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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20689 E Pummelos Road Queen Creek, AZ 85142

$2,500,000

5 Beds

4.5 Baths

4,323 SqFt

Status Active

MLS # 6763001

Property Type Single Family Residence

Price Type --

Make no mistake, this is THE ONE! Check out this 4,323 sq. ft, TRUE 5 bedroom 4.5 bath, 3 Car Garage PLUS a 16x45 RV GARAGE in the heart of Queen Creek on nearly a 1/2 ACRE Lot. Located in the exclusive GATED community of Bridle Ranch, this Single Level home has the PERFECT floor plan, featuring an office, flex space & a NEXT-GEN SUITE! The main living space is on point & is designed for entertaining w/ its GOURMET Kitchen, Upgraded appliance package including 2 DISHWASHERS, a HUGE pantry & over sized island. The Primary Suite has great natural lighting & the bathroom of your dreams, with an over-sized soaking tub, rain shower, great counter space & 2 CLOSETS. Enjoy the indoor/outdoor living w/ the 20ft glass doors that lead out to your dream backyard & enjoy your heated DIVING Pool, SPA & fire pit. This insulated & AIR CONDITIONED RV Garage features pull-thru Roll Up Doors for easy access with all your Toys. Use it as an RV garage or as an extension of entertaining with the 16ft sliding door, extended covered patio, & built in outdoor kitchen, the potential is endless. Located within walking distance to the newest entertainment, restaurants & shopping (Fat Cats, Pecan Lake Entertainment, Horseshoe Park & Botanical Gardens), this place is what you have been looking for!

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6101 E Maguay Road Cave Creek, AZ 85331

$2,500,000

4 Beds

4 Baths

4,934 SqFt

Status Active

MLS # 6760006

Property Type Single Family Residence

Price Type --

Horse lovers, come and get it! This 5-acre Equestrian's dream is less than 1 mile north from downtown Cave Creek. Tucked away on a private dead end street, this property offers the ideal mix of privacy & access w/ gorgeous 360-degree mountain views. Timeless yet modern designer aesthetics throughout the 4900 sqft home. It is constructed w/ 4 bedrooms, 3 of which are full ensuites, 2 full beautiful kitchens each w/ walk-in pantries, a separate office, and full walkout downstairs' with storage or bonus room for your imagination. The triple hinged balcony doors are an entertainer's delight. Imported Italian & Spanish tile, Canadian wood flooring, and craftsman welded railings deliver on the word custom. The main kitchen is equipped w/ Bosch Appliances and a 129 bottle dual zone wine cooler The horse set up offer a 4 stall barn with attached run outs, and separate tack and supplement rooms. There is a large fenced turn out to the west of the property. There is a level area just east of the house that would be ideal for an arena. Convenient vehicle access to the barn through a separate gate for your hay and shavings deliveries as well as trailer parking. You can ride to the trails right from your property. ***** No Flood Plain on this property ****

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7823 E Celestial Street Carefree, AZ 85377

$2,500,000

5 Beds

6 Baths

5,138 SqFt

Status Active

MLS # 6767227

Property Type Single Family Residence

Price Type --

STUNNING HOME IN CAREFREE, AZ- A BREATHTAKING 5-ACRE ESTATE OFFERING UNPARALLELED PRIVACY, LUXURY, AND CLASSY SOUTHWESTERN-MEETS-MEDITERRANEAN CHARM. THIS ELEGANTLY ECLECTIC PROPERTY HAS 5,325 SQ FT OF THOUGHTFULLY DESIGNED LIVING SPACE FEATURING EXPOSED WOOD BEAMS & ADOBE-STYLE STUCCO EXTERIOR WALLS. INSIDE, THE HOMES OFFER 5 SPACIOUS BED RMS & 6 BATHS, IDEAL FOR LG FAMILIES OR HOSTING GUESTS. THE HEART OF THE HOME IS A BEAUTIFULLY APPOINTED KITCHEN WITH CUSTOM CABINETRY & A COZY LIVING ROOM. EXPANSIVE WINDOWS THROUGHOUT THE HOME PROVIDE AN ABUNDANCE OF NATURAL LIGHT & PANORAMIC VIEWS OF THE SURROUNDING DESERT LANDSCAPE. STEP OUTSIDE TO A LUXURIOUS RESORT- STYLE POOL & SPA, THE ULTIMATE RETREAT FOR RELAXING & ENTERTAINING. THE ESTATE ALSO FEATURES A 720 SQ FT GUEST HOUSE, OFFERING A PRIVATE OASIS WITH TREES; EQUIPPED WITH HORSE PRIVILEGES, AND ACCESS TO 11 MILES OF THE GALLOWAY PRESERVE. THIS PROPERTY IS AN EQUESTRIAN'S DREAM WITH AMPLE ROOM FOR HORSE FACILITIES, PRIVATE WELL, GARDENS, OR FUTURE EXPANSIONS, ALL SURROUNDED BY THE SERENE BEAUTY OF THE SONORAN DESERT. THIS CAREFREE ESTATE COMBINES CUSTOM SICILIAN-STYLE TILE ACCENTS WITH MODERN SOUTHWESTERN COMFORTS, OFFERING A GREAT OPPORTUNITY TO OWN A SLICE OF ARIZONA PARADISE. DON'T MISS OUT ON THIS EXCEPTIONAL PROPERTY!

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27211 N 111 Street Scottsdale, AZ 85262

$2,500,000

3 Beds

3.5 Baths

3,653 SqFt

Status Active

MLS # 6762898

Property Type Single Family Residence

Price Type --

Nestled in the serene landscape of North Scottsdale, this rustic luxury retreat offers a peaceful escape on 4.76 acres of tranquil desert beauty, complete with unobstructed panoramic views. The residence features a split floor plan with three bedrooms, including a luxurious primary suite with immediate patio access, a spacious walk-in closet, two private bathrooms one of which is spa-like featuring neutral and granite finishes, a separate shower, and a sumptuous soaking tub. Two additional bedrooms and office space are located on the opposite side of the home for added privacy. A private exterior entrance leads to the dedicated office space, ideal for remote work. The property boasts a sparkling pool, relaxing hot tub, an outdoor fireplace, and a rooftop deck—perfect for watching Arizona's breathtaking sunsets. The bonus game room offers direct patio access to the pool and outdoor fireplace, creating the perfect entertainment space for both indoor and outdoor living. The home includes three full bathrooms, a powder room off the kitchen, and an additional powder room connected to the game room with direct access from the pool. Recent updates include a new air conditioning unit in 2021, a new roof in 2022, and a sun screen on the patio near the game room, installed in 2019. With an updated kitchen, private casita, wrap-around driveway, and detached work garage ideal for a mechanic or great storage for your car collection, this property is the perfect blend of rustic charm and luxury, offering a peaceful sanctuary in the heart of the desert.

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5060 S Avenida Corazon De Oro -- Gold Canyon, AZ 85118

$2,500,000

4 Beds

3.5 Baths

4,765 SqFt

Status Active

MLS # 6779848

Property Type Single Family Residence

Price Type --

MLS lot listing 6632766 and lot listing 6535955 to be included in the sale. Experience luxury living at Vista Del Corazon in this custom hillside estate totaling 1.91 acres spread over 3 lots overlooking the 4th hole of the Dinosaur course at Gold Canyon Resort, framed by the stunning Superstition Mountains. This estate's disappearing glass wall seamlessly connects indoor and outdoor spaces, revealing mountain views from the gourmet Thermador kitchen with dual islands and tons of storage. Entertain in style with a formal dining/billiards room and wet bar and home theatre. The primary suite offers panoramic views, dual vanities, an oversized shower, and dual closets. Outdoors, a zero-edge pool and spa, paired with travertine tile, create a perfect multiple tiered entertaining space.

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10699 E Fernwood Lane Scottsdale, AZ 85262

$2,500,000

3 Beds

3.5 Baths

2,990 SqFt

Status Active

MLS # 6776062

Property Type Single Family Residence

Price Type --

Beautiful soft contemporary golf course home. Offering views of mountain vistas, sunsets, and city lights! Featuring 3 bedrooms and 3.5 bathrooms, natural wood flooring, upgraded custom cabinets throughout, granite and quartzite countertops, 2 fireplaces and separate wet bar. Private outdoor living with sparkling pool, built-in bbq, and multiple patio spaces to enjoy the sunrise, sunsets, and twinkling valley lights. Full golf membership available.

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19 Navajo Trail -- Sedona, AZ 86336

$2,500,000

4 Beds

5 Baths

3,810 SqFt

Status Active Under Contract

MLS # 6750912

Property Type Single Family Residence

Price Type --

Welcome to Hacienda de los Sueños, a stunning 3,810 SqFt architectural masterpiece on a wooded acre with breathtaking VIEWS of Cathedral Rock. Highlights include hand-distressed pine floors, arched 1870's India Palace entry gates, and 1880's Kentucky church stained glass windows. The gourmet kitchen features custom cabinetry, granite island, and top-tier appliances. Enjoy a state-of-the-art home THEATER, pottery STUDIO, luxurious GUEST CASITA, and a saltwater POOL/SPA with SOLAR heat. The master suite offers a gas fireplace, whirlpool tub, and scenic woodland views. Improvements: new roof (2020), appliances and HVAC systems (2021), paved driveway (2022), solar panels (2023), and new pool filtration (2024). Nestled in GATED Highland Estates, this home blends elegance with natural beauty!

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10362 E Nolina Trail Scottsdale, AZ 85262

$2,500,000

4 Beds

4.5 Baths

3,901 SqFt

Status Active Under Contract

MLS # 6771865

Property Type Single Family Residence

Price Type --

GOLF MEMBERSHIP AVAILABLE. Ideal location within the world class community of Desert Mountain. This beautiful home is being sold fully furnished. Lovely backyard backs to very private, natural open space on two sides with mountain views Walking distance to Sonoran Fitness Club. Impeccable home with fabulous kitchen & family room; beautiful dining room & sitting room with fireplace all looking out onto pool, patio & mountains; All rooms have large, wonderful glass windows bringing the outside in. 4 large on-suite bedrooms; wonderful bar. 3 car garage. A great home for entertaining!

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9496 W Freedom Trail Peoria, AZ 85383

$2,500,000

5 Beds

5.5 Baths

4,838 SqFt

Status Active Under Contract

MLS # 6776025

Property Type Single Family Residence

Price Type --

Welcome to this exquisite luxury custom home situated on over an acre in the beautiful community of Cibola Vista. Featuring 5 bedrooms, 5.5 bathrooms, dedicated office, and flex/game room, no detail was overlooked. Enter through 2 large courtyards to take in the uniqueness of this very special 4838 square foot residence. The gourmet kitchen has Cambria quartz countertops, premium appliances, massive island, dual kitchen cooking areas, and lovely large breakfast room. This opens to great room with fireplace, floor to ceiling windows retractable a full 90 degrees. The 12 foot ceilings add to the grandness of this spectacular home. All bedrooms have walk-in closets, and private bathrooms. Primary bedroom is massive, with a highly upgraded primary bath, stunningly finished. Elegant touches fill every inch, including Cambria countertops throughout home, luxury vinyl flooring, lovely window treatments, and highly upgraded fixtures. Enjoy the 4 car attached garage with ev charger. Detached huge RV garage has been pre-built for a casita (plans available). Additionally, slab parking can accommodate 8 more vehicles, with RV gate at side. Outside, enjoy the lovely heated play pool and spa, with removable glass fencing. Two custom gazebos add to the outdoor living with built in barbecue, cooler, tv, and smoker. Sport court for the pickleball enthusiasts, basketball court, tennis. Childrens' Ruff House play set to keep the kiddies busy! All landscaping is beautifully done, with artificial grass for ease of care. This home is truly special, and checks every box! Near the 303, Lake Pleasant, restaurants, and shopping. Welcome to your desert oasis, intended for the most discerning buyer.

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8233 E Foothill Circle Scottsdale, AZ 85255

$2,500,000

4 Beds

4 Baths

3,540 SqFt

Status Active

MLS # 6746614

Property Type Single Family Residence

Price Type --

Gorgeous home in desirable Pinnacle Peak Country Club situated on the golf course with mountain views. Breathtaking sunrises from your extended covered patio. Resort like backyard is amazing with a heated pool and spa, covered built in bbq, putting green tons of lighting for parties or privacy for romantic dinners. This custom home comes with 4 bedrooms and 4 bathrooms that have all been updated. Primary bedroom with fireplace, dual vanities, walk in shower steam shower, jetted tub with micro therapy and walk in closet. Kitchen is full of features, stainless steel appliances, wall oven, warming drawer, cooktops and your own coffee maker. Roof was recoated in August 2024. New interior paint throughout. Also, a 300-bottle wine cellar for you to enjoy. This property is absolutely AMAZING!!

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4949 E Lincoln Drive Unit 13 Paradise Valley, AZ 85253

$2,500,000

4 Beds

4.5 Baths

3,748 SqFt

Status Active

MLS # 6697345

Property Type Single Family Residence

Price Type --

Nestled at the base of Camelback Mountain, in the exclusive Montelucia Resort guard gated community, Villa 13 offers Arizona's famed lifestyle w/a low maintenance vibe. French doors open out from the great room to the patio allowing a true indoor/outdoor feel. Recent thoughtful updates include sealed limestone countertops in the kitchen/butler pantry w/a refreshed contemporary tile backsplash & redesigned fireplace surround. An open floor plan enhances casual or formal entertaining. All bedrooms are ensuite. Second level is accessible by a paneled elevator. The Omni Montelucia's amenities assure true resort style living: fitness center, 3 pools( in addition to a private pool for Villa residents), restaurants & special events. A true lock & leave lifestyle awaits!

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42311 N Sierra Vista Road Cave Creek, AZ 85331

$2,500,000

4 Beds

4 Baths

4,656 SqFt

Status Active

MLS # 6748202

Property Type Single Family Residence

Price Type --

SERENITY! Oasis in Cave Creek only seven minutes from downtown Cave Creek, Buffalo Chip & Harold's. This incredible home is located on over five acres, unsurpassed views of mountains and saguaro cactus, private guest house, private pool, spa, 3 car oversized garage and beautifully upgraded. Home features private front and back porches with peaceful and truly incredible views. You will find Viking appliances, oversized tile flooring, custom paint, open floor plan, negative edge pool, spa & rock waterfall feature. Close to National Forest and preserve for horses, hiking, etc.

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