S&P Case-Shiller: Home Price Growth Slows in July

Home prices dipped slightly in July according to the S&P Case-Shiller 20-City Home Price Index. Year-over-year, home price growth dipped to 5.00 percent from June’s reading of 5.10 percent. The Pacific Northwest led the nation in home price appreciation. Portland, Oregon had the highest year-over-year home price growth with a rate of 12.40 percent. Seattle, Washington posted year-over-year home price growth of 11.20 percent. Denver, Colorado was third with a year-over-year home price growth rate of 9.40 percent.

Home prices in San Francisco, California slowed; year-over-year, home prices grew by 6.00 percent in contrast to home price growth topping the 20-city index in recent months. Analysts observed that cooling home prices in San Francisco could represent the end of the area’s housing bubble.

Year-over-year home price growth was lowest in New York, New York with a reading of 1.70 percent. Washington, D.C. posted a year-over-year reading of 2.00 percent; Cleveland, Ohio posted a year-over-year home price growth rate of 2.50 percent.

Month–to–Month Home Price Growth Provides Surprises

The largest month-to-month gains in home prices were posted by Portland, Oregon at 1.20 percent, Denver, Colorado with a reading of 0.90 percent and Detroit, Michigan with a July reading of 0.80 percent. While year-over-year home price growth readings are less volatile than month-to-month readings, signs of increasing home values in cities with depressed home price growth rates are a positive sign.

On the other hand, San Francisco, California posted a flat reading for month-to-month growth after recently topping year-over-year readings in the 20-City Home Price Index. With skyrocketing prices and limited inventories of available homes, it appears that San Francisco home prices may have reached their upward limit.

David M. Blitzer, Managing Director and Chair of the S&P Index Committee, said that July’s readings indicate further improvement of the economy and housing markets. This progress could prove difficult to sustain as house prices continue to outpace wages and rising home prices continue to sideline first-time buyers. Slim supplies of homes for sale are creating higher-than-average demand for homes that fuels rapidly rising home prices. This further complicates home purchase options for home buyers who compete with investors and others who are able to meet or exceed asking prices and purchase homes with cash.

Home buyers requiring mortgages have been supported by relatively low mortgage rates, but strict mortgage credit standards continue to provide obstacles for credit-challenged buyers. Financial institutions continue to take a conservative stance on mortgage lending after sustaining severe losses and government ridicule in the wake of the Great Recession.

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860 E Paradise Lane Phoenix, AZ 85022

$559,900

3 Beds

2 Baths

1,786 SqFt

Status Active

MLS # 6741464

Property Type Single Family Residence

Price Type --

*HOME INTERIOR IS BEING PROFESSIONALLY PATCHED AND PAINTED IN NEXT 2 VWEEKS!*Exceptional value on this turn-key, fully remodeled desert ranch home. Greentrails is special enclave in Moon Valley that offers outdoor enthusiasts walking/jogging paths and access to mountain trails right inside the community, along with a private park, playground and sprawling greenbelt just steps away. This home captures the essence of AZ living with gorgeous surroundings, remodeled interiors and charming outdoor spaces, located on a cul-de-sac lot. Exceptional curb appeal with easy-care landscaping, slump block exterior and entry courtyard. The fresh remodel brings luxe finishes and modern appeal, in an open floorplan. Wood plank tile flooring is paired with neutral paint throughout. The updated kitchen features white shaker-style cabinetry, stainless steel appliances, granite counters and a breakfast bar. This home features an open floorplan and no interior steps. Retreat to the split primary suite which opens to the rear patio and features a large walk-in closet and remodeled private bath with fully-tiled shower, double sink vanity, dual flush toilet and tile flooring. The hall bath is also fully-remodeled. All bedrooms have closet organizing systems and ceiling fans. Whether you are dipping into the renovated pool ('20) or entertaining under the spacious covered patio, you'll find that the rear yard offers opportunities for year-round enjoyment. The pie-shaped lot provides room for potentially adding a casita, which is now legal in Phoenix. A side parking slab leads to an RV gate and gravel parking area beyond. Home is located in the Paradise Valley school district and is nearby many local staples/destinations along with the best culinary, retail, and entertainment epicenters.

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10129 S 43rd Lane Laveen, AZ 85339

$559,900

4 Beds

2.5 Baths

2,539 SqFt

Status Active

MLS # 6752936

Property Type Single Family Residence

Price Type --

Custom home in the gated community of Vaquero Estates with mountain views & breathtaking sunsets! Light & bright open concept floor plan features soaring ceilings, well-maintained tile flooring & carpeting in all the right places. The chef's kitchen boasts granite counters, an island with a breakfast bar, stainless steel appliances, reverse osmosis, & opens to the family room - ideal for entertaining. Primary retreat is split from guest bedrooms for ultimate privacy. Impressive bath has dual sinks, free standing tub, & walk in shower. Enjoy the AZ heat in your incredible backyard with a large covered patio (35' x 12'), turf, & mature landscaping. Also featured, a 2-car garage. You'll love this private community with an amazing central location minutes to schools, shopping, dining, & more!

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7032 S 38 Place Phoenix, AZ 85042

$559,900

3 Beds

2 Baths

1,766 SqFt

Status Active

MLS # 6757238

Property Type Single Family Residence

Price Type --

Here's an opportunity to live in the charming, gated golf course community of The Pines at the Raven. Breathtaking golf course & mountain views. This single level home with 3 bedrooms, 2 bathrooms with a desirable split floorplan, is located in a cul-de-sac backing to beautiful golf course. Chef's kitchen is open to the family room. Ceramic tile in the entire house. Fireplace in the great room and much more! Community Amenities Include Pool/Spa. Close to Restaurants, Shops, Golf, freeways and Airport,

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22510 E Via Las Brisas -- Queen Creek, AZ 85142

$559,900

4 Beds

2 Baths

2,202 SqFt

Status Active

MLS # 6775767

Property Type Single Family Residence

Price Type --

The search is finally over! This stunning 4-bedroom, 2-bath residence features a 2-car garage, tasteful brick accents, and a welcoming front porch. Has both an office and team room. Discover a spacious great room with high ceilings, Brand new carpet and paint throughout. Kitchen comes with granite counters, abundant wood cabinetry with crown molding, pendant/recessed lighting, stainless steel appliances, a walk-in pantry, and an island with a breakfast bar for casual meals. You'll also find a cozy den ideal for an office or lounge. The primary bedroom offers plush carpeting, an ensuite with double vanities, a soaking tub, and a walk-in closet. Enjoy outdoor moments in the quaint backyard, showcasing a covered patio, pristine artificial turf, and a refreshing pool.

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11520 E Kiva Avenue Mesa, AZ 85209

$559,900

2 Beds

2.5 Baths

1,993 SqFt

Status Active

MLS # 6776202

Property Type Single Family Residence

Price Type --

Welcome to the highly desirable Adult Community of Sunland Spring Village, where your retirement home becomes a reality! Discover this gorgeous home, boasting stone accents, a desert front yard, a 2-car plus a golf cart garage, and an inviting front patio. The lovely interior impresses you with a spacious living/dining room, vaulted ceilings, designer paint, a kitchen hutch, and wood-look tile flooring. Kitchen is fully equipped with ample counter space, panel lighting, wood cabinetry, and a breakfast nook with a bay window. The primary retreat has tray ceilings, plush carpeting, an immaculate ensuite with dual sinks, and a walk-in closet. Attached workshop for your creativity! Unwind under the covered patio in the tranquil backyard with artificial turf and colorful vegetation. Act NOW!!

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9812 E Pampa Avenue Mesa, AZ 85212

$559,900

5 Beds

2 Baths

2,472 SqFt

Status Active Under Contract

MLS # 6752414

Property Type Single Family Residence

Price Type --

This 5 bedroom single level home is ready for new owners! With an oversized guest quarters/living space this property is perfect for multi generational living or an oversized office/game room. Equipped with NEW AC Units and a bright open floor plan you will love the layout of this well cared for home. The kitchen has a large island, tons of cabinet space and a large dining table for gathering. With a walk in pantry and oversized laundry there's plenty of room for storage. The oversized 3 car garage is air conditioned and has plenty of room for a workshop or gym. In the backyard you'll find a covered patio, garden with citrus and pomegranates, a water retention system and irrigation, as well as chicken coop! With quick freeway access you will love this location!

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22408 N Las Vegas Drive Sun City West, AZ 85375

$559,900

2 Beds

2 Baths

2,033 SqFt

Status Active

MLS # 6745215

Property Type Single Family Residence

Price Type --

Step inside this beautifully updated 2-bedroom plus a den, home in the sought-after Sun City West community. Freshly painted throughout & featuring brand-new wood-look tile flooring in the main living areas. The kitchen is showcasing sleek quartz countertops, white wood shaker cabinetry, chic shiplap backsplash & stainless steel appliances. The primary suite is boasting a generous walk-in closet & plush new carpet. The bathroom features unique mosaic tile, a black vanity, & a quartz countertop, creating a sophisticated & spa-like environment. The spacious 2 car garage is equipped w/ ample storage cabinets. The backyard has a covered patio, ideal for relaxing & enjoying the beautiful desert landscaping that surrounds it. To top it all off, this home also features a brand-new roof & HVAC.

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4125 W Bradshaw Creek Lane New River, AZ 85087

Open House

$559,900

4 Beds

3 Baths

1,851 SqFt

Status Active

MLS # 6770710

Property Type Single Family Residence

Price Type --

Welcome to Circle Mountain Ranch. This Stunning 2019 Built Single Story Home Features a Pool and Split Floor Plan. Upon Arrival You Are Greeted with a Professionally Landscaped Yard, Paver Driveway and Gorgeous Entry. This Home Has 4 Bedrooms and 3 Bathrooms, and Just Over 1850 Sq Ft. The 2.5 Car Tandem Garage with Built In Ceiling Storage and Water Softener is Sure to Wow! The Kitchen Features Quartz Countertops, Dark Cabinets, Stainless Steel Appliances, Gas Stove and Full Pantry. The Primary Suite Offers Upgraded Luxury Vinyl Flooring, Full Bathroom with Separate Tub and Shower, Oversized Closet and Access to the Patio and Pool. Enjoy the Pool and Turf Area to Cool Off and Enjoy The Beautiful Views Anthem Community Has to Offer. Enjoy the Amenities Anthem has to offer - walking/hiking paths, parks, shopping, dining, golf & more all with EZ freeway access.

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20713 N 59th Drive Glendale, AZ 85308

Open House

$559,900

4 Beds

2 Baths

1,854 SqFt

Status Active

MLS # 6745509

Property Type Single Family Residence

Price Type --

Beautiful, well kept home conveniently located in the Tuscany Point neighborhood in Arrowhead Ranch. This home has mountain and lake views and sits near the golf course! The home has been updated over the years with too many upgrades to list! An open concept kitchen, grey cabinets, stainless steel appliances, wood like tile, and a newly remodeled master bathroom (2021) that includes a walk in shower and a free standing tub! The paved backyard has a sparkling play pool (resurfaced in 2020) with a waterfall and room to entertain! Owned soft water system (2023) and leased Solar panel with fixed rate! Lots of easy to maintain landscape and great neighborhood! Schedule a showing today!

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13029 W Campbell Avenue Litchfield Park, AZ 85340

$559,500

5 Beds

3 Baths

2,779 SqFt

Status Active

MLS # 6782606

Property Type Single Family Residence

Price Type --

Your beautiful 5 bedroom, 3-bathroom home awaits you in the sought after Wigwam Creek South neighborhood! The inviting courtyard is perfect for sitting outside on those cooler AZ nights. When entering the home, you walk into the formal living room & dining room great for holiday gatherings. Step inside to an open-concept layout, where a bright great room flows into a lovely kitchen with stainless steel appliances, plenty of cabinets, Corian countertops, an island perfect for entertaining & porcelain sink with window above looking out to the backyard. The bedroom downstairs with a full bath is perfect for guests. The laundry room is downstairs with cabinets & attached countertop space. Going up the beautiful wood banister stairs you will find 4 more bedrooms including the owner's suite. The spacious owner's suite includes a living/sitting room, walk-in closet and an en-suite bath with a soaking tub and large walk-in shower with sitting area. Loft/landing area upstairs makes for a great desk station Outside, enjoy a landscaped backyard with a covered patio, grass and raised flower beds, ideal for relaxation. Bring your toys there is plenty of space with the RV gate and 3 car garage. This home is located near top-rated schools, freeways, parks, shopping & dining.

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9006 W Luke Avenue Glendale, AZ 85305

$559,500

4 Beds

2 Baths

1,725 SqFt

Status Active

MLS # 6777178

Property Type Single Family Residence

Price Type --

BEST HOUSE ON TOUR! Stunning, brand new on corner lot, lightly lived in, 4 bed/2 bath/2 car garage, fully furnished gem in the highly sought after StoneHaven community. Inside, feel the bright and welcoming atmosphere of the open concept, split floor plan. Everything in this house is brand new. Kitchen boasts a center island, granite countertops, deep/wide ss sink, gas stove, Frigidaire double doors top/freezer bottom refrig, W/I pantry, Whirlpool dishwasher and built in microwave. The LR has big screen TV, projector w/hide away screen and an electric fireplace. The primary suite has double sinks, granite countertops, W/I closet, W/I shower, private toilet and linen closets. Garage has a Nordic Track workout center, Echelon stationary bike, tankless Rheem hot water heater & is equipped w/EV charging plug. Full house sec syst included. Community offers a pool, walking/biking paths, parks, playgrounds etc. Minutes away from Westgate Entertainment Center, State Farm Stadium, shopping, restaurants etc.... This house is a must see; don't miss it. HAVE YOUR AGENT REACH OUT FOR INFORMATION ON $7500 IN PREFERRED LENDER CREDITS ON THIS HOME.

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7835 E Lakeview Avenue Mesa, AZ 85209

$559,500

2 Beds

2 Baths

1,946 SqFt

Status Active

MLS # 6760616

Property Type Single Family Residence

Price Type --

Location, check; Views, check! 2 bed/2 bath golf home with 2023 roof located a short walk to the restaurant, Pro Shop and community amenities. Watch the golfers on Hole No. 1, wind down the day with views of community ponds, or sip coffee as the sun rises over the Superstition Mtns. The original owners created unique customizations including custom wood valences over several windows, built-in Mahogany china hutch in formal dining room, Mahogany shelving surrounding the family room's electric fireplace, oak plank flooring with accents, plantation shutters, unique attic feature, extended garage and many more. As you enter from the extended north-facing covered patio and through the stained-glass windowed front door, you're greeted by a vaulted living room which gives access to the central formal dining room with striking views of the golf course. The kitchen, which provides plenty of counter & cabinet space, is brightened from the south-facing golf course window. Entertain for any occasion, whether it's BBQing in the backyard, unwinding at the high-top table overlooking golf course, casual meal at the eat-in kitchen area, or a beautiful dinner in the formal dining room. The spacious primary bedroom with south-facing windows provides space for a king bed & multiple dressers including the private bathroom featuring dual sink vanity, private room with marble walk-in shower and stool as well as extra-large walk-in closet. Visiting guests will appreciate the privacy of the guest bedroom split from the primary bedroom and the guest bathroom featuring tub/shower combo is right next door. Just off the kitchen is the spacious laundry room featuring cabinets and counterspace for home office, craft or sewing room. The south-facing back covered patio features beautiful golf course views as well as the community ponds with color changing lighted water fountains. The extended double garage features cabinets and closet. Make this home your own and start enjoying the benefits of living on SVE's beautiful golf course. The saying there is something for everyone is true in this 55+ amenity-packed community. The community also has a public golf course, restaurant, pickleball courts, tennis courts, state-of-the-art gym, beautiful woodshop, library, computer club, stitcher's room, two swimming pools and a lap pool, two hot-tubs and Clubs for all interest and hobbies.

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