Case-Shiller: Home Price Growth Continues

November home prices grew by 5.60 percent year-over-year on a seasonally adjusted basis according to Case-Shiller’s reading on National Home Prices. National average home prices rose 0.80 percent from October to November. Case-Shiller’s 20-City home price index revealed that the West and Mountain regions continue to hold the top three growth rates for home prices. Seattle posted a seasonally adjusted growth rate of 10.40 percent which was closely followed by Portland, Oregon’s year-over year average home price gain of 10.10 percent. Denver rounded out the top three home price growth rates included in the 20-CityiIndex with a year-over-year gain of 8.70 percent.

Top readings for month-to-month home price gains for the 20-City home price index were 0.20 percent for Seattle, Washington and Portland, Oregon. Denver, Colorado posted a month-to-month gain of 0.60 percent. Analysts said that home prices may be topping out in some cities; San Francisco, California was one of two cities posting lower home prices in November than for October. San Francisco home prices enjoyed rapid and stratospheric gains in recent years, but may have reached a threshold as fewer buyers can afford to purchase such high-priced homes.

Home Prices Approach Pre–Recession Levels

September’s national home price gains matched the pre-recession peak achieved in mid- 2006. While this is positive news, the 20-city index currently averages 7 percent below its prior peak level. It’s important to note that the 20-city index does not include Philadelphia, Pennsylvania and Houston, Texas metro areas, which have enjoyed significant growth in home prices. Home prices for cities included in the 20-city index remain about 7 percent lower than their previous peak, but are 40 percent higher than their lowest point in 2012.

David M. Blitzer, Managing Director and Chairman of the S&P Dow Jones Indices committee, said that November’s readings on home prices appear to indicate that home price gains have escaped the boom-or-bust cycles seen in the last dozen years or so.

Rising Mortgage Rates, Home Prices Present Obstacles for Buyers

While homeowners listing their homes for sale continue to enjoy appreciation home values, would-be home buyers are being sidelined by the effects of accelerating home price growth and higher mortgage rates, which are expected to continue increasing. As with San Francisco, more cities included in the Case-Shiller home price indices may see slowdowns in home price growth and home sales as affordable homes and home loans slip out of reach.

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22601 W Mohawk Lane Surprise, AZ 85387

$461,410

4 Beds

3 Baths

2,284 SqFt

Status Active

MLS # 6693500

Property Type Single Family Residence

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Introducing the latest addition to Surprise, is Frontera in Mesquite Mountain Ranch. Available now is this new detached single-level home, situated on a corner next to a park, this charming one-story residence features four bedrooms, two and a half bathrooms, and a two-car garage. Boasting front yard landscaping, granite countertops, a generously sized kitchen island with a single bowl sink, tile flooring, stainless steel appliances, and a gas range, this home is designed for modern living. It also comes equipped with a smart home package, a gas tankless hot water heater, and Deako smart light switches for added convenience. Residents of Frontera, will have access to an array of community amenities, including hiking and biking trails, pickleball and basketball courts and play areas.

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1266 W Sparrow Drive Queen Creek, AZ 85140

$461,173

3 Beds

2.5 Baths

1,967 SqFt

Status Active

MLS # 6681587

Property Type Single Family Residence

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North Creek Community will have you feel like your on vacation all year long. Community amenities include a resort style pool, 2 pickle ball courts, full court basketball, bocce ball, corn hole, fire pits, grilling area, tot lot, walking trails and so much more!! This 3 bedroom 2.5 bath home is great to entertain family and friends. Updgrade features include upgraded white knight granite, gas range, Matt black fixtures, upgraded flooring. Hurry this home is beautiful.

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19625 W Cambridge Avenue Buckeye, AZ 85396

$460,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6676007

Property Type Single Family Residence

Price Type --

Explore this exciting Slate home, ready for quick move-in! Included features: a covered entry; an inviting kitchen boasting 42'' upper cabinets, quartz countertops, stainless-steel appliances and a center island; a relaxing great room and adjacent nook; an inspired primary suite showcasing a large walk-in closet and a private bath with double sinks; two secondary bedrooms with a shared bath; a central laundry; a fourth bedroom with an attached bath; a charming covered patio and a 2-car garage. This home also offers 7'' x 22'' stone tile flooring, cultured marble bath countertops, additional windows and ceiling fan prewiring in select rooms, coach lights, front yard landscaping and concrete pavers at the driveway and walkway.

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41108 W Haley Drive Maricopa, AZ 85138

$460,990

4 Beds

3 Baths

2,142 SqFt

Status Active

MLS # 6632233

Property Type Single Family Residence

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READY FOR MOVE-IN... This home has 4 bedrooms with a flex space to be used as den or a formal space. We added a shower in the powder room for a total of 3 full baths. Large walk in shower at owner's bath with dual vanity sinks. Stainless steel gas range. Benton ''White'' Birch cabinets throughout the home with 42'' kitchen uppers and roll outs at pantry. AZT Della Terra Quartz countertops in the owner's bath and at the kitchen and on the enhanced kitchen island. Tile backsplash in the kitchen has Colorwheel 4x16 tile. Upgrade flooring includes level 9 carpet in bedrooms/closets and the remaining of the home has DT Cannes Masso 18x18 tile in the great room, kitchen, entry, halls, bathrooms and laundry and so much more.

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