Case-Shiller: Home Price Growth Slows in May

According to the S&P Case-Shiller 20-City Home Price Index, home price growth in May dropped to a seasonally adjusted annual rate of 5.20 percent as compared to April’s reading of 5.40 percent. Analysts said that low mortgage rates continue to support housing markets, but also noted that affordability due to rising home prices is sidelining some would-be buyers. High demand for homes coupled with slim supplies of available homes have driven prices up for months; analysts said that “tentative signs” of slower gains in home prices were seen.

New Home Sales Hit Highest Level Since 2008

David M. Blitzer, Chairman of S&P Dow Jones Indices, cited high home prices and sales of previously-owned homes as contributing factors to a healthy housing sector. Slower home price growth in high priced metro areas may indicate that home prices are topping out in cities including Los Angeles, San Francisco and Seattle. With home prices out of reach in high demand metros, it’s likely that rampant home price growth seen in recent years will have to slow in spite of pronounced shortages of homes and high demand in many areas.

Building more homes is the only way to combat outsized competition for homes and astronomical home prices. According to the Commerce Department, June sales of new homes jumped to 592,000 as compared to an expected reading of 562,000 and May’s reading of 572,000 new homes sold on a seasonally adjusted annual basis. June sales of new homes were at their highest level since February 2008.

Rising Rents Increase Demand for Homes

The national average price for a new home rose to $306,700 in June, while the supply of available homes sank to 4.90 percent. Real estate pros typically consider a six-month supply of available homes a typical reading. 574,000 new homes were sold in the second quarter of 2016, which was 10 percent higher than the reading of 524,000 new homes sold in the first quarter of 2016.

A report on rental vacancies is due out on Thursday. Rapidly rising rents have recently contributed to higher numbers of first-time buyers looking to buy homes and could continue to strengthen demand for available homes.

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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

10039 N Mcdowell View Trail Fountain Hills, AZ 85268

$5,450,000

4 Beds

5.5 Baths

6,068 SqFt

Status Active

MLS # 6750498

Property Type Single Family Residence

Price Type --

Extravagant custom home to be built in the beautiful hillside community of Firerock. Building to start as early as mid November with an estimated completion time of late 2025 to early 2026. The design of this home accentuates the views of the McDowell Mountains to the North and Four Peaks to the East. This home features 4 bedrooms, a theater room, and a study on the main level. There is a very large bonus room on the garage level. An elevator that brings you from the garage to the main level. Kitchen looks out past an L-shaped slider for an indoor/outdoor living feel. The luxury pool and raised spa are the focal point of the kitchen view. Built in BBQ area, planter boxes and a raised grass/garden area finishes off this luscious outside living space.

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5455 E Berneil Drive Paradise Valley, AZ 85253

Open House

$5,445,000

5 Beds

5.5 Baths

7,010 SqFt

Status Active

MLS # 6753337

Property Type Single Family Residence

Price Type --

This luxurious estate is located in the gated Hidden Paradise neighborhood of Paradise Valley, an exclusive enclave known for its seclusion and prestige, featuring 17 exceptional homes which are rarely on the market. As you approach the property, the beautifully landscaped grounds catch your eye, leading you to the circle driveway with a porte-cochère. The grand entrance of the home features a striking 10-foot door that opens into a beautiful stone foyer, offering a glimpse straight through the living room and out to the outdoor spaces. The recently renovated home boasts stunning grounds, light and bright lavish interiors with spacious rooms, soaring ceilings and expansive high windows that bring the outdoors inside. New hardwood floors add warmth and elegance to every room,

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8037 N 7th Avenue Phoenix, AZ 85021

$5,400,000

6 Beds

6 Baths

7,200 SqFt

Status Active

MLS # 6774614

Property Type Single Family Residence

Price Type --

Miami Meets Phoenix!! With a Fashion Glare to Contemporary Lifestyle! Welcome to (Nick-Named) FontaineBleau-New Construction 2024 Just Completed! A Must See to Experience the Quintessential Essence of Sophistication. Features A True Entertainers Style w/ Ease. Starting From Your Fingertips w/a Whole House Programable (RTI) Smart System Including Multiple iPad/Remotes( Lutron, Sonos & more), Full Wolf Appliance Package w/Custom 60inch Stainless Steel Hood, SubZero Frig/Freezer, 18ft Long H2O-Fall Granite Island, 48x48 Tile Floor from Italy, 21ft Enormous Tiled Fireplace, Floating Staircase, 5 Bosh a/c Units, Under-Mount Lighting, RO & Whole House Soft H2O Drinking System, Wine Cellar, 24ft Palm Trees, Resort Style Yrd, Sparking Blue Pool, w/Sunken Fireplace, Full BBQ, & Gazebo. Tons More!!

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12232 N 65th Place Scottsdale, AZ 85254

$5,389,000

5 Beds

5.5 Baths

6,637 SqFt

Status Active

MLS # 6730125

Property Type Single Family Residence

Price Type --

Cactus Corridor Luxurious Estate with Resort-Style Amenities Experience the pinnacle of luxury and sophistication with this exquisite transitional estate, nestled on nearly an acre of beautifully landscaped grounds in the coveted Cactus Corridor. Spanning 6,637 square feet, this home seamlessly blends elegance and functionality, offering a lifestyle of unparalleled comfort and style. Upon entering, you are greeted by a thoughtfully designed layout featuring five spacious bedrooms and five and a half opulent bathrooms. The master suite is a true sanctuary, complete with a luxurious bath and his-and-her walk-in closets, providing a serene retreat. Each of the additional bedrooms also boasts walk-in closets, ensuring ample storage and privacy for every member of the house

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4568 S Banning Drive Gilbert, AZ 85297

$5,375,000

7 Beds

6.5 Baths

10,572 SqFt

Status Active

MLS # 6702319

Property Type Single Family Residence

Price Type --

SELLER FINANCING AVAILABLE! Award winning builder, Luxury Living Homes presents this incredible 10,572 Sq Ft single level estate with 2 Guest Houses in the prestigious gated community, Weston Ranch! Winning multiple awards, this property is the home builder's personal residence and showcase home with architecture inspired by Frank Lloyd Wright. This 7 bedroom, 6.5 bathroom luxury estate offers an NBA indoor basketball court, 6 car garage, detached guest house and exquisite custom finishes throughout. The custom ceiling details, over 23 imported slabs/inlay marbles/tile work, incredible kid bedrooms with play areas that inspire young minds creativity, amazing outdoor spaces including pickle ball court/sport court, and multiple engineered pools within one large pool

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4946 N Ascent Drive Scottsdale, AZ 85251

Open House

$5,360,130

4 Beds

4.5 Baths

4,394 SqFt

Status Active

MLS # 6748851

Property Type Single Family Residence

Price Type --

Designer fully Furnished Home Coming Soon! This Cullum Home is designed for that ''Lock and Leave Lifestyle''. Guests will enter into the all Glass 2 story foyer. The elevator or wood staircase will lead you to the second floor of this home. The Chefs kitchen with Custom Cabinetry, Sub Zero and Wolf appliances over look the great room with fireplace wall and large glass of windows that open onto a entertaining deck. The formal dining room with custom cabinetry temperature controlled wine wall is just opposite of the large office, den or movie theater space with sliding glass doors to the entertaining outdoors and wall water feature The two en suite guests suites accommodate King size beds and walk in closets. Both guest suites open onto the fully landscaped backyard. There is a private gate from the yard for quicker access the Mountainside Club. Guests have their own laundry and the stylish powder room complete the main floor of this home. The top floor of this easy living home is dedicated to the Primary Oasis. The large patio space with walls of glass and windows has a tiled fireplace all overlooking the incredible views of the Mountains and city lights in the distance. The Primary suite with high ceilings opens into the bath with large shower, his and hers sinks and soaking tub. Tons of natural light fill the bath with a large skylight. The Primary closet is massive with all the custom built ins. The extra bonus space can be used as another en suite bedroom, office, or work out room. There also is a Full Wet Bar and nice size laundry with plenty of extra storage. The large oversized 3 car tandem garage has epoxy flooring and pre wired for A/C. The Private elevator, outdoor spaces and with this home coming fully furnished is easy living at it's finest.

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11540 N 104th Street Scottsdale, AZ 85260

$5,359,200

6 Beds

7.5 Baths

6,496 SqFt

Status Active

MLS # 6766641

Property Type Single Family Residence

Price Type --

Stunning New Construction Modern Home in the Prestigious Shea Corridor Experience luxury living in this breathtaking modern home, perfectly situated in the highly sought-after Shea corridor. Designed for both elegance and function, this property boasts 16-foot vaulted ceilings that create a grand sense of space and light. At the heart of this home is a chef's kitchen, outfitted with high-end appliances and premium finishes, perfect for gourmet cooking and entertaining. With 6 spacious bedrooms and 7.5 bathrooms, every family member and guest will enjoy unparalleled comfort and privacy. For car enthusiasts, there's a 4-car garage and an impressive 57-foot RV garage, offering abundant storage for vehicles and recreational toys. The resort-style backyard features a brand new pool, making it a personal oasis for relaxation and outdoor gatherings. Whether hosting a grand event or enjoying quiet luxury, this home is a true entertainer's dream. Don't miss the chance to own a masterpiece of modern design in one of the most desirable neighborhoods.

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4942 N Ascent Drive Scottsdale, AZ 85251

Open House

$5,341,540

3 Beds

3.5 Baths

4,311 SqFt

Status Active

MLS # 6670447

Property Type Single Family Residence

Price Type --

FULLY FURNISHED AND TURN-KEY READY! HARMONY LUXE RETREAT LOCATED IN THE ASCENT AT THE PHOENICIAN - THE ESTATES. NEW HOME CONSTRUCTION BUILT BY CULLUM HOMES. THIS THREE-LEVEL HOME FEATURES 3 BEDROOMS, 3.5 BATHROOMS, A PRIVATE OFFICE AND A 3-CAR GARAGE. THROUGH THE EXTRAVAGANT FRONT ENTRANCE LOCATED ON THE LOWER LEVEL, A BEAUTIFUL STAIRCASE OR AN ELEVATOR TAKE YOU TO EVERY LEVEL OF THE RESIDENCE. THE MAIN LEVEL BOASTS TWO EN SUITE BEDROOMS, PRIVATE OFFICE, FORMAL DINING AREA, BUTLER'S PANTRY, OPEN CONCEPT KITCHEN, ADDITIONAL POWDER ROOM AND THE GREAT ROOM AREA. SPACIOUS KITCHEN WITH ISLAND, EAT-AT BAR AND WALK-IN PANTRY. A GLASS WALL LEADS YOU TO THE COVERED PATIO OFF THE GREAT ROOM WHERE GORGEOUS VIEWS AWAIT YOU. OWNER'S SUITE WITH WALK-IN CLOSET, DOUBLE SINK VANITY, SEPARATE TOILET ROOM, TUB AND WALK-IN SHOWER SIT ON THE TOP LEVEL. ALONG WITH A LARGE LAUNDRY ROOM WITH EXTRA STORAGE, PRIVATE OFFICE SPACE AND TWO DECKS. THE COMMUNITY IS GUARD GATED FOR PRIVACY AND SECURITY. AT THE BASE OF CAMELBACK MOUNTAIN, YOUR PRIVATE POOL, FITNESS CENTER, AND SOCIAL SPACES OFFER AN INTIMATE GATHERING PLACE FOR WELLNESS, SOCIALIZING AND RELAXATION. RESIDENTS ARE OFFERED THE OPTION TO JOIN THE PHOENICIAN® AMENITY ACCESS PROGRAM  ACCESS AND DISCOUNTS TO THE NEW ATHLETIC CLUB, 38,000 SQUARE FOOT SPA, TENNIS FACILITY AND RESORT POOLS AT THE PHOENICIAN® RESORT.

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24751 N 90th Way Scottsdale, AZ 85255

$5,326,000

3 Beds

4.5 Baths

5,326 SqFt

Status Active Under Contract

MLS # 6705406

Property Type Single Family Residence

Price Type --

Discover luxury living in North Scottsdale with a NEW HOME in Solitude. Breathtaking single level retreat is simply defined as, PERFECTION with an owner that is meticulous to detail, none smoker and no pets. As you arrive to the exclusive gated community, your experience of this Desert Gem begins as you enter the home, with its enchanting spa like energy trough the breathtaking entry door with glass floor to ceiling. Entering the home you cannot miss the sliding glass doors, opening out to the breathtaking zero-edge pool with two water features and expansive covered patio & ramada offering the ultimate resort setting. The home was Designed to seamlessly blend indoor and outdoor contemporary luxury living, the great room features a custom fireplace with a chiseled black tile surround No detail was left out even the roof eves done with matching the interior tongue-and-groove Alder. The gourmet kitchen boasts two sprawling white marble islands with waterfall effect, Wolf commercial range, separate Subzero refrigerator/ freezer/ ice maker and Asko dishwasher looking out to the entertainers dream Great room with bookend floor to ceiling Valhalla Quartzite Leathered fireplace and resort back yard. The primary suite is a private haven with views of beautiful pool and water features, a custom tiled fireplace, and on suite with fully tiled walk-in steam shower. The secondary oversized bedrooms include two generous ensuite bathrooms, a bonus flex/media room, and a laundry room with hair sink. Outdoors, indulge in a zero-edge pool, back fire wall, firepit, bocce ball court, and fully covered ramada with bathroom, Misters, ceiling fans, built in heaters and fully equipped built-in BBQ area with a pop-up TV that hides away! This residence is a meticulously crafted haven, where every detail enhances the Contemporary luxurious lifestyle offered in the heart of 85255.

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8821 E Havasupai Drive Scottsdale, AZ 85255

$5,324,900

5 Beds

5.5 Baths

6,016 SqFt

Status Active

MLS # 6733606

Property Type Single Family Residence

Price Type --

Remodeled in 2019 and 2024 this awe inspiring residence on a 1.5 acre lot with impressive views of the McDowell mountains. In the perfect cul-de-sac location in sought after Pima Acres Estates Community. Perfectly located to everything Scottsdale has to offer. Established desert landscaping with front patio, 4 car garage and circular driveway, space to the side for RV garage or sport court. Enter through the newly installed glass front door to find plantation shutters, wood floors, an extensive great room, two Heat & Glo gas fireplaces, glass wine cellar and wet bar area. The Chef's kitchen has Thermador/ Viking appliances, 2 dishwashers, 3 ovens, walk -in pantry, 2 oversized islands and a desk area all finished in quartz counters. There are 2 private offices, upscale baths with designer finishes , walk in closets and generous sized bedrooms. A large media/living room sits perfectly located off the kitchen seating area. Each room is a work of art. The split bedroom layout ensures privacy with a grand owner's retreat with a spa-like en-suite with a stand alone tub, walk-in shower, dual vanities and makeup area. The casita opens to the pool courtyard and boasts a full kitchen, dining and living areas. A fully owned solar system keeps energy bills down. The resort style backyard has a built in summer kitchen, pool with wrap around patio and fire pit all overlooking the extensive mountain views.

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9290 E Thompson Peak Parkway Unit 493 Scottsdale, AZ 85255

$5,300,000

5 Beds

6.5 Baths

7,138 SqFt

Status Active

MLS # 6774780

Property Type Single Family Residence

Price Type --

Incredible Bing Hu design masterpiece at the top of the curve in DC Ranch. This almost 1.4 acre elevated lot captures all the views that DC Ranch can provide. Mountains views, City lights and more. The entry experience takes your breath away. Large formal spaces intertwine and seamlessly create the perfect entertainers dream. As you enter the kitchen, the magic continues. Plenty of counter work space adjacent to a cozy family eating area and family room, More than just a split floor plan, this home boasts 3 very separate living spaces. Ideally situated for children, extended family or just extra quiet retreats. Outside living spaces continue to delight. Large turf area leads to a stunning pool and lounging area.

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6901 E Restin Road Carefree, AZ 85377

$5,299,000

4 Beds

5.5 Baths

7,162 SqFt

Status Active

MLS # 6708852

Property Type Single Family Residence

Price Type --

It's ALL ABOUT THE VIEWS - The best views in Carefree! Look out over the valley and see The Boulders golf course, Pinnacle Peak and all of the McDowell Mountains and the city lights are unparalleled! Sitting on a 2.5-acre lot this completely remodeled home boasts a large great room with glass walls, an incredible view of the outdoor living space and beyond, a dream kitchen with a wide-open view of the valley. The fresh clean lines give this home a modern look and feel and beautifully landscaped this move-in ready home is ready for you inside and out. With 10 ceiling heaters and a meandering stream, the outdoor patio living-space is a delight in the winter and summer. Featuring stone and wood floors, gas fireplaces inside and out, recessed lighting. This home is an absolute must see!

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