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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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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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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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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1713 W Cortez Circle Chandler, AZ 85224

$500,000

3 Beds

2 Baths

1,809 SqFt

Status Active

MLS # 6702108

Property Type Single Family Residence

Price Type --

Welcome home! This home has been updated just for you! New Flooring, New Bathrooms, New Kitchen, New Garage Door, New Appliances, New Sod in the back yard and much more! The impeccable kitchen is equipped with quartz counters, white shaker cabinets, brand-new stainless steel appliances, a walk-in pantry, and a peninsula with a breakfast bar for casual dining. The main bedroom features soft carpeting, direct backyard access, a make-up vanity, a walk-in closet, and a private bathroom. Enjoy quiet afternoons in the backyard, boasting a covered patio, natural turf, and ample space for hosting weekend BBQs. Don't miss out on this fantastic opportunity!

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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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3487 Larson Loop Forest Lakes, AZ 85931

$500,000

2 Beds

1 Bath

1,008 SqFt

Status Active

MLS # 6704320

Property Type Single Family Residence

Price Type --

This midcentury chalet in Forest Lakes checks all the boxes. The location is perfect. Sitting at 7600+ feet elevation, summers are glorious. The home sits on a quiet loop and is set at the end of a meandering driveway flanked by carriage lights to welcome your visitors (the carriage light switch is in the cabin.) The main home is made from sturdy, low maintenance block, as is the huge 2+ car garage. The first floor of the main house has an efficient two-bedroom, one bath layout with a galley kitchen, dining area and a great room that takes full advantage of the two story windows overlooking your property. The stone fireplace takes up a full wall with a wood burning, glass front insert (Osburn) that was recently installed and is perfect for those cool nights. Upstairs in the main house is a spacious loft overlooking the spectacular view from the front windows. Add to that the garage with a work bench, not to mention an enormous second story hang out area complete with a pool table and sectional (THAT additional square footage is not included). Add to that a recently obtained Tuff Shed She-Shack, decked out with a long bench and shelving and with its own little deck. Speaking of the deck, newly constructed in 2014 and 2015 of composite decking material, it wraps around the front and side of the home and is the perfect spot for entertaining family and friends. And we can't forget our four-legged friends. A large, gated area has been designed to allow fun for the dogs. You will be surprised and delighted by the flowers planted around the home. A new furnace and hot water heater were installed in 2015, as was a new 1060 gallon septic tank installed in 2014. All appliances (refrigerator, stove, micro/convection oven and beverage refrigerator) were also purchased new in 2014/15. The main house and garage/rec room roofs were both replaced with metal roofing in 2015.

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26034 S Glenburn Drive Sun Lakes, AZ 85248

$500,000

2 Beds

2 Baths

1,922 SqFt

Status Active

MLS # 6703236

Property Type Single Family Residence

Price Type --

The community of Sun Lakes offers heated pools and spas, a clubhouse, and is known for its active adult lifestyle with various clubs and recreational activities available. The lot of this home is quite large, encompassing 0.27 acres, which positions it on an oversized and corner cul-de-sac lot. Plenty of room for a garden amongst other hobbies you may have. The home includes amenities such as two bedrooms, two bathrooms and an office area.The home has recent updates that include a skylight, HVAC, two screened in patios, hot water heater, solar panels and new windows and doors. Call for the full list and come see it today!!!

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5764 N 109th Avenue Phoenix, AZ 85037

New

$500,000

3 Beds

2 Baths

1,632 SqFt

Status Active

MLS # 6706146

Property Type Single Family Residence

Price Type --

**LIVE LIKE YOU'RE ON VACATION EVERY DAY **IN THIS **STUNNING RESORT-LIKE HOME **GORGEOUS POOL **AND OUTDOOR LIVING AT ITS BEST** SPOTLESS UPGRADED HOME WILL WOW YOU **

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6420 W Wahalla Lane Glendale, AZ 85308

New

$500,000

3 Beds

2 Baths

1,504 SqFt

Status Active

MLS # 6706934

Property Type Single Family Residence

Price Type --

Discover your next home where modern living meets the tranquil beauty of Glendale. Nestled within the highly sought-after neighborhood of The Highlands at Arrowhead Ranch, this 3 bedroom, 2 bathroom residence offers an unmatched living experience that blends comfort, style, and incredible value. Living at The Highlands at Arrowhead Ranch it's about the lifestyle. Residents have unparalleled access to recreational opportunities that make every day feel like a vacation: Surrounded by numerous parks, golf courses, and the Thunderbird Conservation Park, you can easily fill your weekends with hiking, biking, golfing, or simply enjoying nature's beauty. Moments away from entertainment and leisure to the Westgate Entertainment District and the home of the Arizona Cardinals means you're never far from exciting events, shopping, dining, and entertainment options. For those pursuing educational endeavors, the highly desirable Midwestern University is just around the corner, adding to the community's prestige Whether you're an outdoor enthusiast, a sports fan, or someone who appreciates the finer aspects of suburban living, this home in The Highlands at Arrowhead Ranch offers something unique for everyone.

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