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.
42616 W Kingfisher Drive Maricopa, AZ 85138
$499,000
4
Beds
3
Baths
1,821
SqFt
Status
Active
MLS #
6654188
Property Type
Single Family Residence
Price Type
--
Unique Guest Casita (Unattached) and an Ideal Backyard that is Adjacent to Green Space. Province Amenities are Outstanding. Nearly $30,000 in recent upgrades (see document in tabs). This incredible 4 bed, 3 bath home now available! Discover a desirable open layout adorned w/tall ceilings, neutral paint, plantation shutters, tile flooring, & a warm fireplace. The kitchen is a homeowner's dream, fully equipped w/granite counters & backsplash, wood cabinets, an island w/a breakfast bar, & a breakfast nook w/a bay window. Retreat to the main suite, offering plush carpet, an ensuite w/dual sinks, walk-in closet, & private outdoor access. The backyard promises a tranquil spot for relaxation & year-round entertainment, w/a refreshing pool & a covered patio
15958 W Shangri La Road Surprise, AZ 85379
$499,000
4
Beds
3
Baths
3,077
SqFt
Status
Active
MLS #
6654011
Property Type
Single Family Residence
Price Type
--
This charming property offers comfort and practicality, featuring granite counters, oversize dark maple cabinets, 20' tile flooring, upgraded carpet, and stainless-steel appliances. The kitchen, overlooking the family room, creates a warm atmosphere for gatherings. A separate dining area and a generous living room provide ample space for everyday living. The master bedroom, complete with a sitting room and balcony, it's the perfect comfortable retreat. The backyard offers a refreshing pool, great for relaxation and outdoor enjoyment. Conveniently located close to schools, shopping, entertainment, and restaurants, this home provides accessibility without compromising comfort. Don't miss the opportunity to make this welcoming property your home sweet home
16202 S 17th Drive Phoenix, AZ 85045
$499,000
3
Beds
2.5
Baths
2,178
SqFt
Status
Active
MLS #
6654992
Property Type
Single Family Residence
Price Type
--
Incredible 3 bed 2.5 bath residence with mountain views ready for new owners! Immaculate home boasts a new roof in 2020 & new HVAC in 2023! Step inside to high ceilings & welcoming living room open to a spotless kitchen featuring stainless steel appliances, granite counters, a cool copper sink & an island great for gatherings. Spacious loft upstairs, ideal for home office, playroom, arts & crafts, you name it! Double door entry to oversized main bedroom with sitting area, designer paint, 12-ft walk-in closet & private bath with dual sinks. Two more large bedrooms & bath upstairs for family & guests. Tranquil backyard is one of the largest in the area with easy care turf and swaying shade trees. Top rated Kyrene schools, a playground just steps away & mountain trails await!
2323 N Central Avenue Phoenix, AZ 85004
$499,000
2
Beds
2
Baths
1,398
SqFt
Status
Active
MLS #
6665758
Property Type
Apartment
Price Type
--
Experience elevated urban living in this 2 bed, 2 bath condo on the 19th floor of Regency on Central, a historic mid-century luxury high-rise located steps from the light rail, dining, retail, and entertainment in the heart of vibrant Phoenix. Freshly painted interiors with stained wood trim and plush new carpets in bedrooms create a serene retreat. Enjoy a modern kitchen with granite counters and stainless steel appliances. Revel in the breathtaking skyline views from your private balcony. Building amenities include a heated pool, spa, fitness center, 24/7 door personnel, and more.
15286 W Linden Street Goodyear, AZ 85338
$499,000
3
Beds
2.5
Baths
1,808
SqFt
Status
Active
MLS #
6664266
Property Type
Single Family Residence
Price Type
--
Welcome to this gorgeous single level home in Estrella Commons! This former model home is the desirable Fairwinds layout with 3 bedrooms, 2.5 bathrooms, and a open great room. The kitchen is gorgeous with granite countertops, tile backsplash, stainless steel appliances, walk-in pantry, and a kitchen island with a breakfast bar and pendant lights. The spacious great room has a center open extended glass door opening up to a oversized paved covered patio. The generously sized primary suite features a ceiling fan and a ensuite bathroom boasting a dual sink vanity, a seperate shower and tub, and a walk-in closet. Bedrooms 2 and 3 are move-in ready! The laundry room has a sink and upper and lower cabinets for additional storage. The backyard is easy care with artificial turf and a built-in BBQ. Do not miss out on this home! Estrella commons is a amenity rich community with walking paths, parks, and sport courts. Plus close to the freeway for quick access more options for dining,shopping, and entertainment!
2511 W Queen Creek Road Chandler, AZ 85248
$499,000
2
Beds
2
Baths
1,350
SqFt
Status
Active
MLS #
6664690
Property Type
Apartment
Price Type
--
Come tour this Beautiful Luxury Resort Style Community at The Cays at Downtown Ocotillo! You'll feel like you're on a long-term retreat! This 2 bed, 2 bath southwestern condo is being sold with all furniture INCLUDED at buyers request! The kitchen comes equipped with all the essentials, beautiful quartz countertops, a breakfast bar, brand-new SS appliances, a large walk-in pantry, and an in-unit W/D just behind the double doors. The Montecito floor plan offers a spacious open floor plan with grey tiled flooring throughout along with an oversized balcony making it perfect for entertainment. You'll notice a separate dining table for formal meals and a living room that boasts a large leather sectional and 72'' Smart TV. While both bedrooms offer maximum storage with a walk-in closet This unit comes with 1 assigned parking stall in underground parking, with direct elevator access. The Cays community offers a wide array of conveniently located upscale amenities, including tennis and pickleball courts, a 1800 square foot fitness center with a yoga studio along with private steam rooms, and a resort-style heated pool/spa with private cabanas, firepits, and grill areas. Within walking distance, you'll find a great selection of restaurants and bars. Look no further this well-kept condo won't last long!!
608 Tiburon Drive Prescott, AZ 86303
$499,000
3
Beds
2
Baths
1,666
SqFt
Status
Active
MLS #
6665821
Property Type
Single Family Residence
Price Type
--
In the tall, cool pines of Hassayampa Mountain Club you will find this adorable 1666 SF, 3BR/2BA cottage. Primary living, livingroom, kitchen, dining area, laundry and large 1 car garage are on the first floor. Upstairs are two bedrooms and bath, furnace room with newer water heater that doubles as storage closet too. Fenced in backyard with stairs off the back deck for your furry friend and an 8 X12 SF shed with electricity. There is an additional parking space in the front for a large truck or small RV. Make this your primary home or summer get away from the Phoenix heat!
2201 W Valhalla Court Anthem, AZ 85086
$499,000
3
Beds
2
Baths
1,616
SqFt
Status
Active
MLS #
6686568
Property Type
Single Family Residence
Price Type
--
Welcome to your desert oasis in the gated community of Anthem Country Club! This charming 3-bedroom, 2-bath home features beautiful desert landscaping enhancing the curb appeal, setting the tone for the tranquility within. At the front, a patio invites you to enjoy your morning coffee, to relax and soak in the warm Arizona sun. Inside, the great room greets you with its spaciousness, complemented by a formal dining area and a kitchen that overlooks the living space, creating an ideal setup for gatherings and entertaining. The kitchen features ample cabinet space and a convenient pantry, providing plenty of room for all your culinary essentials. The primary bedroom is generously sized and grants direct access to the backyard retreat. Its ensuite bathroom features a dual sink vanity, a separate tub and shower, and a spacious closet space. Outside, discover a backyard sanctuary complete with a covered patio with ceiling fans, perfect to help stay cool on the warm sunny days, a built-in BBQ for grilling. Unwind in the spa, surrounded by serene natural beauty. As part of the Anthem Social Membership, residents gain access to a variety of Club facilities and amenities, including tennis courts, pickleball courts, a fitness center, a resort-style pool, and more! Don't miss out on the opportunity to experience Arizona living at its finest in this captivating Anthem home.
41a Ok Street Bisbee, AZ 85603
$499,000
3
Beds
2
Baths
1,788
SqFt
Status
Active
MLS #
6669500
Property Type
Single Family Residence
Price Type
--
This charming property offers a unique opportunity to live in the heart of Historic Bisbee with all the modern conveniences. With three bedrooms, a renovated kitchen, and an abundance of character throughout, this home is perfect for those looking for a blend of historic charm and modern comfort. The property also includes a separate entrance for added convenience, as well as a spacious patio for outdoor entertaining. With the additional lot next door included in the sale, there is plenty of potential for expansion or outdoor space. Don't miss out on this rare opportunity to own a piece of Bisbee history with this stunning property.
6616 S Par Court Gold Canyon, AZ 85118
$499,000
2
Beds
2
Baths
1,698
SqFt
Status
Active
MLS #
6675209
Property Type
Single Family Residence
Price Type
--
MOTIVATED SELLERS ARE REQUESTING YOUR BEST OFFERS ASAP TO GET THIS HOME SOLD! Ready to negotiate with any reasonable offers! Don't miss these golf course, sunset, and Superstition mountain views in this beautifully updated and expanded Ocotillo model in the Mountainbrook Village community of Gold Canyon is ready for its next owner. The interior of this 2 bedroom/2 bathroom home with office/den features a gorgeous kitchen with newer shaker cabinetry, granite countertops, open living concept, stylish touches throughout and more. Updated and efficient windows, new water heater, and a newer roof are just some of the updates making this home truly turnkey as a lock and leave or full-time residence. Gold Canyon features fantastic amenities, including community pool, pickleball, several great nearby golf courses, hiking, biking, and much more making this 55+ community idyllic. Come meet your new neighbors today!
11041 W Irma Lane Sun City, AZ 85373
$499,000
3
Beds
2
Baths
2,231
SqFt
Status
Active
MLS #
6681886
Property Type
Single Family Residence
Price Type
--
Welcome to this beautiful age restricted community. As you walk up to this home, you will find a welcoming entry way. Inside you have a quaint living and dining area. To the right, there is a room which can be used for either a sitting area or office space. There are wood shutters throughout. The home offers 3 bedrooms and 2 baths and lots of storage. The main bedroom is spacious with a sitting area and private exit to the patio. The main bath has two sinks, 2 walk in closets with a separate tub and shower. The kitchen offers a large open area with a breakfast area. The exterior has several fruit trees, a private backyard great for entertaining, lots of mature trees and beautiful landscaping. Corner lot on a cul-de-sac street. 3 car garage with a service door and built in storage cabinets
4608 N Desert Stream Way Litchfield Park, AZ 85340
$499,000
3
Beds
2
Baths
1,897
SqFt
Status
Active
MLS #
6685491
Property Type
Single Family Residence
Price Type
--
Vacant, EASY SHOW. ON THE LAKE. This is a great location in a great location. One of the few lots that has lake view is what makes this property exclusive. 3rd bedroom can act as a den.