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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1231 E Helena Drive Phoenix, AZ 85022

$505,000

3 Beds

2.5 Baths

1,852 SqFt

Status Active

MLS # 6684833

Property Type Single Family Residence

Price Type --

Beautifully maintained low maintenance home including backyard turf in great location - Conveniently located within minutes to SR101, SR51 and I-17 for easy access around town - Upgraded cabinets with child locks, granite, tile backsplash - loads of storage - inside laundry room with cabinets and pantry - extensive tile throughout except stairs and bedrooms - large loft perfect for home office, gym, playroom, etc - Views of Lookout Mountain from the primary bedroom - No neighbors behind you - backs greenbelt - Oversize extended garage with overhead racks - Schools, shopping, parks, golf, hiking within minutes - Desert Ridge and Norterra just minutes away - Best of All -* WE HAVE OWNED SOLAR* - No qualifying or pymt required - Low utility bills for the summer heat! Call with questions! Seller will payoff solar at closing with full price offer. Seller installed solar in summer 2020. 25 panels in total.

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7709 N 18th Avenue Phoenix, AZ 85021

Open House

$505,000

3 Beds

2 Baths

1,349 SqFt

Status Active

MLS # 6687048

Property Type Single Family Residence

Price Type --

Welcome home to this charming property that boasts a cozy fireplace, a soothing natural color palette, and a spacious center island in the kitchen. You'll love the nice backsplash in the kitchen, and the other rooms offer flexible living space to suit your needs. The primary bathroom features good under sink storage, and the fenced in backyard is perfect for privacy. Enjoy the private in ground pool and covered sitting area in the backyard, ideal for outdoor entertaining. With fresh interior paint and new flooring throughout the home. Don't miss out on this wonderful opportunity!

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8038 S 54th Lane Laveen, AZ 85339

$505,000

4 Beds

2.5 Baths

2,403 SqFt

Status Active

MLS # 6689698

Property Type Single Family Residence

Price Type --

Desirable 4 bedroom 3 bath floor plan with a sparkling blue pool home situated on a spacious corner lot in the sough after Cheatham Farms neighborhood! featuring bold decorative tones throughout. The formal living room offers soaring ceilings and fashionable staircase, separate formal dining leads to the sizable open kitchen, complete with new upgraded appliances with plenty of space to entertain as the kitchen flows through the family room out to your back patio. with a lots of space surrounding the pool for entertaining. The den downstairs is being used as a bedroom, this home is perfect for accommodating guests. With 4 more rooms upstairs the large primary suite is a great layout. Located in the heart of Laveen, you're just minutes away from dining options, easy access to the 202.

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3401 W Crocus Drive Phoenix, AZ 85053

Open House

$505,000

4 Beds

2 Baths

2,110 SqFt

Status Active

MLS # 6691161

Property Type Single Family Residence

Price Type --

Seller offering $10K in buyer concessions. This charming, energy-efficient residence in a great Phoenix location. Providing 4 beds, 2 baths, RV gate, low-care landscape, & a 2-car garage w/carport extension. Inviting interior showcases a designer palette, recessed lighting, and tasteful flooring - plush carpet & tile t/out. You'll love the formal living room and a separate dining/family room w/a fireplace & French doors to the back! The kitchen boasts SS appliances, quartz counters, white shaker cabinetry, & a breakfast bar. Main bedroom has a walk-in closet & a private bathroom for added ease. Moving outdoors, the entertainer's backyard awaits! With a covered patio, artificial turf, & a sparkling diving pool w/ upgraded pool equipment. This space promises year-round enjoyment!!!

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1061 S Annie Lane Gilbert, AZ 85296

$505,000

3 Beds

2.5 Baths

1,982 SqFt

Status Active

MLS # 6692061

Property Type Single Family Residence

Price Type --

Charming 3 bed/ 2.5 bath home in the popular Gilbert location of Cooley Station North. 1,982 sq ft, functional floor plan with an open concept kitchen; ample counter space, cabinets, RO drinking water system, a large pantry & a window over the sink facing the front yard. Main living space is well-designed with a four panel sliding glass door providing abundant natural light and a seamless transition of indoor/outdoor living & entertaining. Double door entrance into the primary suite featuring a gorgeous bathroom including oversized shower, standalone tub, dual sinks & a spacious closet. Also upstairs is the laundry room & additional two bedrooms with room in between for a small home office. The best of low maintenance living in a vibrant community with tons of amenities at a great value. Resort style heated pool, spa, ramadas & BBQ grills, greenbelts & a basketball court just a 2 min walk away. Come check out this fantastic community with convenient access to shopping, dining, entertaining, award winning schools & a 2 min drive to the 202 freeway.

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2059 E Adobe Street Mesa, AZ 85213

$505,000

3 Beds

3 Baths

1,620 SqFt

Status Active

MLS # 6693344

Property Type Single Family Residence

Price Type --

Complete remodel! 3 Bed 3 bathroom home in Mesa Arizona. This lovely property features a 2-car garage, a convenient RV gate, tasteful stone accents, and a welcoming porch with charming trellis. Discover a lovely living room with vaulted ceilings, a neutral palette, and wood-look flooring. Enjoy the great room with stone-clad fireplace for cozy evenings. The kitchen comes with quartz counters, pristine white shaker cabinets, black stainless steel appliances, and a peninsula with a breakfast bar for casual dining. The master bedroom offers plush carpeting, sliding door access to the backyard, walk-in closet, and private bathroom. Venture outside to the backyard that boasts a big covered patio and a perfect canvas for your dream oasis, offering endless potential for personalized landscaping.

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2511 W Queen Creek Road Chandler, AZ 85248

$505,000

2 Beds

2 Baths

1,346 SqFt

Status Active

MLS # 6693596

Property Type Apartment

Price Type --

This condominium combines luxury living with convenience, offering a sophisticated lifestyle with easy access to work, leisure, and everyday needs. It's ideal for professionals looking for a balance between work and personal life in a vibrant community setting. Views of city lights and mountains, enhancing the living experience. New carpeting in the main bedroom. Blackout drapes and drapery rods in the main bedroom for privacy and light control. Custom paint in various parts of the unit including the kitchen, entry, main bedroom and bath, and guest bath. Light filtering drapes in the living room that allow natural light while providing privacy. Custom California Closets in both the main and guest bedrooms for optimized storage. Pull-out shelves in kitchen cabinets and a dual garbage can pull-out system for convenience. Newly installed stacked LG Washer & Dryer in the laundry closet, creating additional shelf space. Water softener and water filtration system at the kitchen sink connected to the ice maker in the refrigerator for clean, purified water. Walk-in pantry for ample food storage. Low maintenance LVP flooring that is durable and easy to clean. Two (2) parking spaces with storage cage for additional security or storage. This extensive list of features clearly positions the property as a luxurious and convenient choice for prospective buyers offering comfort, efficiency, and stunning views in a prime location. Proximity to Dining and Entertainment: The ability to walk to nearby restaurants, entertainment venues, and a farmer's market enhances the living experience by providing leisure and shopping options right at your doorstep. Located close to significant tech companies like Intel and Northrop Grumman, and within the Price technology corridor, which could be particularly attractive to professionals working within these sectors. This condominium combines luxury living with convenience, offering a sophisticated lifestyle with easy access to work, leisure, and everyday needs. It's ideal for professionals looking for a balance between work and personal life in a vibrant community setting.

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624 E Piping Rock Road Phoenix, AZ 85022

Open House

$505,000

2 Beds

2 Baths

1,340 SqFt

Status Active

MLS # 6698499

Property Type Single Family Residence

Price Type --

Beautifully renovated single-level home in Hillcrest is ready for its new owner! Centrally located in beautiful Moon Valley. Entering through your private courtyard to the newly updated home of your dreams! The kitchen boasts new stainless steal appliances, quartz countertops, and updated flooring throughout. Step into your master retreat with new vanity, tile shower and 2 master closets!

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444 E Vesper Trail Queen Creek, AZ 85140

$505,000

2 Beds

2 Baths

1,433 SqFt

Status Active

MLS # 6699188

Property Type Single Family Residence

Price Type --

The community is nestled near the San Tan Mountains, providing beautiful views and a tranquil environment just about 45 minutes from downtown Phoenix and Scottsdale. Encanterra offers extensive amenities that cater to a luxurious and active lifestyle. These include two clubhouses, multiple dining options, state-of-the-art fitness centers, tennis and pickleball courts, and an 18-hole championship golf course. There's also a full-service spa named Alvea Spa, which has been recognized as one of the best in the area. For social activities, the community offers various clubs, events, and classes. With no rear neighbors the home offers great privacy with and extended 15 foot lush backyard with a pergola, sun shades and a fire pit to enjoy the outdoor living. Home has owned solar.

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8023 S 42nd Drive Laveen, AZ 85339

$505,000

4 Beds

2.5 Baths

2,522 SqFt

Status Active

MLS # 6700120

Property Type Single Family Residence

Price Type --

A beautiful ranch-style home with stone accents, desert landscape, & a 3-car tandem garage is awaiting its new owner! Inviting hallway leads to the open floor plan offering patio access and a sizeable living room. Tray ceilings, stylish tile flooring, plantation shutters, and a formal dining room w/a lovely chandelier are features you'll love. Stunning kitchen is equipped w/recessed lighting, black SS appliances, granite counters, a mosaic tile backsplash, a breakfast nook, a large island w/a breakfast bar, and handsome wood cabinets w/crown molding. Oversized main retreat enjoys an immaculate ensuite with two vanities. Amazing backyard displays an enclosed covered patio w/multi-sliders, a huge gazebo, pavers, artificial turf, a storage shed, & incredible mountain views! Call today!

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4348 W Sandra Circle Glendale, AZ 85308

Open House

$505,000

4 Beds

2 Baths

1,911 SqFt

Status Active

MLS # 6701452

Property Type Single Family Residence

Price Type --

This dream home offers a seamless blend of style and comfort with top-tier upgrades. The neutral color scheme creates a homely yet stylish feel, while the kitchen features high-end steel appliances and a beautiful backsplash. The primary bathroom boasts double sinks for convenience and luxury. Step outside to a covered patio and a fully fenced backyard, and includes a private in-ground pool perfect for relaxation and gardening. This home's unique charm and functionality make it a valuable investment in effortless elegance. Make this your happy home!

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4077 S Sabrina Drive Chandler, AZ 85248

$505,000

3 Beds

2.5 Baths

1,496 SqFt

Status Active

MLS # 6704184

Property Type Townhouse

Price Type --

Savor modern luxury at Chandler's prestigious Echelon at Ocotillo. This gated, turnkey, lock & leave has an efficient layout with abundant natural light & sleek contemporary stone flooring. Captivating waterfront views from the chef's kitchen, great room & master suite. Relax on the patio oasis, amid lush landscaping & serene water views. Dive into heated pools, unwind in the spa, & enjoy tennis and pickleball courts steps away from scenic walking paths. Convenient to nearby shopping, dining, & downtown Ocotillo's vibrant social scene. Enjoy effortless commuting around metro Phoenix with quick access to major freeways. Recent updates to this turnkey gem, including frameless glass shower, epoxied garage floor, and insta-hot tankless water heater/softener, elevate your living experience.

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