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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17572 W Polaris Drive Goodyear, AZ 85338

$599,000

5 Beds

3 Baths

3,011 SqFt

Status Active

MLS # 6750396

Property Type Single Family Residence

Price Type --

RARE 4 CAR GARAGE. Nestled at the base of the Estrella Mountains is the highly desired community of Estrella Mountain Ranch. This is where you'll find this rare 5 bedroom, 3 bath home with a 4 car garage, and pool. As you enter, you'll love the vaulted ceilings that provide ample natural light that fills the rooms, not to mention the plantations shutters. This will lead into the open concept kitchen - family room that features lovely views to the backyard that boasts a sparking pool, grass areas, large covered patio, tasteful landscaping and, your very own: two 30+ foot palm trees. The kitchen features stainless appliances, Corian counter tops along with 42'' cabinetry. You'll also love that there's a bedroom and adjacent bathroom on the main floor which is perfect for guests: see more Or multi-general living. Upstairs is where you'll find a large loft space along with 3 nice sized bedrooms serviced by a full bathroom with shower and dual sinks. The primary bedroom sports terrific views and a large en suite bathroom featuring separate tub and shower, dual vanities, private toilet room, and a large walk-in closet. You're just a short walk or bike ride to the lakes here in Estrella. This amazing home is just a couple minutes drive to Mountain Ranch Marketplace which is home to Safeway, Starbucks, Subway, medical and dental care and a list of many more services. By the way, you can cancel your gym membership as Estrella offers two residence clubs both with state-of-the-art workout facilities. These clubs also feature swimming pools, banquet facilities, restaurants and more. The community boasts two elementary schools and a highly touted high school. This home is a rare find in a vibrant community, offering the perfect combination of convenience, comfort, and style. Don't miss the opportunity to make this your dream home!

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13827 N 41st Place Phoenix, AZ 85032

$599,000

6 Beds

3 Baths

2,235 SqFt

Status Active Under Contract

MLS # 6759305

Property Type Single Family Residence

Price Type --

Rare 6 bedroom home in sought after North Phoenix neighborhood. Close to Desert Ridge, High Street and new Paradise Valley Mall Development. Large covered patio and cozy gazebo for entertaining. Freshly painted exterior and low maintenance desert landscaping. All furniture included.

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902 E Le Marche Avenue Phoenix, AZ 85022

$599,000

4 Beds

2 Baths

2,124 SqFt

Status Active Under Contract

MLS # 6765470

Property Type Single Family Residence

Price Type --

WELCOME to your beautiful 4 bed, 2 bath home with a pool and stunning mountain views, located in a desirable neighborhood with no HOA. This immaculate property features a renovated kitchen and bathrooms, with the additional playroom, perfect for families. The home is equipped with owned solar panels for energy efficiency. Conveniently located close to shopping, restaurants, and more. The perfect family home, offering comfort, space, and breathtaking views. Don't miss out on this move-in ready gem!

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5851 E Singletree Street Apache Junction, AZ 85119

$599,000

3 Beds

2 Baths

1,350 SqFt

Status Active Under Contract

MLS # 6774610

Property Type Single Family Residence

Price Type --

Lovely family or retirement home,with gorgeous mountain views and all the peace & quiet you want. Sip your cocktails on the back patio while watching the birds and the squirrels and the occasional deer that wander through the property. Awesome city light views are a bonus from your outdoor kitchen pad. Inside is a spacious kitchen & dining area combined for the perfect entertaining space. Beautiful desert views from every window! Detached garage and separate storage shed are part of the package.

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9305 W Calle Lejos -- Peoria, AZ 85383

$599,000

3 Beds

2 Baths

1,865 SqFt

Status Active Under Contract

MLS # 6775737

Property Type Single Family Residence

Price Type --

The American dream has always been classified as owning your very own property... and this home certainly has A LOT of it! This 1865 sqft home sits on an acre of land with countless possibilities: horses, homesteading, room for expanding or building a workshop, you name it! Come and personalize this 3 bedroom 2 bath home (complete with two living spaces)! When you make this home your own you'll be less than thirty minutes away from Lake Pleasant, so bring your boat! You'll also have access to great food and shopping just four minutes away at Lake Pleasant Towne Center. Don't miss out on this rare opportunity to own so much land for a great price.

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2760 E San Tan Street Chandler, AZ 85225

$599,000

3 Beds

2 Baths

1,913 SqFt

Status Active Under Contract

MLS # 6778218

Property Type Single Family Residence

Price Type --

Beautiful, Upgraded 3 Bedroom, 2 full bath home, in the popular and centrally located Dobson Place subdivision. Split bedroom floor plan, Large Great Room open to Kitchen and Breakfast room, Separate formal dining area. Backyard is Beautifully designed for entertainment, with Covered Patio and Heated Pebble-Tech Pool, with Rocks Waterfall. Home has been kept well and maintained, with many upgrades and updates. All New Roof (jan/24), all New windows throughout the house, Recently remodeled Kitchen Counters, Cabinets and appliance, updated bedrooms (Master and guest), updated Tile floor through out the entire house. Other Features: Natural Gas hook up for Gas Grill. Natural Gas Heated Pool, Additional Storage above Garage, Natural Gas Fireplace.

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29817 N 223rd Avenue Wittmann, AZ 85361

$599,000

4 Beds

3 Baths

2,561 SqFt

Status Active Under Contract

MLS # 6778300

Property Type Single Family Residence

Price Type --

Fantasic custom home that is priced to sell. The open floorplan has split master with 2nd guest quarter or master on opposite side. The two other bedrooms are split off and have a jack and jill bathroom with private vanities. The back yard has a block wall around the perimeter with an RV Gate on both sides. Extra large back patio has tongue and grove ceilings. Beautiful upgraded quartz cover the countertops. Beautiful Custom wood cabinets throughout make this home extra special. Kitchen island is 4X9 w breakfast bar overhang. Exterior was just painted. This is on a 4 part shared well w huge storage tank. The surrounding homes are excellent custom homes. Bring your horses and your toys. No HOA

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959 N 97th Way Mesa, AZ 85207

$599,000

4 Beds

2 Baths

2,050 SqFt

Status Active Under Contract

MLS # 6786673

Property Type Single Family Residence

Price Type --

BRAND NEW Construction with Custom-Quality Upgrades throughout! This beautiful Modern Farmhouse is located on a 1/4 ACRE FENCED YARD with NO HOA. FRONT YARD LANDSCAPING INCLUDED. Gourmet Kitchen w/ high-end Cabinets w/ 42'' uppers, White Quartz Countertops, Stainless Steel Appliances & Wood Plank Tile Floors. Stunning Master Bathroom w/ Freestanding Soaking Tub & a BEACH ENTRY Glass Shower. Exceptional Energy Efficient - boasting Spray Foam Insulation, Premium AC unit & High-end Windows. Superior Construction and Craftmanship includes Premium Roofing System, Premium Synthetic Stucco & much more! COMPLETED in April/May 2025.

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25409 N 40th Lane Unit 0 Phoenix, AZ 85083

$599,000

4 Beds

3 Baths

2,134 SqFt

Status Active

MLS # 6786652

Property Type Single Family Residence

Price Type --

DROP DEAD GORGEOUS PERFECT FOR ENTERTAINING ...A LARGE FAMILY...WORKING FROM HOME...CLOSE TO MANY AMENITIES

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10696 S 297th Avenue Palo Verde, AZ 85343

$599,000

4 Beds

3.5 Baths

2,317 SqFt

Status Active

MLS # 6771316

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Buckeye, AZ! This luxury residence sits on a one-acre lot with an efficient irrigation system, ensuring a lush green landscape year-round. Inside, enjoy a grand foyer leading to an open-concept living area, featuring four spacious bedrooms and three and a half elegant bathrooms with high-end finishes.The gourmet kitchen boasts top-of-the-line stainless steel appliances and a large island, flowing into the dining area and inviting great room, where large windows frame breathtaking mountain views. Step outside to a private patio, perfect for outdoor dining, overlooking the expansive yard. Surrounded by other luxury ranch homes, this peaceful neighborhood offers the ideal blend of tranquility and exclusivity. Experience the best of Arizona living in this home!

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7709 W Boca Raton Road Peoria, AZ 85381

$599,000

4 Beds

2 Baths

1,642 SqFt

Status Active

MLS # 6698687

Property Type Single Family Residence

Price Type --

Welcome to your fully renovated, modern oasis! This stunning four-bedroom, two-bathroom home has been thoughtfully updated from top to bottom. Step inside to discover a light, bright, and open floor plan with all-new flooring that flows seamlessly throughout the space. The heart of the home is the gorgeously remodeled kitchen, featuring sleek cabinetry, high-end countertops, and brand-new appliances. Prepare to be amazed by the stunning limestone backsplash and the focal point of the kitchen, a breathtaking waterfall island that offers both beauty and functionality. The kitchen also boasts an eat-in area with tons of seating, making it the perfect spot for casual meals or entertaining guests. The vaulted ceilings add to the sense of space and grandeur, creating a truly luxurious feel. Both bathrooms have also been meticulously updated to provide a spa-like experience, with modern fixtures and finishes. Gather around the new fireplace in the spacious living area, perfect for cozy evenings with loved ones. Outside, a brand-new RV gate provides convenient access to the oversized corner lot, offering ample parking, including space for an RV. Enjoy the outdoors in the newly landscaped front and back yards, providing the perfect backdrop for entertaining or simply relaxing in the Arizona sun. NO HOA!!! For those interested, all the furniture is available for purchase on a separate bill of sale. Please see the list of updates in the documents tab. Don't miss the opportunity to make this beautifully renovated home your own!

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1436 N Bernard -- Mesa, AZ 85207

$599,000

4 Beds

2.5 Baths

3,556 SqFt

Status Active Under Contract

MLS # 6784104

Property Type Single Family Residence

Price Type --

''Investors here is the opportunity you've been waiting for. This Incredible 2 story home is perfectly situated in the sought after community of Sierra Estates. A fantastic floor plan with spacious living area and vaulted ceilings throughout. Great use of the over 3500 sq ft featuring 4 bedrooms 2.5 baths and gorgeous vaulted ceilings. The Back yard has outdoor kitchen, with pool and open space. Bring your vision and skills to a home that is ready for you to make it shine. Mostly cosmetic repairs needed and will be an incredible investment opportunity for some sweat equity.

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