working remote. Built in planters and fruit bearing trees! Kitchen w/newer appliances & Brand New gas cooktop. Freshly painted w/ new baseboards. 2 car garage Extra Large laundry room/pantry off of the kitchen. New exterior paint in 2024 and brand new interior paint and baseboards! Wood flooring added to all the bedrooms recently. Enjoy the spacious Primary suite bathroom that was remodeled with a deluxe free standing tub and large spa like shower. Soft water system and drinking filtration system too. Home is near the canal trail system, Scottsdale trail system, and numerous parks. The location is close to downtown Scottsdale where you can enjoy all the shopping, restaurants, entertainment, festivals, and events. Close access to the 101 too!
27874 E Mount Ord Drive
Fort Mcdowell, AZ 85264
$805,000
3
Beds
2
Baths
2,400
SqFt
Status
Active
MLS #
6698023
Property Type
Single Family Residence
Price Type
--
This 3 bedroom 2 bath, with loft, custom home sits on a large lot, 2.31 acre horse property in the very desirable, gated, Whitney Ranch Estates. The home has unbelievable charm and detail throughout with an open floor plan. The great-room has an amazing 22ft ceiling with a large fireplace that spans floor to ceiling (wood or gas). Large master suite with his and her closets, double sinks and walk in shower. There is a loft upstairs that has the ability to be converted to two additional bedrooms and bathroom. The designer open kitchen features white cabinets, granite countertops and high-end Bosch appliances. Outside, a perfect, covered wrap-around porch (2,120 sq.ft) to take advantage of the beautiful 360-degree mountain views. $50K Solar System installed March2022
2320 E Shangri La Road
Phoenix, AZ 85028
$805,000
4
Beds
2
Baths
2,294
SqFt
Status
Active
MLS #
6726316
Property Type
Single Family Residence
Price Type
--
Prized Location! Introducing a fully updated, move-in ready home featuring neutral, modern tones and a spacious layout. This property boasts a brand-new kitchen, updated flooring, and includes a diving pool and heated spa (propane). Contemporary fixtures throughout add to the home's appeal. This residence offers ample square footage, including a living room, dining room, family room, and a generously sized master bedroom. The completely renovated kitchen features new cabinets, quartz countertops, and all-new stainless steel appliances. Quiet Neighborhood, next to Phoenix Mountain Preserve, Trail 100. Close to the 51, Dreamy Draw, Piestewa Peak, and all the good food and entertainment and shopping. Huge Lot with ample parking and NO HOA!
13819 N 30th Street
Phoenix, AZ 85032
$805,000
5
Beds
2.5
Baths
3,050
SqFt
Status
Active
MLS #
6741284
Property Type
Single Family Residence
Price Type
--
Beautiful single-family home featured in Sonoran Hills in Phoenix, AZ. As you enter the double doors of this spacious home, the expansive foyer and elegant curved staircase invite you in for more. Incorporating a subtle balance of sophisticated styling with a modern design, this home features 5 bedrooms and 2.5 baths in a 3,050 sq. ft. open-flow floor plan. The upgraded eat-in kitchen boasts granite countertops, a center island, raised panel cabinetry, desk area, and pantry, all in a layout ideal for large families or for those who like to cook and entertain. Additional features include vaulted ceilings, surround sound, a formal dining room, downstairs formal and informal living areas with fireplaces, upstairs loft area, a balcony offering captivating views of the McDowell Mountains, and a dedicated master retreat featuring spacious sleeping quarters, walk-in closet, and ensuite bathroom with garden tub, large shower, and dual sinks. Lastly, the home features a 3-car garage, low maintenance landscaping, and a private backyard retreat with covered patio space, Pebble Tec style pool, and no neighbors from behind for added privacyperfect for entertaining guests and family. Located within minutes of top-rated schools, hiking, shopping, restaurants, major highways, and the world-renowned Mayo Clinic, this is the house that's waiting for you.
22280 E Maya Road
Queen Creek, AZ 85142
$805,000
4
Beds
3.5
Baths
3,022
SqFt
Status
Active Under Contract
MLS #
6711072
Property Type
Single Family Residence
Price Type
--
LUXURT LIVING in CHARLESTON ESTATES! Step into this stunning 4-bedroom, 4-bathroom home, where modern luxury meets convenience. With over 3,000 SQ FT. of beautifully designed space, this single-level gem features HIGH CEILINGS, a CHEF.S KITCHEN complete with an OVERSIZED ISLAND, and UPGRADED GRANITE COUNTERTOPS-ideal for hosting gatherings. Outside, enjoy Arizona living with your PRIVATE POOL WITH UV FILTRATION set on a spacious 10,000+ SQ FT LOT. The 3-CAR GARAGE even includes an ELECTRIC VEHICLE CHARGING STATION You'll love the BIKING & WALKING PATHS, plus easy access to top-rated schools like JACK BARNES ELEMENTARY and QUEEN CREEK HIGH SCHOOL. Minutes from FRONTIER FAMILY PARK & FRY'S MARKET PLACE . Whether you're growing a family or looking to entertain this home checks all the boxes For tech lovers, the main bedroom also includes USB-C and ethernet, with additional connections in the office, third bedroom, & living rooms. PLUS! The property is pre-wired for audio, ceiling fan, & alarm system. All interior lights are Halo Home bulbs which can be controlled/dimmed via app. Beyond the interiors, the exterior lights are controlled via Spectrum app. The backyard holds its own charm! It boasts a 10,000-gallon pool with a UV-sterilized filtration system that uses fewer chemicals, as well as LED RGB lights & two fountains - both controlled by a wireless remote. Pre piped for gas next to waterfall. Surrounded by travertine and Astroturf, the space is elegant & private, with a 12-foot Ficus Indian Laurel (northwest corner) and a magnolia tree (northeast corner). Both the front & back yards have irrigation systems and LED RGB lamps w/blue tooth connectivity. The entire house is protected with a surge protector! The property's North/South exposure is also ideal for future solar panels. What's not to like? Act now!
3038 Dawa Ovi --
Flagstaff, AZ 86005
$804,994
3
Beds
2
Baths
1,947
SqFt
Status
Active
MLS #
6744901
Property Type
Single Family Residence
Price Type
--
1+ Acre Beautiful Home in the in the Pines of Flagstaff. Ski Season, Year around AirB&B opportunity! This beautiful 1947 square foot home has 3 bedrooms and 2 bathrooms with a large common area and kitchen. Primary Suite features 3 closests, seperate Shower and Jetted Tub. The unfinished basement is a blank slate. Plenty of room for horses. Plenty of area to ride your horses in the pines, property adjacent to the green belt. The real story is this beautifully wooded lot with a picnic area and plenty of privacy. Add a couple of Horse Stalls and this would make a great AirBnB for Phoenix area horse families. Don't miss this one. Plan your escape today.
13060 N Palomino Road
Maricopa, AZ 85139
$800,000
4
Beds
3
Baths
2,001
SqFt
Status
Active
MLS #
6761974
Property Type
Single Family Residence
Price Type
--
Privacy and Tranquility on Palomino!! This Captivating Mountain Side ''Arizona Beach House'' is carved into an elevated 3.366 acre lot creating MILES of spectacular sunrises and awe inspiring unobstructed VIEWS!! Your own Mountain surrounds this Private Oasis perched above the Valley. The Custom Contemporary ''Restoration Hardware Flair'' 2001 Sq. Ft. 4 Bedroom, 3 Bath Home was built in 2021. Massive Gourmet Kitchen Island with butcher block style counters, integrated pop up electrical hub, with commercial style gas stove and hood! Farm Style Sink Perfect for entertaining friends and family! Crisp Blue cabinets galore roll outs and more!! The Kitchen is thoughtfully designed with a disappearing WALL of glass to extend AZ outdoor serene living, whether a dip in the ''One of a Kind'' Uni Pool signed by the Artist or watching the Hummingbirds, wildlife or the captivating views! The entire home has easy care stained concrete floors and soaring beams with industrial designed ceilings. The Primary suite with separate patio has respite Spa inspired retreat, soaking tub, open concept shower with dual rain shower heads, dual sinks and ample floor to ceiling closet with organizers. Split floorplan from secondary bedrooms with 1 En-suite Bath and both secondary baths offer low step upgraded showers, rain glass frameless style enclosures. EVERY bedroom with individual Mini Split HVAC units and private patio exits! Great Room Living has dual Mini Splits allowing for finger tip control cooling or heating. When the owner is ready to retire at the end of the day, ALL the windows and disappearing WALL of glass (with retractable screen) are on remote controlled NEW electronic shades allowing for complete privacy. Additional NEW features include the artificial turf, WALL of rocks for more privacy while sitting by the firepit or just enjoying the peace and quiet and the additional landscaping, and privacy screening. Whether Arizona Beach House is your future Primary residence, a second home to escape the cold winters up North/back East, Investment Airbnb, or subdivide and build- there are numerous opportunities for this special property!.
9818 N 17th Street
Phoenix, AZ 85020
$800,000
3
Beds
2
Baths
2,834
SqFt
Status
Active
MLS #
6704850
Property Type
Single Family Residence
Price Type
--
BACK FROM TOM Freshly painted exterior paved walking path to your new home; Come discover this hidden GEM!! Artsy District in Ocotillo Hills Nestled in an incredible mountain range community. This stunning property with a beautiful setting! The combination of mountain views, designer walls, and outdoor amenities like a pool and outdoor shower creates a truly captivating atmosphere. The interior features such wood beams, brick walls with a fireplace adds a touch of elegance and charm to the home, making it a cozy and welcoming space.The spacious layout and various splits in the home offer flexibility and room for personalization to suit different lifestyles. Overall, it seems like a unique and artsy home that has a lot to offer to those looking for a special living experience.
17963 E Silver Sage Lane
Rio Verde, AZ 85263
$800,000
2
Beds
2
Baths
1,948
SqFt
Status
Active
MLS #
6745100
Property Type
Single Family Residence
Price Type
--
Welcome to Trilogy at Verde River Country Club, a Shea Home Community! Elegant and comfortable open floor plan sold fully furnished...So Convenient! The gourmet kitchen offers massive Granite Island, bar seating, and stainless GE appliances. The sunny dining space easily seats 10. The beautiful backyard is accessed through a large patio with two sets of glass sliding doors and retractable screens, allowing seamless outdoor enjoyment. Featuring two large bedroom suites, the primary suite offers W/I shower and well-organized closet. A flex-room/office offers numerous options and large laundry features extra storage!Come be a part of the VERDE RIVER GOLF & SOCIAL CLUB! Furniture package does not include art, accessories or household goods.
114 W Adams Street Unit 808
Phoenix, AZ 85003
$800,000
3
Beds
2
Baths
2,301
SqFt
Status
Active
MLS #
6760802
Property Type
Apartment
Price Type
--
Welcome to the second-largest home at historic Orpheum Lofts, the only full-service, pre-war condominium in Phoenix! 808 boasts an open kitchen/living/dining space, illuminated by 8 windows that allow for captivating views of Downtown Phoenix and South Mountain. 10'8'' ceilings with concrete beams and exposed brick walls. Viking oven, LG smart appliances, Empava induction stove, and Lutron smart home enabled. Three split bedrooms, two dens/offices, and two full bathrooms. Orpheum Lofts was originally built in 1931 as the Title and Trust building. Today, it's a full-service residential building with key-locked elevators, attended lobby, outdoor terrace, gym, and pool. Two storage units available. Walking distance to the light rail, Wren & Wolf, Footprint Center, & more!
1823 Morning Star Court
Forest Lakes, AZ 85931
$800,000
2
Beds
2
Baths
2,296
SqFt
Status
Active
MLS #
6779235
Property Type
Single Family Residence
Price Type
--
Nestled in the picturesque Forest Lakes Estates, this charming 2-bedroom, 2-bathroom cabin at 1823 Morning Star Ct offers a tranquil retreat in the heart of Arizona's natural beauty. With 2,296 square feet of living space, this newly listed property combines comfort and functionality in a serene setting. Upon entering, you're greeted by a spacious mudroom featuring a built-in bench and a custom bear mural, setting the tone for the cabin's rustic charm. The interior boasts multiple living areas, perfect for entertaining or relaxing, centered around a two-way propane fireplace ideal for cool evenings year-round. The spacious kitchen is a chef's delight, equipped with hickory cabinets, a lazy-susan, pull-out trash, and a pantry with sliding shelves, a sink with a window view and a breakfast counter complete this inviting culinary space, which opens to a generous dining area. Convenience is key with an interior laundry room, including washer and dryer, and a tankless water heater for efficiency. The primary suite offers comfort and privacy, featuring an ensuite bathroom with a walk-in shower, quartz-top vanity, built-in linen storage, and a walk-in closet. The second bedroom is equally generous, with ample closet space. A guest bathroom with a large vanity and bath/shower combo serves this area well. A standout feature of this property is the expansive bonus living area, which can be transformed into an additional bedroom when needed. This versatile space showcases two queen murphy beds, a built-in window bench with storage, and a custom entertainment center with fireplace, making it an ideal teen room or guest quarters. The exterior of the property is equally impressive, situated on a flat, usable acre lot that offers endless possibilities. A circular driveway provides convenient access, while a horse corral caters to equestrian enthusiasts. A detached garage offers ample space for vehicles, boats, and recreational equipment, complete with a built-in workbench for DIY projects. Outdoor living is a dream on the extended patio, where you can unwind while taking in views of aspen groves and inhaling the sweet aroma of towering pines. The porch swing offers a perfect spot for quiet contemplation, with only the sound of hummingbirds to break the silence. Situated on a quiet cul-de-sac at the neighborhood's edge, this property is a short stroll into the Sitgreaves National Forest, providing unparalleled access to nature. Forest Lakes, at an elevation of over 7,500 feet, offers four distinct seasons and a plethora of outdoor activities, from hiking and biking to fishing in nearby lakes and endless utv trails. This fully furnished, move-in ready cabin presents an exceptional opportunity to own a slice of Arizona's natural paradise. Whether as a permanent residence or a vacation getaway, this property promises a lifestyle of comfort, adventure, and serenity in equal measure.
22016 N De La Guerra Drive
Sun City West, AZ 85375
$800,000
3
Beds
2
Baths
2,423
SqFt
Status
Active
MLS #
6766838
Property Type
Single Family Residence
Price Type
--
Welcome to this beautifully updated Cambria model, perfectly situated on a spacious 12,500+ sq ft lot in the highly desirable Corte Bella community. As you step inside, you'll immediately notice the rich wood plank tile flooring in charcoal and chocolate tones, creating a warm, modern ambiance throughout. The high-ceiling foyer, adorned with an elegant chandelier, sets the tone for the home's inviting and open atmosphere.The home features plantation shutters on every window and door, paired with fresh two-tone paint that adds a contemporary touch. The family room is a showpiece, highlighted by a sleek linear fireplace with designer tile and a floating hearth, offering a cozy yet stylish space for relaxing or entertaining.The thoughtfully designed kitchen is a perfect blend of function and style. It features all-white cabinetry, granite countertops, a full backsplash, and a spacious breakfast bar ideal for hosting gatherings. Amenities include a new stainless steel refrigerator, a pull-out recycle center, and a butler's pantry with a convenient coffee bar. The reverse osmosis system and water softener, both installed in 2022, further enhance the home's modern conveniences.The outdoor space is designed for true Arizona living. The extended covered patio offers multiple seating areas, a built-in BBQ, and west-facing sun shades for added comfort. The recently installed pool (2020) provides a refreshing retreat. A soothing water feature enhances the outdoor ambiance, adding a tranquil touch to the backyard setting. Recently upgraded irrigation system with PVC ensures a low-maintenance, beautifully landscaped yard.The primary suite serves as a peaceful getaway, featuring newer carpet, plantation shutters, and a private patio exit. The spacious ensuite bathroom includes split vanities, a large soaking tub, a walk-in shower, and an expansive walk-in closet. Both guest bedrooms are equally inviting, with carpeting and plantation shutters providing a fresh, comfortable feel.The exterior was repainted in 2018, giving the home a well-maintained and polished appearance. Additional upgrades include 2 new AC units and water heater installed in 2022. Owned solar, reduces monthly utility costs. The oversized 32'x22' tandem garage offers High-Low storage freeing up floor space. This beautiful home is located in the 45+ guard-gated Corte Bella community, offering access to a wide range of amenities, including a country club, heated pool, tennis and pickleball courts, a fitness center, and an 18-hole golf course. This home is truly a must-see!