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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15685 W Mackenzie Drive Goodyear, AZ 85395

$508,000

4 Beds

2.5 Baths

2,654 SqFt

Status Active

MLS # 6692050

Property Type Single Family Residence

Price Type --

A PICTURE IS WORTH A THOUSAND WORDS

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21387 N Elba Road Maricopa, AZ 85138

$507,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6693439

Property Type Single Family Residence

Price Type --

The ranch-style Cassandra plan showcases an open layout with a great room, a breakfast nook and a large gourmet kitchen. The owner's suite is adjacent, and boasts a generous walk-in closet and an attached bath with a large walk-in shower. Two additional bedrooms flank a full bath, and the nearby private study and powder room finish off the interior.

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35079 N Lead Way San Tan Valley, AZ 85144

Open House

$507,995

3 Beds

2.5 Baths

2,331 SqFt

Status Active

MLS # 6686636

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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7775 N 57th Avenue Glendale, AZ 85301

$507,990

5 Beds

3 Baths

2,354 SqFt

Status Active

MLS # 6680214

Property Type Single Family Residence

Price Type --

What a great opportunity, this 5 bedroom, 3 bathrooms, 2 car garage home is located in a quite cul-de-sac just across from children playground, park & walking distance to shopping area. The home features an open and bright living room with a bedroom and full bathroom down stairs, 20'' ceramic tile through the first floor, eat-in kitchen with granite countertops, breakfast bar, pantry. Wood flooring stairs leads to a huge loft, the other 3 bedrooms & main room with a full bathroom double sinks, walk-in closet. Easy to maintain backyard with Synthetic grass, sitting area, Arizona room & storage shed. Don't miss this one!!!!!

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2511 W Queen Creek Road Chandler, AZ 85248

$507,500

2 Beds

2 Baths

1,346 SqFt

Status Active

MLS # 6693596

Property Type Apartment

Price Type --

This condominium combines luxury living with convenience, offering a sophisticated lifestyle with easy access to work, leisure, and everyday needs. It's ideal for professionals looking for a balance between work and personal life in a vibrant community setting. Views of city lights and mountains, enhancing the living experience. New carpeting in the main bedroom. Blackout drapes and drapery rods in the main bedroom for privacy and light control. Custom paint in various parts of the unit including the kitchen, entry, main bedroom and bath, and guest bath. Light filtering drapes in the living room that allow natural light while providing privacy. Custom California Closets in both the main and guest bedrooms for optimized storage. Pull-out shelves in kitchen cabinets and a dual garbage can pull-out system for convenience. Newly installed stacked LG Washer & Dryer in the laundry closet, creating additional shelf space. Water softener and water filtration system at the kitchen sink connected to the ice maker in the refrigerator for clean, purified water. Walk-in pantry for ample food storage. Low maintenance LVP flooring that is durable and easy to clean. Two (2) parking spaces with storage cage for additional security or storage. This extensive list of features clearly positions the property as a luxurious and convenient choice for prospective buyers offering comfort, efficiency, and stunning views in a prime location. Proximity to Dining and Entertainment: The ability to walk to nearby restaurants, entertainment venues, and a farmer's market enhances the living experience by providing leisure and shopping options right at your doorstep. Located close to significant tech companies like Intel and Northrop Grumman, and within the Price technology corridor, which could be particularly attractive to professionals working within these sectors. This condominium combines luxury living with convenience, offering a sophisticated lifestyle with easy access to work, leisure, and everyday needs. It's ideal for professionals looking for a balance between work and personal life in a vibrant community setting.

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18458 W Villa Hermosa Lane Surprise, AZ 85387

$507,367

5 Beds

4 Baths

3,045 SqFt

Status Active

MLS # 6649790

Property Type Single Family Residence

Price Type --

Below Market Interest Rate Available! New Build Home. 5 Bedrooms, 4 Baths, LOFT, 3 Car Garage with 8ft Garage Door. VERY Open Floor Plan. SUPER GREAT ROOM. Kitchen Island with Beautiful Back splash, walk in Pantry. Primary Bath has Garden Tub and walk-in shower. Tile throughout, carpet in bedrooms only. Patio on back of home. This home is located in North Copper Canyon that offers a community pool and many other amenities. High Performance Home with smart technology, makes it so you can truly live in your element!!

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207 S Beaver Street Flagstaff, AZ 86001

$506,850

1 Bed

1 Bath

810 SqFt

Status Active

MLS # 6632517

Property Type Apartment

Price Type --

OWN FLAGSTAFF - DO NOT MISS THIS OPPORTUNITY! This 1-Bedroom Condo has a covered patio's, and is Move-in-ready! This 5-story community was tastefully designed to accentuate the views off each deck of the 32 luxury units! Living the high life at 7000' feet is a breeze at The Views at Butler, just a step from Northern Arizona University & the nightlife in downtown. Watch the sunset reflect off the San Francisco Peaks while BBQ'ing on the oversized Roof-Top View Deck & lounge area. Convenience & ease are built into the community w key fob elevator, a trash shoot on every level & standard A/C. Beyond the aesthetic & downtown life vibe! Location, Convenience, Views & Community. It's the perfect home for you!

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7407 W Gardinia Avenue Glendale, AZ 85303

$506,696

4 Beds

2.5 Baths

2,465 SqFt

Status Active

MLS # 6695968

Property Type Single Family Residence

Price Type --

Under Construction new build home with a July/August 2024 move-in! Amazing single family 4-bedroom 2.5-bathroom 2 car garage home on a N/S exposure corner homesite within the desirable Alto gated community!!! This Tenor floor plan features quartz kitchen countertops, modern white full overlay cabinets, contemporary imperfect smooth walls, and stainless kitchen appliances plus much more! Plan your visit today! ^^Up to 4% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply. ***Prices subject to change, photos may be of a model home or virtually staged, actual home will vary.

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10842 W Grant Street Avondale, AZ 85323

$506,344

4 Beds

3 Baths

2,090 SqFt

Status Active

MLS # 6694065

Property Type Single Family Residence

Price Type --

Explore this Emerald home, ready for quick move-in. Included features: a charming covered entry; a well-appointed kitchen boasting quartz countertops, stainless-steel appliances and 42'' upper cabinets; an open dining area and an adjacent great room with a bonus window; a guest suite with a living room, bedroom and private bath; a lavish primary suite showcasing an attached bath and a walk-in closet; a convenient laundry room; three secondary bedrooms and another full bath. This home also offers a covered patio with a gas connection, concrete driveway pavers and front yard landscaping.

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15926 W Bronco Trail Surprise, AZ 85387

New

$505,990

4 Beds

3 Baths

2,434 SqFt

Status Active

MLS # 6703963

Property Type Single Family Residence

Price Type --

This is an amazing home, this quick move-in Pearl floor plan is indeed one of our best-selling homes, it boasts a stunning design with upgraded kitchen cabinets, quartz countertops and a stylish backsplash, the master bathroom includes a spacious shower, the home is equipped with Smart Home Technology, and is also Energy Star Certified, ensuring energy efficiency, the oversized sliding glass door provides abundant natural light and easy access to the outdoors, the upgraded electrical package and recessed can lighting enhance the overall ambiance of the home, window coverings are included for privacy and aesthetics, and of course the home comes with a garage door opener for convenience and security, it's a perfect combination of style, functionality and modern features, come and see!

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9726 W Albeniz Place Tolleson, AZ 85353

$505,990

5 Beds

4.5 Baths

3,131 SqFt

Status Active

MLS # 6701782

Property Type Single Family Residence

Price Type --

Beautiful Brand New Home in a Highly Desirable West valley location. Under Construction - Est Completion August. Features countless upgrades such as 9' ceilings, Shaw 17x17 Tile, Granite countertops in the kitchen. Whirlpool Stainless steel appliances. White shaker cabinets with Stainless Steel Pulls. Energy-efficient features throughout, WIFI & programmable thermostat. Spacious walk-in closet in the primary suite. Front yard landscaping, covered patio in the backyard. Spectacular Mountain Views! The community features a greenbelt, a premium neighborhood park with playground. Conveniently located near the new 202 freeway, schools, shopping and dining, and Estrella Mountain Regional Park.

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89 E Palomino Drive Gilbert, AZ 85296

$505,900

3 Beds

2.5 Baths

1,776 SqFt

Status Active

MLS # 6694699

Property Type Single Family Residence

Price Type --

Welcome to this stunning two-story home boasting modern updates and timeless charm. With three spacious bedrooms and two and half bathrooms, this residence offers comfortable living spaces for the whole family. Step inside to discover the allure of vinyl floors that perfectly complement the contemporary design. The sleek, updated kitchen is a chef's delight, featuring ample counter space and stainless steel appliances. Conveniently located close to amenities and schools, this home is the epitome of modern living. Don't miss the opportunity to make it yours!

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