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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13588 W Boca Raton Road Surprise, AZ 85379

$545,000

5 Beds

3 Baths

3,042 SqFt

Status Active

MLS # 6777249

Property Type Single Family Residence

Price Type --

Spacious 5 bed, 3 full bath home on premium lot! large 3 car garage with epoxy flooring and cabinets with work bench. New quartz counter tops and backsplash. Backyard has nice grass area, huge covered patio, and gated play pool. Outdoor kitchen has grill and sink. Guest bedroom downstairs. Master and 3 other beds upstairs with loft area. Low HOA neighborhood close to schools and walking distance to shopping.

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3532 W Warren Lane Anthem, AZ 85086

$545,000

4 Beds

2.5 Baths

2,140 SqFt

Status Active

MLS # 6775960

Property Type Single Family Residence

Price Type --

Beautiful private home in the sought after Del Webb community. New in 2022: A/C, first level luxury vinyl flooring, new carpet on second level, fresh paint throughout, fireplace in family room, granite counters, white cabinets. Oasis backyard has a pebble tech pool with beach entry, desert front & plus synthetic grass rear. Very private yard siding only single story homes and backing one of the largest lots in Anthem. Enjoy all the resort features of this major master planned subdivision. Easy I-17 access.

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19550 N Grayhawk Drive Unit 2055 Scottsdale, AZ 85255

$545,000

2 Beds

2 Baths

1,311 SqFt

Status Active

MLS # 6780489

Property Type Apartment

Price Type --

Situated within the guard gated Talon Retreat in Grayhawk, this recently updated 2-bedroom, 2-bathroom end unit condo offers an open great room floor plan with McDowell Mountain views from every window. The kitchen has stainless steel GE appliances, granite countertops, subway tile backsplash and wood flooring. The primary and guest bathrooms have also been thoughtfully upgraded, adding to the modern charm of this home. Step out onto one of two balconies and take in the morning sun and beautiful mountain views. An attached garage has direct access inside the unit offering convenience and comfort. Upgrades in the last 5 years include interior paint and countertops throughout, new kitchen appliances, new washer and dryer, new window coverings, new fireplace surround, new wood look tile floors in kitchen, laundry room and bathrooms, new carpet, new baseboards throughout, new plumbing fixtures and lighting fixtures, new water heater, Nest thermostat and NAC water conditioning system. Just steps away from this unit is Cachet's community pool, spa and clubhouse, which includes a fitness room. Enjoy access to Grayhawk's additional amenities including tennis courts, walking paths, Grayhawk Park, and two world class golf courses. The Grayhawk community is located in the heart of North Scottsdale within minutes of the 101 Freeway and endless shopping and dining destinations.

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2510 E Fountain Street Mesa, AZ 85213

New

$545,000

3 Beds

2 Baths

1,855 SqFt

Status Active

MLS # 6783211

Property Type Single Family Residence

Price Type --

Beautifully remodeled home w/ no HOA & the added bonus of energy-efficient solar panels, offering both comfort and cost savings. Nestled in a quiet neighborhood on a large lot, it boasts a detached shop w/AC, an extended covered patio, new watering system, & freshly seeded for winter grass. Inside, you'll find an inviting open floor plan adorned with a tastefully renovated interior. The kitchen & bathrooms feature quartz countertops, Bedrosian tile & flooring, custom cabinets & vanities, & designer hardware & fixtures. Enjoy the charming white washed brick fireplace & additional room for a huge pantry, homework room or extra storage space. With easy freeway access & proximity to shopping, dining, & entertainment, this home exudes a lifestyle of convenience & relaxation

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