S&P Case-Shiller: Home Prices Gain in August

Home prices gained in August per the 20-City S&P Case-Shiller Home Price Index. Analysts said that home values continue to expand in spite of challenges including low inventories of available homes and strict mortgage qualification requirements.

National Home Price Index Near 2006 Peak

According to the national Case-Shiller Home Price Index, August home prices are 0.10 percent below their 2006 peak and all metro areas in the 20-City Home Price Index posted gains. Top gains in the 20-City Home Price Index were posted by Portland, Oregon with a year-over-year gain of 11.70 percent, Seattle, Washington home prices gained 11.40 percent and Denver, Colorado home prices gained 8.80 percent year-over-year.

All metro areas included in the 20-City Index posted year-over-year gains in excess of one percent. New York City had the lowest year-over-year price gain with a year-over-year reading of 1.70 percent in August. Washington, D.C. home prices rose 2.30 percent year-over-year. Home prices in the Cleveland, Ohio metro area increased by 2.90 percent year-over-year.

New Housing Bubble Unlikely

With home price gains close to peak prices seen before the housing bubble burst, concerns may arise over the potential for a new housing bubble to occur in coming months. Analysts say this is unlikely as home buyers are not taking out extreme levels of mortgage debt seen at the onset of the Great Recession. David M. Blitzer, chairman of the S&P Index Committee, said “There is no reason to fear another massive collapse is around the corner. The run-up to the financial crisis was marked with both rising home prices and rapid growth in mortgage debt.”

Possible Fed Rate Hike Won’t Cause Mortgage Rates to Explode

The Federal Open Market Committee of the Federal Reserve is expected to raise the Fed’s target federal funds rate in December. This action will lead to interest rate increases for consumer credit and mortgages, but not at levels that would make mortgage loans suddenly unaffordable. While gradual increases in federal interest rates would cause mortgage rates to rise over time, market conditions and related factors could potentially cause home prices to slow or even dip in some areas. Regional influences including employment and demand for homes are examples of factors contributing to home price growth or decline in specific areas.

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9555 E Raintree Drive Scottsdale, AZ 85260

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$460,000

3 Beds

2 Baths

1,509 SqFt

Status Active

MLS # 6692236

Property Type Apartment

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Second floor corner unit in an excellent Scottsdale location! The gated community of Ladera Vista is conveniently located near restaurants, shops, and much more! A spacious home with lots of natural light! Updated with newer vinyl floors in the family room and office/third bedroom, newer stainless steel appliances in the kitchen, and not one, but two covered patios to relax on. Primary and second bathroom both have updated vanities and fixtures. When you're not inside, take advantage of the heated community pool and spa all year long!

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7746 E Olla Avenue Mesa, AZ 85212

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$460,000

3 Beds

2 Baths

1,438 SqFt

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MLS # 6692471

Property Type Single Family Residence

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Welcome to your dream home! Nestled in a prime location with convenient access to the 202 and 60 freeways, this property offers both accessibility and charm. Two tone paint throughout home. Step into the beautifully updated kitchen, featuring a quartz island, new shaker cabinets, and a stylish backsplash—a chef's delight! The spacious dining area with a fire place is perfect for hosting gatherings. Spacious Master suite and beautiful bath to retreat for relaxation. Outside, the low-maintenance backyard boasts a built-in gazebo, ideal for alfresco dining or unwinding. Experience comfort, convenience, and modern living in this Mesa gem!

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6734 E Rosedale Street Mesa, AZ 85215

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$460,000

3 Beds

2 Baths

1,500 SqFt

Status Active

MLS # 6693557

Property Type Single Family Residence

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This move-in ready gem offers 3 bedrooms and 2 baths, awaiting your personal touch to make it your own! Nestled in a prime location close to schools, shopping, walking trails, entertainment, and with easy freeway access, convenience is at your doorstep. Outside, the backyard oasis beckons with an extended patio adorned with pavers, mature landscaping and garden.

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18475 W Sunrise Drive Goodyear, AZ 85338

$460,000

4 Beds

2 Baths

2,563 SqFt

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MLS # 6550951

Property Type Single Family Residence

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BEAUTIFUL!!!!!! DONT MISS IT!!!!!!!!!!4 Bedrooms + Bonus Room, Kitchen has Granite Counter Tops, Built Microwave ,Dishwasher, Pantry, Fireplace for those cold winters , Dining in Kitchen , Formal Dining Room ,Living Room with Laminated Floor, 3 Bedrooms, Master Bedroom , has separated exit ,Full Bathroom, Double sink, Private Toilet Room , Spacious Wak-in Closet, Shower and Tub , includes additional space that can be used as a nursery room or as an Office, Laundry Room, Double Sink on 2nd Bathroom, Garage with a lot of Cabinets for storage, Back yard ready for your unique and beautiful ideas.

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