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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2602 N 70th Street Scottsdale, AZ 85257

$499,900
3 Beds
1 Bath
969 SqFt
Status Active
MLS # 6691263
Property Type Single Family Residence
Price Type --
Highly sought after corner lot in Cran Brook Manor. Really large lot for unlimited possibilities! This is a great opportunity for someone to create their new home or an investment opportunity! New windows are Energy Star in Southwest bedroom and Arcadia door. Remaining windows are dual paned also.

4021 W Blackhawk Drive Glendale, AZ 85308

$499,900
3 Beds
2.5 Baths
2,235 SqFt
Status Active
MLS # 6682598
Property Type Single Family Residence
Price Type --
Desirable & Great Location - Arroyo Springs Neighborhood - Open Concept Layout - 3 Bedrooms 2.5 Bathrooms - Primary Bedroom, Bathroom & Large Walk In Closet Located Downstairs - Hardwood Floors & Ceramic Tile Thru-Out - Large Formal Dining & Living Room - Modern Kitchen w/ Newer Cabinets & Appliances, Breakfast Bar, Granite Countertops, Eat In Kitchen Area & Open to Family Room - Upstairs 2 Bedrooms w/ Walk In Closets & Large Open Loft Area - Large Backyard Great for Entertaining w/ Pool, Covered Patio, Grass Area, Palm & Citrus Trees.

16525 E Avenue Of The Fountains -- Fountain Hills, AZ 85268

$499,900
3 Beds
2 Baths
1,736 SqFt
Status Active
MLS # 6685641
Property Type Apartment
Price Type --
NEW LOW PRICE!! Excellent value for this furnished condo!!Perfect location if you like downtown living!! Walk to and enjoy lots of shops, restaurants, art shows and of course the World Famous Fountain...This lightly lived in & recently remodeled upstairs condo is just right for part time living or full time residents! Being sold furnished/Spacious 1736 sf with large great room, beautifully remodeled kitchen/dining room, 3 bedrooms & 2 baths! Enjoy the mountain views from your covered balcony. You'll love the master suite with all new walk in shower & double vanity. Nice laundry room with extra storage...and a 1 car garage with built in storage cabinets & epoxy floors! Heated Community pool & spa / Exercise room/ Priced to sell...don't hesitate!!

1615 E Williams Street Tempe, AZ 85281

$499,900
3 Beds
2 Baths
1,280 SqFt
Status Active
MLS # 6690745
Property Type Single Family Residence
Price Type --
NO HOA! 10,502 SQFT flood irrigated lot! Rare chance to own a remodeled home in Hudson Manor. These homes don't go for sale every day! Large lot with lush landscaping and new fencing! 3 spacious bedrooms and a large master suite! New kitchen with cabinets and counters, new appliances, fresh paint inside and out, new carpet, lights and much more! Close to Arizona State University, Tempe Marketplace, light rail, freeways and much more! You really need to see this home to believe it!

16668 W Pierce Street Goodyear, AZ 85338

$499,900
4 Beds
2 Baths
1,862 SqFt
Status Active
MLS # 6689544
Property Type Single Family Residence
Price Type --
SPECTACULAR YARD WITH HEATED POOL & SPA, OUTDOOR KITCHEN WITH WALL TV CABINET, GAS FIREPLACE, GAZEBO, 2 SHEDS & EXTENSIVE PATIO ON A HUGE CORNER LOT. This move-in ready FOUR BEDROOM home has been freshly painted outside, painted inside, has a NEW HVAC (2023), upgraded fixtures and beautiful tile throughout. The spacious foyer opens to a huge living area with vaulted ceiling. The kitchen features granite counters, custom backsplash, crown molding, large island with eating counter & built-in beverage fridge. ALL APPLIANCES INCLUDED. The Ensuite bathroom has a patio door to the covered patio. Bedrooms #3 & 4 have upgraded windows & overlook a gorgeous front yard. Low voltage lighting front & back with an abundance of palm trees, shrubs, 2 orange trees & more. You may not want to leave home!

557 N Macdonald -- Mesa, AZ 85201

$499,900 - 3Br/3Ba -  for Sale in Evergreen Historic District, Mesa
Open House
$499,900
3 Beds
3 Baths
2,258 SqFt
Status Active
MLS # 6689670
Property Type Single Family Residence
Price Type --
Discover the perfect blend of historical charm and boundless potential at 557 N Macdonald, nestled within the vibrant heart of Mesa, AZ. This gracious residence, boasting an interior of 2258 sqft, invites you into a world where every corner holds a story waiting to be reimagined. The focal point of this enchanting home is its expansive .21-acre lot, a verdant retreat fully irrigated to nurture an array of flowering plants and fruit-bearing trees. Imagine savoring the fresh harvest from your own Navel Orange, Peach, Plum, Grapefruit, and Pecan trees, right in your backyard. This outdoor space in the picturesque Evergreen Historic District, offers not just a tranquil oasis but also an exceptional canvas for those with a vision to cultivate their dream landscape. Stepping inside, the house reveals a layout thoughtfully designed for comfort and functionality. It features three cozy bedrooms complemented by three well-appointed bathrooms, ensuring ample space for family and guests alike. The charm of the main house is further enhanced by two bonus roomsflexible spaces ideal for a home office, creative studio, or additional living areas to suit your lifestyle. The heart of the home is a welcoming living room, seamlessly connected to a formal dining area, where gatherings large and small are sure to create lasting memories. The adjoining eat-in kitchen, bathed in natural light, offers a warm, inviting setting for morning coffees or casual meals. A dedicated laundry room adds to the practical considerations that make daily life here a breeze. Situated close to downtown Mesa, residents will find themselves a stone's throw from the vibrant light rail-connected community. Embrace the convenience of Pioneer Park, ASU Mix Center, Mesa Arts Center, and a wealth of dining, bars, coffee shops, and shopping opportunities, all within easy reach. For the hobbyist or arts enthusiast, the inclusion of a large detached workshop/shed alongside a storage shed and a two-car carport presents endless possibilitiesto create, to store, or to dream. With its rich blend of history, potential, and prime location, 557 N Macdonald stands as more than just a houseit's the gateway to your new lifestyle in Mesa. Whether inspired by its renovation potential, the allure of its outdoor space, or the charm of its surroundings, this home awaits someone ready to bring their vision to life. Welcome to your next chapter. Blue Sky Pest Control termite treatment warranty available, expires September. Feb 2014, Durafoam Roofing made repairs & applied United Diathon elastomeric coating, 5 year warranty, expired. October 2000, 25 yr laminated shingle roof done. March 2012, Kitchen update, counters: Silestone w/blanco granite under-mount sink & Saxony Pull-Out Faucet Model 473. Window replacements done by Window World 2018. Honeywell Thermostat, FocusPro TH6000 Series.

4396 E Austin Lane San Tan Valley, AZ 85140

$499,900 - 3Br/2Ba -  for Sale in Laredo Ranch Unit 2, San Tan Valley
Open House
$499,900
3 Beds
2 Baths
2,184 SqFt
Status Active
MLS # 6689918
Property Type Single Family Residence
Price Type --
You have discovered a hidden gem in this exquisite single-story home featuring spacious rooms, including three bedrooms and two baths. The gourmet kitchen is a chef's dream, complete with granite countertops, huge island, and the walk-in pantry, ideal for entertaining. Appliances are less than a year old, Ample space in the indoor laundry. The Master retreat boasts his and her closets, a large garden tub. A wonderful space to come home to! 20 inch tile flooring in key areas, Bonus owned solar panels are installed to minimize electric bills. Three car tandem garage has a wonderful garage opener wi battery backup opener and is a must have for any man/women cave. Beautiful mature landscaping front and back adorned with beautiful fruit trees and a variety of other plants too numerous to list The back patio features extended pavers, showcasing the owners' attention to detail. This property is truly magnificent and you will love to call it home!

13178 N 149th Avenue Surprise, AZ 85379

$499,900 - 3Br/3Ba -  for Sale in Marley Park, Surprise
Open House
$499,900
3 Beds
2.5 Baths
2,548 SqFt
Status Active
MLS # 6694156
Property Type Single Family Residence
Price Type --
**Gorgeous former model home fronting to Whisperwind Bird Park** This turn key home is highly upgraded with granite counter tops, stainless steel appliances, upgraded cabinetry, surround sound upstairs and downstairs, upgraded lights, travertine flooring, security system, fireplace, closet organizers, and the list goes on. Walk through the front door of your new home where fresh paint and beautiful wood wainscoting adorns the living room and dining room. Built in hutch in separate dining room. Spacious eat-in kitchen with tons of cabinetry plus a butler's pantry with more storage! Out back you will find a freshly landscaped backyard with covered patio. Upstairs you'll find large bedrooms including an upgraded owner's suite with wood wainscotting, surround sound, and large en suite with separate tub and shower This lovely home faces a grass park and is right across the street from ''A'' rated Marley Park Elementary. You are a short walk to the community clubhouse and pools. Marley Park master planned community features mature tree lined streets, architectural diversity, 3 community swimming pools, 20 uniquely themed parks and amazing community events. All close to shopping and great restaurants. Come be part of this wonderful master planned community!

11611 S Half Moon Drive Phoenix, AZ 85044

$499,900 - 2Br/2Ba -  for Sale in Ahwatukee Rs-5, Phoenix
Open House
$499,900
2 Beds
2 Baths
2,246 SqFt
Status Active
MLS # 6613692
Property Type Single Family Residence
Price Type --
AHWATUKEE! You will be close to everything and still feel hidden away. This home's Arizona Room (400sf) has a seperate temperature control, it's perfect for crafts, cards/poker, billiards or an office. The main bedroom has a walk-in closet and a seperate 12 foot closet. The garage boasts 46+ cabinets for tons of storage and a 230V outlet for welder/compressor. This home has an expansive outdoor entertainment/bbq patio with a waterfall. The retractible awning outside the kitchen door offers a second BBQ area. 2 bedroom/2 bathroom/storage shed/new AC/new roof/new floors/ceiling fans/fireplace. This wonderful adult community has it all. The nearby Ahwatukee Recreation Center features an indoor/outdoor pool, club house, pickle-ball, exercise facility, woodworking, arts & crafts and much more Are you a golfer? This home is very close to two golf courses - the Ahwatukee Country Club (par 72) and The Lakes (executive). This great location is close to dining, shopping city parks, private park, tennis, and South Mountain Park. Easy access to I-10, AZ 202, downtown Phoenix, Sky Harbor, ASU, Tempe, Chandler, and South Mountain Park. All warranties are transferrable.

372 W Nikita Drive San Tan Valley, AZ 85140

$499,890
5 Beds
3 Baths
2,586 SqFt
Status Active
MLS # 6630546
Property Type Single Family Residence
Price Type --
On 4-18-24 Carpets were cleaned and ready for a new owner. Don't wait any longer, as the seller is highly motivated. This is your chance to own a stunning McKinley floor plan with a 5-bedroom, 3-bathroom that includes a loft in the coveted Meadows community. The house is close to a new shopping complex, restaurants, a hospital, and grocery stores. You'll love the spacious and well-designed floor plan, which features an open concept on the main floor with access to a covered patio. The kitchen is a chef's dream, with plenty of cabinet and counter space and a walk-in pantry. With one bedroom and a full bath downstairs, you'll have plenty of space for your family and guests. Upstairs, you'll find the laundry room, three additional bedrooms, and a split primary bedroom, each spacious and perfect for relaxation. The primary suite is the ideal retreat, with a large, secluded room, a private ensuite bathroom with dual sinks, and a walk-in closet. The loft is suitable for movie nights or a separate space to unwind. The house is fully landscaped and ready for you to move in. The lot is large enough for a future pool/spa/spool. Take advantage of this opportunity to own your dream home!

25229 W Rockaway Hills Road Morristown, AZ 85342

$499,800
3 Beds
2 Baths
1,801 SqFt
Status Active
MLS # 6639688
Property Type Manufactured Home
Price Type --
Your new home away from the crowds awaits in Morristown! Santa-Fe-style residence sitting on a more than 1-acre lot on a desired corner! This property is fully fenced w/an RV gate for all your toys. Beautiful interior has tile floors, a cozy fireplace in the living room, gorgeous light fixtures, and neutral paint. Cook gourmet dishes in the eat-in kitchen showcasing SS appliances, center island, a walk-in pantry, white cabinetry, and ample counter space. Split main retreat has a walk-in closet and a full bathroom with a dual sink vanity and a jetted tub for a spa-like feel. In the backyard, discover a fenced covered patio w/a Ramada, a greenhouse, a detached garage w/a small workshop attached, a fire pit, and natural desert landscaping. Don't miss the AZ sunsets and mountain views! Hurry!

18326 N Gila Springs Drive Surprise, AZ 85374

$499,800
2 Beds
2 Baths
1,782 SqFt
Status Active
MLS # 6673887
Property Type Single Family Residence
Price Type --
Beautifully designed home in the highly sought-after Sun City Grand community! Versailles pattern travertine flooring extends through the living area with a stone fireplace & additional sitting area off the kitchen ideal for a conversation or game table. The open kitchen boasts granite countertops, stainless steel appliances, drawer pull-outs, & RO. All bathrooms have been elegantly crafted with travertine & gorgeous vanities. Den area complete with custom built-in desk & shelving. The backyard offers a covered patio with a built-in BBQ ideal for hosting & citrus trees. Also featured, a 2-car garage with built-in cabinetry, water softener, & heat shield. You'll love the Sun City Grand community with amenities like a pool, spa, gym, clubhouse, sports courts, & fun community events!

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