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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19946 N 103rd Street Scottsdale, AZ 85255

$4,795,000

4 Beds

4.5 Baths

6,972 SqFt

Status Active

MLS # 6758590

Property Type Single Family Residence

Price Type --

SILVERLEAF CLUB GOLF MEMBERSHIP AVAILABLE! Nestled next to the tranquil waters of the private lake at Desert Springs Park, this home in Silverleaf embodies the timeless allure of Spanish Colonial architecture, offering a perfect blend of elegance, comfort, and charm for discerning homeowners seeking a sanctuary in the heart of Scottsdale's most exclusive community. As you approach from the private, tree lined street, your first glimpse of the home is nothing short of captivating, exuding curb appeal with its stately presence and lush, meticulously manicured landscaping. Step inside and you are delighted by interior spaces that are designed to be both welcoming and intimate, with cozy alcoves for quiet moments and larger gathering areas perfect for entertaining.

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4754 E Valley Vista Lane Paradise Valley, AZ 85253

$4,795,000

5 Beds

5 Baths

5,129 SqFt

Status Active

MLS # 6735878

Property Type Single Family Residence

Price Type --

Arizona living at its finest. An artistically inspired estate with gated privacy and iconic Camelback Mountain views. Showcasing botanical specimens and a variety of mature trees, the resort backyard, lush setting and huggable mountain views, make for an unparalleled Paradise Valley experience. Two master suites, two guest rooms, an office and separate enclaves make for relaxed living throughout the home. The artistic attention to detail is unsurpassed. Antique hand carved doors in both the interior and exterior, exemplary painted touches throughout and a flowing floor plan make this a truly signature home. The private approach & secondary entrance highlight the cobble stone circular driveway and water features. This unique home and its stellar setting form an entertainer's delight. Photography to be updated to reflect current changes in home.

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12297 E Troon Vista Drive Scottsdale, AZ 85255

$4,789,995

5 Beds

5.5 Baths

4,958 SqFt

Status Active

MLS # 6647257

Property Type Single Family Residence

Price Type --

Turn Key Home will be completed fall of 2024. Starting with an entertainers dream kitchen, including SS Wolf 48'' dual fuel Smart Range, Pro Hood, 30'' Wolf Microwave and Single Wall oven, Cove Dishwasher and a 60'' Subzero Fridge/Freezer as well as a 36'' Sub Zero Glass door fridge in the prep kitchen. Two islands and a prep kitchen complete this entertaining space. two 20' pocket doors from the kitchen/great room area lead to a large covered patio with a detached casita with a living room/bedroom. Back in the main house enjoy time in your oversized primary suite with bath and spacious WIC as well as three en-suite bedrooms with WIC closets. Flex space and a den flank the foyer when you enter this show stopping home. Full Landscaping and pool included.

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39254 N 104th Place Scottsdale, AZ 85262

$4,760,450

4 Beds

3.5 Baths

5,011 SqFt

Status Active

MLS # 6714712

Property Type Single Family Residence

Price Type --

Nestled within the prestigious Desert Mountain community, renowned for its world class golf and stunning desert landscapes, this exquisite custom home offers the epitome of luxury living. FULL GOLF MEMBERSHIP is available through the club upon approval and close of escrow. Crafted in 2018 by the esteemed Red Moon Development, this soft contemporary residence seamlessly blends indoor and outdoor living spaces, providing a serene retreat in the Sonoran Desert. Greeted by an abundance of natural light through large sliders, breathtaking outdoor vistas, covered patios, pool, spa, and views of city lights and rolling mountain vistas to the west serve as a captivating backdrop. Designed for entertaining, the outdoor living spaces are a true oasis with outdoor kitchen, dining, fire pit, all... surrounded by lush, newer, landscaping design including mature cacti and meticulously watered pots. Whether hosting a soiree under the stars or simply enjoying a quiet evening soak, this outdoor setting will be enjoyed year-round. Experience the pinnacle of unparalleled quality and craftsmanship in this home with 2 primary suites, 3rd bedroom, and office, or 4th bedroom to suit a family or empty nesters. Within the home with no steps, even the most discerning chef will feel right at home with gas stove, walk-in pantry, extended island, and informal dining all the while in view of the stone stacked fireplace. The elegance extends to the modern, faux, hand painted ceilings, stand-alone bar, and back lit 750 bottle wine wall elevate every corner into a work of art. Car enthusiasts will delight in the 5-car garage with built in cabinetry and work bench, and large motor court. Meanwhile, 23 owned solar panels meticulously placed out of view, ensure economical electric bills, control 4 system, 220 electric car charger, water filtration system, all adding to the homes sustainability and efficiency. Lot is conveniently located within walking distance to the state-of-the-art fitness center, tennis courts, 8 pickleball courts, and one of the 10 restaurants within Desert Mountain. Furniture and turn key an option at additional cost.

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10116 E Relic Rock Road Scottsdale, AZ 85262

$4,750,000

5 Beds

5.5 Baths

6,071 SqFt

Status Active Under Contract

MLS # 6751540

Property Type Single Family Residence

Price Type --

The VIEWS from every room in this home are simply breathtaking. Don't take my word for it, come see for yourselves! This offering encompasses all the essential criteria requested by the most discriminating Buyers, starting with the views which are unique to this hillside site. This contemporary southwest design by Taliesin inspired architect Bing Hu is a work of art. Featuring four ensuites and five and a half baths plus an office with a dedicated Bath (5th Bedroom), a free-standing guest house with living quarters then add a home theater, game room and 4 car garage. This home serves beautifully as a year-round residence or a second home where you can entertain friends and family in style. Furnishings available. golf course lot, mountain, sunset and Valley lights views. This one of a kind residence in its unique setting is the quintessential union of art and function. Golf Memberships are available through the Desert Mountain Club and interim social membership privileges are extended to approved applicants on the waitlist. Contact the Desert Mountain Membership office for further details.

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6312 N 42nd Street Paradise Valley, AZ 85253

$4,750,000

4 Beds

5 Baths

7,800 SqFt

Status Active Under Contract

MLS # 6751699

Property Type Single Family Residence

Price Type --

Nestled on nearly 1.4 acres in the Clearview gated community sits this 4 bedroom, 5 bath estate. Soaring Camelback, Mummy, and Phoenix Preserve Mountain views in the Hopi district, home features high ceilings, arched entryways, wooden beams, and natural light with large sliders and windows. Chef's kitchen includes crown molding, custom cabinets, high end appliances, butler's pantry, kitchen island and eat-in kitchen. Primary suite holds a fireplace, sitting area, separate exterior entrance, and spacious bathroom with dual vanities, freestanding bathtub, oversized shower, and dual walk-in closets. Stunning mountain views surround the backyard's custom pool/spa with expanded pool deck, covered patio, built in BBQ, and multiple areas for lounging and entertaining, featuring front and back desert landscaping. Additional rooms include formal dining room, great room with gas fireplace, theater, and family room with a wet bar. Located only minutes away from Paradise Valley and Scottsdale's world class resorts, dining, and shopping.

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11008 N 60th Street Scottsdale, AZ 85254

$4,750,000

4 Beds

3.5 Baths

6,823 SqFt

Status Active Under Contract

MLS # 6770427

Property Type Single Family Residence

Price Type --

Private 1-acre estate with mountain and golf course green views. This 2-story Candelaria designed home boasts wood floors, high ceilings, and tons of natural light beaming in through the French windows and doors. Luxury living with a gas fireplace in the great room, formal dining, billiards room with wet bar, office, and expansive 2nd story balcony perfect for private gatherings with fire pit and stunning views. Chef's kitchen includes high end appliances, multiple ovens, island, and pantry. Primary suite includes private entry to the backyard, vaulted ceilings with wooden beams, gas fireplace, walk-in closet, dual sink vanities, and separate bathtub and oversized shower. Manicured grounds and mature landscaping surround the custom pool with expanded pool deck, Ramada with built-in TV and firepit, and multiple covered and uncovered areas to lounge and entertain. Located minutes from Paradise Valley's top resorts, golf, hiking, dining, and shopping.

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6600 N 64th Place Paradise Valley, AZ 85253

$4,750,000

5 Beds

7 Baths

9,224 SqFt

Status Active

MLS # 6749498

Property Type Single Family Residence

Price Type --

A La Place Grand Estate. Award winning Builder, Gary Geitz. 9,224 sq. ft. 5 or 6 bedrooms all en-suite, 7 bathrooms, gym, wine cellar, office, Media Rm, Library. This brick home boasts quality authentic finishes throughout. Distinctive features include a two-story foyer w/ a crystal Chandelier from Madam Rene's of Paris, custom wood doors & an Andalusian farmhouse kitchen w/ a butcher block island & multiple coffered ceilings. Primary bedroom is downstairs & an ultimate retreat w/ a spacious sitting room, wet bar & his and her baths, two showers (one steam) and 3 walk-in closets. Stunning resort backyard perfectly manicured w/ mountain views, new irrigation & all copper lighting, new wine cooling system + more! Opportunity with tremendous upside! Looking at all reasonable offers.

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5601 E Caballo Drive Paradise Valley, AZ 85253

Open House

New

$4,750,000

7 Beds

6.5 Baths

7,546 SqFt

Status Active

MLS # 6787894

Property Type Single Family Residence

Price Type --

Stunning Paradise Valley estate with Mummy Mountain views. This luxurious and modern 2 story home was meticulously renovated and features a separate casita. Open concept living with high ceilings and multiple windows and sliders providing natural lighting throughout each living space. Chef's kitchen features high end appliances, oversized island, dual refrigerators and dishwashers, quartz counters, and pantry. Primary suite includes a fireplace, private entrance to the backyard, dual vanities with freestanding bathtub and large shower. Entertain family and friends in the backyard featuring custom pool/spa, volleyball court, ramada/gazebo, covered patio and large yard with artificial turf and mature trees. Additional features include smart home technology, office/den, and 6 guest bedrooms. Minutes away from Paradise Valley's top resorts, golf, dining, and shopping!

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5738 N 32nd Place Paradise Valley, AZ 85253

$4,700,000

5 Beds

5.5 Baths

6,724 SqFt

Status Active

MLS # 6755176

Property Type Single Family Residence

Price Type --

One-of-a-kind 1.5 acre mountain lot on a cul-de-sac, gated estate, Breathtaking custom hillside PV home w/ panoramic mountain & city views. The entry level of the home boasts a chef's kitchen with Subzero/Wolf appliances & large pantry , bar, dining room, large laundry room, primary bedroom w/fireplace, 2 balconies, ensuite bath with his/her vanities & large walk in closet, secondary ensuite bedroom w/fireplace and private patio, office w/wine cellar, stunning views from the living/family rooms that lead to an oversized covered patio w/custom stonework, fireplace, outdoor kitchen- perfect for entertaining! Downstairs is the family room w/direct pool access, 3 additional bedrooms (two ensuite w/ walk in closets), a movie theatre/playroom. NO HOA & Oversized 4 Car Garage! Prime location minutes from the best shopping, world class resorts, golf, hiking & restaurants in the valley!

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8714 N 65th Street Paradise Valley, AZ 85253

$4,700,000

4 Beds

3.5 Baths

4,471 SqFt

Status Active

MLS # 6769504

Property Type Single Family Residence

Price Type --

This elegant, Mediterranean-style home is new to the market and a must-see for those seeking a home that blends timeless charm with serene mountain views in a highly-sought after neighborhood in Paradise Valley. This exceptional property boasts soaring wood beamed ceilings in the master, living, dining and family rooms; three stone fireplaces; custom hardwood flooring throughout; and french doors in the grand living and dining area. Outside, enjoy the resort style backyard complete with a beautiful covered patio, large pool and expansive lawn against the backdrop of stunning mountain views. This property's desirable lot orientation and location makes it a true standout in Camelback Country Estates Unit 1. This home has been cherished by the same family for four decades... now let your family create its own memories here!

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5350 E Calle Del Medio -- Phoenix, AZ 85018

$4,695,000

4 Beds

4.5 Baths

6,167 SqFt

Status Active

MLS # 6735383

Property Type Single Family Residence

Price Type --

Remodeled in 2018, this stunning 6,100 sqft Arcadia Estate sits on a beautiful corner lot bursting with curb appeal with its lush landscaping and welcoming front porch pergola and classic red brick fireplace to greet guests. Thoughtfully designed, this split floor plan presents four spacious ensuite bedrooms including a primary suite designed with luxury and comfort in mind with a spa like bathroom featuring a stand alone tub, walk-in shower, double vanities and hand selected finishes throughout. The rest of the home includes a formal family room finished with wainscoting, a coffered ceiling and a cozy fireplace. In addition, enjoy a private home library with custom built-ins and a reading nook, and a spacious front room perfect for formal dining or a home office. The butlers pantry, with a temperature controlled wine room, connects the formal dining to an oversized eat-in kitchen which is a testament to traditional elegance boasting marble countertops, a large kitchen island, and top-of-the line appliances including a Wolf Range and a Sub-Zero refrigerator/freezer. A passthrough fireplace seamlessly connects the kitchen to the home's great room which includes a full bar and a stunning sliding door entrance to the backyard. Designed for both relaxation and entertainment, the backyard retreat features lush landscaping, a diving pool that can be both heated and cooled, a built-in BBQ, and an elegant covered ramada that houses an outdoor fireplace creating a cozy ambiance for evening conversations and gatherings. To top it off, all your family and friends can have fun enjoying the in-ground trampoline, bocce ball court and a professional batting cage. Walking distance to the coveted Hopi Elementary and in close proximity to Arcadia's most popular shopping and dining experiences, this is the perfect place to call home so you can live, work and play the Arcadia lifestyle.

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