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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2329 E Bowker Street Phoenix, AZ 85040

$460,000

4 Beds

3.5 Baths

3,073 SqFt

Status Active

MLS # 6687666

Property Type Single Family Residence

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Here's a great opportunity to own a large 4 bedroom 3.5 bathroom home in an amzingly convenient Phoenix neighborhood. Features include: Tiled floors Large kitchen with tons of counter and cabinet space, Gas stove, built-in surround sound in family room, loft and patio, large covered patio, fireplace, huge master suite, Built-In BBQ area. The neighborhood features mature trees, parks, playgrounds, a basketball court and a community pool! home is located just minutes from just about anything you could want or need. There's restaurants, easy freeway access, job opportunities, golf, hiking and more just minutes away. You'll also be close to Downtown Phoenix, Sky Harbor, etc. Hurry and take a look! *The sale may be subject to Court approval.

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11865 N Allegro Road Maricopa, AZ 85139

$460,000

3 Beds

2 Baths

1,440 SqFt

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MLS # 6684957

Property Type Single Family Residence

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Nearly 5 acres of fenced horse property with a site built metal frame block stucco home! Home has recently been upgraded with wood-look tile flooring throughout! Spacious bright kitchen, includes all appliances & large breakfast bar w/storage overlooking living room! Primary bedrm & bath have jetted tub, remodeled vanity, walk-in & secondary closets. Guest bathrm has matching remodeled vanity. Huge laundry rm connects to primary bath w/door provides privacy. Key items include: 400' deep well & 2 neighbors pay for water usage, 45x36' concrete slab ready for supersized garage, gravel driveways, storage sheds, new water heater, watersoftner, fans thru out, full covered front patio, newer exterior paint & 7 pine trees w/irrigation. All this in quaint Hidden Valley surrounded by mountains!

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5843 W Crocus Drive Glendale, AZ 85306

$460,000

4 Beds

2 Baths

2,130 SqFt

Status Active

MLS # 6686851

Property Type Single Family Residence

Price Type --

Beautiful home in highly desired area featuring spacious split floorplan, large bedrooms, newer kitchen cabinets with granite, eat-in kitchen nook, formal living and dining and large family room! Newer light fixtures, ceiling fans, covered patio and a private pool for entertaining in hot AZ! Plenty of parking space, extended driveway, 10' RV gate with concrete pad for your toys and much, much more!

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854 S Cerise -- Mesa, AZ 85208

$460,000

4 Beds

2 Baths

1,769 SqFt

Status Active

MLS # 6686531

Property Type Single Family Residence

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Highly sought after 4 bedroom single level floor plan rarely on the market. HVAC replaced in 2019, Water Heater in 2023 Sstainless steel appliances plus washer & dryer convey. Neutral Two Tone Paint Throughout home. The 2 car garage has epoxy coated floor. OLD REPUBLIC Home Warranty in place & transferrable to Buyer. This home has lots of upgrades including granite kitchen counter tops, tile floors in all the right places, ceiling fans throughout, all appliances included, desert landscape in front yard & paver hardscape with synthetic grass in rear yard for easy maintenance. This is a gr spacious single level home located in a gated community within close proximity to nearby schools, city park as well as shopping, dining, medical center & easy freeway access. This is one you have to see

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