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

brick-houseHome 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.

MonthtoMonth 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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17434 W Fulton Street Goodyear, AZ 85338

$480,962
4 Beds
3 Baths
2,684 SqFt
Status Active
MLS # 6645442
Property Type Single Family Residence
Price Type --

9524 W Meadowbrook Avenue Phoenix, AZ 85037

$480,500
4 Beds
3 Baths
2,663 SqFt
Status Active
MLS # 6619285
Property Type Single Family Residence
Price Type --
Welcome to your new home! This move-in-ready gem is perfectly situated in a prime location, surrounded by a plethora of shops and restaurants. For sports enthusiasts and entertainment seekers, the Stadium and Westgate are a mere 1.5 miles away, making family outings a breeze. Plus, the convenient access to the 101 freeway ensures you're well-connected to all that the area has to offer. Notably, the AC units were upgraded in 2019, providing you with peace of mind and efficient cooling. Inside, the home is flooded with natural light, creating a warm and inviting atmosphere. With 4 bedrooms, a den, and a loft on the upper level, along with a convenient bathroom on the main floor, there's plenty of space for your family's needs. Step outside onto the extended patio, where you can unwind and enjoy the outdoors. This home has everything you need and more. Don't miss the opportunity to see it for yourself!

15933 W Hackamore Drive Surprise, AZ 85387

$480,065
3 Beds
2 Baths
1,448 SqFt
Status Active
MLS # 6667705
Property Type Single Family Residence
Price Type --
Come to Mason Ranch II in Surprise and discover our PRE-GRAND OPENING INCENTIVES!! Come and see this beautiful 3501 floor plan. This home features 3 Bedrooms, 2 Baths, 3-Car Garage. Nestled on an oversized end lot with an extended driveway. This home is enriched with numerous upgrades and ALL appliances included!!! You will find white shaker cabinets, granite kitchen countertops, large kitchen island, custom full kitchen backsplash, large single bowl sink, stainless steel kitchen appliances, gas range, carpet and tile flooring, tankless hot water heater, 9' ceilings, 8' interior doors, pre-plumb for soft water loop, a comprehensive smart home package, an enhanced electrical package with cat 6 wiring, and more! Est. completion June 2024.

Morristown AZ 85342

$480,000
2 Beds
2 Baths
1,248 SqFt
Status Active
MLS # 6679027
Property Type Twin Home
Price Type --
APPLE AMKOR PLANT IS BEING BUILT VERY CLOSE AND WILL BE PROVIDING MORE THAT 2000 JOBS. GREAT INVESTMENT OPPORTUNITY. CURRENTLY RENTED FOR 1 AND 2 YEAR LEASES. Two income units on one property with full of updates and upgrades. New flooring, New AC units. both units have their own large backyard and side entrance with privacy. both units have their one stacked washer and dryer in the back utility room. NO HOA and easy to maintain. Don't Wait, Won't last long.

2889 N 331st Avenue Tonopah, AZ 85354

$480,000
3 Beds
2 Baths
1,618 SqFt
Status Active
MLS # 6675524
Property Type Single Family Residence
Price Type --
Great opportunity to own a new construction quality home, with amazing views! Two parcels are included with this sale, 2.49 acres of land. This home has so much to offer starting from the construction, built with a 2X6 frame, sprayed foam insolation, flat tile roof, synthetic stucco, dual pane windows,9 ft high ceilings. Tile in main living areas, comfortable carpet in bedrooms. Custom Shaker Style Kitchen Cabinets, with 42'' upper cabinets, subway tile backsplash, and Granite countertops. Cabinets in laundry room, lots of natural and recessed lighting through the home. Spacious primary bedroom with beautifully designed en suite and spacious closet. An Exquisite and timeless design for the lucky first time owners to enjoy!

7934 W Gibson Lane Phoenix, AZ 85043

$480,000
4 Beds
2 Baths
1,991 SqFt
Status Active
MLS # 6624419
Property Type Single Family Residence
Price Type --
Welcome Home! This home is an entertainers dream! Enter through the front door through a spacious living room/ dinning room into a nicely updated and spacious great area, then into a gorgeous kitchen and family room open concept combination. Perfect for family and friends get togethers. This 4 bedroom, 2 bath home, with custom plantation shutters a spacious backyard and with a 3car garage! It won't last long.

4136 S 73rd Drive Phoenix, AZ 85043

$480,000
4 Beds
2 Baths
2,702 SqFt
Status Active
MLS # 6630733
Property Type Single Family Residence
Price Type --
WOW! Come check out this beauty today.. This home offers a fabulous open concept great room in addition to a front sitting/living room. The gorgeous kitchen has a large walk-in pantry with an amazing island in the middle and new appliances. 4 bedroom plus an open den/playroom. Master bathroom is every couple's dream with double sinks, separate shower and tub, separate toilet room and a nice walk-in closet. The interior is completely move in ready with fresh new paint inside and out, sunscreens on all windows, reinforced mount walls for any size TV, and a water softener, all this and more. Large back yard awaiting all your family gatherings including a large side yard with RV gate. Simply Gorgeous!; the TV, projector and surround sound DO NOT CONVEY.

1449 Leisure World -- Mesa, AZ 85206

$480,000
3 Beds
2 Baths
1,723 SqFt
Status Active
MLS # 6662409
Property Type Single Family Residence
Price Type --
Do not miss this gorgeous, remodeled Barcelona floor plan. The kitchen has been completely reconfigured in a modern touch with a beautiful island added for entertaining or storage. A room off the kitchen was added for formal dining or an office space. The kitchen opens up to the vaulted ceiling, large living room with beautiful wood looking, easy care, luxury vinal flooring. The huge back patio is covered and enclosed with brand new screens. The bathrooms are tastefully updated and all 3 bedrooms are huge. Everything has been touched. All this in the Premiere Active Adult Community of Leisure World with 36 holes of private golf, new tennis complex, pickle ball, swimming pools, library, state of the art fitness center, theater, arts and crafts, billiard room, and much more!

2368 W Silverton Drive Flagstaff, AZ 86001

$480,000
2 Beds
2.5 Baths
1,242 SqFt
Status Active
MLS # 6670165
Property Type Townhouse
Price Type --
Rare find! This townhome community is nestled in the heart of Flagstaff off of historic Route 66, surrounded by majestic trees with convenient access to NAU, Downtown Flagstaff, and so much more. Inside, this end-unit townhome has been recently repainted and very well maintained. Engineered hardwood floors greet you on the main living level, the kitchen is fully equipped with updated granite countertops, and a gas fireplace in the living room will help keep you warm during the winter months. Two bedrooms, each with ensuite bathrooms, provide maximum comfort on the top level. Whether you're looking for a primary residence, a second/vacation home, or an investment opportunity, this home checks all the boxes! Furnishings are negotiable.

12613 W County Lane Avondale, AZ 85323

$480,000
3 Beds
2 Baths
1,600 SqFt
Status Active
MLS # 6666122
Property Type Single Family Residence
Price Type --
This is a beautiful house; it has all your needs. with Brand new appliances. granite on kitchen countertops and breakfast island, the tile floor looks gorgeous, and the fireplace gives impressive decor to the house. Tile roof, beautiful design with pavers and artificial grass on front and back yard.

601 Bisbee Road Bisbee, AZ 85603

$480,000
3 Beds
2 Baths
1,421 SqFt
Status Active
MLS # 6666417
Property Type Single Family Residence
Price Type --
If you're looking for a home with charm & character, then this is the one! Beautifully updated & extremely well maintained, centrally located in the highly desired Warren suburb. When you enter from the covered front porch, you'll immediately notice the fresh paint inside/out, updated floors including marble tile, and new HVAC system. Old Bisbee charm remains with antique light fixtures in kitchen & living room as well as truly stunning stained glass windows in living room. There are 3 spacious bedrooms. 1 has its own separate entrance to the porch. Enjoy added storage from the partial basement & large storage shed. All furnishings can remain. Fruit trees adorn the property. Updated, minutes away from the Historic District, & turn-key ready. This home has it all!

2150 W Alameda Road Phoenix, AZ 85085

$480,000
4 Beds
3.5 Baths
1,861 SqFt
Status Active
MLS # 6667331
Property Type Townhouse
Price Type --
Lovely Townhome Ideally Situated in the Sought After Gated Community of Villagio at Happy Valley. This well-kept home boasts 4bds/3.5ba with the primary suite having its own balcony to enjoy Arizona's beautiful weather. Gourmet kitchen offers granite countertops, stainless steel appliance package, and breakfast bar that provides ample seating and overlooks your great room - ideal for entertaining! Enjoy community amenities that include a community pool, spa, BBQs, and spacious landscape areas. Prime location that has easy highway access to I-17, minutes from local attractions that include The Shops at Norterra, Desert Ridge MarketPlace, and Outlets at Anthem.

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