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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16158 W Alameda Road Surprise, AZ 85387

$514,056

3 Beds

3 Baths

2,167 SqFt

Status Active

MLS # 6637425

Property Type Single Family Residence

Price Type --

THIS BEAUTIFUL , BRIGHTGREAT ROOM PLAN ,IS READAY FOR MOVE IN!! 3 BEDROOM PLUS DEN , 3 BATH ,, 9'CEILING, GOURMET KITCHEN LAYOUT, UPGRADE CABINET , GRANITE KITCHEN TOPS, SPA SHOWER, LUXURY VINYLFLOORING.,2'WHITE BLINDS, CEILING FANS , FRONT YARD LANSCAPING COMPLETED, ENERGY STAR QUALIFIED HOME, INDOOR AIR PLUS. A SHORT DISTANCE FROM THE COMMUNITY POOL AREA, PICNIC AREA, TOT LOTS, BASKETBALL, PICKLE BALL COURTSAND SO MUCH MORE.

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19030 N Welk Drive Sun City, AZ 85373

$514,000

3 Beds

2 Baths

1,673 SqFt

Status Active

MLS # 6678232

Property Type Single Family Residence

Price Type --

NEW ROOF, NEW ANDERSON WINDOWS, DETACHED GARAGE, NEW WATER HEATER, CUSTOM RV GATE, HUGE LOT, UPDATED KITCHEN, UPDATED BATHROOMS, NEW FLOORING, NEW PAINT, NEW GARAGE DOOR, LARGE ARIZONA ROOM, BEAUTIFUL LANDSCAPING! The list goes on and on with this beautiful, move-in ready home! This Phase 3 H767 Model boasts 3 spacious bedrooms and 2 bathrooms, a large living area that steps out onto a screened Arizona room. The beautifully updated kitchen shows off GRANITE countertops, newer appliances & updated finishes. Enjoy your expansive, COMPLETELY WALLED LOT offering a large paved side yard with RV gate and custom detached garage! You have to see this home to appreciate all it has to offer! Situated across the street from one of Sun City's many golf courses. Come make Sun City your home!

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7309 N 6th Way Phoenix, AZ 85020

$514,000

3 Beds

2 Baths

1,700 SqFt

Status Active

MLS # 6680874

Property Type Townhouse

Price Type --

Absolutely move-in ready, boasting features such as an owned alarm system, updated bathrooms with granite counters, water softener, ext paint done in 2023, 5-year roof warranty, lifetime warranty on windows & 2-car garage. Meticulously maintained single-level townhouse offers effortless indoor and outdoor living, perfect for quality family time and entertaining. Surrounded by lush greenery, it's situated near shopping, dining, schools, hiking trails, and freeways, all within the sought-after Madison school district. Upon entering, you're welcomed by the inviting ambiance of a cozy fireplace, vaulted ceilings, & an 8-foot Anderson Patio Door that floods the spaces with natural light.

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5606 W Carson Road Laveen, AZ 85339

$513,000

4 Beds

3 Baths

3,098 SqFt

Status Active

MLS # 6687263

Property Type Single Family Residence

Price Type --

You'll LOVE this magnificent gated two-story home now available! This beauty flaunts striking stone accents, a 3-car garage, and a well-maintained front yard with trees. The inviting interior highlights a well-sized living/dining room, tall ceilings, a soothing palette, tile floorin, in all the right places, & bountiful natural light. The sun-filled open layout has an entertainment niche, a warm fireplace, & sliding glass doors to the backyard. Gourmet kitchen is fully equipped with a gas cooktop, wall ovens, recessed lighting, granite counters, a pantry, a bright breakfast nook, & an island with a breakfast bar. Discover a sizable loft upstairs ideal for a hobby space. Double doors open to the grand main suite, offering balcony access, a full ensuite with dual vanities, & a walk-in closet. Relax on the airy balcony or under the covered patio in the backyard while drinking your favorite beverage! This incredible opportunity awaits you!

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7262 E Ivyglen Street Mesa, AZ 85207

$513,000

3 Beds

2 Baths

1,522 SqFt

Status Active

MLS # 6703935

Property Type Single Family Residence

Price Type --

Discover your dream home in this highly sought-after 3-bedroom, 2-bathroom sanctuary nestled in the perfect location. Boasting a single-level layout, this move-in ready abode welcomes you with fresh carpet and paint, offering a canvas ready for your personal touch. Say goodbye to HOA fees and revel in the freedom of homeownership without restrictions. With schools, shops, parks, and the convenience of the 202 just moments away, every essential is within reach. Whether you're seeking tranquility or vibrant community life, this residence caters to your lifestyle desires. Step into spacious living areas flooded with natural light, perfect for both relaxation and entertainment. The well-appointed kitchen beckons with modern amenities, making culinary adventures a joy. Retreat to the serene bedrooms for restful nights, each offering ample space and comfort. Outside, a private backyard oasis awaits, ready for al fresco dining or peaceful moments amidst nature's embrace. With no shortage of charm and functionality, this home is an idyllic haven for families, professionals, or anyone craving the quintessential suburban lifestyle. Seize the opportunity to make this gem yours and embark on a new chapter of effortless living. Don't miss out on the chance to call this prime property home sweet home. Let this residence become the backdrop to your fondest memories.

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16624 E Gunsight Drive Fountain Hills, AZ 85268

$512,900

3 Beds

2.5 Baths

1,957 SqFt

Status Active

MLS # 6605861

Property Type Townhouse

Price Type --

GREAT NEW PRICE!! One of a kind property you won't want to miss! Recently refreshed/Great location & views w/e-z walk to Fountain, shops, & restaurants. A rare opportunity to own this private, spacious end unit w/nearly 2000 sq ft & large 2-car garage w/storage. Main-level master en suite, large great rm w/vaulted ceilings & beehive fireplace, 1/2 bath on main level, nice kitchen w/pantry & SS appliances (fridge & W/D new in 2022), & full laundry rm off kitchen. Upstairs, 2 beds, full bath & two large balconies. 3 great outdoor spaces in total for this unit provides views of Four Peaks, Fountain, and Red Rock to enjoy AZ sunsets all around! Plus huge pet-friendly, fully enclosed outdoor yard & common area w/pool & spa. Possible temp. RV parking next to unit. Ready for immediate occupancy.

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1637 Camino Cangrejo -- Rio Rico, AZ 85648

$512,500

3 Beds

2 Baths

2,177 SqFt

Status Active

MLS # 6687142

Property Type Single Family Residence

Price Type --

Beautiful hillside home with stunning views of the Rio Rico valley. This home has many custom touches inside and outside. From the mesquite breakfast bar, copper overlay counters & copper sink in the kitchen; to the custom medal doors & exterior metal artwork. This is a must see if you are looking for paradise on a hillside.

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16948 W Palm Lane Goodyear, AZ 85395

$512,500

2 Beds

2 Baths

1,655 SqFt

Status Active

MLS # 6692693

Property Type Townhouse

Price Type --

*FULLY FURNISHED* Explore luxury living in this excellently appointed 2 bedroom + Den, 2 bathroom Villa, nestled in the prestigious Pebble Creek community, just 2 blocks away from the refreshing Oasis Pool Complex . Enjoy resort-stye amenities, such as 3 Golf Courses, 36 Pickleball Courts, 3 Pools and 2 Club Houses that are equipped with state of the art Fitness Centers. Immerse yourself in comfort and conveniences with this spacious open concept floor plan, that is perfect for entertaining. Modern furnishings and beautiful designer touches throughout include Quartz Countertops, Hardwood Flooring in the owners suite and den, Stainless Steel Appliances, Shutters at all the windows, Water Softener and R/O System. The 2 car garage is expanded with plenty of room to park. Relax on the secluded and charming back patio that's equipped with outdoor TV, the perfect retreat after a day of enjoying all that Pebble Creek has to offer

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20116 W Exeter Boulevard Buckeye, AZ 85396

$512,093

4 Beds

2 Baths

2,370 SqFt

Status Active

MLS # 6672187

Property Type Single Family Residence

Price Type --

Explore this impressive Raleigh home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: a welcoming covered porch; a bedroom and bathroom in lieu of a study and powder room; a gourmet kitchen offering a double oven, 42'' cabinets, stainless-steel appliances, quartz countertops, a walk-in pantry and a center island; 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 storage area; a covered patio and a 2-car garage. This home also offers additional windows and ceiling fan prewiring in select rooms as well as airy 10' ceilings throughout.

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7151 E Rancho Vista Drive Scottsdale, AZ 85251

$512,000

1 Bed

1 Bath

806 SqFt

Status Active

MLS # 6699866

Property Type Apartment

Price Type --

luxury living in this stunning first-floor unit, boasting a sprawling patio that is sure to take your breath away. This gem is nestled just steps away from the renowned Fashion Square mall, the charming Old Town, the picturesque waterfront canal, and plenty of upscale dining options. Dive into sheer indulgence with not one, not two, but three heated pools and spas, including an indoor lap pool for year-round enjoyment. Your furry companions will delight in their very own private dog park.Fitness enthusiasts will be in paradise with access to a 24,000 square foot state-of-the-art fitness center, complete with the latest equipment for all your workout needs HOA fees cover a range of amenities and services, including cable TV, water, sewer, gas, on-site concierge, business center, security, blanket insurance policy, and exterior window washing.

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2201 E Brigadier Drive Gilbert, AZ 85298

$512,000

3 Beds

2 Baths

1,597 SqFt

Status Active

MLS # 6702916

Property Type Single Family Residence

Price Type --

Welcome to this charming home. This is a well-maintained home located in beautiful Adora Trails. This is a must-see home which includes: refrigerator, micro-wave, dishwasher, granite counter tops, custom cabinets, home entertainment Nitch, soft water unit, washer/dryer, security system, wired for surround sound, ceiling fans, mirrored closed doors, walk-in master bedroom closet, workshop with custom cabinets, 2-1/2 car garage, RV gate. The backyard is a wonderful place to relax and enjoy the built-in gas barbecue, firepit with plenty of seating area, concrete walkways, extra patio area, mature plants and synthetic grass. Don't miss enjoying the community pool and the in-door/ out-door recreation facilities. Great place to have fun with family and friends. Seller concessions up to $3,500.

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5220 W Hartford Avenue Glendale, AZ 85308

$512,000

4 Beds

2.5 Baths

2,054 SqFt

Status Active

MLS # 6704494

Property Type Single Family Residence

Price Type --

4 Bedrooms + loft in highly desirable area Large corner lot with mature trees and plants. One bedroom has been converted to office . Kitchen has island, custom counter tops and maple cabinets. Custom built-in cabinets in office & loft. Master bedroom has balcony access. Newer floor tiles in master bathroom, separate shower & tub. Security system. Newer dishwasher & disposal. Freshly painted interior. Cabinets in garage. Washer-dryer included. A must see. Close to shopping, schools & freeway..

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