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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2233 Par Place Overgaard, AZ 85933

$550,000

3 Beds

3.5 Baths

2,895 SqFt

Status Active

MLS # 6771427

Property Type Single Family Residence

Price Type --

Looking to get out of the heat in the summer? Check this one out! This remodeled cabin in Overgaard, just 2 short hours from Phoenix. This 3 bedroom 3.5 bathroom, 2 Car Garage MULTI-GENERATIONAL property is perfect for full time living, or a weekend getaway. Home has been updated with new vinyl flooring throughout, white kitchen cabinetry, butcher block countertops, new fixtures & lighting throughout. On the main floor you will find an open concept living/dining area, fireplace, primary bedroom/bathroom, laundry room & powder room. Upstairs, is a huge loft/bedroom with a full bathroom. Go out your front door & downstairs, you will find a CASITA with its own separate entrance that features a full bedroom living room, kitchenette & full bathroom.

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27036 W Sequoia Drive Buckeye, AZ 85396

$550,000

2 Beds

2 Baths

1,998 SqFt

Status Active

MLS # 6774218

Property Type Single Family Residence

Price Type --

NEWLY REMODELED PRESERVE with OWNED SOLAR and WALLED LOT and FURNISHED! You'll fall in love the moment you walk through the door. This home features new wood-grain tile & carpet throughout, fresh interior paint & baseboards. Enjoy a custom-built media wall, new light fixtures, custom drapery & plantation shutters. The living room has a center slider door that enhances the space. The master bath boasts a floor-to-ceiling tile shower. In the kitchen, you'll find S/S appliances, a new microwave, quartz countertops, backsplash & under-counter lighting. The newly remodeled backyard offers beautiful landscaping and turf, an extended travertine patio with a BBQ & Blackstone. Epoxy, storage, sink & workbench in the garage. THIS HOME IS A GEM!

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9620 W Ruth Avenue Peoria, AZ 85345

$550,000

3 Beds

2 Baths

2,279 SqFt

Status Active

MLS # 6776552

Property Type Single Family Residence

Price Type --

Don't miss this great oppurtunity for this recently updated 3 bed plus den, 3 car garage home on oversized corner lot w/RV gate. Beautiful landscaped yard with private pool & your very own 3 hole putting course, extended covered patio with sunshades great for entertaining! Newly updated kitchen with all new appliances with induction range, island & walk in pantry, open to the family room plus additional open living/dining areas. Neutral finishes with beautiful new wood like LV plank & tile flooring, updated baths, wood blinds, & vaulted ceilings throughout, and no interior steps. Solar panels for effecient utility costs. Great family neighborhood with playground/park within walking distance to Peoria schools. Convenient to 101, near to all sports venues, shopping areas and restaurants

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23266 S 229th Way Queen Creek, AZ 85142

$550,000

5 Beds

3 Baths

2,311 SqFt

Status Active

MLS # 6774566

Property Type Single Family Residence

Price Type --

Step into a world of elegance and sophistication in this stunning, barely-lived-in home built in 2023. With 5 spacious bedrooms and 3 full bathrooms, this is one of the rare gems you won't find around the corner. Picture soaring ceilings that invite natural light to dance through the expansive living spaces, and a gigantic kitchen that opens seamlessly to the great room—ideal for gatherings or cozy family nights. The stunning white stone tiles pair beautifully with rich chestnut cabinets, creating a striking contrast with pristine white Cort countertops. It's a chef's paradise! The master suite feels like a penthouse retreat, offering ample space and luxury that truly elevates your living experience. Each detail is designed to impress, from the breathtaking finishes to the thoughtfully laid-out floor plan. Nestled on a premium cul-de-sac lot in a vibrant community, you'll enjoy endless amenities right at your doorstep. This is not just a home; it's a lifestyle statement. Don't let this one-of-a-kind opportunity slip away,schedule a showing today!

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4521 W Alabama Lane San Tan Valley, AZ 85144

$550,000

4 Beds

2.5 Baths

2,764 SqFt

Status Active

MLS # 6779784

Property Type Single Family Residence

Price Type --

Beautiful 2 story home in San Tan Heights. Inside you'll find 4 bedrooms, a large loft, 2.5 bathrooms w/laundry upstairs w/the bedrooms Neutral paint, flooring & window coverings provide a clean pallet for decoration. The kitchen boasts maple cabinets, granite counters, stone backsplash, stainless steel appliances and often sought after gas stove. It opens to the family which makes it excellent for entertaining. The formal dining / living space can be utilized as that or a game room, sitting room or extra TV space. The resort style backyard has a covered patio, sparkling pool w/play step & water feature. Enjoy cooking or hosting friends at your own outdoor tiki bar. The rest of the yard is low maintenance w/rock & turf. Plenty of storage in the 4 car tandem garage. -3rd bay is tandem

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668 N Miller Street Mesa, AZ 85203

$550,000

5 Beds

3 Baths

3,065 SqFt

Status Active Under Contract

MLS # 6700260

Property Type Single Family Residence

Price Type --

Don't let looks deceive you this house is HUGE, 3065 square feet. Priced at the value of a three bedroom but has the space to be used as 4/5 bedroom. Has two seperate living areas which makes for awesome two family residence. IT's a steal at only $550,000 Granite counters in bathrooms and kitchens. tile in all the wet areas and brand new carpet. Turn key ready to move in!

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3487 W Red Bird Court Tucson, AZ 85745

$550,000

4 Beds

2 Baths

2,017 SqFt

Status Active Under Contract

MLS # 6714720

Property Type Single Family Residence

Price Type --

Experience unparalleled desert luxury in this exquisite 4-bedroom, 2-bathroom oasis, nestled in the serene foothills of Tucson's coveted Quail Ridge at Starr Pass. Surrounded by the opulent JW Marriott Starr Pass Resort, this home combines Southwestern charm with modern elegance, offering the ultimate desert retreat. The open-concept design boasts a spacious living room with soaring ceilings and a cozy fireplace, perfect for both relaxing and entertaining. The chef's kitchen features granite countertops, a ceiling-height backsplash, GE Café stainless steel appliances, and a top-of-the-line Viking range. The master suite is a sanctuary with a walk-in closet and a lavish ensuite bathroom, complete with dual sinks, a soaking tub, and a separate shower. Enjoy year-round comfort with a whole-house soft water system and reverse osmosis water filtration. The family room, with its stunning Pinon Stone fireplace, adds a touch of warmth and elegance. Step outside to your private backyard paradise, featuring a covered patio, built-in BBQ, and an electric extending patio shade to keep you cool while joying the patio. Revel in breathtaking views of the Tucson Mountains and mesmerizing desert sunsets. Exterior roll-down shutters provide added security and energy efficiency. This home also includes a two-car garage, a dedicated laundry room, and energy-efficient features throughout. Conveniently located near shopping, dining, schools, and recreational areas, with easy access to I-10. Embrace the Tucson lifestyle in this stunning desert haven schedule your viewing today and make this dream home yours!

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130 Comanche Street Flagstaff, AZ 86005

$550,000

3 Beds

2 Baths

1,800 SqFt

Status Active Under Contract

MLS # 6718841

Property Type Single Family Residence

Price Type --

Welcome to your mountain retreat in the serene community of Mountainaire, nestled amidst Flagstaff's breathtaking ponderosa pine forest! This charming single-family home offers the perfect blend of comfort, style, and natural beauty. As you step inside, you're greeted by the warmth of newly painted interiors (as well as new plush carpeting upstairs) in the 1800 square feet of living space. The inviting living room beckons with its cozy wood stove fireplace, creating the ideal ambiance for chilly evenings or gatherings with loved ones. The heart of the home is the spacious kitchen, boasting elegant granite countertops, sleek stainless steel appliances, and a convenient kitchen island perfect for meal preparation or casual dining. A separate pantry and laundry room provide additional storage and functionality. With three bedrooms and two bathrooms, including custom-tiled tub/shower combinations, this home offers comfort and convenience for both residents and guests. Enjoy the tranquility of the surrounding forest from the upper and lower level decks, ideal for morning coffee or evening relaxation. Notable features include 2 faux wood blinds adorning all windows, ensuring privacy and style throughout the home. Outside, discover a practical storage shed with a loft area, offering ample space for tools, outdoor gear, or hobbies. Situated just blocks away from the forest and hiking trails, this property is a nature lover's dream. Whether you're seeking a primary residence, a second home, or an investment opportunity through Airbnb, this rare find offers endless possibilities. Don't miss your chance to own a piece of Flagstaff's coveted mountain lifestyle. Come see this home today and envision yourself calling this mountain retreat home! Owner/Agent.

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8604 N 14th Street Phoenix, AZ 85020

$550,000

4 Beds

2 Baths

1,629 SqFt

Status Active Under Contract

MLS # 6722652

Property Type Single Family Residence

Price Type --

Seller's loss is your gain with this recently re-built ranch home located in desirable North Central Phoenix. Home has been extensively re-built due to fire damage. Property was taken down to the studs with new major systems and components including - Electrical (including main panel), Plumbing (all internal), Windows, Doors, Drywall, HVAC, Roof, Flooring, Cabinets, Lighting, Appliances, Interior and exterior paint. All work was performed by a licensed contractor with full City of Phoenix permits and Certificate of Occupancy (4/22/2024).

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4449 W Keating Circle Glendale, AZ 85308

$550,000

4 Beds

2 Baths

2,038 SqFt

Status Active Under Contract

MLS # 6744003

Property Type Single Family Residence

Price Type --

Here is your chance to own a GORGEOUS home completely renovated in 2024. Located in Bellair, one of Glendale's most desirable communities, on a large premium Cul-de-sac lot (over 1/4 acre), this beautiful single-level home boasts 4 bedrooms, 2 bathrooms, & over 2000sf of living space. Updated with luxurious finishes - You will not find a more stylish home in a great neighborhood under $600k. Entering through a covered entry highlighted with large wooden double doors, you'll notice the brand new floors across this open floorplan. Your eye is drawn across the great room to the tastefully remodeled kitchen featuring stunning quartz countertops, marble backsplash, new stainless appliances and new cabinets. Roomy master suite has walk in closet and bathroom that exudes modern luxury... The bathroom is equipped with attractive subway tile, quartz counters, modern black hardware and bluetooth-enabled speakers. Down the hall you'll find three spacious guest rooms, with private closets, and sharing an upgraded guest bathroom featuring the same amenities as the master aside from the walk-in shower. The home also offers a cozy living room with wood-burning fireplace, and an open family room tucked in its own corner of the house. The home has a 2-car garage, plus RV gate on the side. A large covered patio with built-in storage overlooks the expansive backyard - graded and ready to be made into your private oasis. Incredible neighborhood with frequent community events - the home is situated within walking distance from the Golf Course and clubhouse, pool, and pickleball. Don't miss the opportunity to make this home your own!

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2410 N 39th Place Phoenix, AZ 85008

$550,000

3 Beds

2 Baths

1,735 SqFt

Status Active Under Contract

MLS # 6759323

Property Type Single Family Residence

Price Type --

This charming 3-bedroom, 2 bathroom home is ready for you to make it your own! The kitchen boasts a stunning renovation with new cabinets, elegant granite countertops, and a gas cooktop. Unwind in the master bath's jacuzzi tub after a long day. Stay cool all summer long with the newly installed AC. If storage is a priority, this home offers an ideal solution! The backyard features a garage accessible from the alleyway, along with a storage shed and a workshop/storage space. With the larger lot, the backyard still has plenty of space to enjoy. Just minutes away from restaurants and shopping. This could be your new home!

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13202 W Beechwood Drive Sun City West, AZ 85375

Open House

$550,000

3 Beds

2 Baths

2,525 SqFt

Status Active

MLS # 6693377

Property Type Single Family Residence

Price Type --

Beautiful, fully remodeled brick front home on a corner lot in the 55+ community, Sun City West. Gorgeous new flooring throughout this thought out, open floor plan. The kitchen has new white cabinets with a large island for entertaining. The living area has a wet bar with a built-in refrigerator. All 3 BRs have walk-in closets and large enough for King beds with space to spare. The entry has a privacy gate to keep out solicitors and it opens to an impressively large patio. The back yard has another large patio with flourishing citrus trees. There are many extras throughout including plantation shutters, weather shield roller shades for when you travel, extra long garage, plush landscaping, and more. The furnishings are included in so all you have to do is pack your bags and move in!

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