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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2747 N Fairview Drive Flagstaff, AZ 86004

$615,000

2 Beds

2 Baths

1,476 SqFt

Status Active Under Contract

MLS # 6785006

Property Type Townhouse

Price Type --

HURRY! These golf course lot Townhouses don't come on the market that often. This is your opportunity to own a home in the popular Continental Country Club community. Literally step off your back deck onto the golf course, located adjacent to the 9th green. Also, a very short walk to all the amenities, pool, pickle ball & tennis courts, golf shop, fitness center, including remodeled - The Oakmont restaurant. HOA membership includes the Bear Paw Recreation Center. In 2021 new roof and remodeled kitchen with stainless steel appliances, white cabinets and granite countertops and luxury vinyl tile. Sit and relax on your private deck or from the inside next to your cozy fireplace, while enjoying the beautiful panoramic golf course and mountain views. Vaulted ceilings! Furnished! Hiking trails!

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8949 W San Juan Avenue Glendale, AZ 85305

$615,000

3 Beds

3 Baths

2,428 SqFt

Status Active

MLS # 6784692

Property Type Single Family Residence

Price Type --

\ see more This Premiun corner Pool Size Lot is next to the green belt with only 1 neighbor The backyard is a blank canvas, offering you the unique opportunity to design and create your own private oasis. Just 1.8 miles from the vibrant Westgate Entertainment District. This beautiful 2,428 SF Fifth Ave Floor Plan is upgraded with over $60,000 in enhancements, Home features include a Wi-Fi-connection a dual-zone AC unit w/independent smart thermostats, Custom Window Treament, Owner Suite has Custom Closet. Custom Floor to ceiling master bedroom shelving Custom drying rack in laundry room Custom pottery barn drapery on first floor, Automatic shade in loft area Complete black out shade in secondary bedroom (perfect for family with young children) Floor to ceiling tile sauna like shower, Soft water System - TOO MANY UP GRADES to MENTION (See Document Tab.) This 3-bedroom home also includes an office (convertible room), a loft, and 2.5 baths, offering plenty of space for family & friends.The Sellers are moving to be closer to family after recently welcoming their first newborn. Don't miss out on this rare opportunity to own a beautifully upgraded brand new home that has Never had Pets, be the 1st, in a prime location! This one won't Last. ALL Wonderfully upgraded Appliances Stay

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14035 S 35th Circle Phoenix, AZ 85044

$615,000

4 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6778875

Property Type Single Family Residence

Price Type --

Welcome to this beautiful four-bedroom, two-bath home in the highly sought-after Mountain Park Ranch! Nestled on an oversized cul-de-sac lot, this property boasts an entertainer's dream backyard with a fenced pebble tech swimming pool, extended paver patio, and a spacious grassy area perfect for outdoor fun. Inside, the open floor plan creates a warm and inviting space, with a split-owner suite offering privacy and comfort. The kitchen features an island with a breakfast bar, ideal for morning gatherings. Recent updates include durable, waterproof wood-look vinyl plank flooring and fresh paint throughout. This family-friendly home is conveniently located within walking distance of top-rated schools, dining, shopping, and entertainment. A must-see gem in a fantastic neighborhood!

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1325 E Monte Vista Road Phoenix, AZ 85006

New

$615,000

3 Beds

3 Baths

1,155 SqFt

Status Active

MLS # 6787609

Property Type Single Family Residence

Price Type --

Discover this very rare 3-bedroom, 3-bath darling bungalow in the Coronado Historic District. Built in 1939, this great home is nestled in a great neighborhood. Inside, you'll find a split floor plan with separate dining, original coved ceilings in the main living area, and stained concrete floors throughout. The kitchen has been refreshed with new appliances, new disposal and new faucet. Two of the bedrooms include ensuite baths and all three bathrooms have been completely remodeled, including plumbing, all new fixtures, tile, and toilets. Newer electrical and insulation. The large backyard features a covered patio, firepit, alley access, and a storage shed. Front and back yard have been overseeded with winter grass. This is not a flip but a fantastic remodel! Must see, you'll love it.

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2074 W Olive Way Chandler, AZ 85248

$615,000

3 Beds

2 Baths

1,610 SqFt

Status Active Under Contract

MLS # 6783805

Property Type Single Family Residence

Price Type --

This gorgeous remodeled home in Montefino Village has a custom kitchen that will wow your guests. The house sits in a gated community in the heart of Ocotillo, the gem of south Chandler. No expense has been spared with the stunning kitchen featuring modern cabinetry, induction cooktop, a large island, and an open concept into the living space. Ease into AZ living with a fabulous outdoor space, equipped with a splash pad, built-in BBQ, and large misted patio. Indulge in your split primary retreat with a dream bathroom and perfect closet storage. The garage will not disappoint with temp control,epoxy flooring, a wall of cabinets, and hanging storage racks. Newer roof and exterior paint (2023), this well-cared-for property is ready for its new owner. The resort-like, lake community of Ocotillo draws appeal for it's proximity to golf, great restaurants, A+ schools, and an easy drive to Sky Harbor airport or commute to Intel, Honeywell, and other major employers. Downtown Chandler is fantastic for daytime dining or nightlight and has the charm of a small town just south of Metro Phoenix.

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2696 N 162nd Lane Goodyear, AZ 85395

$615,000

3 Beds

2.5 Baths

2,962 SqFt

Status Active

MLS # 6664666

Property Type Single Family Residence

Price Type --

Wow! Incredible deal on this stunning home located in the #1 rated active adult community in all of AZ! Walking up you're greeted by a beautiful courtyard, wrought iron door, & luxurious rotunda entry way are sure to impress. Soaring vaulted ceilings, w/ new LVP flooring & plush carpet through out. Fresh interior & exterior paint. Kitchen features beautiful new stainless steel full size frige/freezer combo! 3 spacious bedrooms + office. Master suite features seating area, large tiled in shower, & jetted tub. Golf course views from the master bedroom, great room, & back patio. Located right across the street from the award winning Tuscany Clubhouse w/ restaurant, gym, pools spas, tennis, golf course, ball room... the list just goes on! Save tons of $$$ with your PAID OFF solar system!!!

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1415 E Princeton Avenue Gilbert, AZ 85234

$615,000

5 Beds

3 Baths

2,733 SqFt

Status Active

MLS # 6701061

Property Type Single Family Residence

Price Type --

Spacious home located near Gilbert's renowned downtown. Tons of dining and shopping just down the street. Bright living room featuring carpet flooring & on-trend palette throughout. The perfectly flowing great room provides backyard access & an inviting fireplace. Gorgeous, updated kitchen with built-in appliances, shaker cabinetry w/crown moulding, a stylish backsplash, granite counters & pantry. Double doors reveal the primary retreat, boasting large picture windows & an ensuite w/dual sinks, a separate shower/tub, & two walk-in closets. Newer AC! The charming backyard showcases a relaxing covered patio, a spa, & sparkling pool, offering the perfect setting for enjoying the warm Arizona weather.

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1202 W Davis Way Flagstaff, AZ 86001

$615,000

4 Beds

2 Baths

1,667 SqFt

Status Active

MLS # 6730477

Property Type Single Family Residence

Price Type --

Welcome to your home in Coconino Estates close to downtown, schools, skiing, and the Flagstaff Urban Trail System! This charming single-level home has 4 bedrooms & 2 baths, an inviting open floor plan, a wood-burning stove and huge windows for tons of natural light. In the backyard you'll find mature trees, Koi pond and covered patio. Other features include new roof in 2019, large storage shed, tons of parking and a view of the beautiful San Francisco Peaks. A perfect place to call home, whether it's your full-time residence or a vacation home in the mountains. Walking distance to downtown Flagstaff, parks, Coconino Center for the Arts, bus stop, schools and Flagstaff Urban Trail system. Access to the ''Ditch Pool'' with voluntary HOA.

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1202 E Palo Verde Drive Phoenix, AZ 85014

$615,000

3 Beds

2 Baths

1,782 SqFt

Status Active

MLS # 6762575

Property Type Single Family Residence

Price Type --

Discover this classic, single level, 3 bed, 2 bath home with no interior steps located in the desirable Escondido Hermosa neighborhood of North Central Phoenix. Beautifully remodeled throughout in 2021, the spacious floor plan features a large kitchen with an open eating area, flowing seamlessly into the expansive outdoor patios perfect for entertaining. The primary suite offers a cozy seating area, wood-beamed ceilings, walk-in closet, remodeled bathroom, and direct patio access through sliding doors. Highlights include skylights, block construction, a 2-car garage, and Tesla leased solar panels, keeping monthly energy costs low. Ideally located within walking distance of local dining and retail, and just minutes from the airport, hiking trails, and the Biltmore and Arcadia corridors. and the Biltmore and Arcadia corridors! The HVAC unit is an eight year old Trane and the flat roof was re-coated in 2022. Also, the tile roof underlayment was replaced in 2020!

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1775 W Green Tree Drive San Tan Valley, AZ 85144

$615,000

5 Beds

2.5 Baths

3,577 SqFt

Status Active

MLS # 6763012

Property Type Single Family Residence

Price Type --

Welcome home to this spacious 3576 sqft 2 story house with 5 bedrooms and 2.5 bathrooms. Brand new carpet and vinyl floors throughout the house. Separate living room and family room, formal dining. Kitchen with solid wood cabinets, kitchen island, brand new microwave and range. Shutters throughout the house. Huge loft upstairs. It's located next to the community park. Schools nearby. Within 30 minutes from Queen Creek Olive Mill.

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10520 W Patrick Lane Peoria, AZ 85383

$615,000

5 Beds

2.5 Baths

3,094 SqFt

Status Active

MLS # 6764118

Property Type Single Family Residence

Price Type --

Get ready to make this beautifully maintained home in a well sought after Peoria neighborhood your new home! Priced below appraised value, featuring a 3 car garage & RV Gate, this unique layout will not disappoint. Walk into your open floor plan with upgraded granite kitchen counters. Relax in your downstairs master suite with a deep closet & custom master bath. Upstairs boasts a well laid out floorplan to include a landing that can be used as a second family or game room. 4 oversized bedrooms with walk in closets, access to the above attic with standing room & a roomy full bath make this second floor feel custom built! Did I mention the solar that is paid in full, the brand new AC's or that there is no HOA?! One of the largest homes in the neighborhood is move-in ready & priced to sell!

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2123 E Torrey Pines Place Chandler, AZ 85249

$615,000

3 Beds

2 Baths

2,159 SqFt

Status Active

MLS # 6765321

Property Type Single Family Residence

Price Type --

Come and explore this beautiful single-level home in Cooper Commons! You'll be captivated by its inviting charm, featuring wood-look floors & an open-concept living/dining area. Complete with built-in surround sound, this home is perfect for entertaining. The bright family room is ideal for creating lasting memories, while the cozy den offers a quiet space for an office. The kitchen is a chef's delight, complete with stainless steel appliances, quartz counters & a center island. Retreat to the main bedroom, which boasts a private bath with dual vanities, a soaking tub, and a walk-in closet. The backyard oasis includes a covered patio, a rejuvenating spa, & a sparkling heated pool, perfect for relaxation. You'll love everything about this home so check it out before it's gone!

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