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

March 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.

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3935 E Rough Rider Road Phoenix, AZ 85050

$465,000

2 Beds

2 Baths

1,386 SqFt

Status Active

MLS # 6669384

Property Type Townhouse

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Villages at Aviano is like living in a resort year round. Perfect lock & leave lifestyle. Extremely well cared for SINGLE LEVEL Amici model. No stairs, 2 bedroom/2 bathroom with 2car tandem garage. ORIGINAL owner who has occupied a fraction of the time as it has served as a second home. NEVER used as a rental! Finishes include new LV flooring (2022) and tile in all major spaces and walkways with carpet in the two bedrooms. Granite counters in the kitchen and primary bathroom, stainless appliances, solid wood doors, arched entryways, full laundry w/newer units (2022), newer HVAC (2022) new W/H (2024) split floor plan, and wired for surround sound. Minutes from the Desert Ridge Marketplace, Mayo Clinic, Wildfire Golf Club, Top Restaurants and High Street, and easy access to the 51 &101

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18798 N Piccolo Drive Maricopa, AZ 85138

$465,000

5 Beds

3 Baths

2,722 SqFt

Status Active

MLS # 6670388

Property Type Single Family Residence

Price Type --

PRICE IMPROVEMENT! STUNNING Single Level Built in 2021 w Over 2700 Sq Ft! Boasting 4 spacious beds with walkin closets + enclosed den, 3 FULL baths (second master with on suite!) & formal dining room! Gorgeous kitchen overlooks the great room & features staggered White cabinetry, granite countertops, subway tile backsplash & SS appliances w GAS range! UPGRADES include soaring 10+ ft ceilings, 5 in baseboards, wood plank tile, plush carpet, modern fixtures, designer paint, gas hookup to dryer, extended garage w epoxy flooring & more! Palatial master features dual sinks, oversized walk-in shower & soaking tub & huge walkin closet! Step through the oversized doors to your own BACKYARD OASIS with sparkling pool, extended paver & travertine deck, large pergola & shed with NO NEIGHBORS BEHIND!

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256 S Hobson -- Mesa, AZ 85204

$465,000

2 Beds

2 Baths

1,155 SqFt

Status Active

MLS # 6674970

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunningly remodeled single-story gem in Mesa, AZ boasts 2 beds, 2 baths, a den, and a spacious great room. Step inside to discover a model-home-worthy interior, featuring new lighting, plumbing fixtures, and energy-efficient windows, complemented by beautiful vinyl plank flooring. The large kitchen dazzles with quartz counters, backsplash, and stainless appliances, including a refrigerator. Plus, washer and dryer are included for your convenience! Outside, the new front yard pavers and turf enhance curb appeal, while the new roof with foam-sealed attic ensures lower electric bills. Relax in the expansive backyard surrounded by mature trees. Perfectly situated in Mesa, enjoy easy access to freeways, light rail, and the Cubs training facility. Click ''More' Don't miss out on this impeccable home! (Note: Pictures feature virtual staging). ¡Bienvenido a la casa de tus sueños! Esta joya de un solo piso increíblemente remodelada en Mesa, AZ, cuenta con 2 dormitorios, 2 baños, una sala y una gran sala espaciosa. Ingrese para descubrir un interior digno de una casa modelo, con nueva iluminación, accesorios de plomería y ventanas de bajo consumo, complementados con hermosos pisos de tablones de vinilo. La gran cocina deslumbra con encimeras de cuarzo, placa para salpicaduras y electrodomésticos de acero inoxidable, incluido un refrigerador. Además, ¡la lavadora y la secadora están incluidas para tu comodidad! En el exterior, los nuevos adoquines y el césped del patio delantero mejoran el atractivo exterior, mientras que el nuevo techo con ático sellado con espuma garantiza facturas de electricidad más bajas. Relájate en el amplio patio trasero rodeado de árboles añosos. Perfectamente ubicado en Mesa, disfrute de un fácil acceso a las autopistas, el tren ligero y las instalaciones de entrenamiento de los Cubs. No se pierda esta casa impecable! (Nota: Las imágenes presentan una puesta en escena virtual).

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1502 E Garfield Street Phoenix, AZ 85006

$465,000

3 Beds

2 Baths

1,032 SqFt

Status Active

MLS # 6685102

Property Type Single Family Residence

Price Type --

Beautifully updated 3 bed-2 bath home on spacious lot in Historic Garfield. Walk to vibrant downtown Phoenix restaurants, art, festivals, and more! Natural light floods all rooms creating bright + airy ambience. Home has an open floor plan with high ceilings, split bedrooms, indoor laundry, + all new luxury vinyl plank flooring. Kitchen has freshly painted cabinets, quartz counters, + ss appliances. You can live in an adorable historic home w/ all the modern conveniences. Low maintenance desert landscaping in front. Large backyard provides option for casita or office space for those who WFH. 2016 - roof replaced, HVAC replaced, new Pella windows, updated bathrooms & kitchen. 2024 - all flooring + baseboards replaced, all fresh interior paint, and more. This home is an absolute gem!

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