Case-Shiller: Home Price Growth Continues

November home prices grew by 5.60 percent year-over-year on a seasonally adjusted basis according to Case-Shiller’s reading on National Home Prices. National average home prices rose 0.80 percent from October to November. Case-Shiller’s 20-City home price index revealed that the West and Mountain regions continue to hold the top three growth rates for home prices. Seattle posted a seasonally adjusted growth rate of 10.40 percent which was closely followed by Portland, Oregon’s year-over year average home price gain of 10.10 percent. Denver rounded out the top three home price growth rates included in the 20-CityiIndex with a year-over-year gain of 8.70 percent.

Top readings for month-to-month home price gains for the 20-City home price index were 0.20 percent for Seattle, Washington and Portland, Oregon. Denver, Colorado posted a month-to-month gain of 0.60 percent. Analysts said that home prices may be topping out in some cities; San Francisco, California was one of two cities posting lower home prices in November than for October. San Francisco home prices enjoyed rapid and stratospheric gains in recent years, but may have reached a threshold as fewer buyers can afford to purchase such high-priced homes.

Home Prices Approach Pre–Recession Levels

September’s national home price gains matched the pre-recession peak achieved in mid- 2006. While this is positive news, the 20-city index currently averages 7 percent below its prior peak level. It’s important to note that the 20-city index does not include Philadelphia, Pennsylvania and Houston, Texas metro areas, which have enjoyed significant growth in home prices. Home prices for cities included in the 20-city index remain about 7 percent lower than their previous peak, but are 40 percent higher than their lowest point in 2012.

David M. Blitzer, Managing Director and Chairman of the S&P Dow Jones Indices committee, said that November’s readings on home prices appear to indicate that home price gains have escaped the boom-or-bust cycles seen in the last dozen years or so.

Rising Mortgage Rates, Home Prices Present Obstacles for Buyers

While homeowners listing their homes for sale continue to enjoy appreciation home values, would-be home buyers are being sidelined by the effects of accelerating home price growth and higher mortgage rates, which are expected to continue increasing. As with San Francisco, more cities included in the Case-Shiller home price indices may see slowdowns in home price growth and home sales as affordable homes and home loans slip out of reach.

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25398 S 227th Street Queen Creek, AZ 85142

$599,900
5 Beds
3.5 Baths
2,767 SqFt
Status Active
MLS # 6762278
Property Type Single Family Residence
Price Type --
This beautifully maintained home features a versatile layout with a second master bedroom downstairs alongside another bedroom, perfect for guests or extended family. Upstairs, there are three additional bedrooms, a cozy den, and a generously sized master suite. The homes centerpiece is a stunning oversized kitchen, seamlessly opening to the living area, ideal for entertaining and everyday living. Every inch of this home has been meticulously cared for, ensuring it is in pristine condition, ready for move-in, and perfect for both relaxation and hosting.

5249 E Hobart Street Mesa, AZ 85205

$599,900
4 Beds
2.5 Baths
2,397 SqFt
Status Active
MLS # 6758446
Property Type Single Family Residence
Price Type --
**1% Free Rate buydown for the 1st 12 months with preferred lender Craig Cusick, ** This beautiful 4-bedroom, 2.5-bathroom home offers 2,397 sq ft of spacious living. The impressive kitchen is perfect for any chef, featuring ample cabinets and generous counter space. Enjoy cozy evenings in the living room with a fireplace, ideal for entertaining. The primary bathroom offers a relaxing retreat with dual sinks, a walk-in closet, and a separate tub and shower. Step outside to your sparkling pool, the perfect spot to host your next gathering. Same floor plan just sold in September for $620,000. This is a great value. DO NOT miss out—make this stunning home yours today!

8129 W Ross Avenue Peoria, AZ 85382

$599,900
4 Beds
2.5 Baths
2,337 SqFt
Status Active
MLS # 6759468
Property Type Single Family Residence
Price Type --
This amazing fully upgraded home in the heart of Fletcher heights has one of the largest pie shaped private lots in the subdivision. This one offers brand new LVP flooring throughout the entire first level, upgraded stainless steel appliances in kitchen, new quartz countertops, built in custom fireplace in great room, upgraded light fixtures throughout, custom master shower/tub, upgraded bathrooms throughout, and so much more. 4 bedrooms and loft upstairs, large great room floor plan downstairs, and RV Gate with huge slab behind the gate. Take one look at the photos and get your buyers in the car. This home on this lot will go fast!

1252 E Brentrup Drive Tempe, AZ 85283

$599,900
3 Beds
2 Baths
1,875 SqFt
Status Active
MLS # 6772127
Property Type Single Family Residence
Price Type --
Convenient Tempe location with abundant upgrades throughout. Quartz countertops, refinished cabinetry, remodeled bathroom, laundry and hallways. New flooring in entry, great room, baths, laundry and hallways. New roof (replaced in 2021). New micro-pebble pool surface (2020) and new filter. Pergola covered patio with mist system and electric fireplace in great room. American standard 4-ton heat pump (2019). Insulated front door, French door with dual pane glass, Milgard dual pane windows, owned 6.3KW Photovoltaic solar system. Large lot with private backyard oasis to enjoy!

9243 E Sector Drive Mesa, AZ 85212

$599,900
3 Beds
2.5 Baths
1,810 SqFt
Status Active
MLS # 6774300
Property Type Single Family Residence
Price Type --
FORMER MODEL HOME! Ready for Quick Move-In. 3 BR + study / 2.5 BA. Kitchen with island and ''Landen Maple'' Burlap cabinetry, white quartz countertops & white-grey herringbone kitchen backsplash with under cabinet lighting. Upgraded tile flooring in all living areas with upgraded carpet in bedrooms, hallways & closets! Dual vanity sinks in both full bathrooms. LED lighting and upgraded light fixtures throughout, smart switches, two-tone paint. This home also features a landscaped backyard with paver patio & washer, dryer, fridge & window treatments included!

16656 S 13th Street Phoenix, AZ 85048

$599,900
3 Beds
2.5 Baths
2,040 SqFt
Status Active
MLS # 6780667
Property Type Single Family Residence
Price Type --
Beautiful Foothills home on an oversized, cul-de-sac, end lot with numerous upgrades. Nice back/side yards with lots of green landscaping and a large swimming pool. Multiple upgrades including newer kitchen with granite counters and stainless steel appliances (2016), laminate flooring upstairs (2016), hardwood staircase (2016), resurfaced pebble-tech pool with new filtration system (2021), new guest bath (2022), hot water heater (2022) and the master closet organizer (2023). High grade tile bathrooms with tub in master bath. Nice big loft is a great space for an office or bonus room. Move in ready!

10733 W Swayback Pass Peoria, AZ 85383

$599,900
3 Beds
3 Baths
2,282 SqFt
Status Active
MLS # 6785066
Property Type Single Family Residence
Price Type --
This deal is a steal! Price includes 20k for rate buy down and closing cost, and is still priced below comps. The floorplan is 50 ft wide, nicely upgraded, and features 3 beds, plus a den, 3 full baths, and a 3 car garge, located on a large premium lot. The back yard is finished with pavers, turf, and a large covered patio. The setbacks are large for privacy, and there is a double gate on the east side. Bring your offer today.

10847 E Forge Circle Mesa, AZ 85208

$599,900
4 Beds
2.5 Baths
3,092 SqFt
Status Active
MLS # 6784548
Property Type Single Family Residence
Price Type --
Do not miss this one in a kind home!! It features 4 spacious bedrooms, 2.5 bathrooms with a large RV gate. The master bedroom is downstairs and has its own staircase leading upstairs to a private loft that overlooks the pool. The main staircase leads to upstairs to 3 oversized bedrooms, full bathroom and a massive loft. The main floor features an upgraded kitchen with granite, a backsplash, stainless appliances and a huge pantry with coffee station and extra storage. It is an open concept with a breakfast nook looking to the pool and a formal dining that can be used as office or another living space. The backyard is an oasis with beautiful pool, outdoor kitchen, fire pit and large ramada.

24686 N 175th Avenue Surprise, AZ 85387

$599,900
3 Beds
3 Baths
2,192 SqFt
Status Active
MLS # 6785461
Property Type Single Family Residence
Price Type --
Welcome to this 2022 platinum upgrade package (36k) Lennar built home situated on private lot due to drainage easement. You choose this home over a current Lennar build to capitalize on 150k of updates for almost the exact same cost as current models with-out. Professionally transformed basic ''builder grade'' lot into a magazine worthy masterpiece boasting a custom pool with sunbathing shelf, stunning travertine tile, waterfall feature, premium added lighting in both pool & landscaping, raised gas fire pit with pergola, outdoor kitchen/bar with built-in grill (never used), motorized sun shades, ceiling fan and built-in outdoor speakers & tv! (128k) Interior updates: 7 ceiling fans, pendant & cabinet lighting, epoxied garage floor, added built-ins, water softener and whole home audio 12k

1018 W Park Avenue Gilbert, AZ 85233

$599,900
4 Beds
3 Baths
2,118 SqFt
Status Active
MLS # 6786887
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the heart of Gilbert's most sought-after community! This stunning, competitively priced 4-bedroom, 3-bathroom home offers peace of mind with a new AC, roof, and water heater, plus an owned water softener system. Perfectly situated on the largest corner lot in the neighborhood, the backyard is a paradise designed for making memories. Imagine summer days by the sparkling pool, evenings hosting friends under the stars, and plenty of space for kids and pets to play. The RV gate provides ample room for your toys and extra storage. Inside, you'll find spacious living areas and a thoughtful layout, ideal for raising your family and entertaining guests. Move in and start creating a lifetime of memories!

1910 E Rainbow Trail Payson, AZ 85541

$599,900
3 Beds
2 Baths
1,772 SqFt
Status Active Under Contract
MLS # 6692516
Property Type Single Family Residence
Price Type --
BRAND NEW - TO BE BUILT Dream Home on the Rim in Payson - surrounded by gorgeous custom homes and less than 7 min from Renowned Golf Club at Chaparral Pines & The Rim Club, less than a mile from Safeway grocery store and convenient shopping, dining, gas & bank. Buyers able to select Cabinet Color, Granite Color, Interior & Exterior Paint and Flooring. Not much around here under $600K so hurry - home can be completed in less than 6 mos- just in time to enjoy for the summer! Photo reflects same floorplan and elevation as what will be built. Additional Photos of this home will be posted as it progresses. Buyer to verify all facts & figures.

4209 E Bonanza Road Gilbert, AZ 85297

$599,900
4 Beds
3 Baths
2,502 SqFt
Status Active Under Contract
MLS # 6753531
Property Type Single Family Residence
Price Type --
This beautiful home in Power Ranch has been meticulously maintained by the original owners and offers 4 bedrooms & 3 full baths in 2502 SqFt. Living areas include formal living/dining and separate family room on the main level and a large upstairs loft. The recently updated eat-in kitchen features maple cabinetry with under-cabinet lighting and crown molding, granite countertops, modern subway tile backsplash, stainless appliances, pantry, and island with breakfast bar. The backyard has an extended covered patio with ceiling fan and easy-care artificial turf for kids and pets to play on. One bedroom and bath are on the main level, perfect for guests! The primary is upstairs and has double door entry, and an en-suite bath with dual sink vanity, separate tub & shower, and walk-in closet. The laundry room is conveniently located upstairs. Other features include an oversized 2 car garage and leased solar panels to provide utility savings! Power Ranch is a resort-style community with a variety of amenities including a clubhouse, two swimming pools, and spa, sport courts (including tennis, pickleball, and bocce), fitness center, and much more!

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