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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10040 E Happy Valley Road Unit 286 Scottsdale, AZ 85255

$2,395,000
4 Beds
5.5 Baths
4,745 SqFt
Status Active
MLS # 6753773
Property Type Single Family Residence
Price Type --
IMMEDIATE GOLF MEMBERSHIP AT CLOSE OF ESCROW! Architecturally designed by the late, John Rattenbury of Taliesin Architects, this remarkable home is a work of art in the ''Wright Style.'' A classic example of ''organic architecture,'' the home nestles into the site becoming a natural part of the land. The design of the living area is based on space flow rather than an arrangement of rooms. Located in the private golf and recreation community of Desert Highlands with world class community amenities including the Jack Nicklaus Signature 18 hole golf course, an award winning tennis facility, an owners club house with fine and casual restaurants and a state of the art fitness center.

27825 N 42nd Street Cave Creek, AZ 85331

$2,390,000
4 Beds
4 Baths
3,572 SqFt
Status Active
MLS # 6739142
Property Type Single Family Residence
Price Type --
Rare opportunity to own almost 5 acres of county property including Very Solid Block Built home with metal roof. Timeless architecture and floor plan will need little updating to make it spectacular. Huge business potential with this property! One acre zoning. This is a great area to have space for your horses and a home business in Maricopa County zoning. Backyard is huge with inground pool and separate hot tub close to the master bedroom. Outdoor shower room adds useful fun to the master.

9413 E La Posada Circle Scottsdale, AZ 85255

$2,390,000
4 Beds
3.5 Baths
4,712 SqFt
Status Active
MLS # 6761394
Property Type Single Family Residence
Price Type --
Timeless Villa meets modern accoutrements. INTERIOR JUST REPAINTED LIGHT & BRIGHT. WOW! This '08 custom build near highly sought after Pinnacle Peak & Pima flaunts warmth and attention to detail plus stunning views. The Chef's kitchen has Wolf range,Sub Zero Ref'r, Cove DW custom wood cabinets, giant island w sink, coppered ceiling, under cabinet lights & eat at breakfast bar. Primary suite with workout room or office, Mother-in-law suite, custom wood detailed dining room or additional office, inviting fireplaces throughout. Resort-like private backyard, putting green, pool, patio, grilling station & peekaboo valley views. Patio includes fireplace & fire pit. Ascend the stairs & enjoy gorgeous views of the majestic McDowell Mountains. 3-car garage w tons of deep cabinets and bonus heated/cooled room for storage or workshop. Walking distance to restaurants, grocery, pharmacies and shops, the location is ideal for all your everyday needs yet is quiet and tucked away with no traffic. Within a 5 minute drive there are more shops, a Sprouts Grocery, Ace Hardware, and several restaurants, golf courses. You really can live right here within all. this beauty and convenience. The neighborhood of Pinnacle Peak Shadows features extra wide private streets that are ideal for walking a dog, going for the mail or just catching up with neighbors. There's an Annual Community picnic where you can meet your fellow residents. One of the few true neighborhoods in all of North Scottsdale.

8513 E Belgian Trail Scottsdale, AZ 85258

$2,390,000
4 Beds
2.5 Baths
3,079 SqFt
Status Active
MLS # 6760712
Property Type Single Family Residence
Price Type --
Step into this stunning McCormick Ranch home, located in the desirable Arabian Trail Loop of Paradise Park Trails. Nestled on a quiet cul-de-sac with greenbelt access, this Scottsdale gem offers privacy and convenience, just minutes from shopping and dining. Renovated in 2024, it features a brand-new roof, two HVAC systems, ductwork, windows, doors, and engineered wood floors. The kitchen boasts high-end appliances, including double dishwashers, a 36'' electric cooktop, and 33'' all freezer/refrigerator. With 4 spacious bedrooms, a flex room, den/office, full-size laundry, oversized 2-car garage, and a resort-style backyard with pool and travertine patio. This home offers luxurious living in the 3 C's school district.

5501 E Cholla Street Scottsdale, AZ 85254

$2,389,900 - 5Br/4Ba -  for Sale in Los Castillos, Scottsdale
Open House
$2,389,900
5 Beds
3.5 Baths
4,192 SqFt
Status Active
MLS # 6759858
Property Type Single Family Residence
Price Type --
Introducing a stunning new luxury listing in the heart of Scottsdale, Arizona - a contemporary masterpiece remodeled in 2022 and designed for the discerning homeowner who values elegance, comfort, and entertainment. This exquisite 5 bedroom, 3.5 bathroom residence spans almost 4,200 square feet of living space, offering an ideal blend of modern luxury and desert beauty. The home is situated on an expansive lot with room to relax, play and entertain. The open-concept design has a seamless flow between the gourmet kitchen, dining area, and living room. The chef's kitchen features state-of-the-art appliances, custom cabinetry, a large island with quartz countertops, and a walk-in butler's pantry - perfect for preparing meals while still engaging with guests. Adjacent to the kitchen, the spacious living area boasts a sleek, modern fireplace and four panel sliding glass doors that lead out to the resort-style backyard. The outdoor space is where this home truly shines as an entertainer's delight. A sparkling heated pool with a waterslide anchors the backyard, while an extended length covered patio provides the ideal setting for lounging and hosting gatherings. Enjoy cooking in the fully equipped outdoor kitchen with a new BBQ grill, ample counter space, fireplace and shaded area or relax and unwind in the above ground spa. The primary suite offers a luxurious retreat, complete with a spa-like bathroom featuring a soaking tub, dual vanities, and a walk-in shower. The suite also includes two expansive walk-in closets and direct access to the backyard. Each of the additional four bedrooms is generously sized and this floor plan ensures comfort and privacy for family members and guests alike. This Scottsdale gem combines luxurious living with a prime location, offering easy access to world-class golf courses, upscale shopping, fine dining, and the vibrant cultural scene of Old Town Scottsdale and Kierland. Welcome home!

7180 E Kierland Boulevard Unit 1211 Scottsdale, AZ 85254

$2,388,888
2 Beds
2.5 Baths
1,579 SqFt
Status Active
MLS # 6726808
Property Type Apartment
Price Type --
Amazing unobstructed views of the McDowells on the Penthouse floor! 10 ft. floor-to-ceiling windows. Highly upgraded 2 bedroom, 2.5 bath. Gorgeous gas fireplace in great room. Kitchen features Azul Fantasy granite slabs with waterfall edge and full backsplash. Cabinet-style appliances. Wine refrigerator. Oversized (24x48) tile throughout unit and patio. Custom closets. Nest thermostat. State of the art fitness center, steam rooms, pickleball, basketball, racquetball, massage & yoga rooms, party & theatre rooms, indoor putting area and golf simulator & dog park. Rooftop deck has lap pool, lots of seating, running path, fire pits, BBQ's and many entertainment areas... all in the heart of Kierland. Restaurants, shopping and golf all nearby.

5535 W Corliss Circle Prescott, AZ 86305

$2,385,000
5 Beds
5.5 Baths
3,712 SqFt
Status Active
MLS # 6770392
Property Type Single Family Residence
Price Type --
Truly one of the more magnificent homes in the entire community of Whispering Canyon and the Williamson Valley area. Perched atop a level 1.97 acre mountain ridge with sweeping and dramatic long distance views this home makes a statement. Single level residence with 5 Suites, 5.5 bathrooms, an oversized 3.5 car garage, patios for outside entertaining and plenty of space for storage. Features include beamed ceilings, Porcelain tile flooring, real stone accents throughout, ''Milgard'' clerestory windows, power blinds, two fireplaces, premium built-in appliances and Wine Cellar. Mountain modern finishes throughout the home add a touch of contemporary elegance, while every window strategically captures a picturesque view. Professional landscaping in front & back with drip systems.

2476 S Pinyon Jay Drive Unit 23 Flagstaff, AZ 86005

$2,379,400
3 Beds
3.5 Baths
2,637 SqFt
Status Active
MLS # 6743747
Property Type Single Family Residence
Price Type --
Home is not yet under construction. The single-story Coronado plan puts a central focus on the home's living area - an open layout that flows freely from one room to the next, and thanks to center-sliding patio doors, even allows the outdoors, in. An expansive patio calls for cocktails under the stars or summers reads on warm afternoons. Incentives currently being offered. Please call the Pine Canyon Sales Office for more information. List Price includes a 3 car garage.

9525 Sierra Springs Drive Pinetop, AZ 85935

$2,375,000
4 Beds
4.5 Baths
4,330 SqFt
Status Active
MLS # 6739699
Property Type Single Family Residence
Price Type --
Stunning Rustic Meets Modern with this gorgeous Luxury Home in a wilderness setting making it the most perfect Upscale Cabin home one can imagine in the beautiful lakeside Sierra Springs Community of Pinetop. This exclusive community boasts the best of the best in Cabin living in the white mountains and this rare opportunity to own a brand-new home built by an established and experienced hometown builder.Only 12 months build time, and you too can own in this prestigious community on one of the nicest view lots still available.They are TOP NOTCH. Minutes to town but far enough to enjoy the starlit dark skies and wildlife.

4042 N Pinnacle Hills Circle Mesa, AZ 85207

$2,375,000
5 Beds
4.5 Baths
6,554 SqFt
Status Active
MLS # 6774139
Property Type Single Family Residence
Price Type --
Embrace enduring elegance with a Spanish/Mediterranean influence in this custom masterpiece, nestled in the lush Sonoran Desert of Las Sendas. Harmonizing the comforts of modern living with timeless details, the home features inlaid wood and natural stone floors, Cantera stone fireplace surrounds, and rich natural wood doors, trim and casement windows. Attention to detail is evident in the turned columns and various ceiling treatments, including coffered ceilings, stone-clad groin vaults, barrel domes, and a stunning brick-lined surface-mounted dome over the breakfast nook. Indoor/outdoor living is made seamless with French slider doors in the main living areas, leading out to an expansive under-roof patio with tumbled pavers and elegant wrought iron fencing. A true sanctuary, the back yard features views of Red Mountain and surrounding mountains, a gorgeous fenced diving pool and spa, a gas firepit with seat wall, easy-care artificial turf and a built-in trampoline. The expansive view decks feature over 2,400 SF of entertaining space, offering 360-degree views of city lights, stunning sunsets and mountain views. A locked 'gate' at the rear of the property provides easy access to the extensive hiking and mountain biking trails that run throughout Las Sendas and connect to the Hawes Trail system. Inside, visitors will discover a 'perfect' floor plan featuring 6,030 square feet on the main level and a 524-square-foot upper loft, ideal for an additional game room or play space. Formal living and dining areas greet guests at the impressive entry, while the gourmet kitchen and great room serve as a comfortable retreat at the 'heart' of the home. The kitchen boasts custom Alder cabinetry, bar seating, and a center island with a prep sink, two dishwashers, a 6-burner Wolf range with a built-in griddle, dual ovens, a twin 36 Sub-Zero refrigerator/freezer combo, a warming drawer, built-in desk, and large walk-in pantry. The great room is spacious and warm, with a floor-to-ceiling Cantera stone fireplace, hand-scraped wood floors, built-in speakers and easy access integrated wiring for easy A/V hookup. The owner's suite features a gorgeous fireplace with Cantera surround, sitting area, sublime marble vanities and prep area, a jetted tub, oversized shower, bidet, and a spacious closet with built-ins. Additional rooms include a spacious den with storage closet and coffered ceiling, one bedroom near the owner's suite (perfect for a nursery, gym, or second office), and three guest rooms at the opposite end of the home, all with walk-in closets- two of which have ensuite baths, along with an additional full bath. A separate home theater offers a projector and screen, built-in speakers with direct access to the upstairs loft/game room. The impressive 4-car garage provides over 1,240 square feet of open space, featuring newly coated epoxy floors and two over-height/width double garage doors (one 10', one 8'). room for additional amp service, and a circular drive accented by easy-care turf is great for guests. Las Sendas is an award-winning community with miles of hiking and biking paths, a top-rated golf course, tennis and pickleball courts, heated lap pools, and a gorgeous clubhouse. Convenient to the 202 Red Mountain Freeway, the community backs to the Tonto National Forest, and is just minutes from pristine hiking and mountain biking trails, paddling and kayaking, nearby lakes and just one hour from the cool pines of Payson!

6043 E Redfield Road Scottsdale, AZ 85254

$2,375,000
6 Beds
4 Baths
3,718 SqFt
Status Active Under Contract
MLS # 6768132
Property Type Single Family Residence
Price Type --
Experience luxury redefined in this extensively rebuilt home, crafted with no detail overlooked by Arlington Custom Builders in collaboration with Martz Development and Living Luxury Homes. This stunning transformation includes a 1,000+ sq foot addition and a completely newly constructed outdoor oasis featuring a pool/spa with a swim-up bar, sunken fire pit, outdoor kitchen, and a sprawling pergola. Set on nearly half an acre, the home is perfectly positioned to optimize space, with a south-facing backyard ensuring abundant natural light. Inside, designer-grade finishes are found throughout, including custom cabinetry and striking shiplap accent walls/custom wall paneling in numerous spaces. The seamless indoor-outdoor living experience is enhanced by all-new windows and doors, including two bi-fold accordion-style doors that open to an impressive outdoor entertainment area. Over 2,100 square feet of limestone pavers laid in an elegant herringbone pattern lead to a sunken fire pit and a limestone swim-up bar with seating for four. The raised spa, finished with intricate 1x1 glass tiles, complements the 35-foot PebbleSheen heated pool, which features a Baja shelf, in-ground self-cleaning pop-ups, and a captivating tiled water feature backdrop. The chef's kitchen is a culinary masterpiece, boasting a 48 ILVE gas range with 8 burners and double oven, Bosch dishwasher, wine fridge, GE Monogram oversized refrigerator, wood grain cabinetry, and durable porcelain and quartzite countertops with a show stopping stone backsplash. The Speakeasy-style game room offers, 30 x 30 black and white porcelain tiles, a custom wet bar and beverage fridge, while the bedrooms feature wood flooring (no carpet), and the bathrooms are adorned with natural stone tile. Additional spaces include a mudroom and laundry room with herringbone brick floors and butcher block countertops. The beautifully landscaped yard and spacious 3-car garage with epoxy floors and new garage doors complete this dream property. Additional highlights include: all new HVAC units, new tile roof underlayment with warranty, a brand-new foam roof over the addition, all-new cabinets, plumbing fixtures, lighting, fans, smooth finished stucco/drywall, and more. This extraordinary custom rebuild offers top-tiered craftsmanship and luxury, all at a price that is truly unbeatable for this level of quality and custom finishes. Don't miss this rare opportunity.

6112 E Calle Tuberia Street Scottsdale, AZ 85251

$2,375,000
3 Beds
3.5 Baths
3,106 SqFt
Status Active Under Contract
MLS # 6771124
Property Type Single Family Residence
Price Type --
Open the blue Dutch doors to this stunning Arcadia Proper 3-bed, all en-suite home, which also includes a versatile flex space—ideal as an office or potential 4th bedroom—leading to an inviting front porch. Freshly painted with a bright, open layout, this home offers excellent flow, perfect for both daily living and hosting. The backyard is a true highlight, complete with a built-in BBQ, Camelback Mountain views, a fire pit, a pool, and plenty of space for gatherings and outdoor fun. The expansive primary suite features vaulted ceilings and an airy feel. Located on a highly sought-after street in the Hopi School District, this charmer blends comfort and style, ready to welcome its next owner!

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