S&P Case-Shiller: Home Prices Gain in August

Home prices gained in August per the 20-City S&P Case-Shiller Home Price Index. Analysts said that home values continue to expand in spite of challenges including low inventories of available homes and strict mortgage qualification requirements.

National Home Price Index Near 2006 Peak

According to the national Case-Shiller Home Price Index, August home prices are 0.10 percent below their 2006 peak and all metro areas in the 20-City Home Price Index posted gains. Top gains in the 20-City Home Price Index were posted by Portland, Oregon with a year-over-year gain of 11.70 percent, Seattle, Washington home prices gained 11.40 percent and Denver, Colorado home prices gained 8.80 percent year-over-year.

All metro areas included in the 20-City Index posted year-over-year gains in excess of one percent. New York City had the lowest year-over-year price gain with a year-over-year reading of 1.70 percent in August. Washington, D.C. home prices rose 2.30 percent year-over-year. Home prices in the Cleveland, Ohio metro area increased by 2.90 percent year-over-year.

New Housing Bubble Unlikely

With home price gains close to peak prices seen before the housing bubble burst, concerns may arise over the potential for a new housing bubble to occur in coming months. Analysts say this is unlikely as home buyers are not taking out extreme levels of mortgage debt seen at the onset of the Great Recession. David M. Blitzer, chairman of the S&P Index Committee, said “There is no reason to fear another massive collapse is around the corner. The run-up to the financial crisis was marked with both rising home prices and rapid growth in mortgage debt.”

Possible Fed Rate Hike Won’t Cause Mortgage Rates to Explode

The Federal Open Market Committee of the Federal Reserve is expected to raise the Fed’s target federal funds rate in December. This action will lead to interest rate increases for consumer credit and mortgages, but not at levels that would make mortgage loans suddenly unaffordable. While gradual increases in federal interest rates would cause mortgage rates to rise over time, market conditions and related factors could potentially cause home prices to slow or even dip in some areas. Regional influences including employment and demand for homes are examples of factors contributing to home price growth or decline in specific areas.

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24423 S 195th Way Queen Creek, AZ 85142

$2,050,000 - 6Br/6Ba -  for Sale in Sonoqui Creek Ranch Phase 1, Queen Creek
Open House
$2,050,000
6 Beds
6 Baths
5,675 SqFt
Status Active
MLS # 6728742
Property Type Single Family Residence
Price Type --
OFFERING $35K IN CONCESSIONS! Welcome to the prestigious Sonoqui Creek Ranch in Queen Creek, where luxury meets lifestyle! You will not find another home with MULTIPLE RV garages. This one-of-a-kind 6-bedroom, 6-bathroom custom estate offers 5,675 sq ft of beautifully designed living space on an expansive acre-plus corner lot. Perfect for entertainers, car and RV enthusiasts, or families, this home offers unmatched versatility and elegance. The heart of the home is the gourmet kitchen and showcases quartz countertops, a spacious island, and top-of-the-line appliances including dual dishwashers, double ovens, a 64'' refrigerator/freezer, and a built-in icemaker. Custom cabinetry, under-cabinet lighting, and thoughtful design make this space both functional and stunning. The master suite is a true retreat with dual vanities, an oversized soaking tub, a walk-in shower, and an expansive walk-in closet. Additional features include ensuite guest bedrooms, a game room, a secondary living space, and smart home technology, all bathed in natural light from oversized windows. A private wing with two bedrooms, a bath, and a plumbed bonus room offers the option of a full casita, second generational home or an ideal family retreat. Step outside to the beautifully landscaped backyard featuring a built-in BBQ, firepit, large covered patio, outdoor speakers, fans, LED lighting, dual RV gates, and maintenance-free synthetic turf. A standout feature and nearly impossible to find, is the 1,532 sq ft dual RV garage, perfect for a car collection, RV/ ATV enthusiast, or anyone looking for a fully insulated (ready to be climate controlled) hobby or shop space. This alongside the oversized 4-car garage make the garage space some of the most versatile and luxurious in all of Queen Creek. Backing to the scenic Sonoqui Wash Trail system, this home offers direct access in just a short walk or bike ride to the new Pecan Lake entertainment district and some of Queen Creek's best dining and recreation. This is a rare opportunity to own an extraordinary home in a prime location!

28415 N 59th Way Cave Creek, AZ 85331

$2,049,995
5 Beds
4.5 Baths
4,030 SqFt
Status Active
MLS # 6642004
Property Type Single Family Residence
Price Type --
Move-In Ready! Featuring a desirable open-concept floor plan, the McDowell is the ideal setting to complement every lifestyle. The spacious foyer opens immediately onto the expansive great room with alluring views of the rear covered patio. The pristine kitchen overlooks a bright casual dining area and is highlighted by a large center island with breakfast bar, wraparound counter and cabinet space, and an ample walk-in pantry. The splendid primary bedroom suite showcases a generous walk-in closet and serene primary bath that features dual vanities, a luxurious shower with seat, large soaking tub, and private water closet. Conveniently located off a sizable flex room, secondary bedrooms offer walk-in closets and private baths. A roomy office can be found off the great room.

28409 N 59th Way Cave Creek, AZ 85331

$2,028,995
4 Beds
4.5 Baths
4,315 SqFt
Status Active
MLS # 6642015
Property Type Single Family Residence
Price Type --
To Be Complete Summer 2024: Lovely foyer flowing past the elegant dining room into the expansive great room and casual dining area that presents alluring views of the desirable covered patio. A large center island with breakfast bar enhances the expertly crafted kitchen that offers plenty of counter and cabinet space, a generous walk-in pantry, and passthrough to the dining room. Featuring a relaxing sitting area and expansive walk-in closet, the palatial primary bedroom suite is highlighted by a spa-like primary bath complete with dual vanities, large soaking tub, deluxe shower with seat, walk-in linen storage, and private water closet. Central to a versatile flex room with covered patio access, secondary bedrooms feature sizable closets and a shared bath.

4588 S Avenida Corazon De Oro -- Gold Canyon, AZ 85118

$2,025,000
3 Beds
3.5 Baths
3,693 SqFt
Status Active
MLS # 6767061
Property Type Single Family Residence
Price Type --
LOCATION, LOCATION! VIEWS, VIEWS! This home lives as if new! Incredible nearly 100% remodel in an unmatched location overlooking the signature hole 5th green of the famous Dinosaur Mountain golf course w/unobstructed views of the magnificent Superstition Mountains in the gated community of Vista Del Corazon in Gold Canyon. Quietness & privacy prevail. 35 miles to Sky Harbor as only one traffic light separates you from the Atlantic & Pacific Oceans. Virtually every surface was upgraded including floors, cabinets, baths, kitchen, appliances, new HVAC's, new paint inside & out. 17' doomed ceilings, wood beams, stone columns & cantera accents t/o. 10.5' glass doors on the main Superstition Mountain view, 4 rooms w/fireplaces, 11'/12'+ ceilings. Formal dining, office, all bedrooms ensuite. Coveted north/south orientation. Oversized 3 car garage. High ceilings with clerestory windows bringing welcomed natural light. Exquisitely redecorated from floor to ceiling in 2023-2024 in today's timeless modern style with nothing left to chance and no stone left unturned. 10.5' motorized electric doors bring the Superstition Mountain range into this home. Leathered granite & quartz countertops. All new stainless GE Monogram appliances including 6 gas burner stove with the 'simmer ' feature. Eat-in kitchen and breakfast bar. Attractive 'leathered granite' kitchen island and on bar countertop, quartz counters elsewhere throughout. Separate full bar. Insta-hot and also filtered water at sink. Convection wall oven and duo steam cleaning microwave/oven. Walk-in pantry. Coffee bar. All bedrooms ensuite with walk-in closets. Two-way gas fireplace between Primary bedroom and office. Stone wall accents, plantation shutters, lighted stone lined art niches, all new recessed LED canned lighting. 32 Cantera columns throughout, inside and out. Two new Trane high efficiency HVAC's: one 4-ton 17 seer 2 stage and one 5-ton 16 seer 2 stage HVAC units under manufacturer's warranty. Plumbed for central vacuum. Cantera stone surround on fireplace. Primary bedroom has his and hers closets, private water closet, oversized shower and freestanding modern soaking tub. Surround sound throughout. 8' solid core doors with Emtec hardware. Five security cameras and a Ring doorbell. Remote control darkening blinds in living/theatre room. Oversized 3-car garage--42' wide by 26'6 deep with 3' spacing between bays. Shortest bay 22'10 and longest 26'6. Epoxy floor with a craftsman's dream workshop and plenty of storage. Adjacent to garage is an air-conditioned bonus/media/man cave/golf/hobby room 14' x 10.5' with sink nearby and also can be just storage--heated and cooled by a mini-split. EV 220 volt charging station in garage. Heated pool and spa. Separate free standing spa is available. Two outdoor seating areas with never ending magnificent views including 2 fire pits and an attractive stone fireplace. Roof level upper view deck. New Coyote 42 gas BBQ 2024.

6107 N 175th Avenue Waddell, AZ 85355

$2,007,880
4 Beds
3.5 Baths
3,729 SqFt
Status Active
MLS # 6753671
Property Type Single Family Residence
Price Type --
Welcome to a masterpiece of contemporary design This exceptional luxury modern farmhouse on 1 acre offers a harmonious blend of sophistication, comfort, and natural beauty, promising a lifestyle of unparalleled elegance and tranquility. The main house of 3729 livable square feet holds 4 bedrooms, 3.5 bathrooms , a Casita with 2 bedroom 1 full bath and a Loft with 1 bedroom, 1 bathroom. Totaling 5,934 sqft aproximately livable area Construction made with ICFs (Insulated Concrete Forms), 10'' flat ceiling throughout. The open-concept floor plan flows seamlessly from elegant entryway to the spacious Kitchen and family room with natural light. The gourmet kitchen is a chef's dream, sleek quartz countertops, and custom cabinetry that effortlessly blend modern convenience with farmhouse charm Entertain guests in style in the elegant dining area or gather around the cozy fireplace in the adjacent living room for intimate gatherings and lively conversations. Retreat to the lavish master suite, where luxury abounds with a spa-like en-suite bathroom, shower, walk-in closets. Additional bedrooms, guest house, and versatile living spaces provide ample room for guests, while a dedicated home office offers a serene environment for remote work or creative pursuits. Outside, the grounds invite you with endless opportunities for relaxation and recreation day and night. Lounge by the sparkling pool, take in the peaceful sounds of the pool waterfalls, dine al fresco under the extended covered patio, From the patio go upstairs to the balcony to the soaking in the beauty of the starlit sky. Don't be afraid to walk barefoot all summer long because these travertine title never get hot. Plenty of room in the 4 tandem car garage and RV Garage Conveniently located just minutes from Glendale Westgate world-class dining, shopping, and entertainment options, this modern farmhouse oasis offers the perfect balance of privacy and proximity to city amenities. Explore nearby hiking trails, golf courses, and cultural attractions, or simply unwind in the serenity of your own private desert retreat. Experience the epitome of luxury desert living in this exceptional modern farmhouse, where every detail has been carefully curated to elevate your lifestyle and exceed your expectations. Welcome home to your ultimate Waddell sanctuary. Across from the pool, the guest house of 1,005 livable square feet contains a full kitchen, living room, 2 bedrooms, 1 bathroom, and laundry room. The loft is under 1200 sqft and also has 1 bedroom, 1 bathroom, a kitchen, a laundry area with washer and dryer hook-up.

4810 N 43rd Street Phoenix, AZ 85018

$2,000,000 - 4Br/4Ba -  for Sale in Arcadia Villa Plat 3, Phoenix
Open House
$2,000,000
4 Beds
4 Baths
2,834 SqFt
Status Active
MLS # 6762643
Property Type Single Family Residence
Price Type --
VOTED BEST HOUSE ON REALTOR TOUR! In all my years in R.E., I have never seen a more meticulous, thought out, quality, over the top remodel. The final city building inspector declared it a new construction! Top of the line everything. As of 2020, new plumbing, new electrical including the panel, new roof, new AC including duct work, new flooring, new kitchen, owned solar in 2022, hardwired security and internet, reverse osmosis and soft water loop, low voltage recessed lighting, misting system with additional exterior gas stubs for firepits or exterior heaters, low E triple paned windows with auto retractable blinds, Thermador duel fuel gas stove top with electric range, LG Inverter lineage fridge. Dual head shower in primary bath. Storage building is wired and AC. House is clan with Hardie board concrete siding. See document tab for details. Two safes, work out equipment, W&D, BBQ, and additional range/oven available. Super insulated attic and walls (see documents tab in addition to the owners explanation of other details. List price is the 3/24 Appraised value. VOTED BEST ON TOUR AT THE RECENT BROKERS TOUR!!

19915 E Sonoqui Boulevard Queen Creek, AZ 85142

$2,000,000
5 Beds
4.5 Baths
4,406 SqFt
Status Active
MLS # 6782213
Property Type Single Family Residence
Price Type --
Gorgeous Circle G equestrian estate, this home is the definition of luxury. 5 bedrooms with walk in closets, 3 full bathrooms, 2 additional half bat & theater / media room. Stunning facade w/stone accents, paver driveway in addition to paver circular driveway allows for multiple parking options. 4 car garage & RV gate. Magnificent Iron front door allows for glass to be opened to enjoy the cooler season's fresh air, cantera stone columns inside and out. Regal turret style entry with ceiling medallion and mosaic tile inlay. Chef worthy kitchen features elegant alder wood cabinets, wine bar or additional prep area, beautiful granite counter tops & island/ breakfast bar, tile backsplash, pendant lighting, Stainless steel KitchenAid appliances including gas griddle & convection microwave. So much space in the walk in pantry! Central vac system, R/O & water softener Amazing panoramic views of the pool and horse set up from seamless windows in living room and dining area. 2 charming fireplaces inside, + 1 more outside! 8 ft alder doors throughout add to that decadent feel. Accordion glass panel doors allows the inside and outside to blend when open. Private office/ study has it's own access to an outside paver french patio. The upstairs primary suite is a true retreat with french door access to the outside balcony, a very spacious walk in closet with washer & dryer/laundry set up, & fireplace. The luxurious en suite showcases a walk in his and hers steam shower, and dual vanities & sinks. The entertainer's dream backyard includes travertine pool deck in addition to pavers under enormous covered patio, a cozy outdoor fireplace, sparkling oversized saltwater pool w/multiple water features built in 2021 with Pentair pool equipment controlled easily by Screenlogic app. 3.5 ft to 9ft deep with benches and baja shelf.One variable speed pump and an additional pump for the 4 corner water feature. Poolside shower is just one more of the endless features here. New Whole house hot water circulation pump. 3 horse stalls with shade/fan/water, a round pen, 2 grazing pastures, 4 horse water valves, flood irrigation & sprinkler irrigation, 8x40 container /horse tack shed, 8x10 shed, 5x8 shed, 5x8 3 sided hay storage shed. This home is one of the few to have direct access the the bridle path via private gate! Just 1 mile to Horseshoe Park ( park has an outdoor arena and round pen, FREE to QC residents 7 days a week. Access the nearby Sonoqui walking/biking/riding trail for a short ride to nearby Creekside restaurant, hitching post already waiting for you there! Sub panel in garage with 220 v is so useful for the DIYer auto enthusiasts, woodworker, welder to power heavy equipment, and off south side of house, buyer can complete hook up process of additional sub panel. Water heater new in 2024. A/c condensers & motors 2019.

13607 N 87th Street Scottsdale, AZ 85260

$2,000,000
4 Beds
3.5 Baths
4,491 SqFt
Status Active
MLS # 6784063
Property Type Single Family Residence
Price Type --
This beautifully remodeled home in the heart of Scottsdale offers an impeccable blend of style, comfort, and convenience. Boasting 4 spacious bedrooms, plus a den, and 3.5 bathrooms, this 4,491-square-foot residence provides ample room for both relaxation and entertainment. As you step inside, you're immediately greeted by an inviting atmosphere and a massive wall of glass overlooking the backyard. The heart of the home is the recently renovated kitchen, a true culinary enthusiast's dream. Featuring custom cabnetry, high-end Viking appliances, stunning leathered Taj Mahal Quartz countertops, a chic backsplash, and a spacious walk-in pantry This kitchen is perfect for hosting family dinners or entertaining guests. Each of the four bedrooms is designed to provide a personal sanctuary. Generously sized, they each come with a walk-in closet for added convenience. The expansive master suite offers a tranquil retreat, providing the ideal place to unwind at the end of a busy day. The adjoining master bathroom is a spa-like oasis with luxurious finishes, while the master wardrobe closet will exceed your expectations with built-in shelving and an abundance of storage space. The backyard is an entertainer's dream, offering an outdoor oasis where you can bask in the Arizona sun. With a heated pool, spa, and a custom water feature as the focal points. This outdoor space is perfect for enjoying warm Arizona evenings or hosting summer barbecues. Upgraded travertine and lush turf surround the pool area, creating a serene and low-maintenance landscape ideal for both relaxation and recreation. Located in a desirable Scottsdale neighborhood, this home offers the best of both worlds: peace and privacy, yet with all the conveniences of city living. Northsight Park is just a short stroll away, offering a perfect spot for morning jogs or leisurely weekend picnics. Major shopping centers, dining options, and essential services are all within a mile, making day-to-day living a breeze. The area also boasts a wide range of amenities and attractions, ensuring there's always something to do nearby. With its spacious, thoughtfully designed interior, exquisite renovations, and prime location, this home is more than just a place to live, It's a lifestyle. Whether you're raising a family, working from home, or simply seeking a beautiful, high-end space to call your own, this Scottsdale gem checks every box. Don't miss the opportunity to make this extraordinary property your forever home.

8335 N Vista Lane Prescott, AZ 86305

$2,000,000
5 Beds
5 Baths
4,891 SqFt
Status Active
MLS # 6730398
Property Type Single Family Residence
Price Type --
Contemporary home nestled at the base of Granite Mt. in Williamson Valley on 4.75 acres. Enter this passive solar home through extensive rose gardens surrounding an 1100 sf patio framing views of Granite Mt. Upon entering the home designed by a student of Paolo Soleri experience the of Pella Solariums to bring the views indoors. Views of the San Francisco Peaks are captured from the rear covered patio connecting the main house to the guest wing. The main house is 3,681 sq ft. featuring an open floor plan consisting of soaring 20-foot wood vaulted ceilings & clerestory windows in the kitchen, bar & great room. The Chefs kitchen features Wolf & Sub Zero appliances, custom cabinets. See document tab for more details.

31527 N 174th Street Rio Verde, AZ 85263

$2,000,000
5 Beds
4 Baths
4,102 SqFt
Status Active
MLS # 6764599
Property Type Single Family Residence
Price Type --
Discover total privacy on 3 acres in the heart of the AZ desert. This luxurious home blends elegance with a rural lifestyle, featuring lavish decor & comfortable spaces. Enjoy unobstructed mountain views through expansive picture windows. The chef's kitchen boasts stunning metallic granite countertops, a Viking stove, & custom cherry cabinets. It includes double ovens, a wine chiller, & a cozy eat-in area that seamlessly connects to the great room. Impress your guests with an outdoor BBQ & relax next to the beautiful pool. The large patio offers a serene space to unwind & soak in the tranquility of the desert. In the evenings, retreat to the upper deck for views not found anywhere else. Bring your horses & your toys to enjoy miles of trails right, in your backyard.

25555 N Wrangler Road Scottsdale, AZ 85255

$2,000,000
3 Beds
2.5 Baths
4,177 SqFt
Status Active
MLS # 6779652
Property Type Single Family Residence
Price Type --
Step into this award-winning custom Territorial-style home, where every detail reflects unparalleled artistry and craftsmanship. Nestled in a serene setting, this residence offers an exceptional blend of luxury and comfort, designed for both relaxation and entertainment. Upon entering, you'll be greeted by a beautifully tiled entryway and stunning wood plank flooring that flows throughout the main living spaces. The living room features a cozy gas fireplace and built-in shelving, creating an inviting atmosphere for family gatherings. The separate sitting room, adorned with pendant lighting, leads seamlessly to the lush backyard, perfect for outdoor entertaining. The chef's kitchen is a culinary dream, boasting Thermador appliances, including a six-burner gas stove and dual ovens with a warming drawer. The sleek granite countertops and soft-close cabinetry ensure both functionality and style, while the large walk-in pantry provides ample storage. The formal dining room, which doubles as a game room, has been enhanced with a wine area complete with a sink, ideal for hosting dinner parties. Retreat to the master suite, where comfort meets elegance. Enjoy the warmth of your private gas fireplace and direct access to the backyard. The master bath features a spa-like ambiance with a two-person jacuzzi tub and a luxurious shower complete with a bidet. The master closet has been completely overhauled with custom cabinets and a secure safe for your valuables. Guest accommodations are equally impressive, with custom built-in cabinets in the closet and easy access to beautifully redone bathrooms featuring tile flooring and walls. The outdoor space is an entertainer's paradise, featuring a built-in gas grill, an outdoor shower, and a stone sitting area framed by landscape lighting that highlights the home's exterior. The paver driveway adds to the home's curb appeal, while a separate irrigation and drip system ensures that your garden remains lush and vibrant. This home is equipped with modern conveniences, including a central vacuum system, updated outlets and switches, and new LED lighting throughout. Each room features updated ceiling fans for optimal comfort. Enjoy the built-in surround sound system, perfect for movie nights or entertaining guests. The garage is a true standout, featuring high-end cabinets, a workbench, and a stunning $4,000 epoxy floor with swirling designs. The new garage door operates quietly, enhancing the home's peaceful ambiance.

27921 N Agua Verde Drive Rio Verde, AZ 85263

$2,000,000
3 Beds
3 Baths
3,857 SqFt
Status Active
MLS # 6781968
Property Type Single Family Residence
Price Type --
Prime Location & Magnificent Views from this Home in the Gated, Golf Course Community of Tonto Verde. 3 Bedrooms, 3 Baths, Office and large Kitchen, Dining, & Great Room area. Granite Counters in the Kitchen with a unique Island, Dacor & Bosch Appliances. Vaulted Great Room Ceiling w/ Wood Beam & Accent Lights. Beautiful 8ft Solid Alder Wood Interior Doors throughout. Andersen Window & Sliding Doors with Wood Shutters & Sunscreens. Wrap around back Patio with wood Posts, heated Spa, Built-in BBQ, Fenced, & Views of the Mountains, Lake, and Golf course. Lithium Golf Cart, all Furniture & Furnishings are negotiable and available. This home has a Pass Thru Golf Membership available with Two Championship Golf Courses. Come and see the best of Tonto Verde!

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