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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13023 N 68th Street Scottsdale, AZ 85254

$3,350,000
5 Beds
5.5 Baths
5,071 SqFt
Status Active
MLS # 6752069
Property Type Single Family Residence
Price Type --
Unique opportunity to unlock the advantages of buying an in-progress home built by Thomas James Homes. When purchasing this home, you will benefit from preferred pricing, design personalization, a guaranteed delivery, and more. Estimated home completion Spring 2025. Great address, great schools! Sitting in the highly desirable Sweetwater Corridor in Central Scottsdale, this beautiful 5 bedroom, 5.5 bathroom modern farmhouse is the definition of exceptional design. Wide plank wood flooring, decorative ceiling and wall treatments, including beams and wood paneling, impressive custom lighting, outstanding millwork, stone and tile accents, a gorgeous floor to ceiling fireplace, shaker cabinetry and a 4-car garage are just a sampling of the outstanding finishes going into the home. The large single story open concept floorplan is expertly crafted for modern living with a large interior courtyard leading to the home's entrance. Inside you'll find a large great room and luxury kitchen joined by a large quartz countertop island. The grand suite hosts a large his and hers walk-in closet and a spa like bathroom with a freestanding soaking tub and walk-in shower. The secondary bedrooms throughout the home have en-suite bathrooms. In addition to the bedrooms, you'll find ample added living space with a private office, gym and a kitchen prep area adjoining the dining room and a bonus room. Home will feature fully landscaped front and back yards, providing great Arizona outdoor living space. This home is minutes from dining, shopping and more.

744 Woodridge Lane Prescott, AZ 86303

$3,350,000
4 Beds
6 Baths
5,897 SqFt
Status Active
MLS # 6662096
Property Type Single Family Residence
Price Type --
One of the premiere homes in Hassayampa Village boasting unparalleled quality, workmanship and amazing long distance views. Located within the main gate of Capital Canyon Golf Club, one of Arizona's top rated private gated golf course communities, this very special home offers main level living with Great Room, Kitchen, DR & LR on main floor with Master on the entire 3rd floor with wine room, Office and 3 Ensuites on lower level. Features include Stone Exterior, hardwood flooring, granite counters & metal roof. 3rd car garage is currently being used as a professional workshop with a half bath. Detached utility shed is great for extra storage. Parcel can be expanded to include lots on either side of home for more privacy. Plans for new elevator now available.

2150 E Belmont Avenue Phoenix, AZ 85020

$3,349,995 - 3Br/4Ba -  for Sale in Biltmore Highlands, Phoenix
Open House
$3,349,995
3 Beds
3.5 Baths
4,716 SqFt
Status Active
MLS # 6643007
Property Type Single Family Residence
Price Type --
Biltmore Highlands, located on a hillside bordering the Phoenix Mountain Preserve Piestewa Peak. This residence combines nature's tranquility with urban convenience, offering breathtaking & unobstructed mountain, and city views! Minimalist-style kitchen with ample storage, and a complete butler pantry. The primary bedroom has a sizable walk-in closet w/built-ins and a lavish ensuite with dual sinks & soaking tub. The upstairs laundry room is complete with sink & cabinetry. Discover the entertainer's backyard, where an elevated negative edge pool awaits for refreshing swims, or chill and take in the mountain views. The rooftop party deck is an excellent spot to savor those amazing sunsets complete with an outdoor kitchen. You have a private gate to access the Phoenix Mountain Preserve! The scrim that covers the front and east side of the home creates a solar passage, increasing efficiency, privacy, and once it rust it will allow the home to blend with its desert surroundings. A huge covered patio in front of the home allows you to enjoy indoor-outdoor living when opening your matching 4-panel pocket doors and 8 pivot doors, doubling your space for entertaining. World-class hiking right out your back gate! Just Minutes from Old Town Scottsdale, Sky Harbor Airport, and downtown Phoenix. Located near the 51 freeway, without the noise, that gets you to the 10 or the 101 freeways in minutes.

9068 E Rimrock Drive Scottsdale, AZ 85255

$3,349,900
4 Beds
4 Baths
3,352 SqFt
Status Active
MLS # 6752751
Property Type Single Family Residence
Price Type --
This modern luxury estate is the result of a two-year like new, complete remodel on a 1.5-acre view lot! Future expansion survey and drawings offer an incredible opportunity to double the size of this home. The stunning new design created a fabulous, open great room featuring a modern see-through gas fireplace and a gourmet chef's kitchen boasting all new Viking appliances, custom cabinetry, quartz countertops, and an oversized island with bar seating. The split primary suite is the ultimate retreat featuring an expanded shower, a new tub, and custom walk-in closet. Two bedrooms are ensuite and a full bath was added across from the third bed. The backyard oasis features a brand-new heated pool, spa, white travertine, artificial grass, mature trees and picturesque McDowell mountain views!

1275 Dry Creek Road Sedona, AZ 86336

$3,345,000
6 Beds
5 Baths
6,414 SqFt
Status Active
MLS # 6747035
Property Type Single Family Residence
Price Type --
This sprawling West Sedona Estate is amazing for so many reasons! The main home is spacious and has 4 bedrooms, 4 ensuite baths on 2.09 fabulous acres with expansive 360 views overlooking so many of Sedonas' landmark red rock mountains in an amazing location with no HOA. The outdoor entertaining areas are ample with plenty of room to relax and unwind including a putting green, multiple fireplaces, hot tub and pool. This home has an oversized 4 car detached garage with room for a workshop, 2 driveways, a separate guest house featuring 16-foot ceilings, 2 bedrooms, living area, kitchen with an attached climate-controlled RV garage. This extraordinary retreat is currently functioning as a successful short-term rental. This property has produced 350k in gross revenue in its first year, comes fully furnished but would also be a wonderful home for your family or great second home. The main house is 6,414 square feet with 4 spacious bedrooms 4 ensuite bathrooms and the primary Bedroom is on the main level and is huge with a stacked stone rock wall to add to its ambiance. Walk out to the expansive rear patio and enjoy morning coffee while admiring some of Sedona's most iconic rock formations. The kitchen has a Cambria Quartz Island and countertops. NXR chef grade range with a 6 burner gas cooktop, wine fridge, plenty of space to cook and entertain with multiple options for casual dining including a charming out door pergola with a large dining area, an outdoor fireplace and 2 outdoor fire pit areas, surrounded by lush greenery and mature fruit trees. There are so many outdoor entertainment areas it will be hard to choose where to be, the upper level which boasts a large living room/game room, fireplace and two huge decks. The views are unobstructed, you can see all the way to Mingus Mountain and the twinkling lights of Jerome. Cockscomb, Doe Mesa, Bear Mountain and Boynton Canyon to the West and Lizard, Chimney, Thunder Mountain to the East. Come see this in person, it is truly spectacular. Allow time to take it all in. New wine fridge, new roof, expanded new septic, new water heater, new washer and dryer, both in main house and guest house, refurbished putting green, ev charger and fully furnished.

5959 E Pershing Avenue Scottsdale, AZ 85254

$3,325,000
5 Beds
5.5 Baths
5,071 SqFt
Status Active Under Contract
MLS # 6730071
Property Type Single Family Residence
Price Type --
This stunning NEW build by Thomas James Homes is ALMOST complete! Move in before the holidays! We have added some show stopping features to this home! This exquisite 5-bedroom, 5.5-bathroom modern farmhouse offers an unparalleled blend of sophisticated design and superior craftsmanship. As you step inside, you're greeted by wide plank European Oak hardwood floor and captivating ceiling and wall treatments, including light walnut beams and wood paneling. Custom lighting accents every space, highlighting the impeccable millwork, stone, and tile details throughout. A striking floor-to-ceiling El Dorado Tundra brick chalk dust fireplace. The heart of the home boasts a spacious great room and a gourmet kitchen, complete with SUBZERO and WOLF appliances, a large quartz countertop island, matte black island pendants, castle brick white herringbone backsplash, maple range hood and shaker repose gray cabinetry. The luxurious grand suite features a generous walk-in closet with upgraded built ins and a spa-like bathroom with a freestanding soaking tub and walk-in shower. Each additional bedroom enjoys the convenience of an en-suite bathroom. Beyond the bedrooms, find added comfort and versatility with a private office, gym, and a kitchen prep area adjoining a generous bonus room. Outside, the fully landscaped front and back yards feature a sparkling pool and spa, ideal for enjoying Arizona's outdoor lifestyle. Conveniently located just minutes from top-rated dining, shopping, and entertainment, this home offers the epitome of luxury living in a prime Scottsdale location.

4302 E Marion Way Phoenix, AZ 85018

$3,325,000
5 Beds
4.5 Baths
3,698 SqFt
Status Active
MLS # 6768404
Property Type Single Family Residence
Price Type --
Beautiful NEW modern-style home by Thomas James Homes located in MARION ESTATES! This home has 5 bedrooms, 4.5 baths and an estimated completion date of Summer 2025. Featuring a 3 car garage, attached Casita, beautiful pool and landscaped front and backyards which when combined with the professionally designed interior will make this home spectacular. Spend time in the formal dining room, snuggle up in the spacious great room with the gas fireplace on or open the stacking doors to the patio and let in some fresh air. Chef-inspired kitchen has a large island with bar seating, nook, and walk-in pantry. Beyond the kitchen sits a large bonus room connected to a second covered patio. The grand suite is spacious with a grand bath, freestanding tub, a walk-in shower, dual vanities, and an amazing walk-in closet. Hopi and Arcadia High School district and within walking distance to Global Ambassador and Phoenix Country Day!

8867 N 63rd Place Paradise Valley, AZ 85253

$3,325,000 - 4Br/4Ba -  for Sale in Camelback Country Estates Unit 5, Paradise Valley
Open House
$3,325,000
4 Beds
4 Baths
6,298 SqFt
Status Active
MLS # 6702331
Property Type Single Family Residence
Price Type --
Fabulous location in Paradise Valley! Recently updated large areas of the home so if you have seen this home in the past, please revisit! Great floor plan with primary suite downstairs and split secondary bedrooms, Primary suite has a bonus room for additional closet, nursery, office or studio. Upstairs is a large bonus room for media, playroom, office or hang out room. Spacious main living space has a stunning kitchen with dining and large family room area. Outside is a haven for entertaining with both gas and wood grills, dining gazebo, pool with waterfall, hot tub, bocce ball court, horseshoes and a great play area. Five car garage is split into 3 attached at the main house and an additional detached 2 car garage. Make this home yours!

Forest Road 193 Street Flagstaff, AZ 86001

$3,300,000
5 Beds
3 Baths
1,748 SqFt
Status Active
MLS # 6706061
Property Type Single Family Residence
Price Type --
NEVER BEFORE LISTED. EXPERIENCE THIS 43-ACRE LEGACY PROPERTY BORDERED BY THE NATIONAL FOREST ON THREE SIDES. THIS PROPERTY OFFERS THE VERY BEST VIEWS FLAGSTAFF HAS TO OFFER, AS WELL AS THE IDEAL TOPOGRAPHY FOR A RANCH OR LARGE FAMILY COMPOUND WITH TONS OF FLAT MEADOWS. EXISTING STRUCTURES INCLUDE A NICE 5 BEDROOM 3 BATH HOME AND CHAPEL. THE PROPERTY HAS A WELL, 3000 GALLON FRESH WATER STORAGE TANK, NEW SOLAR POWER SYSTEM, AND SO MUCH MORE. CALL TODAY FOR MORE INFORMATION.

10422 E Mark Lane Scottsdale, AZ 85262

$3,300,000
3 Beds
3.5 Baths
4,133 SqFt
Status Active
MLS # 6769672
Property Type Single Family Residence
Price Type --
This stunningly remodeled Golf Course view property in gated Pinnacle Canyon, Troon North, offers an unparalleled living experience. Situated on the 10th hole of the prestigious Monument Golf Course, the home enjoys lush green views framed by breathtaking natural landmarks such as Stonedge Boulders, Goldie Brown Butte, Cindercone Mountain, the Continental Mountains, and Skull Mesa to the north. City lights and sunsets to the west, coupled with a perfect view of Pinnacle Peak from the front entry, complete the picturesque setting. Remodeled to perfection in 2022 by a renowned luxury builder, this home seamlessly blends modern elegance with functionality. The kitchen, a chef's dream, has been thoughtfully redesigned to optimize space and style. It features top-of-the-line appliances, including separate Subzero refrigerator, freezer, and wine cooler units, alongside a Wolf 6-burner gas range with griddle, double convection ovens, microwave, and a Cove dishwasher. A 72 custom zinc range hood serves as the focal point, perfectly complemented by the oversized Quartzite Odyssey Stone island with a Fire Clay sink, ideal for both meal prep and casual dining. The Great Room welcomes guests through custom iron doors and features dramatic 14-foot ceilings and telescoping sliding glass doors that disappear to create a seamless indoor-outdoor living experience. The fireplace, a centerpiece of the room, has been enhanced with 97 of imported 18x36 tile, adding a touch of sophistication. Adjacent to the Great Room, the large dining area and an inviting piano or conversation nook near the entry create a warm and welcoming ambiance. The spacious Primary Suite offers 12-foot ceilings, a cozy sitting area with expansive mountain views, and sliding glass doors leading to the pool and spa area. The luxurious Primary Bathroom is adorned with 18x36 stone flooring, a large walk-in shower with rain head and hand-held sprayer, floor-to-ceiling stone finishes, natural stone counters, and cantilevered cabinetry. A stand-alone stone bathtub, designer fixtures, custom lighting, and 8-foot arched solid wood doors complete the space. The Primary closet provides ample storage with extensive wardrobe cabinetry featuring seeded glass inserts and room for additional seating. The office, located off a recessed entryway, is framed by custom iron doors and features a double soffit ceiling with modern recessed lighting, making it both functional and elegant. Each of the secondary bedroom ensuites boast walk-in showers with designer tile and fixtures, and lighted mirrors. The powder room makes a statement with bold custom wall coverings, stone counters, a cantilevered cabinet, a stone bowl sink, and a designer toilet, offering a unique and stylish touch. The utility room, strategically located with dual access from both the Primary Closet and the main hallway, maximizes convenience and functionality. The home's front elevation has been transformed into a sleek contemporary façade, enhanced by professionally designed landscaping featuring specimen saguaros and custom lighting. The expansive front patio is the perfect spot to take in the Pinnacle Peak views and greet guests. The oversized three-car garage, accessible through three separate bay doors, offers ample space and complements the clean, modern exterior design. This meticulously remodeled property in Troon North is the epitome of luxury living, combining contemporary finishes with outstanding natural views and an ideal open floor plan.

10723 E Tamarisk Way Scottsdale, AZ 85262

$3,300,000
3 Beds
4 Baths
3,452 SqFt
Status Active
MLS # 6761453
Property Type Single Family Residence
Price Type --
Enjoy magnificent views from this premier lot in the desirable community of Cochise Ridge. The southern outdoor living area is ideally oriented to enjoy panoramic sights of Cochise golf course, mountains, sunsets, and city lights. This property has been thoroughly reimagined under the watchful eyes of designer Laura Weaver and Zobec Construction. The interior layout was redefined to embrace today's lifestyle. Enjoy a large gourmet kitchen with Wolf/Sub Zero appliances centrally located to entertain your guests. The three bedroom redesign also features a home office and a coffee/wine room as additional living spaces. There are two primary suites in the main house and a separate guest casita. Also featuring a fully renovated pool and spa. Rare upgradable DM Lifestyle Membership available.

5630 E Peak View Road Cave Creek, AZ 85331

$3,300,000
6 Beds
5 Baths
6,100 SqFt
Status Active
MLS # 6763805
Property Type Single Family Residence
Price Type --
Nestled on a picturesque acre lot in Cave Creek, Arizona, on a desirable county island bordering Scottsdale, this stunning estate is a rare gem. With paved roads and ultimate privacy, the home features an unparalleled resort-style backyard, including a full-size regulation Pickle-ball court, a luxurious swimming pool, a commercial-grade outdoor kitchen, and beautifully designed putting and chipping greens. The outdoor living space is enhanced with artificial turf, a lush garden, and a spacious patio complete with a misting system and heat for year-round enjoyment.Inside, the home boasts a celebrity-style master bedroom with a custom-designed closet, offering pure luxury and relaxation. Nestled on a picturesque acre lot in Cave Creek, Arizona, on a desirable county island bordering Scottsdale, this stunning estate is a rare gem. With paved roads and ultimate privacy, the home features an unparalleled resort-style backyard, including a full-size regulation Pickleball court, a luxurious swimming pool, a commercial-grade outdoor kitchen, and beautifully designed putting and chipping greens. The outdoor living space is enhanced with artificial turf, a lush garden, and a spacious patio complete with a misting system and heat for year-round enjoyment.Inside, the home boasts a celebrity-style master bedroom with a custom-designed closet, offering pure luxury and relaxation. With six spacious bedrooms and five bathrooms, the home includes walkout patios and a dream kitchen perfect for entertaining. The patio's sliding glass enclosure allows you to seamlessly enjoy Arizona's beautiful weather, keeping it open when cool or fully air-conditioned during warmer months. This extraordinary home, unlike anything on the market, offers a blend of luxury, comfort, and innovation rarely found in Arizona.

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