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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

9223 W Running Deer Trail Peoria, AZ 85383

$674,000

3 Beds

2.5 Baths

2,650 SqFt

Status Active

MLS # 6713470

Property Type Single Family Residence

Price Type --

Best value in West Wing. Great split floor plan open kitchen great room with gorgeous upgrades. Large master suite with separate tub and shower double sinks and envious walk-in closet.

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10963 E Texas Avenue Mesa, AZ 85212

$673,383

4 Beds

3 Baths

2,485 SqFt

Status Active

MLS # 6780245

Property Type Single Family Residence

Price Type --

MLS#6780245 Ready Now! The Adelaide in La Mira Expedition offers a comfortable living experience. This home's main living area boasts a spacious formal dining, gathering room, and open kitchen with 42'' upper cabinets, a kitchen island, gas cooktop, and ample lighting. The owner's suite, secluded for privacy, features a spa-inspired bath and an oversized walk-in closet. Three additional bedrooms and outdoor living complete this fabulous home, ensuring a perfect blend of luxury and practicality! Structural options include: paver front porch, bed 4 in place of storage, garage service door, interior door at owner's bath, and enclosed study, Home options include: window coverings and whole house appliance package.

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3738 E Rochelle Circle Mesa, AZ 85213

$672,970

4 Beds

3 Baths

1,972 SqFt

Status Active

MLS # 6782625

Property Type Single Family Residence

Price Type --

End of year builder inventory closeout, price slashed to sell. Stunning Andalusian style in new gated infill neighborhood. EOY completion Great infill location with desirable schools, EZ freeway access during the weekdays and a great gateway location for the weekends to head to the Salt River watershed lakes, mountains or a local hike! Nice finishes: 8' IRON front door, KitchenAid appliance pkg, white Shaker style cabinets with tall uppers w/ LED lights underneath Thick quartz kitchen tops, Subway tile backsplash. Wood look tile throughout, NO CARPET! 3 car tandem garage features a side door with paver path to front driveway. Stereo and Security prewire. 8' interior doors with nickel hardware and fixtures. Builder finance incentives. Taxes est. Most pics are of a model home

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23059 E Pummelos Road Queen Creek, AZ 85142

$672,500

4 Beds

3.5 Baths

2,938 SqFt

Status Active

MLS # 6762287

Property Type Single Family Residence

Price Type --

MOTIVATED SELLERS! This move-in ready two-story home features a beautifully landscaped backyard with real grass, a charming gazebo, and a covered patio perfect for shaded outdoor dining or relaxation. Inside, the open concept living area showcases a striking 20-foot shiplap fireplace and a gourmet kitchen with a 10-foot island, custom backsplash, 42'' upper cabinets, and a stainless steel range hood. The main floor master suite offers a spa-like bathroom with dual shower heads, double sinks, and a spacious walk-in closet. Upstairs, enjoy a cozy loft, two bedrooms, and a full bath. Energy-efficient upgrades include sunshades, two A/C units, and a tankless water heater. Located within walking distance to Queen Creek Olive Mill and Schnepf Farms for nearby dining and entertainment options. Retreat to the romantic main suite, highlighting plantation shutters, a pristine ensuite, and a walk-in closet. The home's elegance extends outdoors to the serene backyard with a covered patio, a gazebo, and a grassy lawn, excellent for outdoor relaxation. This value will not disappoint!

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4518 E Hopi Street Phoenix, AZ 85044

Open House

$672,500

5 Beds

3 Baths

2,399 SqFt

Status Active

MLS # 6777929

Property Type Single Family Residence

Price Type --

AHWATUKEE! South Mountain Views! 5 bedrooms! Pool! Corner lot! This wonderful home sits in the heart of Ahwatukee. Living here gives easy access to I-10, AZ 202, downtown Phoenix, Sky Harbor, ASU, Tempe & Chandler. This great location is close to South Mountain Park, dining, shopping, private park, public parks, golf, farmer's market and schools (public, private & charter). 5 bedrooms / 3 bathrooms / 2 car garage / pool / covered patio / solar is owned / kitchen island / privacy (corner lot with arroyo behind) / wood floors / open floor plan / many updates / gardening opportunity / in-ground fire pit. This fantastic home is waiting for you!

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14799 W Pasadena Avenue Litchfield Park, AZ 85340

$672,000

5 Beds

4 Baths

3,910 SqFt

Status Active

MLS # 6693658

Property Type Single Family Residence

Price Type --

Welcome to a charming home with a story to tell! Nestled in tranquil Palm Valley, this property boasts the distinction of being cherished by its original owner, making it a rare find in today's market.Step inside and be greeted by a warm and inviting atmosphere. This meticulously maintained residence offers 5 bedrooms, 4 bathrooms, and a separate office and loft providing ample room for relaxation and entertainment, as well as a casita with a separate entrance perfect for visitors or multi generational living. The heart of the home is the well-appointed kitchen which is a haven for culinary enthusiasts, featuring white cabinets, stainless steel appliances and large island. Whether you're hosting family gatherings or intimate dinners, this kitchen is sure to impress, and is open to the living area for seamless entertaining. Step outside through the multi panel sliding door that offers the best views of your beautifully landscaped yard, with 2 separate covered patios. Imagine sipping your morning coffee on the patio as you bask in the serenity of your surroundings and mountain views.Conveniently located inclose proximity to 303 Interstate, i-10, and 101. Wigwam resort, multiple golf courses & shopping.

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20235 W Hollyhock Street Buckeye, AZ 85396

$671,995

4 Beds

3 Baths

2,890 SqFt

Status Active

MLS # 6698318

Property Type Single Family Residence

Price Type --

Designed for entertaining this ranch style Julia plan model home offers airy 10'' ceilings. Once inside an extended entry leads to an expansive gourmet kitchen with 42'' white cabinetry with brushed nickel cabinet pulls, quartz countertops, tile backsplash, GE Plus stainless-steel appliances with a chimney hood and 36'' gas cooktop, an extended island, a breakfast nook, and a great room that includes an additional flex space. French doors lead from the dining nook out to an extended patio that runs the length of the great room. Inside a Butler's pantry with wet bar leads to a large walk-in pantry and a formal dining room leads to an adjacent covered courtyard off to the side of the home. This home offers two bedrooms that share a jack and jill bathroom, both with walk-in closets. A fourth bedroom and third bathroom complete the home. The primary bedroom includes a private bath with walk-in closet, dual vanities and a tile shower. In addition, this home has 12x 24 tile in all bathrooms, upgraded carpet in the bedrooms only and wood laminate flooring in the remaining areas of the home. This home also includes two-tone paint, ceiling fan prewires in all bedrooms, great room and covered patio, pendent lighting above the kitchen island, upgraded light fixtures in the dining room, nook and entry way, exterior coach lights and a paver driveway and walkway and front yard landscaping. A two car plus one car side turn garage is also included. This home is situated on a North facing 8760 square foot lot.

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3437 W Thoreau Lane Anthem, AZ 85086

$671,000

6 Beds

4 Baths

3,855 SqFt

Status Active

MLS # 6730172

Property Type Single Family Residence

Price Type --

This stunning home is located in the heart of Anthem, a beautiful award winning master planned community where joy abounds. At first sight you will notice a welcoming front porch, decorative stonework, and a lovely neutral color palette. The dramatic front entrance is enhanced by vaulted ceilings, custom pillars, and charming loft. The kitchen boasts ample storage and stainless appliances. The primary suite is located on the first floor as well as a secondary bedroom and a full guest bathroom. The second story has all the space one could need with four large bedrooms, two full baths, a bonus room and a loft. The backyard is an entertainer's dream with an extended flagstone patio, private pool and spa, and a gas firepit. Truly Sonoran living at its finest.

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920 W Saddle Run Apache Junction, AZ 85120

$670,990

4 Beds

3 Baths

2,649 SqFt

Status Active

MLS # 6786665

Property Type Single Family Residence

Price Type --

Welcome to Blossom Rock! The east valley's newest master planned community. With views of the Superstition Mountains and a wealth of amenities currently in the making including three community parks, dozens of neighborhood parks, a community school, miles of trails, beautiful lakes, and indoor and outdoor gathering spaces all meant to serve as the backdrop of the calendar of signature events and annual celebrations currently being created. A copy of the public report is available on the Az Dept. of RE Website

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7445 W Quail Track Drive Peoria, AZ 85383

Open House

$670,250

3 Beds

2.5 Baths

2,051 SqFt

Status Active

MLS # 6734111

Property Type Single Family Residence

Price Type --

Corner lot, no back neighbor-ready to call home in October 2024. Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'El Dorado' floorplan features 3 full bedrooms, 2.5 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes Burlap Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 9' ceilings, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Photos of similar spec home, options may vary-home is under construction**

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13827 N Wendover Drive Fountain Hills, AZ 85268

$670,000

3 Beds

2 Baths

1,732 SqFt

Status Active

MLS # 6748069

Property Type Single Family Residence

Price Type --

Flawlessly maintained pristine home nestled in serene residential neighborhood. NO HOA! Be captivated by Mountain Views & Four Peaks. Recently treated to a fresh exterior paint w/ unparalleled level of protection against the elements w/ a special waterproof coating, standing apart from other available homes. Embrace worry-free living w/ the installation of brand-new, highly efficient HVAC, ensuring optimal comfort & performance for years. Added comfort & energy savings w/ all-around window shade screens, allowing for coolness & cost-efficiency. Step inside this beautifully split-plan home. The full primary bedroom suite offers a sanctuary of serenity. The kitchen boasts stunning granite countertops. backsplash, granite sink, top-notch appliances, super large panty. Superb backyard w/shed. Move-in ready, this residence leaves nothing to be desired. Stepping outdoors, be greeted by an expansive backyard with a custom-built shed for all your additional storage needs. Additional storage cabinets & worktable in garage! Convenience is at your doorstep, w/ retail & restaurants just a leisurely stroll away. Imagine the joy of living within a mile of the iconic Fountain and Lake. This home is sure to please!

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7451 W Crystal Road Glendale, AZ 85308

$670,000

3 Beds

2 Baths

2,111 SqFt

Status Active

MLS # 6729565

Property Type Single Family Residence

Price Type --

*BACK ON MARKET* This beautiful 3 bedroom + Den, 2 bath home features a 3 car garage, a RV gate, & an immaculately maintained front & backyard. The living/dining room showcases vaulted ceilings, a soothing color palette, plantation shutters, & wood look flooring. The great room includes a large sliding door for ample natural light. The newly refreshed kitchen is equipped w/ a breakfast nook, granite counters, abundant wood cabinetry, track lighting, SS appliances, a pantry, and an island w/ a breakfast bar. Double doors lead to a versatile den, ideal for work or relaxation. The serene primary bedroom offers backyard access, an ensuite w/ dual sinks, and a walk-in closet. The backyard boasts a covered patio, stylish pavers, pristine artificial turf, and a refreshing pool.

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