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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13128 W Avenida Del Rey -- Peoria, AZ 85383

$469,000

3 Beds

2 Baths

2,213 SqFt

Status Active

MLS # 6678584

Property Type Single Family Residence

Price Type --

Gorgeous former model home, clean and move in ready! Upgraded carpet and tile flooring. Kitchen is equipped with granite countertops , large island, gas range, pantry, and extended cabinetry. Living/formal room and Office! Split floor plan, large Primary suite and 3 car Tandem Garage. Refrigerator, washer and dryer convey. Large covered patio and beautifully landscaped front and backyard with great Privacy.

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20100 N 78th Place Scottsdale, AZ 85255

$469,000

2 Beds

2 Baths

1,116 SqFt

Status Active

MLS # 6614306

Property Type Apartment

Price Type --

This 2-bedroom 2 bath home features 1116 sqft of living space and is located on the 3rd floor for great views! Nestled the gated community of Edge at Grayhawk, this property boasts a carport space for your convenience. Inside you'll discover stainless steel appliances, NEW Quartz countertops, and gorgeous custom dark blue cabinets. The bathrooms have been updated and there is an electric fireplace that you can luxuriate by on those chilly nights. You'll simply fall in love when you take in the large balcony with sweeping mountain and pool views. Amenities include 2 pools, lounge, theater, tennis, fitness center and more! Enjoy access to the amenities to the Venu at Grayhawk as well! Live like you're always on vacation!

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17923 W Porter Lane Goodyear, AZ 85338

$469,000

3 Beds

2 Baths

1,735 SqFt

Status Active

MLS # 6621309

Property Type Single Family Residence

Price Type --

Large Corner lot on a Cul De Sac with RV gate. Open floor plan, vaulted ceilings, covered patio, irrigation system front and back, house is conveniently located a block away from South Lake and close to North Lake. 2 members only club houses, with gyms, libraries, restaurant and bars in both club houses as well as yacht club, water park, basket, tennis and volley ball courts. Plenty of biking and hiking trails plus a Golf Course in the community! Stainless steel fridge, range, microwave and dishwasher (BRAND NEW) OWNER IS A LICENSED ARIZONA REALTOR Owner offers $10k towards closing costs

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8011 S 23rd Drive Phoenix, AZ 85041

$469,000

4 Beds

2.5 Baths

2,527 SqFt

Status Active

MLS # 6633722

Property Type Single Family Residence

Price Type --

Builders Model Home and it has lots of upgrades, including a Premium Elevation. Features: Surround sound speakers/recessed upgraded lighting/ceiling fans. Bedrooms have walk-in closets. Kitchen has beautiful cabinets/a large walk-in pantry/hi end appliances with 2 ovens(Convection feature) & there's an island with brick trim. Primary bedroom has a large deep tub with brick accents & a walk-in shower.The backyard has a mature tree that produces limes & lemons and there is a raised garden planter with sprinklers. The 3 car tandem garage has an 8 ft door to accommodate hi profile vehicles. The energy efficient HVAC system has a unique 3 zone feature for your convenie

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42833 W Mallard Road Maricopa, AZ 85138

$469,000

2 Beds

2.5 Baths

1,945 SqFt

Status Active

MLS # 6636635

Property Type Single Family Residence

Price Type --

Split floor plan, 2 bedrooms with ensuites and a den/office/workout room. Kitchen with under-cabinet lights, gas appliances and gas double oven range. Butler's pantry and walk-in pantry, cabinets have crown molding and dual pull-outs. Granite countertops, oversized island with additional storage. Laundry with counter space and cabinets.10' ceilings and 8' doorways. Primary bedroom has an extended bay window bump-out for additional space. Tile flooring throughout the home. Backyard has gated side yards with bunny fencing. Extended pergola patio, with outdoor BBQ. Extended patio with pavers. The home has foam insulation, energy-efficient windows with sun-screens, and a powered attic ventilator. Ceiling fans in all rooms. A 25' extended and insulated garage with sink and 5' storage extension Items to convey - back patio TV, cabinet under back patio TV, covers for both, garage TV and sound bar, King platform bed with mattress in Primary bedroom, and desert scape artwork above bed.

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25615 N Bolero Bend Rio Verde, AZ 85263

$469,000

3 Beds

2 Baths

1,718 SqFt

Status Active

MLS # 6635756

Property Type Townhouse

Price Type --

FURNISHED turn-key townhome with spectacular view of the Mazatzal Mtns.-Four Peaks and the 4th hole of the White Wing golf course. This end unit has great space with 2 bedrooms and 3rd bedroom/Den/Office. Kitchen with casual dining and front patio access. Great room with dining, wood burning fireplace, vaulted ceiling and sliding door access to the back patio and views. Primary suite has walk in shower, soaking tub, dual vanities and walk in closet. Guest bedroom is spacious, guest bath has shower/tub. Den/Office/3rd bedroom gives you options! Back patio with Saltillo Tile and plenty of space to enjoy the views. Wooden shutters in all rooms. 2 car garage and roof recoated Nov. 2023! Move right in and start enjoying the Rio Verde life!

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374 S Verdad Lane Casa Grande, AZ 85194

$469,000

5 Beds

3 Baths

2,725 SqFt

Status Active

MLS # 6655302

Property Type Single Family Residence

Price Type --

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18134 W Maui Lane Surprise, AZ 85388

$469,000

4 Beds

2 Baths

1,737 SqFt

Status Active

MLS # 6645154

Property Type Single Family Residence

Price Type --

Explore this splendid 4-bedroom, 2-bathroom energy-efficient home, boasting impressive curb appeal with a 2-car garage, extended driveway, additional RV parking space, and low-maintenance landscaping. Step inside to find a luminous interior adorned with high ceilings and stylish wood-like flooring throughout. The kitchen is a chef's delight, outfitted with chic countertops, a mosaic tile backsplash, fine wood cabinetry, a central island, and stainless steel appliances. Each bedroom is carpeted for comfort and includes a ceiling fan, with the primary suite boasting a walk-in closet and an en-suite bathroom. The backyard is an oasis, featuring a covered patio, a a shimmering swimming pool, well-maintained landscaping, grass, and an expansive patio ideal for sunbathing.

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5603 N Wilshire Drive Williams, AZ 86046

$469,000

3 Beds

2 Baths

1,590 SqFt

Status Active

MLS # 6656887

Property Type Single Family Residence

Price Type --

Energy efficient mountain home on a treed acre with views, just North of I-40 on the way to the Grand Canyon. Temperature controlled 2 car garage, huge loft bedroom, large kitchen and two more bedrooms and a great room complete the house. Vaulted ceilings, clerestory windows up top. Grounds include a deck shaded in the summer, patio, even a play house for little ones. Passive heating and dual paned windows make this super efficient in the Winter. 7000 foot elevation makes it cool in the summer. Small changes will make it your own! Make it your retreat, or make it your vacation rental to help pay for it. Call for more information.

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13137 W Stella Lane Litchfield Park, AZ 85340

$469,000

4 Beds

2 Baths

2,040 SqFt

Status Active

MLS # 6662083

Property Type Single Family Residence

Price Type --

Check out this great 4-bedroom, 2-bath home situated in a welcoming community with an excellent location. This well-maintained property showcases a low-maintenance backyard, a newer AC unit, and water heater. Smoke/Pet Free, with a spacious 3-car garage, the residence offers both practicality and style. Its proximity to schools, restaurants, and shopping centers enhances the convenience of modern living, making it an ideal choice for homeowners seeking comfort and accessibility.

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6919 E Boise Street Mesa, AZ 85207

$469,000

3 Beds

2.5 Baths

2,220 SqFt

Status Active

MLS # 6670863

Property Type Single Family Residence

Price Type --

Embark on suburban magic in Mesa, AZ, with this 3-bed, 2.5-bath solar-powered gem! Spanning 2200 sq ft, revel in sleek tile on the main floor, a chef's kitchen, and a master suite fit for royalty. Step into an eco-luxury paradise inside and a solar-powered sanctuary outside. Seize the keys to this stylish, sustainable dream in the heart of suburbia!

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5414 W Desert Cove Avenue Glendale, AZ 85304

$469,000

3 Beds

2 Baths

1,656 SqFt

Status Active

MLS # 6680434

Property Type Single Family Residence

Price Type --

Beautiful remodeled home in a great neighborhood! Home comes with an Open floor plan with a spacious kitchen with all new cabinets. Stunning remodeled master bathroom with beautiful vanities and large walk in shower. New Carpet in the bedrooms and new Luxury vinyl throughout high traffic areas of the house. Upgraded fixtures along with Delta Faucets throughout! Large, beautiful backyard with a pool and new grass area. Property comes with a two car garage and a new roof. Must see home!

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