Case-Shiller: Home Price Growth Expands to All Metro Areas

Case-Shiller: Home Price Growth Expands to All Metro AreasMarch home prices were again dominated by the Northwest with Portland, Oregon posting a year-over-year gain of 12.30 percent followed by Seattle, Washington’s year-over-year gain of 10.80 percent.

Denver, Colorado rounded out the top three cities with a year-over-year gain of 10.00 percent. San Francisco, California, which consistently posted double-digit gains in recent months slipped to a year-over-year gain of 8.50 percent. This may indicate that prices in high cost metro areas are nearing their peak.

S&P Dow Jones Chair David M Blitzer attributed outsized price gains to the shortest supply of available homes since the mid-1980s. Homes for sale account for only two percent of U.S. households. To put rapidly increasing home prices in context, the S&P Case-Shiller 20-City Home Price Index was 11.50 percent below its peak in March, 2006.

Case-Shiller’s 20-City Home Price Index posted a 5.40 percent gain year over year, which was equal to its year-over-year price gain in March 2015. Month-to month home prices gained 0.90 percent; analysts had estimated year-year growth of 5.10 percent and a month-to-month gain of 0.70 percent. All cities in the 20-City Housing Market Index posted gains in month-to-month and year-over-year readings.

Pending Home Sales Exceed Expectations

Pending home sales in April supported trends noted in Case-Shiller’s 20-City Home Price Index. Regional results for pending home sales in April rose by 1.20 percent in the Northeast while pending sales were unchanged in the Midwest. The South posted pending sales gain of 6.80 percent and the West recovered with an 11.40 percent rise in pending sales for April.

Based on April’s pending home sales readings, real estate pros expect a jump in closed sales in May. Home buyer demand remains resilient according to Lawrence Yun, chief economist for the National Association of Realtors. Mr. Yun also said that the key to continued expansion of home sales is providing buyers sufficient supplies of affordable homes. Builders may provide relief by increasing construction, but have cited shortages of labor and developed land as constraints on new construction. Active demand for high-end homes has also focused construction on higher priced homes.

Mortgage applications are also increasing, which indicates that more homes are being purchased by owner-occupant buyers than investors. Relatively low mortgage rates and waning investor interest could provide buyers relying on financing a leg-up in competing for available homes.

62 W Melody Drive Gilbert, AZ 85233

$539,900
4 Beds
2.5 Baths
2,020 SqFt
Status Active
MLS # 6724921
Property Type Single Family Residence
Price Type --
Perfect LOCATION. Within 2 miles you'll find Sam's, Fry's, Trader Joe's, Sprouts, Walmart, restaurants, and access to Hwy 60. 3' of insulation in attic gives an average electric bill of $165/mo. Nearly everything in this home is new/newer--$40,000 kitchen with soft-close doors/drawers, pull-out shelves, slab granite, baths updated, high-quality tile/carpet, $10,000 banister to 2nd floor, new lighting, faucets, water heater, exterior paint 2019, roof restacked 2015 w/ 30-yr underlayment, AC 2013, cul-de-sac, professionally installed turf in back yard, ultra-quiet garage door opener, garage ceiling rack storage system, newer sunscreens, extended patio. No homes directly behind. HOA super low at only $95/qtr. Great, very quiet neighborhood with friendly neighbors.

14424 N 41st Court Phoenix, AZ 85032

$539,900
3 Beds
2 Baths
1,400 SqFt
Status Active
MLS # 6725145
Property Type Single Family Residence
Price Type --
Fully renovated & ready to move in property on a premium corner lot at Paradise Valley Oasis! This amazing home offers a large front yard with a no-fuss desert design and a 2-car garage. Discover an open concept with spacious living areas that merge seamlessly, promoting a greater traffic flow. This immaculate interior boasts new features throughout; recessed lighting, ceiling fans, soft paint, wood-look tile flooring, energy efficient windows, and contemporary LED fixtures. The brand-new kitchen showcases sophisticated white cabinetry, sleek quartz counters, new SS appliances, and an island with breakfast seating. The primary suite has a closet and an impeccable bathroom with a new sink vanity & a floor-to-ceiling tiled shower. Secondary bedrooms have closets w/ modern barn-style doors. In the massive backyard, you'll find endless potential to get creative & make it your own. Unbeatable location! Near schools, markets, restaurants, parks, shopping, and easy access to Fwys. What is not to like? Make an offer today!

16916 E Alamosa Avenue Fountain Hills, AZ 85268

$539,900
3 Beds
2 Baths
1,548 SqFt
Status Active
MLS # 6748638
Property Type Single Family Residence
Price Type --
Charming single level house in quiet neighborhood. No HOA, spacious lot. Vaulted ceilings, newer vinyl windows throughout, updated baths, large indoor laundry with utility sink. All tile floors, no carpet! Desert landscaping front and back. Close to schools, shopping and parks.

12432 N 142nd Court Surprise, AZ 85379

$539,900
4 Beds
3 Baths
3,300 SqFt
Status Active
MLS # 6741692
Property Type Single Family Residence
Price Type --
Gorgeous inside & out! Home features an IDEAL FLOORPLAN with formal living & dining areas, as well as a spacious separate family room, LARGE BEDROOM/DEN & 3/4 BATH DOWNSTAIRS, plus high ceilings, neutral paint & beautiful tile in all the right places. Open, exquisite kitchen & dining areas boasting GORGEOUS GRANITE counter-tops, GAS STOVE, & 2 BREAKFAST BARS. The den/guest room is separated from the family room by beautiful barn doors, & the custom granite throughout is spectacular. Upstairs boasts a LOFT, two nice sized bedrooms, & a huge primary retreat & bath. Plus, you will love the AMAZING BACK YARD, complete with a large covered patio, gazebo, & grass. All this and it is the last house on a CUL-DE-SAC with a HUGE LOT! Hurry, don't miss out on this incredible opportunity!

357 W Canyon Street Apache Junction, AZ 85120

$539,900
3 Beds
2 Baths
1,899 SqFt
Status Active
MLS # 6744802
Property Type Manufactured Home
Price Type --
This beautiful home surrounded by amazing Mountain Views and City Lights all from your very own porch. The 1.25 acres allows for the big garage/workshop big enough for the RV, toys and hobbies. Many upgrades in the inside of the home starting with the open spacious gourmet Kitchen with lots of counter space. Large Farm sink with beautiful cabinets and stainless-steel appliances. Open floor plan with tile laminate flooring through-out, a formal dining area, large bedrooms with walk-in closets. The Master bathroom has double sinks and a huge shower.

26618 S New Town Drive Sun Lakes, AZ 85248

$539,900
3 Beds
2 Baths
1,823 SqFt
Status Active
MLS # 6745036
Property Type Single Family Residence
Price Type --
What a beautiful dream home! This 3-bed, 2-bath residence nestled in the adult Community of Sun Lakes is the one! Enter through the double doors to discover an updated spacious open floor plan that promotes a modern feel. Wood-look tile flooring, fresh neutral palette, updated light fixtures, ceiling fans add to the house's charm. Upscale kitchen includes plenty of crisp white cabinetry, stainless steel appliances, quartz counters, and an island with a breakfast bar. Check out the large main retreat, boasting plush carpet, direct outdoor access, two well-sized closets, and a pristine ensuite with a step-in shower. Secondary bedrooms provide plantation shutters. Finally, the generous-sized backyard has a covered patio perfect for entertaining! Move-in ready! What are you waiting for?

11543 E Quade Avenue Mesa, AZ 85212

$539,900
4 Beds
2.5 Baths
2,385 SqFt
Status Active
MLS # 6748907
Property Type Single Family Residence
Price Type --
Beautiful home with OVERSIZED lot! Mountain VIEWS! Expansive backyard features an extended patio, fenced pebble-tec, pool w/waterfall feature, plenty of grass, additional concrete slab SPORT COURT*French doors open to a den*LARGE loft*New carpet and new paint throughout*Kitchen is a chef's delight, featuring granite counters, SS appliances, a walk-in pantry, and a breakfast bar*Spacious master bedroom, dual sinks, separate tub/shower, and two HUGE walk-in closets*The garage includes attached cabinets for extra storage*North/South exposure*Located close to schools, shopping, restaurants, golf, airport, parks, AZ Athletic Grounds, ASU Polytechnic Campus, and easy access to Highway 202, 60, 24 freeways!

1723 W Mercury Way Chandler, AZ 85224

$539,900
4 Beds
2.5 Baths
2,018 SqFt
Status Active
MLS # 6750702
Property Type Single Family Residence
Price Type --
Welcome to Rialto Hills! Walking /Biking Distance to Historic Downtown Chandler Restaurants/Entertainment! Talk About Low Energy Bills, The Solar System is OWNED!! Transfers With Sale, NO LEASE! Freshly Painted Interior 2024 & Updated Kitchen Plantation Shutters & Crown Molding Are Icing On The Cake! LOW LOW HOA Fees! Great Location, Great Home! Nestled on Interior Lot w/ the Ultimate AZ Orientation of South Facing Backyard! This 4 Bedroom/2.5 Bath Home. Splash Down in Your Swimming Pool, Outdoor Kitchen, Large Covered Patio & Updated Trane HVAC! Spacious Kitchen Opening to Great Room w/ Fireplace! Located Close to Award Winning Schools, Downtown Chandler Entertainment District, Price Corridor, Freeways, & Sky Harbor Airport!

7813 E Dallas Street Mesa, AZ 85207

$539,900
4 Beds
2 Baths
1,932 SqFt
Status Active
MLS # 6751946
Property Type Single Family Residence
Price Type --
Welcome to your next home. This home features separate living and family rooms, open kitchen with breakfast bar, newer appliances, gas range, slide out drawers and breakfast nook. Vaulted ceilings though out, large master suite w/walk-in closet and walk-in shower. 3 car garage with all new openers, cabinets and new water heater. Beautiful recently resurfaced pebble tech pool with all new equipment. RV gate, lots of parking space, excellently landscaped front yard, Great schools, parks, shopping, commuting and NO HOA! In walking distance of Red Mtn Generational Center and Red Mtn Park!

9053 E Hillview Circle Mesa, AZ 85207

$539,900
3 Beds
2 Baths
1,900 SqFt
Status Active
MLS # 6770705
Property Type Single Family Residence
Price Type --
Bright and spacious family home, neutral tones, tranquil interior design, located in the premiere community of Sierra Heights. Well maintained, pride of ownership, 3-bedroom 2 bath home, open concept architecture. Landscaped corner lot with desert flora. Updated kitchen cabinets, modern hardware, quartz countertops with farm sink, stainless appliances. Over size primary with ensuite dual sinks and walk in closet. Large bedroom 2 - renovated combining two smaller bedrooms. Great room flows into outdoor covered patio, with above ground hot tub / spa, artificial turf, low maintenance back yard. Newer AC and Water Heater. Natural light flows throughout the home, plantation shutters added. Seller relocating out of state for work early December 2024, motivated to sell home. The Sierra Heights community features green space, access to hiking trails,3 parks and mountain views. Located just 20 minutes from Sky Harbor Airport. Paddle boarding, boating and camping nearby at Canyon and Saguaro Lakes. Just 15 minutes from 4 world class golf courses, truly a limitless, outdoor experience and leisure area of Mesa in the East Phoenix Valley.

6472 S Wilson Drive Chandler, AZ 85249

$539,900
3 Beds
2 Baths
2,130 SqFt
Status Active
MLS # 6767037
Property Type Single Family Residence
Price Type --
Located at 6472 S Wilson Dr, this 2,132 sq ft home offers recent upgrades and a thoughtful layout. With 3 spacious bedrooms, a versatile den/flex space, and 2 bathrooms, this home provides plenty of room for comfort and convenience. The kitchen has been beautifully updated with new countertops and stainless steel appliances—perfect for daily use or hosting. The open floor plan allows for ample natural light, creating a welcoming atmosphere throughout. Outside, the private backyard offers a peaceful retreat, while the home is set close to schools, parks, shopping, and dining. Don't miss this opportunity to own a beautifully updated home in a desirable location.

1601 W Orchid Lane Chandler, AZ 85224

$539,900
3 Beds
2.5 Baths
1,786 SqFt
Status Active
MLS # 6764320
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the highly desirable neighborhood of Andersen Springs in Chandler. This beautifully updated 3 bedroom, 2.5 bathroom home boasts a prime location, just steps away from shopping, restaurants, and easy freeway access. Step inside and be greeted by a spacious and bright open floor plan, perfect for entertaining and family gatherings. The kitchen features modern SS appliances, newly painted cabinets & hardware, and abundant storage space. The cozy family room with a fireplace is the perfect place to relax and unwind after a long day. Upstairs, you will find three generously sized bedrooms, including a master suite with a private balcony overlooking the tranquil green belt and walking trail. But that's not all - this home has received numerous recent updates, including fresh exterior and interior paint, new flooring and carpet, a serviced A/C unit, and even a new roof underlayment. Every detail has been taken care of for you, including a thorough cleaning and fresh landscaping. Don't miss the opportunity to make this dream home yours. Schedule a showing today and experience the best of Chandler living in the beautiful Andersen Springs community.