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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3818 E Brown Road Mesa, AZ 85205

$3,600,000
5 Beds
5 Baths
8,460 SqFt
Status Active
MLS # 6752634
Property Type Single Family Residence
Price Type --
Discover the epitome of luxury living at 3818 East Brown Road, Mesa, AZ. This rare, gated, 4-plus acre equestrian estate is a dream come true for horse enthusiasts and those seeking an unparalleled lifestyle. Nestled in the heart of northeast Mesa, this single-level, custom-built Amberwood home spans 8460 square feet (Main House is 6836sf, guest house is 576sf, guest house basement is 1048sf) and offers an array of exceptional features. The property boasts a 4-stall barn, two tack/feed rooms, a wash rack, and an arena, making it perfect for equestrian activities. Inside, you'll find 4 spacious bedrooms, including 2 primary suites, and 4 well-appointed bathrooms. The home is designed for both comfort and elegance, featuring... formal living, dining, and family room with wet bar, a large office with wet bar, a gym, and a game room with wet bar. Car enthusiasts will appreciate the attached and detached garages that can accommodate up to 10 cars, with 6 garage spaces equipped with A/C. The outdoor amenities are equally impressive, with an amazing custom pool and patio seating, a covered patio with a fireplace, and an outdoor ramada complete with a fireplace and kitchen. The guest house/casita offers additional living space with 1 bedroom, 1 bathroom, a kitchen, and a basement that includes an exercise room and a shooting/archery range. The expansive lot is beautifully landscaped with large front and back lawns, numerous citrus trees, and mature palm trees, creating a serene and picturesque environment. Conveniently located close to the 202 freeway, residents enjoy easy access to all parts of the Phoenix metro area, including PHX Sky Harbor. The property is an ideal choice for families. For recreation, the Mesa Tennis & Pickleball Center at Gene Autry Park are just a short drive away. This home offers the perfect blend of convenience and luxury. This estate is not just a residence but a lifestyle choice for those seeking the best in Mesa living. Don't miss out on this extraordinary opportunity to own a piece of paradise in one of Mesa's most sought-after locations.

1502 E Treasure Cove Drive Gilbert, AZ 85234

$3,600,000
8 Beds
8 Baths
6,781 SqFt
Status Active
MLS # 6760150
Property Type Single Family Residence
Price Type --
Welcome to the rarest one-of-a-kind MASTERPIECE in prestigious GATED West Lake Estates! This unique estate is located on 2 waterfront lots with the most STUNNING expansive 240 degree views of the lake--and this exquisite ESTATE has recently been completed remodeled! Some unique features: over 6700 square feet of the finest luxury and superior quality finishes with 8 bedrooms and 8 baths, a large 3 car garage, an elevator, Gourmet Chef's Kitchen--both indoors and out--home theater, game room, 50 bottle wine room with humidor, impressive outdoor patio with a huge gazebo that has misting and heating, firepits, impressive 36,000 gallon salt water pool with swim up bar.. the views & outdoor living are like living in the finest 5 star resort! Click ''more'' for further Also included is the Val Vista Lakes Clubhouse which has: tennis courts, pickleball courts, raquetball courts, weight room, aerobic room, heated outdoor Olympic sized lap pool, beach pool with waterfalls, boat dock with boat and ballroom facility for private events! This is in a prime location--close to shopping, Dana Park which has some of the best restaurants and shopping in the Valley! It is a few minutes from the US-60 and Loop 202, close to Banner hospital and only about 25 minutes from the Sky Harbor Airport!

2726 E Lovebird Lane Gilbert, AZ 85297

$3,600,000
6 Beds
6.5 Baths
6,961 SqFt
Status Active
MLS # 6765547
Property Type Single Family Residence
Price Type --
UNICORN ALERT! Oh, be still your heart, this one really is a unicorn! Spectacular basement home in the heart of Whitewing at Germann Estates, one of Gilbert's premiere luxury gated communities. From the massive front courtyard to the picture perfect back yard with the Lautner knife edge pool, cabana, putting green & firepit area, this one takes the cake. Inside is a split floor plan, formal living/dining, impeccable designer kitchen, large living room w/ slider doors that pocket into the wall & high flat modern ceilings. The basement is built for cool people only with projection TV in the massive living room, 2 bedrooms, 2 baths and a huge storage closet. Attached casita too! 3 garages (possible lift for a 4th). This home is pure perfection and a true prize. Come see why and fall in love!

19621 N 96th Place Scottsdale, AZ 85255

$3,600,000
5 Beds
4 Baths
4,435 SqFt
Status Active
MLS # 6752044
Property Type Single Family Residence
Price Type --
Highly sought after, gated DC Ranch Hacienda on one of a kind, oversized lot is tucked on an exterior cul de sac street with amazing curb appeal, faces open preserve and backs to natural area with picturesque McDowell mountains. Capture serene mountain and city light views from multiple areas of the home. Desirable great room home plan features 5 bedrooms, 4 baths, downstairs office and plus an upstairs office/den with wine fridge bar, and an expansive flex bonus room upstairs, with charming interior courtyard for entertaining. Enjoy seamless indoor/outdoor AZ living with a telescoping glass door from great room to picture perfect resort style backyard with scenic mountain backdrop, featuring oversized grassy area plus garden planters, outdoor covered ramada adjacent to generous heated pool and spa, and linear firepit, built-in BBQ with seating, covered patio, with ample hardscape space for seating/lounging. Stunning designer finishes including oak hardwood flooring throughout the home, light and bright oversized eat-in kitchen island, chic statement vent over gas range overlooking backyard, refined marble and tile selections throughout for a polished sophisticated appeal. Breathtaking views from second level primary suite with sitting area overlooking majestic McDowell Mountains, enjoy generous wardrobe, and spa like bath with freestanding bubble soaker tub. Convenient utility room with hall tree, three car tandem garage with cooling unit, plus spacious additional paved parking for four more cars. Quaint neighborhood park nearby. This showstopper is a unique opportunity in the coveted DC Ranch Haciendas.

4514 E Pebble Ridge Road Paradise Valley, AZ 85253

$3,600,000 - 5Br/5Ba -  for Sale in Pebble Ridge, Paradise Valley
Open House
$3,600,000
5 Beds
4.5 Baths
5,190 SqFt
Status Active
MLS # 6703586
Property Type Single Family Residence
Price Type --
Love Paradise Valley but want an updated home? Remodeled down to the studs in 2019/2020, this home offers updated kitchen, baths, flooring, and even new plumbing. Views of Camelback Mountain are visible the minute you enter, and from the entire rear of the property, inside and out. Warm wood floors welcome you into the home and a cozy bar is set in the corner of the living room with brass shelving supports, and both verage and dual zone wine coolers. Beamed Ceilings give a nod to the history of this contemporary style home, allowing any style of décor to blend. The first of three fireplaces graces the living room, which is open to the dining area. A very spacious family room is just steps away with it's own fireplace. With an opening to the Living/Dining areas, this floorplan is wonderful for entertaining. The Kitchen has a fresh feel with white cabinetry, Quartz countertops, with contrasting black and brass elements. A central island, induction Bosch rangetop, Sub Zero Refrigerator and Ovens, Microwave drawer and walk in Pantry provide an abundance of storage and top of the line appliances for culinary adventures. One of five bedrooms is just off the Living Room and would be a great space for an office. An adjacent bath with shower allows it be whatever works for you. The powder room sports a sophisticated feel with black millwork accented walls, black and white marble Hexagon floor tile, and brass accents. The powder room is also accessible from the rear open space of the property. The Primary Suite is a dream. Large enough to include a separate seating area, customized closets, and patio access, this room is secluded from the other bedrooms. The Primary Bath is well designed with marble and porcelain tile accents, a large walk-in shower, separate vanities and a soaking tub and fireplace. The remaining three bedrooms are spacious, the largest with an en-suite bath. Another bath is shared by the last two bedrooms. One of the family's favorite spots is the large media room. There is more than enough space for this to be a playroom and study area, in addition to the media area. The laundry is large, with extra cabinetry and a drop zone just off the 2 car garage. Outside, a raised patio keeps the views available, and overlooks the pool area. A large low maintenance turf lawn leads to the sports court. The batting cage in this area does not convey with the home.

2457 E Glenhaven Drive Phoenix, AZ 85048

$3,595,000
4 Beds
4 Baths
3,749 SqFt
Status Active
MLS # 6619546
Property Type Single Family Residence
Price Type --
A NEW TO BE BUILT SPEC HOME ON ONE OF THE MOST AMAZING LOTS AVAILABLE IN AHWATUKEE!! LOCATED IN FOOTHILLS MOUNTAIN RANCH ESTATES!! ALMOST 4000 SQUARE FEET ON OVER 5 ACRE HILLSIDE LOT WITH STUNNING MOUNTAIN VIEWS FROM EVERY DIRECTION*YOUR DREAM CUSTOM ESTATE AWAITS*THERE IS NOT ANOTHER PIECE OF LAND IN AHWATUKEE THAT OFFERS THIS MANY ACRES*LOCATED AT THE END OF A CUL-DE-SAC*BE THE KING OF THE HILL WITH VIEWS ALL THE WAY TO FOUR PEAKS*DO NOT MISS THIS AMAZING TO BE BUILT SPEC HOME IN AN AMAZING LOCATION!!!!

24724 N 119th Place Scottsdale, AZ 85255

$3,595,000
4 Beds
4 Baths
3,800 SqFt
Status Active
MLS # 6685315
Property Type Single Family Residence
Price Type --
Spectacular 360* Mountain & Valley VIEWS! TRUE GOLFER'S PARADISE! Newly UPDATED CONTEMPORARY ESTATE in the Heart of Troon In North Scottsdale. Incredible location...Close to Shopping, Dining, fabulous hiking trails + so much more! Breathtaking yard with Putting green, large sparkling pool, lounging areas for sun / shade. Boasting Soaring Ceilings, this light & bright home with a ''sunny'' disposition has been thoughtfully designed sparing no expense.

10040 E Happy Valley Road Unit 417 Scottsdale, AZ 85255

$3,595,000
4 Beds
5.5 Baths
6,370 SqFt
Status Active
MLS # 6711268
Property Type Single Family Residence
Price Type --
IMMEDIATE GOLF MEMBERSHIP AT CLOSE OF ESCROW! Situated on over 1.3 acres in a privates cul-de-sac lot that offers the ultimate in privacy! Gated courtyard entry surrounded by the beautiful flora of the Sonoran Desert. Great room floorplan, private master suite, 3 guest ensuite guest bedrooms, office, upstairs library/hobby room + bonus room with sweeping city light & mountain views. 24x24 travertine floors, wood beams, stacked stone & more. Gourmet kitchen with new top-of-the-line appliances, designed for the most discerning chef, features taj mahal quartzite countertops, knotty alder cabinets and adjacent breakfast room with fireplace. Private resort like backyard with beautiful mountain views as a backdrop, pebble tec pool and spa (see ''more'' remarks)... ... cooking station with new Napoleon gas grill, private side yard perfect for a garden or dog run. Exquisite landscape design by Trademark Landscaping. Desert Highlands, ranked as a top 100 club by Platinum Clubs of the World, offers world class amenities include a Jack Nicklaus championship golf course, 18-hole putting course, award winning clubhouse featuring Jack's Gastrupub and Jack's Backyard, Highlands Racquet Club offering grass and clay tennis courts + pickleball courts, state of the art fitness center & more. A $150,000 membership fee is due from buyer at close of escrow.

12651 S 71st Street Tempe, AZ 85287

$3,577,700
6 Beds
8 Baths
7,823 SqFt
Status Active
MLS # 6748395
Property Type Single Family Residence
Price Type --
WOW this DREAM compound offers LUXURIOUS living with spacious residences and TOP-NOTCH amenities and it's one of a kind!! The main house features impeccable finishes: a chef's kitchen, a butler's kitchen, large pantry, new flooring, vaulted ceilings with custom beam work and so much more. Over 174 photos uploaded for your review and enjoyment. Main house featured 4 large bedrooms each having private baths, formal and casual living spaces, and two private office spaces, it seems ideal for both family life and professional needs. The primary suite is particularly impressive, with dual vanities, toilet rooms, a multi-head shower, extensive built-in storage, and direct laundry access. The second residence adds a recreational dimension with indoor basketball and pickleball courts, along with along with a guesthouse or man cave that includes a full kitchen, TV room, and extra beds. The outdoor area is designed for entertaining, and with a large courtyard patio, 4 car garages, additional parking, and extensive air-conditioned storage, it offers both luxury and practicality. The private gated entrance and the absence of an HOA provide added privacy and freedom. This property seems like it truly needs to be seen in person to fully appreciate all it has to offer! The guest house has a full-size indoor basketball/pickleball court with a full kitchen, bathrooms, and two bedrooms adds a unique and practical feature to the property. The resort-style pool is BRAND NEW with a covered sitting area and built-in BBQ enhancing the luxurious, resort-like feel of the compound. This property truly offers a comprehensive package for luxury living and entertaining.

5601 E Monterosa Street Phoenix, AZ 85018

$3,570,000
5 Beds
5.5 Baths
4,491 SqFt
Status Active
MLS # 6686485
Property Type Single Family Residence
Price Type --
Nestled in the heart of Arcadia proper, perfectly situated between Exeter and Lafayette on a coveted corner lot. This meticulously designed residence boasts an array of features that epitomize modern elegance and comfort. Upon entry, you're greeted by the grandeur of soaring ceilings that create an ambiance of openness and natural light throughout the home. The focal point of the residence is undoubtedly the amazing chef's kitchen, meticulously crafted with top-of-the-line subzero & wolf appliances, custom cabinetry, open shelving and a full butters pantry with dishwasher & prep space. This home provides the perfect setting for culinary enthusiasts and entertainers with a seamless floorpan and large open light open spaces. With 5 spacious bedrooms and 5.5 ensuite baths, plus office & loft this home has plenty of room for the family. Including a master suite that features unobstructed camelback views, this home offers ample space for both relaxation and privacy. All bedrooms have walk in closets and ensuite bath. Additionally, a huge bonus room/loft provides versatility for various lifestyle needs, whether it be a home office, media room, or play room space. Every inch of this residence exudes sophistication and attention to detail, with no expense spared in its design and construction. From the meticulously landscaped grounds featuring lush ficus, fruit trees, and a charming garden atmosphere, to the sparkling pool and numerous outdoor sitting areas, the indoor/ outdoor living is elevated to an art form, offering an oasis of tranquility and relaxation. With million-dollar views of camelback adding to the allure of this prestigious property, and its prime location in the heart of Arcadia, this home represents the epitome of luxury living in one of the most sought-after neighborhoods. This home has an extra deep 3 car garage and 5 car spaces in the drive way for your car enthustiast. Backyard includes tuff shed and has alley access. We are just a 10 min bike ride away down the canal from fashion square and a 10 min drive to the sky harbor airport. Walking distance to all Arcadia has to offer this home its the epitome of urban living.

5036 N Ascent Drive Scottsdale, AZ 85251

$3,554,620 - 2Br/3Ba -  for Sale in Phoenician, Scottsdale
Open House
$3,554,620
2 Beds
2.5 Baths
3,035 SqFt
Status Active
MLS # 6702185
Property Type Single Family Residence
Price Type --
A NEW PRIVATE RESIDENTIAL COMMUNITY WITH A COVETED LOCATION AT THE BASE OF CAMELBACK MOUNTAIN ADJACENT TO THE ICONIC PHOENICIAN® RESORT IN SCOTTSDALE. ONLY A SHORT DISTANCE TO FASHION SQUARE AND OLD TOWN SCOTTSDALE. THIS COLLECTION OF CUSTOM HOMES TO BE BUILT EXCLUSIVELY BY CULLUM HOMES OFFERS ONE, TWO AND THREE-LEVEL RESIDENCES THAT REFLECT A TIMELESS, MODERN DESIGN AND LOOK OUT OVER THE BEAUTIFUL PHOENICIAN® GOLF COURSE. ALL PLANS ARE FULLY CUSTOMIZABLE. INTRODUCING THE CIRRUS A FLOOR PLAN, A TWO-STORY HOME FEATURING 2 BEDROOMS, 2.5 BATHROOMS, AND A 3-CAR GARAGE. THROUGH THE EXTRAVAGANT FRONT ENTRANCE LOCATED ON THE LOWER LEVEL, A BEAUTIFUL STAIRCASE OR AN ELEVATOR TAKE YOU TO BOTH LEVELS OF THE RESIDENCE. THE MAIN LEVEL BOASTS TWO EN SUITE BEDROOMS, PRIVATE FORMAL DINING AREA, OPEN CONCEPT KITCHEN, ADDITIONAL POWDER ROOM AND THE GREAT ROOM AREA. SPACIOUS KITCHEN WITH ISLAND, EAT-AT BAR AND WALK-IN PANTRY. A GLASS WALL LEADS YOU TO THE COVERED PATIO OFF THE GREAT ROOM WHERE GORGEOUS VIEWS AWAIT YOU. OWNER'S SUITE WITH WALK-IN CLOSET, DOUBLE SINK VANITY, SEPARATE TOILET ROOM, TUB AND WALK-IN SHOWER. ALONG WITH AN ADDITIONAL EN SUITE BEDROOM, LARGE LAUNDRY ROOM WITH EXTRA STORAGE AND A DECK AREA. THE COMMUNITY IS GUARD GATED FOR PRIVACY AND SECURITY. AT THE BASE OF CAMELBACK MOUNTAIN, YOUR PRIVATE POOL, FITNESS CENTER, AND SOCIAL SPACES OFFER AN INTIMATE GATHERING PLACE FOR WELLNESS, SOCIALIZING AND RELAXATION. RESIDENTS ARE OFFERED THE OPTION TO JOIN THE PHOENICIAN® AMENITY ACCESS PROGRAM - ACCESS AND DISCOUNTS TO THE NEW ATHLETIC CLUB, 38,000 SQUARE FOOT SPA, TENNIS FACILITY AND RESORT POOLS AT THE PHOENICIAN® RESORT.

6529 N Mountain View Road Paradise Valley, AZ 85253

$3,549,000 - 4Br/5Ba -  for Sale in Paradise Highlands Estates, Paradise Valley
Open House
$3,549,000
4 Beds
5 Baths
4,204 SqFt
Status Active
MLS # 6774628
Property Type Single Family Residence
Price Type --
Stunning Contemporary Desert Oasis with Panoramic Mountain Views, perfectly positioned to capture breathtaking mountain views from every angle. This modern masterpiece offers a harmonious blend of sleek, contemporary design and the natural beauty of its desert surroundings. As you step inside, you'll be greeted by an open-concept layout that flows effortlessly through light-filled living spaces. The home's modern architecture is accentuated by clean lines, flat rooflines, and expansive windows, offering uninterrupted views of the nearby mountains. The muted, neutral exterior tones blend seamlessly with the surrounding desert landscape, creating a harmonious, natural aesthetic.

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