S&P Case-Shiller: Home Prices Gain in August

Home prices gained in August per the 20-City S&P Case-Shiller Home Price Index. Analysts said that home values continue to expand in spite of challenges including low inventories of available homes and strict mortgage qualification requirements.

National Home Price Index Near 2006 Peak

According to the national Case-Shiller Home Price Index, August home prices are 0.10 percent below their 2006 peak and all metro areas in the 20-City Home Price Index posted gains. Top gains in the 20-City Home Price Index were posted by Portland, Oregon with a year-over-year gain of 11.70 percent, Seattle, Washington home prices gained 11.40 percent and Denver, Colorado home prices gained 8.80 percent year-over-year.

All metro areas included in the 20-City Index posted year-over-year gains in excess of one percent. New York City had the lowest year-over-year price gain with a year-over-year reading of 1.70 percent in August. Washington, D.C. home prices rose 2.30 percent year-over-year. Home prices in the Cleveland, Ohio metro area increased by 2.90 percent year-over-year.

New Housing Bubble Unlikely

With home price gains close to peak prices seen before the housing bubble burst, concerns may arise over the potential for a new housing bubble to occur in coming months. Analysts say this is unlikely as home buyers are not taking out extreme levels of mortgage debt seen at the onset of the Great Recession. David M. Blitzer, chairman of the S&P Index Committee, said “There is no reason to fear another massive collapse is around the corner. The run-up to the financial crisis was marked with both rising home prices and rapid growth in mortgage debt.”

Possible Fed Rate Hike Won’t Cause Mortgage Rates to Explode

The Federal Open Market Committee of the Federal Reserve is expected to raise the Fed’s target federal funds rate in December. This action will lead to interest rate increases for consumer credit and mortgages, but not at levels that would make mortgage loans suddenly unaffordable. While gradual increases in federal interest rates would cause mortgage rates to rise over time, market conditions and related factors could potentially cause home prices to slow or even dip in some areas. Regional influences including employment and demand for homes are examples of factors contributing to home price growth or decline in specific areas.

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11037 W Hadley Street Avondale, AZ 85323

$459,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6657282

Property Type Single Family Residence

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Explore this inspired Agate home, ready for quick move-in! Included features: an alternative layout featuring a fourth bedroom and third bathroom, a covered entry; a corner kitchen boasting an alternate layout, 42'' upper cabinets, stainless-steel appliances, a center island and an adjacent dining room; an inviting great room; an elegant primary suite showcasing a large walk-in closet and a private bath with double sinks; a central laundry; two secondary bedrooms with a shared bath; a cheerful covered patio and a 2-car garage. This home also offers 12x24'' stone tile flooring, quartz kitchen countertops cultured marble counter to, ceiling fan prewiring in select rooms, additional window in the dining room, coach lights, front yard landscaping and concrete pavers at the driveway and walkwa cultured marble counter tops other bathrooms. Ceiling fan prewiring in select rooms, additional window in the dining room, coach lights, front yard landscaping and concrete pavers at the driveway and walkway

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8114 E Osage Avenue Mesa, AZ 85212

$459,995

4 Beds

2 Baths

1,937 SqFt

Status Active

MLS # 6686563

Property Type Single Family Residence

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Welcome to your dream home! This stunning 4-bedroom 2 bath pristine property boasts the right space to accommodate your family's needs. The kitchen is a true standout, featuring beautifully updated elements including granite countertops, newer appliances, and a cozy eat-in area, ideal for morning gatherings or intimate dinners. The living spaces are thoughtfully designed, with separate family and living areas offering versatility and ample room for relaxation or entertainment. Spacious Master suite & updated master bath. Secondary bath is a jack and jill that has been freshly updated as well. You'll enjoy the comfort and convenience of a brand-new HVAC unit, ensuring year-round comfort. Storage is never an issue here, with a spacious attic providing plenty of room for all your belonging. Step outside into the expansive backyard, with a shed for additional storage space, a large space to create your own personal touch to transforming it into an oasis. This home is meticulously crafted with all the right touches in all the right places, offering a perfect blend of style, functionality, and comfort. Don't miss your chance to make this your forever home!

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2815 W Spaulding Avenue Apache Junction, AZ 85120

$459,990

4 Beds

2 Baths

1,757 SqFt

Status Active

MLS # 6671267

Property Type Single Family Residence

Price Type --

Radiance at Superstition Vistas, a brand new community located on the border where Mesa meets Apache Junction. This is a rare opportunity for optimal living - to have the convenience of City living while enjoying the breathtaking Superstition mountains! Small town feel meets modern amenities at its best! Under construction now are the amazing amenities that include a resort-like pool area, 11,000 sq ft clubhouse w/fitness center, splash pad & park! walking trails and parks throughout the community as well! 1757 sq ft, 4 bed/2 bath adorable, energy efficient single level home with a HUGE YARD in which you will find 12X24 tile in all common areas, 9 foot ceilings & on trend extra bright white walls. The kitchen has gorgeous maple cabinets, granite countertops & large island

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3339 S 177th Drive Goodyear, AZ 85338

$459,990

3 Beds

2 Baths

1,971 SqFt

Status Active

MLS # 6694772

Property Type Single Family Residence

Price Type --

MOVE IN READY!! Welcome Home! This cozy single story home features 3 bedrooms plus study, 2 bath, 2 car garage and a Double Gate to backyard! Open kitchen, dining and great room area. Extended Covered Patio expands to a glorious outdoor space to create the oasis you've always wanted! Interior has 9ft ceilings, 8 ft interior doors, shaker style white cabinets, stainless steel appliances, granite countertops, wood look tile floor throughout and carpeted bedrooms. Conveniently located near shopping and dining options. You won't want to miss out on this one!

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