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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7647 E Montecito Avenue Scottsdale, AZ 85251

$499,000

3 Beds

2.5 Baths

1,656 SqFt

Status Active

MLS # 6697074

Property Type Townhouse

Price Type --

HUGE OLD TOWN SCOTTSDALE opportunity! 3 Bedroom spacious Townhome! 2 Covered Parking Spots, Back Yard, Shed, Community Pool and Playground, Walking to Old Town and all the benefits of one of Scottsdale's most desirable areas!

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4524 E Shomi Street Phoenix, AZ 85044

$499,000

3 Beds

2 Baths

1,420 SqFt

Status Active

MLS # 6697283

Property Type Single Family Residence

Price Type --

This is It a Complete Remodel, that backs up to the golf course, with a New A/C, New Roof, New Appliances All Included Refrigerator, Washer, Dryer, Microwave, Dishwasher, Wine Cooler, Range/Oven, Electric Fireplace, T.V. Open Kitchen Area with New Cabinets with crown molding, New Marble Countertops, Gold water faucet, Electric Fireplace with custom chimney, Beautiful Tile throughout the home, Vaulted Ceiling with new ceiling fans, New Windows and all new doors. Marble Showers in both bathrooms, New Vanities in each bathroom with Large custom closets space. Bay window in the master bedroom. The yard backs up to the Golf Course with spectacular views, Desert Landscape with a large fountain. Bar-b-que area with patios area. Two Car Garage, Great Location close to shopping. Must See home!!

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15253 W Moreland Street Goodyear, AZ 85338

$499,000

3 Beds

2.5 Baths

1,808 SqFt

Status Active

MLS # 6698279

Property Type Single Family Residence

Price Type --

3 Bedroom 2.5 Bath house with 2 Car garage. TILE throughout house. Fresh white Kitchen cabinets, Island with pendant lights, GRANITE counters and STAINLESS STEEL appliances. Kitchen opens up to family room. Covered back paver patio with faux grass and rock. Ready for move in.

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2104 W Bennett Way San Tan Valley, AZ 85144

$499,000

4 Beds

2 Baths

1,899 SqFt

Status Active

MLS # 6698808

Property Type Single Family Residence

Price Type --

You will love the Great Room in this well thought out floorplan. There is a huge Kitchen Island for entertaining, and all the best upgrades including granite countertops, Upgraded appliances with a double oven and a nice pantry. The backyard has an inviting pool with a nicely landscaped resort like back yard. The Main bedroom is seperate from the other rooms for great privacy. The homesite has a good sized RV type gate and the neighborhood is in a great location near many of the new businesses that are in the area. The home has been well cared for and is ready for a new family to enjoy and cool down this summer.

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22469 E Camina Plata -- Queen Creek, AZ 85142

$499,000

3 Beds

2 Baths

1,942 SqFt

Status Active

MLS # 6699084

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home in the popular Meridian Community of Queen Creek. You're going to love the open floor plan, 9 ft ceilings, plantation shutters, and plenty of windows (Renewal by Anderson) to allow in lots of natural light without the heat. Featuring a Great Room open to a large kitchen, an xlrg 12 ft island with modern curved cut granite, ss appliance w/refrigerator and ice maker, gas range, plenty of cabinets, Touch-Flo faucet, updated light fixtures, and large walk-in pantry. The master bedroom is split from the 2 bedrooms and den, all bedrooms have walk-in closets. The Main Bath is a walk-thru design, brown rectangular cultured marble sinks in both baths and master walk-in shower. The flooring is 18'' Tile in main areas, high-end vinyl in master and den, carpet in 2 bedrooms. The back patio has remote controlled power sun shades that transform the back patio into a lanai - it's like having an additional room outside the house. Power shades also on the Master Bedroom window. Professional landscape design front and back, both with artificial turf, mature plants and trees, paver patio and pathways, landscape lighting. Complete Smart ADT Security System, gas tankless water heater, attic and walls are double insulated, Ceiling Fans Throughout. Laundry Room has Sink, Custom Cabinets, and LG washer/gas dryer included. The garage has epoxy flooring, storage racks, and custom storage cabinets. Much pride of ownership in this fantastic home just waiting to become YOUR new home.

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4601 N 15th Avenue Phoenix, AZ 85015

$499,000

4 Beds

2 Baths

1,605 SqFt

Status Active

MLS # 6699317

Property Type Single Family Residence

Price Type --

Discover this updated NO HOA profitable Airbnb in a great location!!! This charming 4 bed, 2 bath residence now on the market is for you! Featuring a large front yard, slab parking, and a welcoming porch! Inside you'll find a spacious dining & living area w/elegant wood-look flooring, recessed lighting, and neutral palette throughout. The kitchen is comprised of espresso cabinetry w/quartz counters, tile backsplash, stainless steel appliances, and an island complete w/a breakfast bar. Enjoy a good night's sleep in the primary bedroom, boasting a walk-in closet and a pristine ensuite for added convenience. Finally, the backyard includes a cozy covered patio where you can spend a relaxing summer evening!

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3441 W Frier Drive Phoenix, AZ 85051

$499,000

4 Beds

2 Baths

2,000 SqFt

Status Active

MLS # 6700218

Property Type Single Family Residence

Price Type --

Welcome to your dream single-story home with a complete top-to-bottom remodel! This stunning residence boasts a fresh and modern aesthetic that will take your breath away. The new kitchen and bathrooms feature elegant quartz countertops, a beautiful and durable addition. Stainless steel appliances make meal preparation and entertaining a delight. This single-story gem offers a turnkey opportunity to live in style and comfort. With a meticulous remodel and attention to detail, it's a rare find. Don't miss out on the chance to call this house your home! New Flooring & Baseboards: Stunning new flooring throughout the home. RV GATE

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7226 W St Charles Avenue Laveen, AZ 85339

$499,000

4 Beds

2.5 Baths

2,935 SqFt

Status Active

MLS # 6700679

Property Type Single Family Residence

Price Type --

Come see this gorgeous 4 bedroom property awaiting its new owners! Discover spacious living areas adorned with designer's palette, ideal for welcoming & entertaining guests. Enjoy a delightful feast in this modern kitchen dining area. With its tall ceilings, fresh paint, decorative ceiling fans, & wood-style vinyl flooring, the home emanates elegance. Remodeled white cabinetry, granite counters, center island, & high-end newer SS appliances. New Vinyl flooring through out home except master room. Retreat to the main suite upstairs its so big that current seller made a bedroom space for her toddlers. Perfect space for you to make a gym, office or baby sleeping area in your own suite room. The big backyard with pavers, artificial turf and a big shed that is used as business office.

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6935 N Valley Road Eloy, AZ 85131

New

$499,000

4 Beds

4 Baths

2,722 SqFt

Status Active

MLS # 6701201

Property Type Single Family Residence

Price Type --

Stunning ranch-style home, ideally located near the golf course yet free from the constraints of HOA rules and fees. This property sits on a generous double lot facing open desert land. As you step through the foyer, the attention to detail is immediately apparent, from the elegant arches to the beautiful tile flooring that flows seamlessly throughout the home into the open living space and gourmet kitchen equipped with ample storage granite counters and breakfast bar, perfect for entertaining. This home boasts 4 generous sized bedrooms and 3 full bathrooms which include granite counters and tiled showers. Additionally, an extra room complete with a full bathroom and kitchenette, providing the perfect space for a man cave, office, or a private mother-in-law suite. Don't miss this home!

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4083 Prairie Schooner Road Wickenburg, AZ 85390

New

$499,000

2 Beds

2 Baths

1,416 SqFt

Status Active

MLS # 6701529

Property Type Townhouse

Price Type --

This captivating Wickenburg Ranch townhome boasts a modern aesthetic adorned in soothing neutral hues, creating an ambiance of contemporary sophistication. As you step inside, be prepared to be enchanted by an abundance of natural light flooding through the numerous windows. The seamless integration of indoor and outdoor spaces invites the breathtaking beauty of the surrounding landscape to become a part of your everyday living experience. Situated on a coveted corner lot, this residence offers unparalleled vistas of the majestic Vulture Peak, serving as a constant reminder of the tranquility and serenity that defines life in this exclusive enclave. Whether you're enjoying a morning coffee on the patio or entertaining guests in the spacious living area, the panoramic views will undoubtedly leave you in awe. Designed for those who appreciate both luxury and convenience, this home promises a low-maintenance lifestyle, allowing you to spend less time on upkeep and more time indulging in the myriad of amenities that Wickenburg Ranch has to offer. With golf enthusiasts in mind, this property serves as the perfect sanctuary for those seeking to elevate their game on the pristine greens just moments away. Welcome home to Wickenburg Ranch, where unparalleled beauty and unparalleled luxury converge to create an unparalleled living experience.

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1787 S Contention Lane Cottonwood, AZ 86326

New

$499,000

3 Beds

2 Baths

1,425 SqFt

Status Active

MLS # 6701531

Property Type Single Family Residence

Price Type --

Welcome to this charming corner lot home with breathtaking views of Mingus Mountain! Conveniently located, this property offers a lifestyle of comfort and convenience. Step inside to discover a thoughtfully designed split floor plan that maximizes space and functionality. The dining/kitchen combo with a breakfast bar creates an inviting atmosphere for gatherings and everyday living. Enjoy the convenience of a window over the sink, allowing you to admire the serene backyard while attending to kitchen tasks. The kitchen boasts a highly functional layout, perfect for culinary enthusiasts. Updates including new appliances, counters, and sink in 2022 ensure modern convenience and style. Retreat to the spacious master bedroom complete with an en-suite bathroom and a generous walk in closet. Outside, the oversized lot provides ample space for outdoor activities and entertainment. A fenced backyard with a covered patio offers privacy and relaxation. Additionally, the property features RV Parking with a full concrete pad and double gate fence, perfect for storing recreational vehicles. Recent updates such as new HVAC, luxury vinyl plank flooring, ceiling fans, and exterior paint ensure peace of mind and modern comfort. With new windows, toilets, and interior paint throughout, this home is truly move-in ready. Don't miss out on the opportunity to make this stunning property your own oasis in the heart of convenience and natural beauty. Come experience the lifestyle you've been dreaming of!

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18904 N 43rd Way Phoenix, AZ 85050

New

$499,000

3 Beds

2 Baths

1,417 SqFt

Status Active

MLS # 6702517

Property Type Single Family Residence

Price Type --

AMAZING COMMUNITY NESTLED AWAY IN N PHX. THIS IS TRULY A GEM! YOUR NEW HOME IS JUST AROUND THE CORNER FROM MAYO CLINIC, MINUTES FROM DESERT RIDGE MARKET PLACE AND HAS QUICK ACCESS TO THE 51 AND 101 FREEWAYS. PERFECT FOR ENTERTAINING IN THE OPEN CONCEPT KITCHEN THIS HOME SITS ON A CORNER LOT AND IS ONE OF THE LARGEST LOTS IN THE SUBDIVISION. THE COMMUNITY POOL IS JUST DOWN THE STREET AND ALLOWS YOU TO ENJOY THE OASIS IN THE DESERT WITHOUT THE RESPONSIBILITY OF MAINTAINING THE POOL. DON'T MISS YOUR OPPORTUNITY TO SNAG UP THIS CHARMING 3 BED 2 BATH HOME IN THE HIGHLY SOUGHT AFTER 85050 ZIP CODE BUYER TO VERIFY ALL MATERIAL FACTS TO THEIR SATISFACTION

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