S&P Case-Shiller: Home Price Growth Slows in July

Home prices dipped slightly in July according to the S&P Case-Shiller 20-City Home Price Index. Year-over-year, home price growth dipped to 5.00 percent from June’s reading of 5.10 percent. The Pacific Northwest led the nation in home price appreciation. Portland, Oregon had the highest year-over-year home price growth with a rate of 12.40 percent. Seattle, Washington posted year-over-year home price growth of 11.20 percent. Denver, Colorado was third with a year-over-year home price growth rate of 9.40 percent.

Home prices in San Francisco, California slowed; year-over-year, home prices grew by 6.00 percent in contrast to home price growth topping the 20-city index in recent months. Analysts observed that cooling home prices in San Francisco could represent the end of the area’s housing bubble.

Year-over-year home price growth was lowest in New York, New York with a reading of 1.70 percent. Washington, D.C. posted a year-over-year reading of 2.00 percent; Cleveland, Ohio posted a year-over-year home price growth rate of 2.50 percent.

Month–to–Month Home Price Growth Provides Surprises

The largest month-to-month gains in home prices were posted by Portland, Oregon at 1.20 percent, Denver, Colorado with a reading of 0.90 percent and Detroit, Michigan with a July reading of 0.80 percent. While year-over-year home price growth readings are less volatile than month-to-month readings, signs of increasing home values in cities with depressed home price growth rates are a positive sign.

On the other hand, San Francisco, California posted a flat reading for month-to-month growth after recently topping year-over-year readings in the 20-City Home Price Index. With skyrocketing prices and limited inventories of available homes, it appears that San Francisco home prices may have reached their upward limit.

David M. Blitzer, Managing Director and Chair of the S&P Index Committee, said that July’s readings indicate further improvement of the economy and housing markets. This progress could prove difficult to sustain as house prices continue to outpace wages and rising home prices continue to sideline first-time buyers. Slim supplies of homes for sale are creating higher-than-average demand for homes that fuels rapidly rising home prices. This further complicates home purchase options for home buyers who compete with investors and others who are able to meet or exceed asking prices and purchase homes with cash.

Home buyers requiring mortgages have been supported by relatively low mortgage rates, but strict mortgage credit standards continue to provide obstacles for credit-challenged buyers. Financial institutions continue to take a conservative stance on mortgage lending after sustaining severe losses and government ridicule in the wake of the Great Recession.

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20153 N Painted Cove Lane Surprise, AZ 85387

Open House

$554,900

3 Beds

2.5 Baths

2,374 SqFt

Status Active

MLS # 6705050

Property Type Single Family Residence

Price Type --

Lovely Mission model with 2 master suites powder room plus an office/bedroom. Front court yard and driveway have cool decked flooring. Security screen door greets you at your front door. Inside you have neutral tile in all the right places. Open family room has slider door to your patio. Large open kitchen has an extended island which has extra cabinets, great for entertaining, lots of counter space and cabinets. Eat in kitchen is extended with a bay window and slider door to your patio. Master suite has carpet, bay window and slider door to your patio. Master bath has double sinks, step in shower and large custom walk in closet. 2nd master suite has bay window, carpet,wall to wall closet and full bathroom. office/.bedroom has built in desk, cabinets and wall to wall closet., Your very .. private east facing backyard has cool decked flooring, ceiling fan and pull down shades and privacy walls with a great park like views. 3 car garage has 8ft. tall doors and built in cabinets. New AC-furnace 2021 & water heater in 2017. Walking distance to Cimarron club and pools!!

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1747 E Northern Avenue Phoenix, AZ 85020

New

$554,900

3 Beds

2 Baths

1,658 SqFt

Status Active

MLS # 6706817

Property Type Twin Home

Price Type --

Don't miss out on this rarely on the market casita, sold beautifully furnished and updated with the best taste! Located in a gated subdivision with community pool, gym, and custom gas barbecue, this single-level gem boasts 3 bedrooms and 2 baths. One bedroom is currently used as an office with double doors and closet. - Updated with wood-look tile flooring throughout, including front and back patios - Complete kitchen renovation with existing appliances. - Fully renovated bathrooms with new fixtures and hardware - Wooden window shutters and vertical blinds on sliding doors - New sliding door units to patio off the living room and master suite - Custom California closet in master suite - Closet shelving in second and third bedrooms (office) - New ceiling fans throughout - Hideaway screen door on front entrance - Garage floor resurfacing and added shelving - Upgraded larger hot water tank and water filtration system - Stunning Mountain Views Cost of renovations exceeds $110,000. Not including furniture. Furniture purchased new for the unit includes bedroom suites, leather furniture from Arizona Leathers Scottsdale, living room coffee table and side tables w/glass, urn, and kitchen wine trolley. Contact agents for exclusions of furnishings and contents. Pet limits apply. 1-year rentals only. **Don't miss the opportunity to own this beautifully furnished and meticulously updated casita in a sought-after gated community with mountain views!**

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321 W Betsy Lane Gilbert, AZ 85233

$554,000

3 Beds

3 Baths

2,104 SqFt

Status Active

MLS # 6666012

Property Type Single Family Residence

Price Type --

**Please use Booties provided** Become the proud owner of this coveted corner lot residence! The living room has vaulted ceilings, blinds for privacy, a bay window, and cozy carpeting. The family room is perfect for spending quality time with loved ones. The kitchen is well-equipped with plenty of cabinetry, built-in appliances, a pantry, and a peninsula with a breakfast bar. Upstairs, a versatile loft space is ideal for an office or additional living area. Double doors lead to the plush main bedroom, complete with an ensuite with dual sinks and a walk-in closet. Outside, the backyard offers a covered patio, natural turf, and ample space for creating your dream outdoor oasis!

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17808 N Navarro Court Surprise, AZ 85374

$554,000

3 Beds

3 Baths

2,179 SqFt

Status Active

MLS # 6681359

Property Type Single Family Residence

Price Type --

SELLER OFFERS $3000 TOWARDS BUYER CLOSING COSTS.HOME WARRANTY INCLUDED.Unique Verde/Desert Rose plus Casita on corner lot.2,179 total sf.Updated main house,1,786sf including custom master bath walk in shower,granite counter top,tile floors & new paint inside & out.Numerous Andersen windows,Hunter Douglas window treatments & shutters.Kitchen newer induction stove,microwave & refrigerator, island,granite counters.Inside laundry.Home includes an owned solar system with on grid/off grid backup system.Roof underlayment 2022.Extended garage with golf cart parking,water filter/softener system.Spacious courtyard & large screened in patio both have pavers.Handicap accessible 393sq ft casita is unique to The Grand. Lemon & tangelo citrus trees compliment the landscaping. 5 min from Village Center.

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5319 W Lydia Lane Laveen, AZ 85339

Open House

$554,000

5 Beds

4 Baths

2,840 SqFt

Status Active

MLS # 6688075

Property Type Single Family Residence

Price Type --

Welcome to your new oasis! This stunning property boasts a natural color palette throughout, creating a serene and inviting atmosphere. The kitchen features a center island and a walk-in pantry, perfect for any culinary enthusiast. The master bedroom includes a walk-in closet for all your storage needs. Additional rooms offer flexible living space to suit your lifestyle. The primary bathroom includes double sinks and good under sink storage. Step outside to the fenced backyard, complete with a private in-ground pool and covered sitting area. Fresh interior paint and partial flooring replacement in some areas add to the charm of this home. Don't miss out on the opportunity to make this your own!

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65 Verde Valley School Road Sedona, AZ 86351

$554,000

2 Beds

2 Baths

1,074 SqFt

Status Active

MLS # 6699457

Property Type Apartment

Price Type --

Welcome to your turnkey vacation rental investment opportunity in beautiful Sedona! This fully renovated 2-bedroom, 2-bathroom condo boasts a prime location close to all the attractions Sedona has to offer. With a proven successful rental history and a Super Host management company already in place, this property is an ideal investment for those looking to enter the lucrative vacation rental market. Whether you're seeking a primary residence, a secondary home for weekend getaways, or a lucrative vacation rental investment, this property offers endless possibilities. Fully renovated interior (New: tile flooring, Kitchen appliances, washer & dryer) with upscale finishes and contemporary design, ensuring comfort and style for residents and guests alike. Two elegantly appointed bathrooms for indulgent relaxation and convenience. Prime location near Sedona's top attractions, from hiking trails to art galleries to dining hotspots, ensuring high demand from visitors year-round. Walking distance to one of the most scenic Robert Trent Jones designed golf courses in the country, dubbed Arizona's best overall golf experience - year around. Community amenities such as a new pool, and 2 new hot tubs, BBQ, pickle ball, tennis, and clubhouse, enhancing the resort-style experience for residents and guests alike. Don't just dream of weekend getaways in Sedona - let this exceptional property make them a reality. With its lucrative rental potential and unbeatable location, it's an investment that pays for itself while providing endless opportunities for relaxation and adventure. Fully Turnkey all personal Short Term Rental items included in the sale. Will consider separate bill of sale for furnishings in this unit only.

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65 Verde Valley School Rod Road Sedona, AZ 86351

$554,000

2 Beds

2 Baths

1,152 SqFt

Status Active

MLS # 6699968

Property Type Apartment

Price Type --

Welcome to your turnkey vacation rental investment opportunity in beautiful Sedona! This fully renovated 2-bedroom, 2-bathroom condo boasts a prime location close to all the attractions Sedona has to offer. With a proven successful rental history and a Super Host management company already in place, this property is an ideal investment for those looking to enter the lucrative vacation rental market. Whether you're seeking a primary residence, a secondary home for weekend getaways, or a lucrative vacation rental investment, this property offers endless possibilities. Fully renovated interior (New: tile flooring, Kitchen appliances, washer & dryer) with upscale finishes and contemporary design, ensuring comfort and style for residents and guests alike. Two elegantly appointed bathrooms

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19552 W Cartwright Avenue Buckeye, AZ 85396

$553,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6687677

Property Type Single Family Residence

Price Type --

The Cassandra has a 3 Bedroom + Study, 2.5 Bath, 2 Car Garage

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25324 N 159th Drive Surprise, AZ 85387

$553,990

5 Beds

3 Baths

2,734 SqFt

Status Active

MLS # 6703279

Property Type Single Family Residence

Price Type --

READY TO CLOSE! Step up to Luxury with the Cobalt floor plan at Mason Ranch! This beautiful home invites you in thru an enlarged foyer with a tray ceiling, then opens to a super Great Room, w/ a 12ft ceiling and a centre opening Sliding glass door inviting you to the covered patio, 42 inch light brown maple Shaker kitchen cabinets uppers w/ crown moulding, enlarged kitchen island, quartz countertops, wood look ceramic tile, Stainless Steel Whirlpool appliances including gas range, 5 large Bedrooms, 3 Baths, and 3 Car Garage! Impressive! ALL of our homes include SMART Home technology.

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5247 E 6th Street Tucson, AZ 85711

$553,000

4 Beds

2 Baths

2,380 SqFt

Status Active

MLS # 6649300

Property Type Single Family Residence

Price Type --

This charming ranch home in the heart of Tucson seamlessly blends modern style with southwestern flair. With 4 bedrooms and 2 bathrooms, it's the perfect haven for those yearning for a cozy retreat in the desert. Upon entering the front courtyard, discover a serene environment featuring a tranquil fountain, built-in bench seating, and mosaic desert-themed artwork. Once inside, revel in the extensive renovations—newer paint inside and out, upgraded windows and roofing, wood-like tile flooring, and a modern kitchen. The family room boasts an arched window and a wet bar, while guest quarters with a separate entrance offer versatility. Step into the completely-paved backyard, where your private pool awaits alongside a built-in barbecue. The spacious side yard presents the potential for extra parking space. Conveniently located off the back patio, you will find a pool changing room connected to the home's hall bathroom. Make this Tucson gem your own before it's gone!

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6142 S Emery Avenue Mesa, AZ 85212

$552,990

4 Beds

3 Baths

2,150 SqFt

Status Active

MLS # 6681557

Property Type Single Family Residence

Price Type --

Stunning 4 bedroom/Den /3 Bath home with 2+ car garage located at Destination at Gateway. This home includes professionally designed features and finishes! Beautiful kitchen includes granite countertops, white cabinets in the kitchen and in the bathrooms. Stainless steel appliances. 4 panel slider off great room. Upgraded tile and carpet throughout, electrical prewires and more!

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35024 N Augite Way San Tan Valley, AZ 85144

$551,995

3 Beds

2.5 Baths

2,231 SqFt

Status Active

MLS # 6686618

Property Type Single Family Residence

Price Type --

Check out this stunning move-in ready home! The enormous kitchen boasts name-brand appliances, upgraded countertops, and ample cabinet space. The second-story loft offers an open space ideal for families. A private flex space extends the possibilities of this home, creating plenty of space for personalization. Pristine walking and biking trails showcase everything this community has to offer.

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