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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1 E Lexington Avenue Phoenix, AZ 85012

$549,000

2 Beds

2 Baths

1,261 SqFt

Status Active

MLS # 6684019

Property Type Apartment

Price Type --

Experience urban living at its finest at One Lexington! With 180 degrees of city/mountain views and within a few easy steps of the light rail this loft style 2 bedroom/2 bath luxury high-rise condo will not disappoint! Featuring an open floor plan with floor to ceiling windows to capture the views, wood and tile flooring throughout, quartz countertops, stainless steel appliances, flex/office space, and lots of storage. Community amenities include a 24 hour fitness center, heated pool and spa, BBQ grill stations, TV-equipped cabanas, extra storage locker, club room, bark park, bike storage room, EV charging, and front desk concierge service.

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10114 E Tiger Lily Avenue Mesa, AZ 85212

$549,000

2 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6687249

Property Type Single Family Residence

Price Type --

Gorgeous split floor plan in the beautiful community of Encore at Eastmark. You will love the pavered driveway and sidewalk leading to the entrance of the home. Home features a beautiful kitchen with Walk-in Pantry, Granite Counters, Large Island w Pendant Lights, Extensive Birch Cabinets w Stainless Steel Appliances. Kitchen opens to eating area & large family room. Very nice sized primary bedroom w big walk-in closet and large walk-in shower w bench. 2nd BD and den/office area are in the front of the home for more privacy from guests. The backyard is just beautiful w easy care landscaping. Exterior of Home just freshly painted March 2024. Encore is a beautiful active adult community w/many amenities including walking paths, a state of the art club house, workout facility, tennis, ...... pickleball, bocci ball, heated pool & spa. You will love your new home!

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2511 W Queen Creek Road Chandler, AZ 85248

$549,000

2 Beds

2 Baths

1,459 SqFt

Status Active

MLS # 6690928

Property Type Apartment

Price Type --

Resort living at its best! Enjoy the tranquility and security of condo living in the heart of Ocotillo surrounded by fountains, lakes, and restaurants within walking distance. This highly upgraded 2+ den plus flex space for offices, is light, bright, and open to the living area with private balcony. Owner has added many conveniences - sliders in kitchen & primary bath, organizers in primary and laundry, electric shades in living room for sliding door and blackout shades in both bedrooms. This East facing unit gets lots of light! Patio is tiled as well as kick wall of breakfast bar. FYI - Kitchen table light does not convey. Bring your fussiest buyer!

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9414 S 47th Place Phoenix, AZ 85044

$549,000

2 Beds

2 Baths

1,518 SqFt

Status Active

MLS # 6699575

Property Type Townhouse

Price Type --

Don't miss out on this stunning 2 bed, 2 bath single level home nestled in the resort-style community of Pointe South Mountain. Step inside to discover a plethora of upgrades, including engineered hardwood floors, a remodeled kitchen with granite counters, stainless steel appliances, including a double oven and soft white cabinets. Throughout the home, shutters add a touch of elegance and privacy. The master bathroom features a Pottery Barn marble vanity, separate tub and shower. The guest bath features a beautiful travertine walk-in shower, vanity with a bowl sink, and sconce lighting. Step into paradise in the private backyard oasis, where an extended travertine tile patio overlooks lush artificial grass which creates a serene and private retreat or relax in the community pool & spa. Residents have access to the community pool and spa, Arizona Grand Golf Course, and hiking trails, providing endless opportunities for recreation and relaxation. Don't let this opportunity slip away! Come experience the epitome of resort-style living!

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18225 W El Caminito Drive Waddell, AZ 85355

$549,000

3 Beds

2 Baths

2,144 SqFt

Status Active

MLS # 6693821

Property Type Single Family Residence

Price Type --

Introducing El Caminito! An extended length 3-car garage, gorgeous views & OWNED SOLAR (which helps save on energy costs)! This move-in ready home boasts a desirable split floor plan, offering both privacy & convenience. The bathrooms & kitchen have been beautifully remodeled, adding a touch of elegance to the home. One of the standout features of this over 10,000 sq. ft property is the unobstructed White Tank Mountain Views! The oversized lot provides ample space for outdoor living, activities & multiple mature fruit trees for the gardener enthusiast. Imagine waking up to the breathtaking mountain views right from the comfort of your own home. Watching the sunset will become an every night ritual as you capture the orange, pink & blue open skies. Welcome Home to El Caminito in Waddell.

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10346 E Jerome Avenue Mesa, AZ 85209

$549,000

3 Beds

2 Baths

2,511 SqFt

Status Active

MLS # 6694379

Property Type Single Family Residence

Price Type --

Welcome to this charming single-level home, boasting three spacious bedrooms and showcasing impeccable condition throughout. As you step inside, you're greeted by a warm and inviting atmosphere, filled with natural light that enhances the elegant interior. The open floor plan seamlessly connects the living room, dining area, and kitchen, providing an ideal space for both entertaining guests and daily family gatherings. Outside, the beautifully landscaped yard provides a serene oasis, complete with lush greenery and a patio area, perfect for enjoying morning coffee or evening gatherings. Located in a desirable neighborhood.

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342 W Beechnut Place Sun Lakes, AZ 85248

$549,000

2 Beds

2 Baths

2,304 SqFt

Status Active

MLS # 6686725

Property Type Single Family Residence

Price Type --

Expanded popular Palmera model w/split bedrooms in the desired active adult community of Ironwood in Sun Lakes. This unique home has a 400sf bonus room addition, perfect for a game room, with heat and AC, new carpet, and tons of windows. Kitchen has maple cabinets, island with induction range top, newer SS appliances, and a cute breakfast area. Great room with vaulted ceilings. Spacious master suite with bumped out bay windows, custom niches, walk-in shower with glass brick wall, dual sinks and an amazing walk-in closet. Large laundry room with newer W/D and a lot of cabinets. Guest bath with walk-in tub. Extended garage. Unique corner lot with potential for golf course views. Start enjoying IronOaks with its many amenities like golf, tennis, pickleball, pools, restaurants & many clubs.

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2505 E Summit Avenue Prescott, AZ 86303

$548,999

2 Beds

2 Baths

1,734 SqFt

Status Active

MLS # 6693890

Property Type Single Family Residence

Price Type --

WOW! Welcome to this charming home on 2-acres in the Hassayampa mining district. A stunning turn-key home that has been totally upgraded in 2023. It features soaring vaulted ceilings, a spacious greatroom, a wood-buring fireplace that gives a warm and inviting ambiance, a rustic, charming kitchen with granite countertops and a large island, 2 owner suites, a loft bedroom that could easily be converted to 2 bedrooms, 2 full baths, a one-car tandem garage, and a large storage shed. An expansive Trex deck wraps around 2 sides of the house, offering spectacular views that will take your breath away. Surround yourself with nature and own your private forest retreat, nestled in the magnificent Pandersora Pines. Barely been lived in. PIRCE TO SELL! MUST SEE THIS ONE!!!

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40338 W Michaels Drive Maricopa, AZ 85138

$548,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6695462

Property Type Single Family Residence

Price Type --

The ranch-style Cassandra plan showcases 10-foot ceilings throughout the open layout with a great room, a breakfast nook and a large gourmet kitchen. The owner's suite is adjacent, and boasts a generous walk-in closet and an attached bath with a large walk-in shower. Two additional bedrooms flank a full bath, and the nearby private study with French doors.

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40322 W Michaels Drive Maricopa, AZ 85138

$548,995

5 Beds

3 Baths

3,000 SqFt

Status Active

MLS # 6695699

Property Type Single Family Residence

Price Type --

The main floor of the Yorktown was designed for entertaining, offering an expansive great room, an open dining room overlooking a covered patio and backyard. A gourmet kitchen with a large center island, built in wall microwave/oven combination, gas cooktop, and walk-in pantry awaits the inner chef. Enjoy Arizona sunsets in the morning room surrounded by windows, right off the kitchen. The 3-car garage leads to a convenient mudroom with walk-in closet, a full bath, and a bedroom perfect for overnight guests. On the second floor, there's an immense loft surrounded by three bedrooms(one includes a walk-in closet!), a shared bath, a large laundry room and an owner's suite with a deluxe bath including a large walk-in shower and spacious walk-in closet.

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13640 W Banff Lane Surprise, AZ 85379

$548,900

3 Beds

2 Baths

2,261 SqFt

Status Active

MLS # 6702275

Property Type Single Family Residence

Price Type --

Welcome to this charming single-level home with a pool in the desirable Litchfield Manor! Gorgeous kitchen with quartz counter tops, a large kitchen island, double ovens, gas cook top, a deep double SS sink and a gigantic walk-in pantry. A tremendously large master bedroom with private door to the patio and en suite that has a new custom tile shower, quartz double vanity, walk-in closet. The sparkling waterfall pebble tec pool with a large a Baja step is ready for summer fun! This corner lot offers privacy on one side and the back of the home. You'll love this immaculate home in neutral colors. It's the Perfect Family Home is close to schools, shopping and dining. The house has natural gas for the furnace, cooktop and hot water tank. The laundry room hook-up for the dryer is set up for either gas or electric. Large den for your office. Workbench in garage. Paved side yard. Don't miss the chance to make this your new home!

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610 E Royal Palm Square Phoenix, AZ 85020

$548,888

2 Beds

2 Baths

1,578 SqFt

Status Active

MLS # 6677050

Property Type Single Family Residence

Price Type --

Welcome to this delightful patio home nestled in the heart of Central Phoenix with a convenient location close to fabulous dining. This meticulously updated residence offers an inviting atmosphere and stylish upgrades throughout. As you step inside, you're greeted by an airy and bright living space adorned with tasteful finishes. The focal point of the home is the kitchen, boasting luxurious quartz countertops that effortlessly blend style with functionality. Custom cabinets provide ample storage, while dark stainless steel appliances add a touch of sophistication to the culinary space. The home features updated bathrooms, from sleek vanities to designer tiles, every detail has been carefully curated to elevate your daily routine. Low-maintenance patio for outdoor enjoyment.

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