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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5691 W Cinder Brook Way Florence, AZ 85132

$500,000

2 Beds

2 Baths

2,119 SqFt

Status Active

MLS # 6703122

Property Type Single Family Residence

Price Type --

Beautifully maintained home in the Active Adult resort community of Sun City Anthem at Merrill Ranch offers 2 bedrooms + den with double doors and 2 baths in 2119 SqFt with an open great room layout. The gourmet kitchen offers an abundance of cabinetry, granite countertops, stainless appliances including a gas cooktop, a walk-in pantry, and island with breakfast bar and pendant lighting. The great room has a built-in media wall with shelving and sliding doors that lead out to the covered patio with ceiling fan and private, fenced backyard. The professionally landscaped backyard includes extensive paver patios, gas firepit, easy-care artificial turf, and colorful desert plants. The primary bedroom has an en-suite bath with dual sink vanity, oversized shower with bench, linen closet, and roomy walk-in closet. Other features include a walk-in closet in the hallway, diagonal tile flooring throughout living areas and baths, carpet in bedrooms, an extended length 2 car garage with storage area and service door; and leased solar panels providing tremendous utility savings. World-class amenities include a resort-style pool and spa, indoor lap pool, walking track, pickleball, bocce, and other sport courts, fitness center, craft/game/learning rooms, a cafe, putting green, and golf course. See today!

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441 Hayes Court Chino Valley, AZ 86323

$500,000

3 Beds

2 Baths

2,046 SqFt

Status Active

MLS # 6698459

Property Type Single Family Residence

Price Type --

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11332 E Sable Avenue Mesa, AZ 85212

$500,000

3 Beds

2.5 Baths

1,750 SqFt

Status Active

MLS # 6700544

Property Type Single Family Residence

Price Type --

Welcome to Keighley Place, a charming neighborhood that offers a plethora of outdoor activities, many education options and breathtaking views. Embrace the outdoor lifestyle with parks, sports fields and courts just moments away. This vibrant community is minutes away from numerous education opportunities including primary and secondary schooling, both private and charter, a community college and an ASU campus. Travel comes easy as well with the 202 freeway and the mesa gateway airport close by. This single level, split floorpan offers 3 bedrooms, 2.5 bathrooms and a large yard. The upgraded kitchen has dark cabinets with beautiful granite counters, a large island, gas stove and a walk in pantry. The flooring consists of large neutral tile and plush carpeting in the bedrooms only.

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2210 E Everett Drive Phoenix, AZ 85022

$500,000

4 Beds

3 Baths

2,451 SqFt

Status Active

MLS # 6699606

Property Type Single Family Residence

Price Type --

Bring your vision and a little muscle! This home has so much possibility and is waiting for your finishing touches. The upstairs floor, which has been remodeled, can be used as a primary bedroom suite or bonus living space. Curl up in front of the cozy fire place or watch the sun rise from the north facing balcony. Upstairs has an additional bedroom/closet space and an updated bathroom complete with a soaking jacuzzi tub. The downstairs boasts 3 additional bedrooms (one which can be used as a primary, and 2 more bathrooms. There 2 potential dining areas as well as a family room and bonus room. The backyard boasts a heated diving pool and spa, a garden area, an additional work shed and even a sauna! Double RV gates and an extended garage for convenience. Come see the possibilities!

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1713 W Cortez Circle Chandler, AZ 85224

$500,000

3 Beds

2 Baths

1,809 SqFt

Status Active

MLS # 6702108

Property Type Single Family Residence

Price Type --

Welcome home! This home has been updated just for you! New Flooring, New Bathrooms, New Kitchen, New Garage Door, New Appliances, New Sod in the back yard and much more! The impeccable kitchen is equipped with quartz counters, white shaker cabinets, brand-new stainless steel appliances, a walk-in pantry, and a peninsula with a breakfast bar for casual dining. The main bedroom features soft carpeting, direct backyard access, a make-up vanity, a walk-in closet, and a private bathroom. Enjoy quiet afternoons in the backyard, boasting a covered patio, natural turf, and ample space for hosting weekend BBQs. Don't miss out on this fantastic opportunity!

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5419 W Michigan Avenue Glendale, AZ 85308

$500,000

3 Beds

2 Baths

1,758 SqFt

Status Active

MLS # 6700979

Property Type Single Family Residence

Price Type --

THIS HOME IS PICTURE PERFECT, FROM THE CURB TO THE PERFECTLY MANICURED BACKYARD! IT IS BEAUTIFUL FARMHOUSE DECOR! 3 BEDROOM ALL ON ONE LEVEL, LOOK OUT THE FAMILY ROOM WINDOW TO THE RELAXING BACKYARD THAT INCLUDES A WATERFALL PLAY POOL, FRUIT TREES, GREEN GRASS TURF, COVERED PATIO. TILE THROUGHOUT, NEUTRAL GRAY TONE COLORS, SOARING CEILINGS IN THE MAIN LIVING AREA, THIS HOME BOASTS A CORNER LOT, PAINTED GARAGE FLOOR, CABINETS AND WORK BENCH AREA IN GARAGE THIS HOME SHOWS PRIDE OF OWNERSHIP. NEW AC UNIT, MOVE IN READY!

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544 W Mesquite Street Gilbert, AZ 85233

New

$500,000

3 Beds

2 Baths

1,753 SqFt

Status Active

MLS # 6703512

Property Type Single Family Residence

Price Type --

Welcome to a FULLY REMODELED single story home! This house has brand new flooring, upgraded kitchen with new cabinets, new carpet and new interior paint throughout (2024). Great Gilbert location! New water heater is installed (May, 2024). Conveniently located near freeways, 60 Fwy and 202 Fwy. Major restaurants and stores, Costco are located near by. Vaulted ceiling and open floor plan. Ready to move in!

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26034 S Glenburn Drive Sun Lakes, AZ 85248

$500,000

2 Beds

2 Baths

1,922 SqFt

Status Active

MLS # 6703236

Property Type Single Family Residence

Price Type --

The community of Sun Lakes offers heated pools and spas, a clubhouse, and is known for its active adult lifestyle with various clubs and recreational activities available. The lot of this home is quite large, encompassing 0.27 acres, which positions it on an oversized and corner cul-de-sac lot. Plenty of room for a garden amongst other hobbies you may have. The home includes amenities such as two bedrooms, two bathrooms and an office area.The home has recent updates that include a skylight, HVAC, two screened in patios, hot water heater, solar panels and new windows and doors. Call for the full list and come see it today!!!

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5764 N 109th Avenue Phoenix, AZ 85037

$500,000

3 Beds

2 Baths

1,632 SqFt

Status Active

MLS # 6706146

Property Type Single Family Residence

Price Type --

**LIVE LIKE YOU'RE ON VACATION EVERY DAY **IN THIS **STUNNING RESORT-LIKE HOME **GORGEOUS POOL **AND OUTDOOR LIVING AT ITS BEST** SPOTLESS UPGRADED HOME WILL WOW YOU **

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6420 W Wahalla Lane Glendale, AZ 85308

New

$500,000

3 Beds

2 Baths

1,504 SqFt

Status Active

MLS # 6706934

Property Type Single Family Residence

Price Type --

Discover your next home where modern living meets the tranquil beauty of Glendale. Nestled within the highly sought-after neighborhood of The Highlands at Arrowhead Ranch, this 3 bedroom, 2 bathroom residence offers an unmatched living experience that blends comfort, style, and incredible value. Living at The Highlands at Arrowhead Ranch it's about the lifestyle. Residents have unparalleled access to recreational opportunities that make every day feel like a vacation: Surrounded by numerous parks, golf courses, and the Thunderbird Conservation Park, you can easily fill your weekends with hiking, biking, golfing, or simply enjoying nature's beauty. Moments away from entertainment and leisure to the Westgate Entertainment District and the home of the Arizona Cardinals means you're never far from exciting events, shopping, dining, and entertainment options. For those pursuing educational endeavors, the highly desirable Midwestern University is just around the corner, adding to the community's prestige Whether you're an outdoor enthusiast, a sports fan, or someone who appreciates the finer aspects of suburban living, this home in The Highlands at Arrowhead Ranch offers something unique for everyone.

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2344 E Aldine Street Phoenix, AZ 85022

$500,000

4 Beds

2 Baths

1,525 SqFt

Status Active

MLS # 6706254

Property Type Single Family Residence

Price Type --

Beautifully Updated 4 Bedroom/2 Bath home in the heart of North Phoenix, w/No HOA! The spacious front courtyard welcomes you home! The stunning Kitchen opens to the Great Room & features Custom Cabinetry with Soft Close Drawers, Quartz Counters, Island w/Breakfast Bar, Stainless appliances, Pendant Lighting, & Slider Door. Bathrooms have been updated as has the flooring in main living & primary. Private Backyard with a Covered Patio & Artificial Turf offers plenty of room to relax & entertain! Corner Lot, 2 car Garage w/enclosed Laundry Room! Updates: 2024: New Roof, Garage Door Motor & Key pad, 2021: New HVAC, 2020: Exterior Paint, Interior Update inc Kitchen (see above updates), Bathrooms, Baseboards/Door, Interior Paint, Flooring. Great location & quick access to the 51. Welcome Home!

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1046 S Sierra Street Gilbert, AZ 85296

$500,000

3 Beds

2 Baths

1,401 SqFt

Status Active

MLS # 6696454

Property Type Single Family Residence

Price Type --

AMAZING REMODEL in the heart of Gilbert! The minute you open the new front door & accompanying security door, you'll want to make this place YOURS! From the open concept plan to the vaulted ceilings & natural light from the NEW SLIDER, you'll be impressed with the attention to every detail. Modern QUARTZ COUNTERS & TILE BACKSPLASH the staggered cabinets. Tile throughout with 5'' baseboards, updated window coverings & newer lighting add to the clean style. Master features a CUSTOM TILE SHOWER, garden tub and new fixtures. Hall bath has an updated tub & there are newer vanities & toilets in both bathroom. Enjoy the shade of covered patio or sun on the extended paver patio. You'll love the energy efficiency of the HVAC - just 5 years old! WELCOME HOME!

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