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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21033 W Skinner Road Wittmann, AZ 85361

$599,500

3 Beds

2 Baths

2,001 SqFt

Status Active

MLS # 6726891

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Wittmann, AZ! This 2023 Grote new build is a testament to quality construction and thoughtful upgrades throughout. Step inside and be captivated by the elegance that surrounds you, from the beautiful granite countertops to the upgraded bathrooms and stunning tile work. The spacious and well-designed floor plan welcomes you, offering both comfort and style. Imagine entertaining guests in the heart of your home, the upgraded kitchen, where culinary creations come to life amidst the luxurious granite surfaces. Bathrooms have been meticulously designed, offering a blend of functionality and sophistication, perfect for your daily retreats. But the beauty of this home isn't confined to its interior. Outside, on your 1.3 acre, spacious lot, you'll witness beautiful views and room for growth. Paved road access ensures convenience and less wear on your vehicles. Zoned for horses and plenty of room for corrals and trailer parking. Property will be fully fenced with two large gates making it easy to pull trailers in and out. Don't miss the opportunity to make this exquisite new build in Wittman, AZ, your forever home.

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156 E Leverenz Avenue San Tan Valley, AZ 85140

$599,500

2 Beds

2 Baths

1,770 SqFt

Status Active

MLS # 6734411

Property Type Single Family Residence

Price Type --

This two-bedroom, two-bath home, plus DEN, offers everything you could want in a gated community. The community provides incredible amenities, including TWO resort clubs, pools, restaurants, golfing, and a variety of activities, athletics, and classes. The kitchen boasts ample space with granite countertops, perfect for cooking and entertaining. Adjacent to the kitchen, the utility room includes a washer and dryer, with additional space that can be used as a workroom or for extra storage. The garage also features built-in cabinets for even more storage options. The large, covered patio provides plenty of space to relax or barbecue while enjoying beautiful Arizona sunsets. Experience comfort and convenience in this wonderful home and the vibrant community. *One year warranty included.

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15418 W Big Sky Drive Surprise, AZ 85374

$599,500

2 Beds

2.5 Baths

2,318 SqFt

Status Active

MLS # 6760536

Property Type Single Family Residence

Price Type --

Welcome to the Adult Community of The Grand! Discover the Mission model home, displaying a desert front yard and a 2-car garage. The immaculate interior features a spacious living/dining room, pre-wired surround sound, plantation shutters, tile flooring, a media niche, and a cozy fireplace. The kitchen is fully equipped with a gas cooktop, a wall oven, recessed lighting, solid surface counters, rich wood cabinetry, an island with a breakfast bar, and a dining area with a bay window. Don't miss the sizable den with built-in cabinets & Murphy bed. and a desk! Primary retreat has plush carpeting, a pristine ensuite, a walk-in closet, and outdoor access. Enjoy delightful BBQs in the peaceful backyard, showcasing a covered patio, seating area, and built-in BBQ. This gem will impress!! Indoor gas fireplace Ceiling fans in all rooms Dimmable lighting switches, Tile throughout main house, berber carpet in bedrooms and office Cesarstone counters and cabinets with pull-out shelving throughout Gourmet kitchen with updated stainless-steel appliances Upgraded sink with a no-touch faucet Kitchen island with shelving Breakfast bar Extended dining area with bay windows Soft water system R/o system Washer and dryer with gas or electric option Lots of storage/pullouts in laundry rm along with cesarstone countertop Utility sink in the laundry room Two car garage with coated flooring Storage cabinets and work bench in garage Updated water heater Hot water recirculation system Updated trane air conditioning units (2019) Office/bedroom custom office desk with a murphy bed Extended master bedroom with bay windows Upgraded closet shelving in master Extended second bedroom with bay windows Custom closet shelving in second bedroom Plantation shutters throughout Custom front walkway with flagstone and lighting Back patio has two ceiling fans Built in custom natural gas bbq, patio lighting, and bench seating area with lighting accents, finished with flagstone Exterior of home painted in 2020 Front and back drip system with a timer Transferrable termite treatment (expires in 2027) Community golf courses, fitness center, and many other amenities

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1945 E Behrend Drive Phoenix, AZ 85024

$599,500

3 Beds

2 Baths

1,960 SqFt

Status Active Under Contract

MLS # 6760080

Property Type Single Family Residence

Price Type --

Charming Fmly hm with Bonus Flex Rm! Ft security screen door! Open floorplan! Beautiful Tile floors, vaulted ceilings & arched doorway. Bright Kitchen has refinished cabinets, breakfast bar & secondary pantry storage-great for kitchen appliances! Mstr Bdrm has vaulted ceilings and plant decorator shelf. Private exit with security screen door leads to cozy patio & Inviting Salt Water Pebbletech Pool. Formal Dining Area has new Sliding Glass Doors leading to E facing 30-ft covd patio with Pull Down Sun Screens & Grill Pad. Great for Entertaining! Incredible ''Flex Room'' has vaulted ceiling, closet and private exit. Could easily convert to Income generating Guest Quarters, Mother In Law Suite or Game Rm. SOLAR! Side yd has Plum, Pomegranate & Kumquat trees! 5-Ton A/C installed in 2021. WO

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8104 E Petra Avenue Mesa, AZ 85212

$599,490

4 Beds

3 Baths

2,264 SqFt

Status Active

MLS # 6781580

Property Type Single Family Residence

Price Type --

A collection of brand-new single-family homes located in the master-planned community in Mesa, AZ. The community feeds into the highly rated Gilbert Public School District, making this an ideal place for growing households. There are many onsite amenities at the masterplan everyone will enjoy, including a swimming pool, basketball court, pickleball court, playground and picnic area. Commuters have easy access to Loop 202 and Phoenix-Mesa Gateway Airport for travel accommodations. This beautiful home features our platinum package including Sonoma Maple Linen Cabinets and quartz countertops. Super luxury 8 x 36 tile flooring. A public report is available on the Arizona Department of Real Estate website.

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20305 W Turney Avenue Buckeye, AZ 85396

New

$599,343

2 Beds

2 Baths

1,705 SqFt

Status Active

MLS # 6788262

Property Type Single Family Residence

Price Type --

This beautifully designed Copeland plan features our signature Loft-inspired 'Looks' collection, offering a cohesive and sophisticated interior design. The great room boasts a 12' multi-slider leading to a spacious covered patio, perfect for indoor/outdoor living. The kitchen shines with a large island, pendant lighting, quartz countertops, subway tile backsplash, and GE Profile stainless steel appliances, including a wall oven. Retreat to the exquisite primary suite with double walk-in closets and a resort-style bath featuring a no-step shower with a rain shower head and double vanity. Wood-look tile flooring, ceiling fans, blinds, and Solar are all included. Don't miss your chance to make this gem yours! ***Up to $20K can be applied towards closing cost OR short / long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply

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286 E Citrus Hollow Way Queen Creek, AZ 85140

$599,132

2 Beds

2.5 Baths

1,678 SqFt

Status Active

MLS # 6644003

Property Type Townhouse

Price Type --

Welcome to a brand new Valletta model. It has an expansive layout and this home is illuminated by an abundance of natural light. The kitchen stands fully equipped with modern stainless steel appliances and elegant granite countertops. With a culinary connoisseur's dream at its heart, including a gas cooktop, it's an ideal setting for hosting and delighting your guests. Both bathrooms have undergone exquisite upgrades, featuring tile surrounds and elevated fixtures. A few upgrades include quartz countertops at kitchen and bathrooms, huge sliding door at patio, gourmet kitchen appliances and a large smart space. Start living the good life at Encanterra today!

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7450 E Continental Mountain Estates Drive Unit 1 Cave Creek, AZ 85331

$599,000

4 Beds

4.5 Baths

6,252 SqFt

Status Active

MLS # 6723737

Property Type Single Family Residence

Price Type --

New co-ownership opportunity: Own 1/8 of this turnkey home, professionally managed by Pacaso. Soak up desert views in this gated mountaintop retreat with a wrap-around balcony & walls of glass. Sleek, contemporary architecture creates seamless indoor-outdoor living, starting in the spacious great room. The gourmet kitchen has stainless steel appliances & a quartz waterfall island. The dining table & executive bar make entertaining easy, as does the cooled whiskey and wine room. The primary suite features a fireplace, wine fridge & doors to the patio. The en suite bathroom has a soaking tub, tiled shower, dual sinks & a makeup vanity. An office & game room opens to the infinity pool & patio. The home, which includes an elevator, comes fully furnished & professionally decorated.

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7450 E Continental Mountain Estates Drive Unit 2 Cave Creek, AZ 85331

$599,000

4 Beds

4.5 Baths

6,252 SqFt

Status Active

MLS # 6723860

Property Type Single Family Residence

Price Type --

New co-ownership opportunity: Own 1/8 of this turnkey home, professionally managed by Pacaso. Soak up desert views in this gated mountaintop retreat with a wrap-around balcony & walls of glass. Sleek, contemporary architecture creates seamless indoor-outdoor living, starting in the spacious great room. The gourmet kitchen has stainless steel appliances & a quartz waterfall island. The dining table & executive bar make entertaining easy, as does the cooled whiskey and wine room. The primary suite features a fireplace, wine fridge & doors to the patio. The en suite bathroom has a soaking tub, tiled shower, dual sinks & a makeup vanity. An office & game room opens to the infinity pool & patio. The home, which includes an elevator, comes fully furnished & professionally decorated.

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7450 E Continental Mountain Estates Drive Unit 3 Cave Creek, AZ 85331

$599,000

4 Beds

4.5 Baths

6,252 SqFt

Status Active

MLS # 6723861

Property Type Single Family Residence

Price Type --

New co-ownership opportunity: Own 1/8 of this turnkey home, professionally managed by Pacaso. Soak up desert views in this gated mountaintop retreat with a wrap-around balcony & walls of glass. Sleek, contemporary architecture creates seamless indoor-outdoor living, starting in the spacious great room. The gourmet kitchen has stainless steel appliances & a quartz waterfall island. The dining table & executive bar make entertaining easy, as does the cooled whiskey and wine room. The primary suite features a fireplace, wine fridge & doors to the patio. The en suite bathroom has a soaking tub, tiled shower, dual sinks & a makeup vanity. An office & game room opens to the infinity pool & patio. The home, which includes an elevator, comes fully furnished & professionally decorated.

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7450 E Continental Mountain Estates Drive Unit 4 Cave Creek, AZ 85331

$599,000

4 Beds

4.5 Baths

6,252 SqFt

Status Active

MLS # 6723862

Property Type Single Family Residence

Price Type --

New co-ownership opportunity: Own 1/8 of this turnkey home, professionally managed by Pacaso. Soak up desert views in this gated mountaintop retreat with a wrap-around balcony & walls of glass. Sleek, contemporary architecture creates seamless indoor-outdoor living, starting in the spacious great room. The gourmet kitchen has stainless steel appliances & a quartz waterfall island. The dining table & executive bar make entertaining easy, as does the cooled whiskey and wine room. The primary suite features a fireplace, wine fridge & doors to the patio. The en suite bathroom has a soaking tub, tiled shower, dual sinks & a makeup vanity. An office & game room opens to the infinity pool & patio. The home, which includes an elevator, comes fully furnished & professionally decorated.

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5618 W Hardtack Trail Laveen, AZ 85339

$599,000

5 Beds

3 Baths

2,971 SqFt

Status Active

MLS # 6775155

Property Type Single Family Residence

Price Type --

You'll FALL IN LOVE The Moment You Step Into This Grand Entrance With 2 STORY HIGH CEILINGS*NEUTRALPalette*Lots Of TILE Flooring*CLOVER Plan Has Room For Everyone*8 FT. Interior DOORS*GREAT Room W/Sliders+Open To ISLAND KITCHEN Featuring GRANITE Counters,42'' BIRCH Cabinets, GAS Stove,WALK-IN Pantry, SS Refrigerator STAYS*Formal DINING For Fun Gatherings*1BR/BA Down*Staircase Opens To LOFT*PRIMARY Suite Has PRIVATE BATH W/Separate Tub+Shower, WALK-IN Closet*Secondary Bedrooms Have MOUNTAIN VIEWS+Walk-In Closets*FLEX Room In Lieu Of 3rd Car*Extended PATIO*Backyard Is Ready For Your DESIGN+CREATIVITY*4 FT Garage EXTENSION*Xtra Insulation*Greenbelt 3 Doors Away*PLAYGROUND Around The Corner*SCHOOL Right Down The Street*Easy FREEWAY Access*LIKE NEW Condition*THE PERFECT PLACE TO CALL HOME!!

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