Case-Shiller: Home Price Growth Expands to All Metro Areas

Case-Shiller: Home Price Growth Expands to All Metro AreasMarch home prices were again dominated by the Northwest with Portland, Oregon posting a year-over-year gain of 12.30 percent followed by Seattle, Washington’s year-over-year gain of 10.80 percent.

Denver, Colorado rounded out the top three cities with a year-over-year gain of 10.00 percent. San Francisco, California, which consistently posted double-digit gains in recent months slipped to a year-over-year gain of 8.50 percent. This may indicate that prices in high cost metro areas are nearing their peak.

S&P Dow Jones Chair David M Blitzer attributed outsized price gains to the shortest supply of available homes since the mid-1980s. Homes for sale account for only two percent of U.S. households. To put rapidly increasing home prices in context, the S&P Case-Shiller 20-City Home Price Index was 11.50 percent below its peak in March, 2006.

Case-Shiller’s 20-City Home Price Index posted a 5.40 percent gain year over year, which was equal to its year-over-year price gain in March 2015. Month-to month home prices gained 0.90 percent; analysts had estimated year-year growth of 5.10 percent and a month-to-month gain of 0.70 percent. All cities in the 20-City Housing Market Index posted gains in month-to-month and year-over-year readings.

Pending Home Sales Exceed Expectations

Pending home sales in April supported trends noted in Case-Shiller’s 20-City Home Price Index. Regional results for pending home sales in April rose by 1.20 percent in the Northeast while pending sales were unchanged in the Midwest. The South posted pending sales gain of 6.80 percent and the West recovered with an 11.40 percent rise in pending sales for April.

Based on April’s pending home sales readings, real estate pros expect a jump in closed sales in May. Home buyer demand remains resilient according to Lawrence Yun, chief economist for the National Association of Realtors. Mr. Yun also said that the key to continued expansion of home sales is providing buyers sufficient supplies of affordable homes. Builders may provide relief by increasing construction, but have cited shortages of labor and developed land as constraints on new construction. Active demand for high-end homes has also focused construction on higher priced homes.

Mortgage applications are also increasing, which indicates that more homes are being purchased by owner-occupant buyers than investors. Relatively low mortgage rates and waning investor interest could provide buyers relying on financing a leg-up in competing for available homes.

51651 W Highway 84 -- Maricopa, AZ 85139

$449,000
4 Beds
2 Baths
2,100 SqFt
Status Active
MLS # 6656353
Property Type Single Family Residence
Price Type --
Investment Opportunity: Own a piece of the Wild West for just $449,000! This 4.9-acre ranch, steeped in John Wayne's history, is a remarkable find, priced to reflect its potential. The main home features 4 bedrooms, 2 baths, and an Arizona room with panoramic views, all awaiting your personalized touch. The property's exceptional price accounts for necessary repairs, offering a unique chance to enhance its value. It includes two private wells; however, the plumbing project is incomplete, and the electrical system needs updating, particularly in the master and northeast bedrooms. These challenges present a clear path for improvement and upside. This ranch represents more than a home— it's an opportunity to craft your legacy in the American West. With ample garage space, RV hookups, and horse facilities, it combines rustic charm with the promise of modern living. Priced to attract investors or visionaries ready to revitalize its features, this estate promises a rewarding project. Embrace the chance to infuse this historic property with your vision, transforming it into a dream home where every corner tells a story, and every sunset ushers in new possibilities. This is your invitation to invest in a lifestyle defined by adventure and potential. Welcome to your next chapter in the heart of the West, where history meets opportunity at an unbeatable price.

371 N 157th Lane Goodyear, AZ 85338

$449,000
3 Beds
2.5 Baths
1,972 SqFt
Status Active
MLS # 6656966
Property Type Single Family Residence
Price Type --
WELCOME TO THIS IMPECCABLE OPEN CONCEPT HOME. KITCHEN HAS AMPLE WHITE SHAKER CABINETS FOR STORAGE, A LARGE ISLAND WITH BREAKFAST BAR AND UPGRADED HURRICANE LAMPS , GRANITE COUNTERS, REVERSE OSMOSIS, PATIO DOOR TO BACKYARD WITH CUSTOM BLINDS AND IS OPEN TO LIVING ROOM FOR EASY ENTERTAINING. 10 FT FLAT CEILINGS ADD TO THE OPEN FEEL OF THE HOME. CEILING FANS AND RECESSED LIGHTS HAVE BEEN ADDED BY THE SELLER, UPGRADED PLANTATION SHUTTERS ON MOST WINDOWS, UPGRADED SHOWER IN PRIMARY BATHROOM, 240 VOLT CAR CHARGER IN GARAGE, WHOLE HOUSE WATER SOFTENER, BAKYARD HAS BEEN COMPLETED WITH EASY CARE LANDSCARPE, TURF AND PAVERS FOR YOUR ENJOYMENT. BELLA ROSA HAS A COMMUNITY HEATED POOL, PLAYGROUND , WALKING PATHS AND MULTIPLE PICNIC GAZEBO'S. EASY ACCESS TO INTERSTATE 10, RESTAURANTS AND SHOPPING

14961 W Alexandria Way Surprise, AZ 85379

$449,000
3 Beds
2 Baths
1,915 SqFt
Status Active
MLS # 6657463
Property Type Single Family Residence
Price Type --
NOW OFFERING 2.5% SELLER CONCESSIONS. This spacious cottage in Marley Park will not disappoint! Direct entry through the garage or through the iconic Marley Park tree-lined walk to the front gated door. You will be welcomed by a spacious entry hall with soaring ceilings and stylish tile flooring. All bedrooms at the tree-lined front side of home, split plan. Generous primary suite has with lofty 12-foot ceiling, wood floors and blinds and an upgraded ensuite bathroom boasting a large, glass walk-in shower, dual sinks, and a custom closet that you must see to believe. Main home boasts open concept living with 9-ft flat ceilings and beautiful tile flooring. WAIT, THERE'S SO MUCH MORE... Kitchen is full of upgraded cabinetry with pull-out drawers and stylish granite countertops with under cabinet lighting. There is a large pantry and a composite double sink to boot. Have a relaxing breakfast in the eat-in kitchen or entertain in the formal dining space. Home was built on a post-tension slab and has two separate patio areas. Owner added a pergola over the side patio, along with a recent new arcadia door. The back patio tile has been extended all the way to the gate. A peaceful shady space to relax under a producing lemon tree. Laundry has been moved to the garage, but could easily be converted back to the laundry room (plumbing is in the same wall location). Garage is wide with tons of storage. And, if that isn't enough, the home has a water filtration system and AC was replaced in July 2023. Solar is in place with a low monthly lease and returns huge savings on the electric bill. Just turn the key and move in tomorrow!

7452 E Keats Avenue Mesa, AZ 85209

$449,000
3 Beds
2 Baths
1,521 SqFt
Status Active
MLS # 6658703
Property Type Single Family Residence
Price Type --
Move-in ready home with POOL is situated on prime interior N/S lot across from neighborhood park. The home feels clean and fresh- new carpet and interior paint, updated lighting, fans, appliances, faucets, toilets, door hardware. The garage is pristine with fresh paint and a new epoxy floor. Home chefs will love cooking on the 5 burner gas range/convection oven and the abundant cabinets and counter space. The home has vaulted ceilings and a spacious great room floor plan. The primary bath offers dual sinks, separate tub/shower, walk-in closet & handy exit to patio. Backyard oasis with refreshing pool, covered patio, large side yard and shed ticks all the boxes. Convenient access to dining, shopping, golf and freeways. Solar panels w/grandfathered net metering. Solar lease in documents tab