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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174 E Palomino Way San Tan Valley, AZ 85143

$459,900

4 Beds

2 Baths

1,921 SqFt

Status Active

MLS # 6689071

Property Type Single Family Residence

Price Type --

Beautiful single-story home in golf course Community, Johnson Ranch. Kitchen upgraded with granite Counters & backsplash. Brand new luxury vinyl through the home. Neutral wall colors, Large RV gate, 2 car garage. Backyard features a large oversized lot with a beautiful sparkling pebble tech pool. Lots of amenities in the area including Community Heated Pool and Spa, Tennis & Pickleball Courts, Walking Paths and Playgrounds plus Pitch & Putt course. ,

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26310 N 131st Drive Peoria, AZ 85383

$459,900

3 Beds

2 Baths

1,820 SqFt

Status Active

MLS # 6690392

Property Type Single Family Residence

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Welcome to Rancho Cabrillo Subdivision in North Peoria, nestled between Lake Pleasant and the White Tank Mountains where the sunset glow dances across the natural beauty of the Arizona desert landscape. With 1820 sq. ft. of interior living space, 3 BED + Office/Den, 2 Baths and a 2 CAR Garage. Open concept main living area, crisp light gray color pallet with white trim and doors. Stylish multi-color wood look plank ceramic floors that compliment any decorating style. Open concept kitchen, dark espresso cabinets, black/white granite countertops, pendant lighting, stainless steel appliances package and a walk-in pantry for all your storage needs. Open master suite with updated ceiling light/fan fixture and can lighting. Master Bath features double sinks, a large tiled shower with seating and a walk in closet. 2 additional bedrooms, a full bath plus a spacious front Office/Den, that makes a great flex space for work, family or guests. Step out back and take a deep breath, property backs up to a green space, low maintenance with a paved covered patio and seating area, green space for pets or games. Neighborhood mountain views, close proximity to 303 freeway access, 10 minutes to TSMC, shopping, dining, entertainment, health care, and less than 20 min. away from beautiful Lake Pleasant Regional Park.

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8534 E Navarro Avenue Mesa, AZ 85209

$459,900

3 Beds

2 Baths

1,729 SqFt

Status Active

MLS # 6693497

Property Type Single Family Residence

Price Type --

Beautiful 3 bedroom home plus a den in great neighborhood! You get Gilbert's great Schools but pay Mesa's low taxes! Amazing kitchen has granite countertops, double ovens, gas cook top, white painted raised panel staggered cabinets, built in micro & under cabinet lighting. Home has beautiful wood tile flooring throughout, upgraded baseboards, NEW DUAL PAINE VINYL WINDOWS 2019, high end Pella double doors with built in blinds, ceiling fans, canned lights, neutral paint, vaulted ceilings. Open & spacious floorplan! Den could easily be used as 4th bedroom. Great backyard with covered patio, 3 citrus trees (lime, lemon & grapefruit) & large grassy play area. Great location just down the street from a large park, super close to both the 202 & US 60 freeways & plenty of shopping/entertainment!

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864 S 80th Street Mesa, AZ 85208

$459,900

3 Beds

2.5 Baths

1,984 SqFt

Status Active

MLS # 6684531

Property Type Single Family Residence

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Welcome Home! Beautiful Home in Fountain of the Sun in a Gated Active Adult Community in Mesa, Furnished, 3 Bedroom 2 1/2 Bath, Updated Kitchen w/ Soft Close White Cabinetry, Large Pantry Area, Granite Counters and Stainless Appliances, Large Open Floor Plan with Tile Flooring , Primary Bedroom w/Walk-In Closet, French Doors & Updated Bathroom w/ Walk-In Shower, 2 Guest Bedrooms w/ Updated Guest Bathroom w/ Walk-In Shower, Carpet in the Bedrooms, Large Laundry Area w/ Wash Sink and 1/2 Bath, Storage Room, Updated Dual Pane Windows, New Roof (2019), New Water Heater (2024), Beautiful Covered Back Patio Area (10' by 30'') with Fenced in Yard Great for Entertaining, Terrific Front Courtyard!

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