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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5231 E Red Bird Lane San Tan Valley, AZ 85140

$475,000

4 Beds

2.5 Baths

2,135 SqFt

Status Active

MLS # 6685418

Property Type Single Family Residence

Price Type --

Welcome to your dream home nestled just moments away from the vibrant heart of San Tan Valley. This exquisite custom residence radiates sophistication and meticulous craftsmanship, evident from the moment you set eyes on its captivating curb appeal. The front yard, ensconced within a charming fence and gated entry, sets the tone for the luxury that awaits within. Step inside to discover a modern oasis adorned with tasteful accents and premium finishes. The interior exudes elegance with its contemporary and neutral palette, complemented by sleek ceramic tile flooring that seamlessly flows throughout the home. As you enter the living room, your gaze is drawn upward to the enchanting tray ceiling, equipped with pre-wired surround sound, perfect for immersive entertainment experience The heart of the home, the spacious kitchen, beckons with its seamless integration into the living space. Custom kitchen cabinets, adorned with white quartz countertops, provide both functionality and style, while state-of-the-art Samsung appliances, including a refrigerator, dishwasher, microwave, washer, and dryer, elevate the culinary experience. Plantation shutters adorn every window, adding a touch of elegance and privacy to each space. Elevated ceilings grace the main living areas, soaring to 10 feet, enhancing the feeling of openness and grandeur. Retreat to the master en suite, where relaxation awaits in the luxurious soaking tub, surrounded by pristine white quartz countertops and custom mirrors. Outside, the delights continue with an RV gate and ample space for recreational vehicles and toys, ensuring endless outdoor adventures. A sprawling covered patio, adorned with cooling fans, invites al fresco dining and leisurely gatherings, while a meticulously crafted pavered area awaits your grill for memorable barbecue nights under the stars. With attention to detail evident at every turn, this stunning home offers a lifestyle of unparalleled luxury and comfort. Don't miss the opportunity to make this exquisite sanctuary your own.

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2276 Lindbergh Road Overgaard, AZ 85933

$475,000

2 Beds

3 Baths

1,511 SqFt

Status Active

MLS # 6626364

Property Type Single Family Residence

Price Type --

Mogollon Airpark! This 3 bedroom, 2 bath has over 1500 square feet providing plenty of room for family and guests, and the FULLY FENCED yard is perfect for your furry friends. The open kitchen is great for entertaining, and the split bedrooms provide privacy for everyone. Relax on the large, wrap-around deck, or stargaze by the firepit. During the cool months you can cozy up in front of the woodstove. Located just a few hours from the valley, you will be surrounded by tall pines, a variety of wildlife, and the peacefulness of the small, mountain town. The fenced in yard is full of tall pines and has watering system to keep the landscape looking great. Paved roads, completely fenced, and an HOA keep this subdivision looking great. Furnished

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4504 Besant Way Wickenburg, AZ 85390

$475,000

2 Beds

2.5 Baths

1,751 SqFt

Status Active

MLS # 6628007

Property Type Single Family Residence

Price Type --

Enjoy the Privacy of 2 Primary Suites. Live the good life with a owned Solar System that will have you enjoying APS energy credits throughout the year. Nestled in the Pinto Neighborhood this home features HOA managed landscape & private cul-da-sac location. Your motorized patio shades will provide privacy screening while enjoying the gorgeous sunset colors every night. Upgraded flooring, cabinets, light fixtures throughout with an AMAZING number of cabinet pull outs designed into your kitchen. Home includes custom window covers with additional screening at 12ft sliding wall of glass. Garage includes ample custom cabinet storage, work space & owned RO system.

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5104 N 32nd Street Phoenix, AZ 85018

$475,000

2 Beds

2 Baths

1,277 SqFt

Status Active

MLS # 6639426

Property Type Apartment

Price Type --

Stunning fully remodeled condo in the heart of the Biltmore Corridor. Light & bright two bedroom/two bath north facing single-level split floor plan condo in the much sought after Meridian Condominiums, a part of the Arizona Biltmore Estates Village. Turn-key & move-in ready as a winter getaway or a full time residence. The gated community provides elevator access, underground garage reserved parking, a year-round heated resort-style pool, jacuzzi spa, gas BBQ grills, fitness room, sauna/locker rooms & plenty of green space. Walk thru private security gate to access adjacent restaurants and shopping.

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7748 W Stony Quail Way Florence, AZ 85132

$475,000

2 Beds

2 Baths

2,118 SqFt

Status Active

MLS # 6646242

Property Type Single Family Residence

Price Type --

You will love this popular Preserve model completed in 2021. Beautiful 2-bed, 2-bath home w/a den is highly upgraded & impeccably maintained. Kitchen features quartz counters, staggered cabinets w/lighting, SS appliances, gas stove, wall microwave & oven. Laminate wood floors flow through the open living areas. Garage has epoxy, sink, built-in wall cabinets + large storage room w/cabinets. Step outside to your private patio, featuring an outdoor fireplace for cozy evenings. Patio has remote shades that transforms into an Arizona room, letting you enjoy the outdoors year-round. Complete w/a SPA & pergola, this outdoor oasis is perfect for relaxation & entertainment. Don't miss the opportunity to make this house your home. Come see everything is outstanding 55+ resort community has to offer Both master & laundry room have been extended. Lights and garage door can open remotely.

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6632 E Fairbrook Circle Mesa, AZ 85205

$475,000

3 Beds

2 Baths

1,743 SqFt

Status Active

MLS # 6674396

Property Type Single Family Residence

Price Type --

Incredibly well-maintained home on the market for the first time in Brookfield East in Mesa! NO HOA in this amazing community but close to parks, beautiful common areas and a great school district! This home has vaulted ceilings, open floorplan and just had a new roof installed, tile floors throughout, a water heater and new HVAC system so all of the large ticket items are complete! Large fully fenced back yard with an RV gate, custom BBQ covered area, extra storage, covered back patio with views of the mountains!! Come see this one today!

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24454 N 173rd Lane Surprise, AZ 85387

$475,000

2 Beds

2 Baths

1,492 SqFt

Status Active

MLS # 6645241

Property Type Single Family Residence

Price Type --

Experience the epitome of comfort and style in this exquisite 2-bedroom, 2-bathroom former model home, spanning 1,492 square feet in a gated retirement community. As you step inside, the home welcomes you with its elegant tile flooring, extending throughout the living spaces, while plush carpeting in the bedrooms adds a touch of warmth and comfort. The home's thoughtful design includes a convenient laundry area connected to the primary bedroom's spacious closet, ensuring ease and efficiency. Two car garage with AC. Step outside to the backyard patio with fresh epoxy floor, built in overhead misters for the summers and be captivated by serene lake views, offering a tranquil backdrop for relaxation or entertaining. The community doesn't fall short on amenities, boasting a resort-style pool, pickleball, bocce ball, a mini putt course, and a fitness/recreation centers. The home's eco-friendly approach is highlighted by a tankless water heater, providing endless hot water while conserving energy. This home is more than just a residence; it's a gateway to a life of luxury and leisure, perfectly suited for those seeking a peaceful yet active retirement.

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4727 E Euclid Avenue Phoenix, AZ 85044

$475,000

3 Beds

2 Baths

1,596 SqFt

Status Active

MLS # 6650274

Property Type Single Family Residence

Price Type --

Ask your agent about rent to own options with this home. Charming Patio Home in The Pointe South Mountain Nestled in a peaceful cul-de-sac with breathtaking mountain views, this attractively priced patio home in the sought-after ''Resort Style Community'' of The Pointe South Mountain awaits you. Experience the perfect blend of comfort and convenience in this 3 bedroom, 2 bath residence. The family room, adorned with a distinctive bee hive fireplace, flows seamlessly into a cozy living room and dining area. The home features a speakeasy, den and a spacious 2-car garage, all set against the stunning backdrop of South Mountain Preserve and the lush Arizona Grand Golf Course. Just around the corner from the Pima Canyon Trailhead. It's your personal resort oasis. Embrace an active lifestyle with community pools/spas, and endless hiking/biking trails right at your doorstep. Golf enthusiasts will love the proximity to the golf course. This unique neighborhood is just minutes from Sky Harbor Airport, major freeways, and a plethora of shopping centers. Downtown Phoenix, ASU, and much more are easily accessible. Don't miss this opportunity for a serene lifestyle in a prime location. Easy to show - your new home awaits!

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17472 W Elaine Drive Goodyear, AZ 85338

$475,000

4 Beds

3 Baths

2,999 SqFt

Status Active

MLS # 6652448

Property Type Single Family Residence

Price Type --

$5,000 credit to Buyer for desired upgrades! Welcome to your new home. This 2-story residence is elegant & functional offering a comfortable & spacious lifestyle. This home is thoughtfully designed to provide convenience and style. The 1st floor has 1 bedrm and a full bathrm, catering to guests or multigenerational living. The 2nd floor features a master bedrm, two bedrms, a den & loft, allowing each family member to have their own space. Enjoy a large dining rm & family rm, perfect for entertaining guests or cozy nights by the fireplace. Chefs will benefit from a spacious kitchen with ample storage space. A generously sized backyard with a covered patio, offering a perfect spot for outdoor gatherings and relaxation. This home will warmly greet you & your guests!

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1495 N Casa Grande Avenue Casa Grande, AZ 85122

$475,000

5 Beds

3 Baths

3,100 SqFt

Status Active

MLS # 6655657

Property Type Single Family Residence

Price Type --

RARE FIND! Fully Remodeled - 5 Bedroom, 3 Bathroom - with FINISHED BASEMENT. This ONE-OF-A-KIND Casa Grande home features an OVER-SIZED LOT with WORKSHOP and RV GATE ACCESS/PARKING. Bring your Trucks, Toys, and Trailers - this Property has NO HOA! This unique Property has been fully updated - including: NEW FLOORING, NEW KITCHEN, NEW & UPDATED CABINETS, NEW BUTCHER BLOCK COUNTER-TOPS, NEW APPLIANCES, UPDATED WINDOWS & NEW SUN SCREENS, NEW DOORS, UPDATED PEX/PLUMBING, NEW TOILETS, FRESH INTERIOR/EXTERIOR PAINT, AND MORE! Call for your tour today!

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3401 N 70th Avenue Phoenix, AZ 85033

$475,000

4 Beds

2 Baths

2,072 SqFt

Status Active

MLS # 6655663

Property Type Single Family Residence

Price Type --

This charming residence featuring a convenient RV gate & a 2-car garage in the Solar One Community is the one you've been waiting for! Prepare to be impressed by a spacious interior showcasing gleaming wood-look floor, designer color palette throughout, plantation shutters, striking vaulted ceilings, & a lovely fireplace perfect for spending cozy nights at home. The well-appointed kitchen boasts built-in appliances, pendant lighting, & wood cabinetry providing ample storage for your kitchen utensils. The primary bedroom offers a generously sized closet & a private bathroom complete with dual sinks. Discover the fabulous backyard including a full-length covered patio, a gazebo, built-in BBQ, & a relaxing fireplace! Don't miss out on this one!

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25919 W Lone Cactus Drive Buckeye, AZ 85396

$475,000

4 Beds

3.5 Baths

2,821 SqFt

Status Active

MLS # 6658499

Property Type Single Family Residence

Price Type --

Beautiful spacious home now available in the Festival Foothills community! This gorgeous community welcomes you with its charming family feel. With an onsite K-8 school and endless amenities including parks, soccer fields, playgrounds, and splash pads, this is a place you and your family can call home. This home includes a 3-car tandem garage, an amazing open floorpan, TWO master bedrooms both with walk-in closets and full bathrooms, high ceilings & tons of natural light. The impressive kitchen has granite countertops, lots of cabinetry, recessed lighting, a pantry, and an island w/breakfast bar. Upstairs you will find a large loft for a TV area and a double-door den for an office. Out the back, you have a covered patio & so much potential for your creative touch.

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