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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Tubac AZ 85646

$499,900

2 Beds

2 Baths

1,743 SqFt

Status Active

MLS # 6683032

Property Type Single Family Residence

Price Type --

Adjoining the lush Santa Cruz River, the Trails Head community is a vibrant part of the Barrio de Tubac. You can enjoy proximity to the Historic/Artisan Village of Tubac itself which has recently been voted by USA Today as the number one up and coming Artisan Community in the Country. The Trails Head neighborhood also adjoins the renowned Juan Bautista de Anza National Historic Trail which provides many miles of shaded areas to enjoy throughout the year. This 1743 sq/ft , 2 bedroom 2 bath plus den, home is positioned to take advantage of everything Tubac has to offer. Wether it is enjoying shopping and the art scene or experiencing the many outdoor opportunities, Trails Head in the Barrio de Tubac is a wonderful place to call home!

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3040 W Black Oak Loop Show Low, AZ 85901

$499,900

3 Beds

2 Baths

1,432 SqFt

Status Active

MLS # 6679189

Property Type Single Family Residence

Price Type --

Brand-new home. Located in the desirable Torreon Golf Villas II. This stand-alone Villa is just what you've been looking for. Tall Ponderosa Pines surround this pristine new build. Enjoy granite countertops, a walk-in shower, open concept living area, with T&G ceilings. Luxury vinyl plank and 2'' wood blinds throughout. Spacious Kitchen. Gas Fireplace. Insta hot water heater w/filter. 2 garages. This split, Three-bedroom floorplan is ideal for a primary residence, or a place to get away. Just a short ride to the Clubhouse for a nice meal or a round of Golf. Don't forget to bring your fishing pole, to enjoy one of the beautiful lakes on the mountain. At the end of the day, watch the beautiful sunset in the crisp, mountain air. Owner/Agent and may benefit from proceeds

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3550 E Edna Avenue Phoenix, AZ 85032

$499,900

3 Beds

2 Baths

1,157 SqFt

Status Active

MLS # 6659931

Property Type Single Family Residence

Price Type --

Your dream home awaits! Meticulously cared-for Pulte gem, ready for its next chapter. Second owners, captivated by its charm. Mature landscaping, citrus trio, and a pergola create a private retreat. AMPLE STORAGE, 2 car garage with a Brand-new garage overhead storage, custom blinds, and windows, and fresh paint amplify interior allure. * Updated paint, light & plumbing fixtures and a stove with built-in air fryer! Make it your own or move in hassle-free. Proximity to top-notch dining, shopping, and seamless freeway access. Ideal timing for Spring Training! Embrace an active lifestyle with nearby trails. Modern convenience and security with a smart lock, new ADT system, and cameras. **Your peace of mind assured until July 2025 with an included home warranty. Come see your home in perso

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17852 W Jessie Lane Surprise, AZ 85387

$499,900

4 Beds

2.5 Baths

2,821 SqFt

Status Active

MLS # 6671520

Property Type Single Family Residence

Price Type --

Beautiful move-in ready home with 4 spacious bedrooms, 2.5 baths w/ loft and study. Primary bedroom is downstairs with an en suite bath that connects to the laundry room. Open floor plan with a great room and eat-in kitchen. Large island and a Butler's Pantry. Gorgeous tile downstairs. Upstairs has a large loft with 3 bedrooms and a bath. Low maintenance backyard w/pavers, artificial grass and an RV gate. Perfect home for entertaining!

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3535 W Acapulco Lane Phoenix, AZ 85053

$499,900

4 Beds

2 Baths

2,421 SqFt

Status Active

MLS # 6676367

Property Type Single Family Residence

Price Type --

Stop the car for this immaculate remodeled gem in North Phoenix! This 4 bed/2 bath was taken down to the studs and painstakingly renovated from top to bottom. The home features ample natural light, striking wood-look tile in all the right places, new carpet in the bedrooms, neutral colors, and updated bathrooms. The modernized kitchen boasts exquisite quartz countertops, elegant Shaker cabinetry, a spacious breakfast bar, pendant lighting, and new stainless steel appliances. Outside, you'll find an expansive covered patio and low-maintenance landscaping. The home is located in a quiet neighborhood near the I-17, loop 101, ASU West Campus, and GCU. Welcome home!

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12815 W Milton Drive Peoria, AZ 85383

$499,900

4 Beds

2.5 Baths

2,230 SqFt

Status Active

MLS # 6677604

Property Type Single Family Residence

Price Type --

Beautifully renovated, loving cared for! This Vistancia beauty is just waiting to wow you from start to finish! Desert Beauty adorned the front yard, professional designed with beautiful cactus and agave, to desert blooming plants, rip-rack rock river beds, gives this home an AZ welcome home. Step inside to see every inch of square foot of this floor plan was utilized to allow space for everyone. Greeted by soaring ceilings, lots of natural light and warm earth tone colors adorning the walls and luxurious vinyl plank flooring. Open concept living with the formal family and dining room adjoined to family room and kitchen area, lots of space to entertain large parties. Kitchen, Family and breakfast nook all open to each other. Kitchen boast granite counters, island, pantry, newer ... stainless steel appliances, and tons of warm wood cabinets for a timeless richness. First floor you will also find den/office or 4th bedroom with closet. Guest bath with new sink/vanity with storage. Laundry room has nice storage area, easy convert for mud room- shoe bench area. Second floor features new carpeting through out. Loft, Bedroom 2 & 3 and bath 2 with full tub and lots of counter space. Spacious Owner's suite will knock your socks off with the gorgeous mountain views & AZ desert sunsets! Owners bath complete with separate tub and remodeled tiled walk in shower, double sinks, large walk-in closet and beautiful tile flooring. Patio has brick pavers extending the area for plenty of space to enjoy the gorgeous AZ weather. Go Organic and step outside to your new fruit and veggie garden, fresh citrus & veggies ripening year round. Not a gardener, thats ok, easy convert and plenty of space for a sparkling pool! Easy walk to Vistancia Elementary School. All this located in the highly sought after community of Vistancia with community pool, waterslide, recreational events for everyone! You will not be disappointed!

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17866 W Villa Chula Lane Surprise, AZ 85387

$499,900

4 Beds

3 Baths

2,204 SqFt

Status Active

MLS # 6680598

Property Type Single Family Residence

Price Type --

Seller is offering $10,000 towards buyers closing cost incentive with full price offer! This stunning residence, built in 2021 is ready for a new owner. Boasting 4 bedrooms plus a den and 3 full bathrooms, there's ample space for your family and guests to enjoy. Featuring a open concept layout, the kitchen steals the show with granite countertops, modern cabinetry, and a stylish backsplash. Enjoy the 3-car tandem garage, while the backyard oasis awaits with lush turf, elegant pavers, and a double gate for added convenience with custom paver steps down the oversized side yard. The community is renowned for its amenities such as a pool, baseball fields, racket/tennis courts, playgrounds, hiking trails, dog park, and access to the 303, shopping, and the thriving area of Surprise

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701 W Marlboro Drive Chandler, AZ 85225

$499,900

3 Beds

2 Baths

1,515 SqFt

Status Active

MLS # 6678423

Property Type Single Family Residence

Price Type --

Beautifully remodeled 3/2 with a pool in a great chandler neighborhood. Remodel was just finished including new quartz counters, laminate wood flooring in bedrooms, new shower in hall bath, new vanity, interior and exteror paint, new backyard landscaping with turf. new plaster in pool and much more...

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3100 W Black Oak Loop Show Low, AZ 85901

$499,900

3 Beds

2 Baths

1,432 SqFt

Status Active

MLS # 6680021

Property Type Single Family Residence

Price Type --

Brand-new home. MOVE IN READY. Located in the desirable Torreon Golf Villas II. This stand-alone Villa is just what you've been looking for. Tall Ponderosa Pines surround this pristine new build. Enjoy granite countertops, a walk-in shower, open concept living area, with T&G ceilings. Luxury vinyl plank and 2'' wood blinds throughout. Spacious Kitchen. Gas Fireplace. Insta hot water heater w/filter. 2 garages. This split, Three-bedroom floorplan is ideal for a primary residence, or a place to get away. Just a short ride to the Clubhouse for a nice meal or a round of Golf. Don't forget to bring your fishing pole, to enjoy one of the beautiful lakes on the mountain. At the end of the day, watch the beautiful sunset in the crisp, mountain air. Owner/Agent and may benefit from proceeds

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22063 E Via Del Rancho Avenue Queen Creek, AZ 85142

$499,900

4 Beds

2 Baths

2,046 SqFt

Status Active

MLS # 6689348

Property Type Single Family Residence

Price Type --

Nestled in the charming Villages at Queen Creek, this meticulously maintained 4-bedroom, 2-bathroom is a dream come true. Boasting a refreshing play pool, perfect for those warm Arizona days, this gem sits proudly on a corner lot. Step inside to discover a thoughtfully designed split floor plan, providing ample room for relaxation and entertainment. You'll immediately notice the updates throughout, from the fresh coat of paint to the plush new carpeting. The heart of the home shines with brand new kitchen appliances, including a refrigerator that awaits your culinary creations. With neutral decor as your canvas, this home eagerly awaits your personal touch to transform it into your own oasis. And with the washer and dryer already included, moving in will be a breeze.

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733 N May Street Chandler, AZ 85226

$499,900

3 Beds

3 Baths

1,709 SqFt

Status Active

MLS # 6685501

Property Type Single Family Residence

Price Type --

Introducing this fabulous home in Chandler! Tastefully renewed interior showcases a welcoming living room, formal dining room, and a large family room complemented by a cozy fireplace. Highlights include fresh paint, neutral palette, a blend of wood-look & tile flooring, and vaulted ceilings. The kitchen provides ample cabinets, stainless steel appliances, quartz counters, a pass-through window, and a peninsula that adds to the counter space. The main bedroom is downstairs for convenience, boasting outdoor access, an ensuite with dual sinks, and a walk-in closet. . Lastly, the spacious backyard has a covered patio where you can enjoy a peaceful afternoons with a cool drink. This rare find will sell fast!

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4389 E Hartford Avenue Phoenix, AZ 85032

$499,900

3 Beds

2 Baths

1,401 SqFt

Status Active

MLS # 6690031

Property Type Single Family Residence

Price Type --

Welcome to this charming 3-bedroom, 2-bathroom home nestled in a quiet neighborhood. step into a spacious living room with tile floors and large windows that fill the space with natural light, living room flows seamlessly into the kitchen and dining area. The kitchen is equipped with stainless steel refrigerator, oven, microwave, and dishwasher. Ample cabinet space to provide plenty of storage. The kitchen island offers additional counter space and doubles as a breakfast bar. Adjacent to the kitchen is the dining area, featuring a sliding glass door that opens to the backyard patio. This space is ideal for indoor-outdoor entertaining and enjoying meals al fresco. Backyard is fully fenced and offers a peaceful retreat with lush greenery and room for gardening or outdoor activities.

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