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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26568 W Cat Balue Drive Buckeye, AZ 85396

$500,000

2 Beds

2 Baths

2,023 SqFt

Status Active

MLS # 6697929

Property Type Single Family Residence

Price Type --

Escape to the serene oasis of Sun City Festival's coveted 55+ community, where tranquility meets an abundance of recreational opportunities. Tucked away from the city's hustle and bustle, this charming residence offers the perfect blend of relaxation and activity. Boasting 2 bedrooms, 2 bathrooms, and a versatile den, this home provides ample space for comfortable living. Inside, hardwood floors grace the living spaces, lending warmth and elegance to the interior. An impressive entertainment wall sets the stage for memorable gatherings with family and friends. Discover a kitchen that delights with upgraded cabinets, granite countertops, and a handy desk area. Slide-outs in the lower cabinets ensure seamless organization for culinary enthusiasts. The extended laundry room offers convenient storage space, completing the functional layout of this home. For those with hobbies and interests, the deep garage is a haven, equipped with extra lighting and outlets to accommodate all endeavors. Located mere moments from the community golf course and just a few blocks from a beloved dog park, outdoor enthusiasts will find endless opportunities for leisure and enjoyment. But the amenities don't end there. Sun City Festival offers residents access to two recreation centers, each featuring workout facilities, pools, and hot tubs for staying active and relaxed year-round. Enjoy friendly competition at the pickleball complex or softball field, or indulge your creative side at the woodshop and craft studios. Experience the best of Sun City Festival living and embrace the vibrant lifestyle this community has to offer.

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5136 N 31st Place Phoenix, AZ 85016

$500,000

2 Beds

2 Baths

1,224 SqFt

Status Active

MLS # 6697755

Property Type Apartment

Price Type --

Exceptional High-End Remodeled PEDESTRIAN FRIENDLY AzBiltmore Estates BILTMORE TERRACE Condo JUST BRING YOUR TOOTHBRUSH GATED & GUARDED Golf Course Community at ARIZONA BILTMORE w direct access to BILTMORE PLAZA SHOPPING CENTER for all your needs w Starbucks, banking Safeway grocery +specialty Shops & Fine Restaurants convenient to all offices located on E Camelback Road. 1224'sf on 1-level real Plank Wood flooring +new paint +furnishings . non-smoking original owner home. Breakfast Patio light & bright ultra-quiet LUXURY Community Solid-Built contemporary design. UNLIMITED HOT WATER, CLUBHOUSE spacious sun drenched pools & spas TWO pool areas, beautiful maintained grounds & community

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16345 W Rimrock Street Surprise, AZ 85388

$500,000

4 Beds

2.5 Baths

2,140 SqFt

Status Active

MLS # 6697277

Property Type Single Family Residence

Price Type --

What a rare find...prepaid SOLAR?!? The lease is paid in full so no payment for the lucky owner, but get the benefits of repairs/replacements guarantees. How stress free is that? Plus electric cost savings galore. But thats not all this home offers. Get a jumpstart on summer in the awesome private pool & backyard oasis. Relax with a cool drink under the shade of the ENORMOUS covered patio with cooling fans. The waterfall will sooth all the stress of the day away or provide the kiddos with hours of fun. With 4 bedrooms, this one has all of the space you need & then some. Kitchen is spruced up for all the chefs in the family. Dont break your back or the bank with stress free landscape. Want to catch a ball game? Spring training field is steps away. This one checks the boxes. See it today!

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3404 W Fremont Road Phoenix, AZ 85041

$500,000

4 Beds

2 Baths

2,395 SqFt

Status Active

MLS # 6697187

Property Type Single Family Residence

Price Type --

Introducing this adorable 4-bedroom home in Santolina South Mountain Community! Featuring a 3-car tandem garage with attached cabinets, RV gate, and mature landscape. Inside, an inviting hallway leads to the bright & large open floor plan paired with wood-look tile flooring, neutral paint, and sliding glass doors to the back patio. Impeccable kitchen displays recessed & pendant lighting, stylish tile backsplash, a pantry, stainless steel appliances, ample cabinetry with crown moulding, granite counters, and a practical island with a breakfast bar. You'll love the serene primary retreat equipped with plush carpet, walk-in closets, and an ensuite with dual sinks. Spacious backyard has a covered patio, perfect for unwinding after an exhausting day. Don't miss out on this amazing abode!

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5691 W Cinder Brook Way Florence, AZ 85132

$500,000

2 Beds

2 Baths

2,119 SqFt

Status Active

MLS # 6703122

Property Type Single Family Residence

Price Type --

Beautifully maintained home in the Active Adult resort community of Sun City Anthem at Merrill Ranch offers 2 bedrooms + den with double doors and 2 baths in 2119 SqFt with an open great room layout. The gourmet kitchen offers an abundance of cabinetry, granite countertops, stainless appliances including a gas cooktop, a walk-in pantry, and island with breakfast bar and pendant lighting. The great room has a built-in media wall with shelving and sliding doors that lead out to the covered patio with ceiling fan and private, fenced backyard. The professionally landscaped backyard includes extensive paver patios, gas firepit, easy-care artificial turf, and colorful desert plants. The primary bedroom has an en-suite bath with dual sink vanity, oversized shower with bench, linen closet, and roomy walk-in closet. Other features include a walk-in closet in the hallway, diagonal tile flooring throughout living areas and baths, carpet in bedrooms, an extended length 2 car garage with storage area and service door; and leased solar panels providing tremendous utility savings. World-class amenities include a resort-style pool and spa, indoor lap pool, walking track, pickleball, bocce, and other sport courts, fitness center, craft/game/learning rooms, a cafe, putting green, and golf course. See today!

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441 Hayes Court Chino Valley, AZ 86323

$500,000

3 Beds

2 Baths

2,046 SqFt

Status Active

MLS # 6698459

Property Type Single Family Residence

Price Type --

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11332 E Sable Avenue Mesa, AZ 85212

$500,000

3 Beds

2.5 Baths

1,750 SqFt

Status Active

MLS # 6700544

Property Type Single Family Residence

Price Type --

Welcome to Keighley Place, a charming neighborhood that offers a plethora of outdoor activities, many education options and breathtaking views. Embrace the outdoor lifestyle with parks, sports fields and courts just moments away. This vibrant community is minutes away from numerous education opportunities including primary and secondary schooling, both private and charter, a community college and an ASU campus. Travel comes easy as well with the 202 freeway and the mesa gateway airport close by. This single level, split floorpan offers 3 bedrooms, 2.5 bathrooms and a large yard. The upgraded kitchen has dark cabinets with beautiful granite counters, a large island, gas stove and a walk in pantry. The flooring consists of large neutral tile and plush carpeting in the bedrooms only.

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3891 E Page Avenue Gilbert, AZ 85234

$500,000

3 Beds

2 Baths

1,528 SqFt

Status Active

MLS # 6703627

Property Type Single Family Residence

Price Type --

***GILBERT STUNNER...ONLY $500K!!..FULLY UPDATED...SINGLE STORY...3 BED/2 BATH... MOVE-IN READY.*** Located in the HIGHLY SOUGHT-AFTER GILBERT community of HOLLIDAY FARMS, this beautiful PULTE home features OPEN FLOOR PLAN, VAULTED CEILINGS, GORGEOUS SKYLIGHTS & is LOADED w/ UPDATES including QUARTZ & CORIAN COUNTER TOPS, NEWER AC (2018) LUXURY VINYL PLANK FLOORS & more! Step outside to enjoy the COVERED PATIO & FINISHED BACK YARD ...w/ PROFESSIONAL MISTER SYSTEM...ideal for entertaining & family gatherings Pride of ownership really shows as this home has been meticulously cared for. Finishing touches include a spacious 2-car garage w/ cabinetry. Conveniently located near AWARD-WINNING GILBERT SCHOOLS, COMMUNITY PARKS, Local Shopping, Restaurants & more. HURRY, THIS ONE WON'T LAST LONG!

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2210 E Everett Drive Phoenix, AZ 85022

$500,000

4 Beds

3 Baths

2,451 SqFt

Status Active

MLS # 6699606

Property Type Single Family Residence

Price Type --

Bring your vision and a little muscle! This home has so much possibility and is waiting for your finishing touches. The upstairs floor, which has been remodeled, can be used as a primary bedroom suite or bonus living space. Curl up in front of the cozy fire place or watch the sun rise from the north facing balcony. Upstairs has an additional bedroom/closet space and an updated bathroom complete with a soaking jacuzzi tub. The downstairs boasts 3 additional bedrooms (one which can be used as a primary, and 2 more bathrooms. There 2 potential dining areas as well as a family room and bonus room. The backyard boasts a heated diving pool and spa, a garden area, an additional work shed and even a sauna! Double RV gates and an extended garage for convenience. Come see the possibilities!

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2301 N 127th Avenue Avondale, AZ 85392

New

$500,000

4 Beds

2 Baths

2,335 SqFt

Status Active

MLS # 6707149

Property Type Single Family Residence

Price Type --

Incredible opportunity for this well-maintained & super clean home! NEWER ROOF WITH WARRANTY! Spacious kitchen features granite countertops & backsplash, gas stove & walk-in pantry. Huge master suite features a separate French door exit to the patio, bay window, extended shower with custom tile surround & glass block accents. Plank tile flooring. NEW INTERIOR & EXTERIOR PAINT. Newer baseboards. Newer faucets & door hardware. Remodeled baths include new mirrors & toilets. Vaulted ceilings, arched doorways & plant shelves with custom lighting. Laundry room cabinets. Sunscreens. 3 car garage w/ NEW epoxy flooring, NEWER garage doors & service door. Premium lot with no neighbors behind. Beautiful, front & back landscaping with mature trees & full-length extended patio with a gas stub & more!

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10336 E Naranja Avenue Mesa, AZ 85209

New

$500,000

3 Beds

2 Baths

1,704 SqFt

Status Active

MLS # 6706719

Property Type Single Family Residence

Price Type --

You're going to fall in love with the highly desirable Mulberry community! Great curb appeal, tree-lined streets, and fabulous community amenities! Beautiful curb appeal welcomes you into this Craftsman-style home that offers 3 bedrooms & 2 baths in 1704 SqFt with an open great room layout and split bedrooms. The chef's kitchen features espresso cabinetry, granite countertops, stainless appliances, a walk-in pantry, and island with breakfast bar. Sliding doors lead out from the great room to an oversized backyard complete with grass for kids and pets to play on, covered patio, extended paver patio with ramada, and only single-story neighbors. The primary bedroom has lots of natural light and a full bath with dual sink vanity, separate tub & shower, and walk-in closet. Other features* include a spacious laundry room, stone exterior with front porch and cobblestone driveway, and a 2-car garage. Community amenities include two pools, fitness center, basketball and pickleball courts, and a private clubhouse with kitchen. Close to the 202 & 60, restaurants, and shopping. See today!

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5419 W Michigan Avenue Glendale, AZ 85308

$500,000

3 Beds

2 Baths

1,758 SqFt

Status Active

MLS # 6700979

Property Type Single Family Residence

Price Type --

THIS HOME IS PICTURE PERFECT, FROM THE CURB TO THE PERFECTLY MANICURED BACKYARD! IT IS BEAUTIFUL FARMHOUSE DECOR! 3 BEDROOM ALL ON ONE LEVEL, LOOK OUT THE FAMILY ROOM WINDOW TO THE RELAXING BACKYARD THAT INCLUDES A WATERFALL PLAY POOL, FRUIT TREES, GREEN GRASS TURF, COVERED PATIO. TILE THROUGHOUT, NEUTRAL GRAY TONE COLORS, SOARING CEILINGS IN THE MAIN LIVING AREA, THIS HOME BOASTS A CORNER LOT, PAINTED GARAGE FLOOR, CABINETS AND WORK BENCH AREA IN GARAGE THIS HOME SHOWS PRIDE OF OWNERSHIP. NEW AC UNIT, MOVE IN READY!

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