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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1635 W Dunbar Drive Phoenix, AZ 85041

$510,000

5 Beds

3 Baths

2,755 SqFt

Status Active

MLS # 6689208

Property Type Single Family Residence

Price Type --

Check out the biggest house on the block! 5 bedrooms 3 baths plus 2 bonus rooms that can be used as bedrooms/office spaces/playrooms/storage. Open concept kitchen with stainless steel appliances, walk in pantry and a generous living room. Upstairs you will find a large loft, the laundry room, master bedroom with a full bath and walk in closet and 3 spacious bedrooms. RV gate entrance and a low maintenance huge backyard. Great opportunity for big families, for nursery home care or airbnb.

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4754 E Eden Drive Cave Creek, AZ 85331

$510,000

2 Beds

2 Baths

1,454 SqFt

Status Active

MLS # 6692572

Property Type Single Family Residence

Price Type --

Charming Gated Tatum Village! This Patio Home has been lovingly cared for -Turn Key READY Spotless 2 Bedroom 2 Bath with 2 car garage. Cabinets throughout refinished in 2022, guest bath Custom Shower 2022, AC 2016, Beautiful Security Door 2022, Washer/Dryer 2022, Water Heater, Instant Hot Water, Exterior Paint, Garbage Disposal, Microwave all in 2021. The list goes on -Eat in Kitchen features Stainless Appliances, Granite Counters. Flat roof just recoated 2023-Community offers Walking Trail, Heated Pool and Spa, Tennis Courts. Termite warranty - Minutes from Shopping, Golfing, Hwy 101, Desert Ridge and City North. Shows Beautifully!!! Funishings included in the sale.

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914 W Loughlin Drive Chandler, AZ 85225

$510,000

3 Beds

2 Baths

1,480 SqFt

Status Active

MLS # 6699972

Property Type Single Family Residence

Price Type --

New Remodel Home!!! Available For Immediate Move In!! This Delightful, Adorable & Warm Home Located In An Quiet Neighborhood Community of North Chandler, Also It Conveniently Close to Golf Lands, Parks, Lots of Shopping & Dining Options and Easy Access Main Freeway I-10,101 & 60. This 3bed/2bath/2car Garage Property With Split Bedroom Floor Plan And A Large Backyard Plus RV Parking Spot. Many Upgrades Like: New Kitchen, New Flooring, New Interior Painting, New Appliance, New Lighting, New Roofing in 2022, etc... . Kitchen Opens to the Great Room With a large Patio Door Overlooking The Backyard. Front Room Can Be Used As A Home Office Or Formal Dining Room. Quick Come to Check Before it's Gone!!

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3648 E Caleb Way Gilbert, AZ 85234

$510,000

3 Beds

2 Baths

1,884 SqFt

Status Active

MLS # 6700813

Property Type Single Family Residence

Price Type --

Welcome home to this stunning 3-bedroom gem in the coveted Carol Rae Ranch community of Gilbert, where luxury meets comfort. This single-level residence offers both space and functionality, with 2 additional rooms providing endless possibilities for a 5-bedroom setup, a home office, workout area, or cozy den. Step outside into your own private oasis, complete with a sparkling pool, perfect for cooling off on hot Arizona days. Embrace the ease of desert living with front and back covered patios and low-maintenance landscaping, ideal for outdoor entertaining or simply unwinding in tranquility. Inside, the spacious floorplan boasts natural light, creating an inviting ambiance throughout. The kitchen is a chef's delight with newer appliances, ample cabinets, and a convenient breakfast bar for casual dining. Retreat to the main bedroom suite, where a luxurious walk-in closet, upgraded dual sink vanity, large oval tub, separate shower, and enclosed toilet area await your indulgence. With desirable North/South exposure and a 2.5 car garage providing ample storage, this home offers both comfort and convenience.

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3935 E Rough Rider Road Phoenix, AZ 85050

$510,000

2 Beds

2 Baths

1,696 SqFt

Status Active

MLS # 6702219

Property Type Townhouse

Price Type --

Welcome to a wonderful home located in the gated community. Two bedroom plus a bonus room or den off the primary bedroom. This luxurious residence offers a cozy ambiance with a traditional fireplace in the living room. The neutral color paint scheme adds elegance to the rooms, complemented by fresh interior paint for a polished look. The kitchen is a gourmand's delight with stainless steel appliances and sleek cabinetry. The primary bedroom features a spacious walk-in closet for seamless organization, and the primary bathroom features double sinks a separate tub and a shower for a spa-like experience. The Aviano community is fully equipped with a fitness center, multiple pools, basketball/volleyball courts. Close to Desert Ridge dining & Shopping & easy access to major freeways, 101 & 51.

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6411 S River Drive Tempe, AZ 85283

Open House

$510,000

2 Beds

2.5 Baths

2,589 SqFt

Status Active

MLS # 6646043

Property Type Townhouse

Price Type --

Introducing an extraordinary new listing in the highly coveted city of Tempe, AZ! Nestled amidst million-dollar homes, these exclusive townhomes are a rare find, offering a lifestyle of unparalleled convenience. Conveniently located near Loop 101, this residence is surrounded by a wealth of shopping & dining options. Explore the renowned Chandler Fashion Center, take a short drive to the vibrant Tempe Marketplace, or enjoy the scenic beauty of Tempe Town Lake. Outdoor enthusiasts can tee off at the Dobson Ranch Golf Course or Ken Macdonald Golf Course, & there's easy access to amenities near ASU. Plus, indulge in culinary delights at Whole Foods & Hash Kitchen just minutes away! This uniquely designed townhome boasts a prime location overlooking the community courtyard & fountain. Downstairs, the living quarters exude elegance with timeless saltillo tile, 12+ foot ceilings, a fireplace, a spacious living room & half bathroom. Multiple access points lead to the backyard patio, adorned with stone-like floors & a variety of seating areas. Ascend the spiral staircase to the upstairs living quarters, featuring a thoughtfully laid out split floor plan with two ensuite bedrooms. Both bedrooms have their own private balconiesone overlooking the courtyard & water feature for breathtaking AZ sunrises, and the other facing the back patio for serene sunsets. An expansive walkway sitting area upstairs provides another balcony to soak in the Arizona sunrise. The front patio is equally charming with its stone floors. Experience city living without sacrificing tranquility; this home effortlessly combines modern adobe style with elements of Santa Barbara architecture. Exceptional features that make this community truly special are the walking pathways to marvel at the beauty of 7 ponds filled with fish and a few friendly turtles! Don't miss the chance to make this exceptional residence your own!

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6816 S 30th Drive Phoenix, AZ 85041

Open House

$510,000

5 Beds

3.5 Baths

3,764 SqFt

Status Active

MLS # 6705244

Property Type Single Family Residence

Price Type --

Welcome to this beautifully presented property with a fresh interior paint in a sophisticated neutral color scheme. The kitchen features a practical island for meal prep and entertaining. The primary bedroom offers a spacious walk-in closet for organized storage. The primary bathroom creates a spa-like atmosphere with a separate tub and shower. Step outside to enjoy the patio in the fenced backyard for alfresco dining or a quiet morning coffee. This property combines aesthetics with convenience and practicality, ready for you to make it your sanctuary.

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9425 E Evergreen Street Mesa, AZ 85207

Open House

$510,000

3 Beds

2 Baths

1,701 SqFt

Status Active

MLS # 6659141

Property Type Single Family Residence

Price Type --

Discover the charm of 9425 E EVERGREEN ST, Mesa, AZ 85207 - a centrally located decorator's dream on a corner lot. With custom interior and exterior paint, a captivating poolside ambiance, and upgraded features including updated bathrooms and modern appliances, this home offers style and comfort. With remodeled kitchen cabinets, quartz countertops and modern appliances, you'll forget about eating out! The large master suite boasts enough room for a sitting area, creating a joyous home you can settle right into. Outdoors, the backyard is an oasis in the desert, with a Pebble Tec pool, so you can enjoy the ease of xeriscape desert landscaping with beautiful nightly sunsets by the pool in the Summer and turn to the fire pit in the Winter. For those unfamiliar with xeriscape, this means money you will not have any water bills for irrigation! Lastly there is a spacious two car garage with an added electric car charger that will convey with the home. Don't miss out on this inviting haven! Additional upgrades to consider are the following: Pool Decking resurface 2023, Pool Sand Filter 2023, Pool Pump 2021, Full Roof Replacement 2021, Turf and Pavers 2020, AC Replaced 2020, and so much more! Owners are also willing to paint the interior a neutral color for new owners.

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5005 W Cheryl Drive Glendale, AZ 85302

$509,999

4 Beds

3 Baths

1,829 SqFt

Status Active

MLS # 6679868

Property Type Single Family Residence

Price Type --

Located in North Central Glendale, Convenient to everything!! Gorgeous Open Plan with bedroom & full bathroom downstairs!! Wonderful Kitchen includes tons of cabinets, LARGE ISLAND, and Walk in Pantry for all the space required to live comfortably!! Plus, a grand primary suite stretching across the top floor offers a welcoming retreat and a convenient second-floor laundry room. Designer finishes include: 42'' White Cabinets with neutral ''picket fence'' shaped backsplash, White Quartz counters & ''Natural'' 6X36 Plank Tile floors!!! Home is move-in ready!

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19614 W Wilshire Avenue Goodyear, AZ 85395

$509,995

4 Beds

3 Baths

2,570 SqFt

Status Active

MLS # 6641116

Property Type Single Family Residence

Price Type --

Welcome to this elegant Celeste home, ready May 2024! Included features: a covered entry; pavers in the driveway, walkway and gourmet kitchen offering 42'' upper cabinets, quartz countertops, stainless-steel appliances, a center island; 36'' gas cooktop, oven and microwave in the wall; a generous great room; a charming nook with sliding patio door; a secluded primary suite showcasing a spacious walk-in closet a private bath with double sinks and deluxe owners bath with walk-in shower and separate bath tub; a central laundry with pre-plumbed sink; a covered patio; gas stub at patio; 2-car garage with 8' garage door opener ! This home also has dramatic 10' ceilings, cultured marble bath countertops, ceiling fan prewiring in select rooms, coach lights.

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32214 N Buckaroo Road San Tan Valley, AZ 85140

$509,990

3 Beds

2.5 Baths

2,178 SqFt

Status Active

MLS # 6705038

Property Type Single Family Residence

Price Type --

Located in San Tan Valley, this adorable single story, 2178 sqare foot residence boasts a meticulously designed living space. Crafted with a keen eye for both style and functionality, this home harmoniously blends modern elegance with timeless comfort. This home seamlessly integrates open-concept living, featuring a den, 8' doors, 4-panel center sliding glass door, a large kitchen adorned with quartz countertops, white cabinets and stainless steel appliances. The expansive owner's suite includes dual vanities in the bathroom and a large walk-in closet. Additional bedrooms offer ample space for family or guests, each thoughtfully designed with comfort in mind. Complete with a 4-car garage, two car tandem and a super garage, this residence represents the epitome of ideal living.

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20017 W Rancho Drive Litchfield Park, AZ 85340

$509,990

5 Beds

4.5 Baths

3,131 SqFt

Status Active

MLS # 6706014

Property Type Single Family Residence

Price Type --

Come experience this Beautiful BRAND NEW Home in a highly desirable West Valley location. Prime Lot with View Fencing and Stunning Views of the White Tank Mountains! Featuring countless upgrades such as 9' ceilings, Shaw tile flooring, Granite countertops in the kitchen. Whirlpool Stainless steel appliances including the refrigerator. White Shaker cabinets. Energy-efficient features throughout, programmable thermostat, gas water heater, gas range, Whirlpool washer & dryer. Spacious walk-in closet in primary suite. Front yard landscaping, covered patio in the backyard. Spectacular Mountain Views! Minutes from Verrado in a master-planned community featuring walking trails, greenbelts, neighborhood park with playground, soccer field, and volleyball court. Conveniently located near the I-10 and 303, top-rated schools, shopping and dining!

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