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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10510 W Deanna Drive Peoria, AZ 85382

$665,000

3 Beds

2 Baths

2,365 SqFt

Status Active

MLS # 6780532

Property Type Single Family Residence

Price Type --

This stunning home features a spacious Great Room with 10' ceilings and 8' doors, creating an open, airy atmosphere. The chef-inspired gourmet kitchen includes a chimney hood, built-in oven & microwave, gas cooktop, and a $10K custom glass backsplash. Upgraded 42'' upper cabinets, quartz countertops, and wood-look tile flooring complete the modern look. The owners transformed the courtyard into a 202 sq ft living room with a skylight, recessed lighting, and matching flooring. Smart home features, a tankless gas water heater for endless hot water, custom shutters on every window, and a custom iron security door add both luxury and functionality. This is a highly sought after neighborhood! Act now! This will move quickly!

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2602 E Pierson Street Phoenix, AZ 85016

$665,000

5 Beds

3 Baths

3,143 SqFt

Status Active

MLS # 6779575

Property Type Single Family Residence

Price Type --

Builders! Building plans have been submitted and approved by the City of Phoenix. This project is ready to begin immediately. Plans are for a 3,143 sq ft house, 595 sq ft 2 stall garage and a 608 sq ft rooftop balcony overlooking the mountain views. Hidden room, sauna and huge game room with a bar included in the plans. Use the plans that are already approved and paid for or create your own dream home in this great neighborhood. Property being Sold As IS and is. All Utilities have been turned off and are not connected to the property as it is being prepared for Demo work.

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23114 E Mayberry Road Queen Creek, AZ 85142

$665,000

4 Beds

3 Baths

2,116 SqFt

Status Active

MLS # 6786204

Property Type Single Family Residence

Price Type --

Discover the pros of single-story living in this stunning 4-bedroom, 3-bathroom residence. The spacious layout offers a den, perfect for a home office or media room. The master suite is a true retreat, featuring dual vanities, a garden shower, and a split floor plan for ultimate privacy. The gourmet kitchen, equipped with gas appliances, is a chef's dream. Soaring 10-foot ceilings and double sliding doors create an airy and inviting atmosphere. The landscaped backyard, complete with pavers, turf, and a pergola, is an outdoor oasis. The low-maintenance front yard, adorned with pavers and turf, adds to the home's curb appeal. Inside, a large laundry room with cabinets, a sink, and a gas dryer offers convenience and functionality. Enjoy the best of community living with access to a wide range of amenities, including pickleball courts, playgrounds, lakes, a splash pad, boardwalks, an aquatic center, and a clubhouse. Don't miss this opportunity to own a beautiful home that blends style, comfort, and modern living.

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1135 E Baylor Lane Gilbert, AZ 85296

$665,000

5 Beds

3 Baths

2,324 SqFt

Status Active

MLS # 6776590

Property Type Single Family Residence

Price Type --

Honey! Stop the car! This CLEAN 5 bedroom/3 bathroom in Gilbert is precisely what you are looking for! Check out the beautiful updated flooring and floorboards, new windows, NEW ROOF and so much more. The backyard is wonderfully shaded with an oversized covered patio, gorgeous mature trees that cover a grassy area perfect for all year play. Make your way upstairs and check out the master bedroom with his and her closets, beautiful vaulted ceilings, and new carpet throughout the second level. Make meals for your family in your eat-in kitchen with a gas stove and quartz countertops. The owned water softener system and leased solar panels will be conveyed with the home. This home has it all! It's just waiting for you to move in. With the solar panels, AC in the summer averages $200/month!

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224 E Eugie Avenue Phoenix, AZ 85022

New

$665,000

3 Beds

2 Baths

1,924 SqFt

Status Active

MLS # 6788557

Property Type Single Family Residence

Price Type --

Home, sweet home! This 3-bedroom, 2-bath residence features a 2-car garage, a convenient RV gate, and a low-maintenance front yard. You'll be delighted by the appealing open layout with a cozy den for relaxing evenings, blinds, wood-look flooring, and an inviting fireplace. The kitchen comes with skylights for ample natural light, chic pendant lighting, a tile backsplash, wood shaker cabinetry, essential built-in appliances, and a center island. Have a good night's rest in the primary bedroom, offering double French doors that lead to the backyard. Venture out onto the spacious backyard, complete with a covered patio, pristine artificial turf, and a pool for refreshing dips on hot days. Don't miss out on this fantastic opportunity!

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11758 W Camino Vivaz -- Sun City, AZ 85373

$665,000

4 Beds

3 Baths

3,111 SqFt

Status Active

MLS # 6787616

Property Type Single Family Residence

Price Type --

Come see this gorgeous home. It is ready and waiting for your family. SOLAR LEASE has been paid for 10 years ($24,000 value) for you. The home is done tastefully with the updated kitchen with granite and custom grey cabinetry. The master bedroom is amazingly oversized. There is a three car garage with epoxy floors plus overhead storage and storage cabinets. Beautiful fenced in pool with gorgeous extended patio to enjoy outdoor living. Huge downstairs office/den for your home office. Brand new HVAC replaced June 2024. Backyard playhouse included along with the refrigerator in the garage. The large couch downstairs is available for purchase on a separate bill of sale. NOT an age restricted community.

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14384 W Hearn Road Surprise, AZ 85379

$665,000

3 Beds

2.5 Baths

2,391 SqFt

Status Active

MLS # 6782793

Property Type Single Family Residence

Price Type --

This move-in ready home in the desirable W Ranch community offers 3 bedrooms and 2.5 bathrooms on a spacious corner lot. Built in 2021, the open-concept design features a modern kitchen with a large island that flows seamlessly into the great room, making it perfect for entertaining. The split primary suite provides added privacy, while the finished backyard is ideal for outdoor relaxation. Car enthusiasts will appreciate the 7-car garage, which includes a tandem (38 ft x 11 ft x 10ft height) and RV garage (45 ft length/16ft. height). RV gate at side (11ft wide)This home is equipped with solar panels, providing clean & renewable energy ($263/mo.) With easy access to both the 303 and 60 freeways, this home combines comfort, space, and accessibility for the homeowner who wants it

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3031 E Cholla Street Phoenix, AZ 85028

$665,000

3 Beds

2 Baths

1,752 SqFt

Status Active

MLS # 6779331

Property Type Single Family Residence

Price Type --

Stunning recent remodeled home with an elegant kitchen featuring Calacatta Quartz counters, gas range & oven, self closing cabinets with pull out drawers, extensive white tile backsplash and peninsula island. All new luxury vinyl plank flooring and the Master bath was completely remodeled this year. An interior wall was removed to create an open floorplan rarely seen in this neighborhood. Don't miss the secluded small office for a quiet area for work or phone calls. The spacious rear yard features an updated pool with a new pump, large covered patio and grass yard. Energy efficient with newer dual pane windows and complete new attic insulation. The electric panel has all new breakers. The area sells itself with proximity to the freeway and local restaurant favorites. NO HOA

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7458 E Odessa Circle Mesa, AZ 85207

$665,000

4 Beds

2.5 Baths

2,150 SqFt

Status Active

MLS # 6695836

Property Type Single Family Residence

Price Type --

An exclusive retreat behind the notable gates of Las Sendas. Tee off at a golf course widely ranked among the top 10 in the area. This residence boasts a newer roof, HVAC, and solar panels for eco-friendly living. The lush front yard landscaping welcomes you to high ceilings and premium wood flooring throughout. Enjoy an open concept layout with abundant windows, formal dining room, granite counters, and premium appliances. The oasis backyard features an outdoor kitchen, saltwater pool, spa, covered patio, and second-story view deck. Enjoy the convenience of highly regarded neighborhood schools and reach either airport in 20 minutes. Amenities include pools, pickleball and tennis courts, playgrounds, splash pads, trails, spa and fitness center. This home combines comfort and community.

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4826 W Tortoise Drive Eloy, AZ 85131

$665,000

3 Beds

3.5 Baths

2,806 SqFt

Status Active

MLS # 6707649

Property Type Single Family Residence

Price Type --

BUILT IN 2021! Only 3 years old. You will LOVE this beautiful VIENTA model! This home is 2,805 SF. featuring 3 full bedrooms w/connecting baths, a DEN, 3.5 baths & 3 car garage w/service door! This home is ideal for live in Mother-in-Law or someone just wanting a spacious home! The kitchen features Quartz counters, upgraded cabinets, SS appliances, convection range, RO system, roll-out shelves & pendant lights. This home has lots of builder upgrades such as dry bar in great room, 18'' x 18'' tile flooring, tile showers, comfort height toilets, water filtration system, rain gutters, multi zone HVAC. Step out back to the professionally landscaped backyard w/nature grass, fully fenced yard w/extended covered patio, extended paver patio & paver walkway around house. This home is a MUST SEE

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7161 E Rancho Vista Drive Unit 2003 Scottsdale, AZ 85251

$665,000

2 Beds

2 Baths

1,307 SqFt

Status Active

MLS # 6709302

Property Type Apartment

Price Type --

Located in the sought-after Camelview community this condo placed in an excellent location within the complex. Overlooking the pool and spa the patio offers shade with just the right amount of sun light. Walking distance to world-class dining like Toca Madera, Ocean 44 and the new Caesars resort plus all the high-end shopping. This unit features clean lines an open floor plan with stainless-steel kitchen appliances, granite countertops and floor-to-ceiling windows in every room. The outdoor patio is accessible through the primary suite, providing a tranquil and quiet serenity. Italian marble countertops in both bathrooms with the primary bath showcasing a glass-enclosed shower with granite tiling. Unit comes with a 220 outlet for an EV Charger at the parking spot.

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4214 N 36th Street Phoenix, AZ 85018

$665,000

4 Beds

2 Baths

1,608 SqFt

Status Active

MLS # 6707209

Property Type Single Family Residence

Price Type --

Motivated Seller! Discover the ultimate lifestyle upgrade in Arcadia Lite's most sought-after neighborhood. This meticulously crafted, fully furnished home is more than just a place to live—it's an experience. From the moment you arrive, you'll notice the ample parking space and lush curb appeal. Inside, featuring a stunning, upgraded kitchen with high-end appliances, stylish lighting, and a coffee bar for your daily luxury. Step outside to your private backyard oasis, perfect for gatherings or serene evenings. Picture yourself hosting unforgettable nights with mini-golf, synthetic grass, and a firepit area set on beautifully paved grounds for BBQs and bonfires. Four generous bedrooms and two luxurious baths offer comfort for everyone, while a spacious laundry room.It has it all!!!

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