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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27111 N 150th Street Scottsdale, AZ 85262

$3,500,000

5 Beds

4.5 Baths

5,513 SqFt

Status Active

MLS # 6749282

Property Type Single Family Residence

Price Type --

This fully fenced 5 acre Equestrian Estate is a timeless work of architectural art; a labor of love in every detail. Offering both privacy and sophistication, it is set within a breathtaking desert landscape. This custom residence, tastefully designed by architect Bryan Rains, is impeccably maintained & features a split floor plan with high-end finishes throughout. The Resort-style backyard takes entertaining to a whole new level, allowing for year-round enjoyment of Arizona's natural beauty. The equestrian facilities include a 4-stall barn w/outdoor runs & turnouts with potential for further expansion. Enjoy direct access to extensive trail riding, including McDowell Mountain Regional Park, while remaining conveniently close to fine dining, shopping, & the vibrant Scottsdale amenities.

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865 E Monte Vista Trail Wickenburg, AZ 85390

$3,500,000

5 Beds

7 Baths

7,880 SqFt

Status Active

MLS # 6659880

Property Type Single Family Residence

Price Type --

Experience luxury & sophistication gated community! Integrating indoor & outdoor living. BREATH TAKING VIEWS! Nestled in the heart of Wickenburg, this stunning custom home has 5 bedrooms, 7 baths & theater room. Entering thru this grand entrance you are greeted w/a water feature & expansive living spaces. Gourmet kitchen is a chefs dream. Featuring top-of-line appliances, custom cabinetry, 2 warming drawers, 3 ovens, & a spacious island. Custom built bar. Relax by one of 5 fireplaces. Your master suite is a private sanctuary boasting a spa-like feel, fireplace, Large walkin & jet tub. Stepping into your private backyard oasis offers total relaxation. Negative edge pool/spa, built in b-bque, ramada, steam room & lush landscape is your ideal entertainment. The spacious 3200 sq ft RV garage. Spacious RV garage with a drive through RV Stall, can hold 8+ vehicles. Until you see this amazing property in person, you will not appreciate the value. This custom home was built by Tom Hogue and used as his personal home. From the grand entry way, rocked pillar, fountain water feature, floor to ceiling retractable glass doors, workout room, sauna and so much more. This is a MUST SEE!!!

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3428 S 159th Street Gilbert, AZ 85297

$3,500,000

5 Beds

5.5 Baths

10,171 SqFt

Status Active

MLS # 6712293

Property Type Single Family Residence

Price Type --

Experience livable luxury in this stunning iconic colonial style home ideally located across the street from the LDS Temple in the heart of Gilbert. The architectural masterpiece combines historic elegance with modern amenities, offering an unmatched lifestyle. Designed for both comfort and entertainment, this nearly 11,000 square foot home features a beautiful front porch and balcony straight out of the movies, grand foyer, 20 ft. vaulted ceilings, extensive molding and trim work, expansive living and dining areas, a huge entertainer's kitchen with hidden walk-in pantry complete with a commercial grade walk-in refrigerator, indoor pro racquetball court, theater room and serene library. Majestic kitchen features a two tier island with breakfast bar and large dining area with the temple as a backdrop out every window. The home boasts 5 spacious bedrooms and 5.5 bathrooms, extended 3 car garage on one side of the house and an additional 2 car garage on the apartment side of the home. Enter the master bedroom through a large sitting room with fireplace and front porch access. Large master has built in bookshelves, bay window with temple views, and large ensuite bathroom complete with his and hers sinks, expansive walk in shower/steamer and walk through master closet. Relax in the upstairs loft, on the balcony or with your favorite movie in the theater. Large laundry room is equipped with 2 sets of washer/dryer, center island surrounded by cabinets and more storage. The separate apartment is perfect for guests, in-laws or rental income. RV gate with RV pad. 32kW paid off solar system with battery backup. With no HOA restrictions, you have the freedom to truly make this home your own. Embrace the perfect blend of historic charm and contemporary luxury in a location that offers top-rated schools, easy access to the 202 freeway, Mercy Hospital, San Tan Mall, dining, entertainment, shopping and community events. Too much to list here, this home is a must see.

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8332 E Sand Flower Drive Scottsdale, AZ 85266

Open House

$3,499,995

4 Beds

4 Baths

4,297 SqFt

Status Active

MLS # 6734396

Property Type Single Family Residence

Price Type --

MOVE IN READY beautiful pre-designed home with luxurious upgrades inside and out. The award winning Mayne Modern home design was made for entertaining. This single-level home showcases an open floor plan with elevated ceiling heights in the main living spaces. The Gourmet kitchen is a chef's delight with upgraded maple cabinets and designer stainless steel appliances included a Wolf 48'' Rangetop w/Griddle, Pro Hood, Micro Drawer, Pro Double Ovens, and Cove Dish Washer. Spacious great room features a 60'' primo fireplace and 20' multi-stacking door open to covered patio. Oversized bonus room with wet bar and direct access to large covered patio. Attached casita with living area and full bath. Price includes full landscape and pool. THIS IS A MUST SEE!

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14300 N Moongaze Drive 03 Drive Marana, AZ 85658

$3,499,900

3 Beds

4 Baths

2,934 SqFt

Status Active

MLS # 6770080

Property Type Single Family Residence

Price Type --

Experience the ultimate in privacy, tranquility, and security at Saguaro Ranch/Moonlight Canyon. This incredible MOVE-IN READY New Construction home boasts 2,934 sq ft, 3 Bedrooms, 3.5 bathroom, and a den/office. Enjoy EXPANSIVE, breathtaking, panoramic views of the Catalina Mountains and Tortolitas, and marvel at the stunning Ron Robinette Architecture and Lori Carroll Interior Design. Featuring a WINE CELLAR built INTO the Mountain! Other features include split bedroom plan with en-suite baths, 3 car side entry oversized garage, 400 AMP Electric service, 2x6 and some double 2x12 exterior wall construction with foam and batt insulation, recirculating hot water system combined with tankless hot water heater, Wolf and Subzero stainless appliances. Synthetic plaster exteriors, tile in all the public areas. Don't miss out on this once-in-a-lifetime opportunity!

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6413 E Ashler Hills Drive Cave Creek, AZ 85331

$3,499,900

4 Beds

5 Baths

4,057 SqFt

Status Active

MLS # 6762063

Property Type Single Family Residence

Price Type --

Stunning rustic contemporary home on a private road with no hoa. Home sits on 2 1/2 acres fully fenced with rear yard that has capabilities for adding another 10,000 of casita, garage and or under roof if desired. Home surrounded by beautiful cave creek desert mountain views, as well offers privacy and while being close to shopping and schools. The chefs kitchen boast twin Subzero 736 refridgerators and Wolf oven and range top, large walk in pantry, prep and primary sink on dual islands, hidden accessories, quartzite countertops. Home has City of Scottsdale water, 2 stage water filtration, a water softener and 2 RO systems for drinking water and ice. Back patio boast tv sitting area, 48 inch firepit, built in BBQ and sink, bar island and mister system. Buyer to verify all information.

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15972 N 115th Way Scottsdale, AZ 85255

$3,499,900

3 Beds

2.5 Baths

4,596 SqFt

Status Active

MLS # 6769991

Property Type Single Family Residence

Price Type --

Hidden gem surrounded by Magnificent Views, and lush trees.. Enjoy the unobstructed view of McDowell Mtn & the sunset/city lights in the Oasis resort-like backyard designed with 65' infinity style pool, large water fall, spa and sunken gazebo. The main house features an open split floor plan with high ceilings. Spacious living room flows into family room complete with wine bar. Kitchen boasts granite countertops with plenty of storage. Plus a theater room & butler's pantry & office area. The newly renovated 1,208 SQFT. separate guest suite features 1 bedroom 1 bath, kitchenette and more! The quiet and stunning neighborhood has many amenities & easy access to the McDowell Mountain trails for hiking just minutes away. Property to be sold As-Is no repairs. Interior photos coming soon!

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9591 E Havasupai Drive Scottsdale, AZ 85255

$3,499,000

5 Beds

5 Baths

5,240 SqFt

Status Active

MLS # 6719082

Property Type Single Family Residence

Price Type --

Located in one of the finest private communities in Scottsdale, this luxurious home sits on THE BEST lot in La Strada. Surrounded by mountain views & city lights while still in the heart of the city, this stunning & spacious home features all the amenities including 5 bed, 5 bath, 4 car gar, office/den, walk in wine cellar w/Subzero fridge by Cellar, casita, courtyard, & sport court. Resort-style backyard with amazing views is private & features a negative edge heated pool, spa, & outdoor kitchen area. The indoors are just as inviting with a recently remodeled chef's kitchen equipped with Wolf & Subzero appliances, steam oven, and other high-end finishes. A dream home on a quiet & private cul-de-sac just minutes from the 101, DC Ranch Marketplace, Kierland, & all the Valley has to offer.

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6801 E Caballo Drive Paradise Valley, AZ 85253

$3,499,000

4 Beds

4.5 Baths

4,441 SqFt

Status Active

MLS # 6755146

Property Type Single Family Residence

Price Type --

Camelback Country Club Estates - Golf Course Lot - 41,818 SF - South Rear Yard - On the 14th Hole - First time on market.

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4615 N 61st Place Scottsdale, AZ 85251

$3,495,000

3 Beds

3.5 Baths

3,609 SqFt

Status Active

MLS # 6762363

Property Type Single Family Residence

Price Type --

This is an exciting opportunity to live in a gated, resort-style community with views of Camelback Mountain and access to The Phoenician®. The new subdivision offers an impressive lifestyle ideal for empty nesters or someone interested in a second home in the spectacular Valley of the Sun. This is one of only two opportunities remaining that is sure to move quickly. It has 3 bedrooms, 3.5 bathrooms, and 3,980 square feet of luxurious, state of the art, contemporary living space. There's also a fabulous guest casita and gorgeous finished landscaping. The setting is stunning, the amenities are outstanding, and the design is exceptional. This home is move-in ready.

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30 E Glendale Avenue Phoenix, AZ 85020

$3,495,000

6 Beds

4.5 Baths

6,564 SqFt

Status Active

MLS # 6720436

Property Type Single Family Residence

Price Type --

Lined Palm trees frame this Spanish Colonial Estate and embrace this luxurious villa settled on over an acre in the heart of North Central Phoenix, within walking distance to Murphy Bridle Path. Filtered through oak and orchid trees, light flickers over the elegant central courtyard with a decorative fountain, lush landscape, and a paved roundabout. The formal entry includes beautiful hardwood floors and a gorgeous chandelier, as dramatic 20-foot beamed ceilings, crown molding, embellished corbels and hardwood floors move you through 4,290 sq ft of living space, seamlessly. A jaw-dropping dining room with a coffered ceiling opens up to an incredible terrace. Beautiful newer 2000+sqft ft guest house included in overall square footage..guest house can easily be connected to main house. Continuing with gathering spaces, the impressive kitchen with vaulted ceilings, high-end stainless-steel appliances, a 20-foot skylight, built-in China cabinets, and a spacious eat-in area create a warm and impressive atmosphere. The primary bedroom, on the main level, features a large walk-in closet, complemented by solid core doors and a glorious ensuite bath. Add another bedroom on the main level and two upstairs, both opening onto private balconies. Outside, the back patio features a fireplace, and overlooks a sprawling backyard enveloped by majestic mature trees and boasts an opulent pool adorned with a captivating water feature, fountain, and spa. Adding to this estate's allure is an incredible 2274 square ft guest house, showcasing 22-foot vaulted ceilings, a spacious family room, two bedrooms, eat-in kitchen, and entertainment area. This invigorating dwelling is move-in-ready, offering a blend of elegance, comfort, and perfection.

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8579 E Nightingale Star Drive Scottsdale, AZ 85266

$3,495,000

5 Beds

5 Baths

5,349 SqFt

Status Active

MLS # 6756874

Property Type Single Family Residence

Price Type --

Welcome to this exquisitely stunning updated custom home on a private one-acre cul-de-sac lot with unobstructed mountain views in the gated bedroom community of Sierra Boulders North. The main house boasts three spacious ensuite bedrooms and an additional fourth bedroom equipped with custom built-in cabinetry and a walk-in closet that can double as an office. European white oak floors grace the main living areas and are accentuated by custom woodwork and ceiling beams in the great room. Culinary enthusiasts will delight in the large island adorned with leathered Taj Mahal quartzite countertops, Wolf, Sub Zero, and Cove appliances, and a dry bar with wine and beverage coolers. Love entertaining? Guests and/or multi-generational living is possible with the extraordinary 1,171 sq ft detached guest house, newly constructed in 2019 with elevated finishes that are sure to impress the most discerning buyer. The simple-to-use Control4 Smart Home System operates the exterior lights, home security system, indoor and outdoor cameras, audiovisual systems, and thermostats throughout both homes. Multiple outdoor living spaces can be enjoyed year-round, complete with a stunning rooftop deck, large covered verandas, outdoor gourmet kitchen with a Mugnaini wood-fired pizza oven imported from Italy, Fire Magic BBQ grill, warming drawer, beverage cooler, sink with disposal, and misters that keep you cool all summer long. Cozy up by the outdoor fireplace while roasting marshmallows and telling stories. The outdoor oasis includes a generous heated salt water Pebble Tech pool with upgraded pop-up cleaning system and spa with a mesmerizing water feature that comfortably seats nine. The lush yard is adorned with vibrant green turf, ideal for children's play, yoga sessions, or soaking up the sunshine while playing catch with your furry four-legged friends. No expense was spared in creating this masterpiece with $250,000 recently invested in updates. Outside, fresh herbs and vegetables are easily accessible from three beautifully constructed irrigated raised garden beds. For car enthusiasts or those with a passion for hobbies, the oversized 4-car garage with epoxy floor, built in cabinetry, EV charging station, and organization system offers ample space for vehicles and toys alike. This property is a true gem in today's market. Make it your dream home today!

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