Case-Shiller: Home Price Growth Slows in May

According to the S&P Case-Shiller 20-City Home Price Index, home price growth in May dropped to a seasonally adjusted annual rate of 5.20 percent as compared to April’s reading of 5.40 percent. Analysts said that low mortgage rates continue to support housing markets, but also noted that affordability due to rising home prices is sidelining some would-be buyers. High demand for homes coupled with slim supplies of available homes have driven prices up for months; analysts said that “tentative signs” of slower gains in home prices were seen.

New Home Sales Hit Highest Level Since 2008

David M. Blitzer, Chairman of S&P Dow Jones Indices, cited high home prices and sales of previously-owned homes as contributing factors to a healthy housing sector. Slower home price growth in high priced metro areas may indicate that home prices are topping out in cities including Los Angeles, San Francisco and Seattle. With home prices out of reach in high demand metros, it’s likely that rampant home price growth seen in recent years will have to slow in spite of pronounced shortages of homes and high demand in many areas.

Building more homes is the only way to combat outsized competition for homes and astronomical home prices. According to the Commerce Department, June sales of new homes jumped to 592,000 as compared to an expected reading of 562,000 and May’s reading of 572,000 new homes sold on a seasonally adjusted annual basis. June sales of new homes were at their highest level since February 2008.

Rising Rents Increase Demand for Homes

The national average price for a new home rose to $306,700 in June, while the supply of available homes sank to 4.90 percent. Real estate pros typically consider a six-month supply of available homes a typical reading. 574,000 new homes were sold in the second quarter of 2016, which was 10 percent higher than the reading of 524,000 new homes sold in the first quarter of 2016.

A report on rental vacancies is due out on Thursday. Rapidly rising rents have recently contributed to higher numbers of first-time buyers looking to buy homes and could continue to strengthen demand for available homes.

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18045 W Avenida Del Sol -- Surprise, AZ 85387

$460,535

4 Beds

3 Baths

2,476 SqFt

Status Active

MLS # 6681312

Property Type Single Family Residence

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Come see this incredible floorplan, MOVE IN READY! An amazing layout with 4 bedrooms plus a loft, and 3 baths. In addition to being energy efficient and a Smart Home, the many upgrades make this one stand out. Great curb appeal, nice size yard great for entertaining. Two-tone paint, 9' ceilings. Beautiful dark cabinets, granite in the kitchen and baths, island, and walk in pantry. Lots of room to cook and move around! !

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17047 W Butler Avenue Waddell, AZ 85355

$460,243

4 Beds

2 Baths

1,897 SqFt

Status Active

MLS # 6660133

Property Type Single Family Residence

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Let the Sabino floor plan welcome you home with ample room for the whole family. With four bedrooms, two bathrooms with a expansive primary bedroom, you're primed to live in domestic bliss. Kitchen features Benton White cabinets with 42″ uppers, Frost quartz counter-tops and Marazzi Artezen backsplash! Tile throughout the home in a Vicinity Natural color! Our High Performance Homes come standard with home automation technology, a Remo Halo Air Purification system designed with you in mind to keep you more comfortable in your new home. This home is conveniently located close to the 303 and northern parkway!

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19610 W Cambridge Avenue Buckeye, AZ 85396

$460,193

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6676082

Property Type Single Family Residence

Price Type --

Explore this must-see Slate home, ready for quick move-in on a homesite boasting front yard landscaping and driveway pavers. Included features: an inviting covered entry; an impressive kitchen layout offering 42'' cabinets, stainless-steel appliances, quartz countertops, a center island and a roomy pantry; an open dining area; a spacious great room; a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a covered patio and a 2-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms.

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2629 S Equestrian Drive Gilbert, AZ 85295

$460,005

3 Beds

2.5 Baths

1,812 SqFt

Status Active

MLS # 6617577

Property Type Townhouse

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Remarkable new 2-story condo offering 3 bedrooms, 2.5 bathrooms, and an attached garage. This Spanish-style property is move-in ready! Located in the Towns of Annecy, home owners enjoy gated access, a community pool and spa, a playground, and walking and biking paths, perfect for taking in the lake views. The condo features designers selections and upgrades throughout including Nutmeg Shaker Winstead stained brown cabinets, a Delta Trinsic Faucet Collection, ''Frost'' Quartz countertops in the kitchen, and Matte Black cabinet and door hardware. The kitchen boasts a stainless GE dishwasher, microwave, and slide in electric range. 6'' x 36'' Floor Tile in the living, kitchen, and dining area in addition to the carpeted bedrooms. Ample storage throughout. Soft water loop pre-plumb only.

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