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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174 E Palomino Way San Tan Valley, AZ 85143

$459,900

4 Beds

2 Baths

1,921 SqFt

Status Active

MLS # 6689071

Property Type Single Family Residence

Price Type --

Beautiful single-story home in golf course Community, Johnson Ranch. Kitchen upgraded with granite Counters & backsplash. Brand new luxury vinyl through the home. Neutral wall colors, Large RV gate, 2 car garage. Backyard features a large oversized lot with a beautiful sparkling pebble tech pool. Lots of amenities in the area including Community Heated Pool and Spa, Tennis & Pickleball Courts, Walking Paths and Playgrounds plus Pitch & Putt course. ,

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26310 N 131st Drive Peoria, AZ 85383

$459,900

3 Beds

2 Baths

1,820 SqFt

Status Active

MLS # 6690392

Property Type Single Family Residence

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Welcome to Rancho Cabrillo Subdivision in North Peoria, nestled between Lake Pleasant and the White Tank Mountains where the sunset glow dances across the natural beauty of the Arizona desert landscape. With 1820 sq. ft. of interior living space, 3 BED + Office/Den, 2 Baths and a 2 CAR Garage. Open concept main living area, crisp light gray color pallet with white trim and doors. Stylish multi-color wood look plank ceramic floors that compliment any decorating style. Open concept kitchen, dark espresso cabinets, black/white granite countertops, pendant lighting, stainless steel appliances package and a walk-in pantry for all your storage needs. Open master suite with updated ceiling light/fan fixture and can lighting. Master Bath features double sinks, a large tiled shower with seating and a walk in closet. 2 additional bedrooms, a full bath plus a spacious front Office/Den, that makes a great flex space for work, family or guests. Step out back and take a deep breath, property backs up to a green space, low maintenance with a paved covered patio and seating area, green space for pets or games. Neighborhood mountain views, close proximity to 303 freeway access, 10 minutes to TSMC, shopping, dining, entertainment, health care, and less than 20 min. away from beautiful Lake Pleasant Regional Park.

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8534 E Navarro Avenue Mesa, AZ 85209

$459,900

3 Beds

2 Baths

1,729 SqFt

Status Active

MLS # 6693497

Property Type Single Family Residence

Price Type --

Beautiful 3 bedroom home plus a den in great neighborhood! You get Gilbert's great Schools but pay Mesa's low taxes! Amazing kitchen has granite countertops, double ovens, gas cook top, white painted raised panel staggered cabinets, built in micro & under cabinet lighting. Home has beautiful wood tile flooring throughout, upgraded baseboards, NEW DUAL PAINE VINYL WINDOWS 2019, high end Pella double doors with built in blinds, ceiling fans, canned lights, neutral paint, vaulted ceilings. Open & spacious floorplan! Den could easily be used as 4th bedroom. Great backyard with covered patio, 3 citrus trees (lime, lemon & grapefruit) & large grassy play area. Great location just down the street from a large park, super close to both the 202 & US 60 freeways & plenty of shopping/entertainment!

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864 S 80th Street Mesa, AZ 85208

$459,900

3 Beds

2.5 Baths

1,984 SqFt

Status Active

MLS # 6684531

Property Type Single Family Residence

Price Type --

Welcome Home! Beautiful Home in Fountain of the Sun in a Gated Active Adult Community in Mesa, Furnished, 3 Bedroom 2 1/2 Bath, Updated Kitchen w/ Soft Close White Cabinetry, Large Pantry Area, Granite Counters and Stainless Appliances, Large Open Floor Plan with Tile Flooring , Primary Bedroom w/Walk-In Closet, French Doors & Updated Bathroom w/ Walk-In Shower, 2 Guest Bedrooms w/ Updated Guest Bathroom w/ Walk-In Shower, Carpet in the Bedrooms, Large Laundry Area w/ Wash Sink and 1/2 Bath, Storage Room, Updated Dual Pane Windows, New Roof (2019), New Water Heater (2024), Beautiful Covered Back Patio Area (10' by 30'') with Fenced in Yard Great for Entertaining, Terrific Front Courtyard!

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