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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7550 N 21st Place Phoenix, AZ 85020

$4,500,000
6 Beds
5.5 Baths
7,975 SqFt
Status Active
MLS # 6715842
Property Type Single Family Residence
Price Type --
Experience the pinnacle of luxury living with this exceptional Mid-Century Modern hillside estate, meticulously crafted by renowned architect Arthur Froehlich. As you step into this architectural marvel, you're greeted by a stunning curved staircase that gracefully floats over a tranquil reflection pool, setting the stage for the extraordinary beauty that awaits. This residence embodies sophistication, boasting expansive windows and soaring ceilings that frame breathtaking skyline views, seamlessly blending the magnificence of nature with contemporary design. Revel in the harmonious fusion of indoor and outdoor living with two sprawling green spaces meticulously integrated into the mountainside, offering a serene oasis for both relaxation and entertainment. Encompassing over 7900 square feet, this estate features 6 bedrooms, 5.5 baths, and an array of amenities that redefine opulent living. Nestled beneath the main residence, the pool house beckons you to unwind by the shimmering pool, rock waterfall, and inviting patio, perfect for hosting gatherings and creating lasting memories. Retreat to the luxurious primary bedroom suite, surrounded by private patios and a deck offering panoramic vistas of the entire valley, ensuring a tranquil escape from the everyday hustle and bustle while enjoying 360-degree breathtaking views. Indulge in ultimate relaxation with three indoor fireplaces, an outdoor fireplace, and one in the pool house, along with an indoor steam room, sauna, and a hand-tiled indoor spa that exudes a resort-like ambiance. Immerse yourself in a botanical wonderland with rare plants and mature trees gracing the property, including majestic King Palms and fragrant Plumeria, creating a serene environment that soothes the soul. Every corner of this estate tells a story of luxury and elegance, with water features scattered throughout the grounds and picturesque walkways inviting exploration of this architectural gem. Discover the legacy of Arthur Froehlich, known for his iconic designs that transcend industries, from world-class horse race tracks to iconic structures in Hollywood, showcasing his unparalleled creativity and vision.

9127 N Vista Verde Court Fountain Hills, AZ 85268

$4,500,000 - 5Br/7Ba -  for Sale in Firerock Parcel 1, Fountain Hills
Open House
$4,500,000
5 Beds
6.5 Baths
7,672 SqFt
Status Active
MLS # 6783916
Property Type Single Family Residence
Price Type --
Experience Unparalleled Mountain views and Luxury living Nestled at an exclusive hilltop location, this 1.66 acre gated estate offers breathtaking desert landscapes, set at an elevation of almost 2000 feet. Enjoy panoramic views of city lights and Arizona's most iconic mountains, including four peaks, Red Mountain, and camelback, from every room of this meticulously crafted 5 bedrooms, 6.5 bath home. Designed for those who cherish natural beauty and modern convenience, this home boasts an open floor plan that fills each space with light. The seamless flow between the gourmet kitchen, expansive living areas and covered outdoor patios makes it an entertainer's dream. Step outside and be transported to a private oasis, complete with a sparkling saltwater pool, a new Sundance Optima spa and built in BBQ area. Thoughtfully landscaped for both beauty and ease, the backyard provides lush and low maintenance greenery and unparalleled views of the golf course and surrounding mountains. Key features · Majestic mountain views from every window · Resort style backyard with saltwater pool, spa and BBQ area. · Spacious and bright open floor plan · Prime location on one of Firerock's most coveted streets · Close to luxury amenities and Arizona's fines outdoor recreation Discover a true Arizona gem where every detail has been crafted to offer elegance, comfort and awe-inspiring scenery.

6302 E Hillcrest Boulevard Scottsdale, AZ 85251

$4,500,000 - 4Br/5Ba -  for Sale in Camelback East, Scottsdale
Open House
$4,500,000
4 Beds
5 Baths
5,376 SqFt
Status Active
MLS # 6745655
Property Type Single Family Residence
Price Type --
At the base of Camelback Mountain and on the Phoenician golf course sits this premier 4 bedroom, 5 bathroom coastal modren estate. With vaulted, exposed beam ceilings, skylights, wood paneled walls, large glass sliders, and hardwood flooring throughout this open concept living, dining, and kitchen. Chef's kitchen includes windows that open to the backyard, dual islands, Sub-Zero & Wolf appliances, multiple ovens, pantry and separate wet bar with built-in wine fridge. Multiple exterior areas perfect for entertaining; custom heated pool and spa with expanded pool deck, covered patio with built-in BBQ, sink, TV, putting green with artificial turf with large desert palms. Primary suite includes dual sink vanities, oversized shower, freestanding bathtub & outdoor private shower. Additional features include 3 en suite bedrooms and 3 car garage with electric charging station. Located only minutes away from Fashion Square, Old Town Scottsdale, and the best resorts, golf, dining, and shopping in Scottsdale and Arcadia.

11988 E Larkspur Drive Scottsdale, AZ 85259

$4,500,000 - 6Br/6Ba -  for Sale in Ancala, Scottsdale
Open House
$4,500,000
6 Beds
6 Baths
8,904 SqFt
Status Active
MLS # 6671869
Property Type Single Family Residence
Price Type --
Step into your exquisite sanctuary nestled within the esteemed gated Ancala Country Club golf community. This exceptional custom home is perched on a sprawling hillside lot, commanding awe-inspiring views of the city lights below. Indulge in the artfully crafted interior, where every detail exudes sophistication and elegance. From the high-end finishes to the opulent amenities, no expense has been spared in creating a space that is as luxurious as it is inviting. With six bedrooms, an office, a theatre, bonus room, and fitness center that can easily be converted to an in-law suite, five full baths, three powder baths, this home is designed to exceed every expectation of comfort, style, and luxury. Retreat to the sumptuous primary suite, a haven of relaxation boasting a spa-like bathroom, spacious his and her walk-in closets, and a private balcony offering a serene escape with breathtaking views. Outside, a resort-style paradise awaits, featuring a glistening pool, a tranquil spa, a cozy firepit and fireplace, gas bbq, perfect for unwinding or entertaining guests against the backdrop of the stunning landscape. Located up the mountain in Ancala Country Club, where you have the option to join the club if you wish, including a social or full golf membership.

4861 E Marston Drive Paradise Valley, AZ 85253

$4,499,999
4 Beds
4 Baths
5,892 SqFt
Status Active
MLS # 6742885
Property Type Single Family Residence
Price Type --
SELLER MAY CARRY! No rental restrictions! Priced under $800/sqft, this elegant home sits on a large lot with stunning views of Camelback Mountain and Camel's Head. It features soaring ceilings, marble floors, and a private courtyard surrounded by lush landscaping. The resort-style backyard offers a sports court, putting green, cactus garden, and pool with new plumbing and digital pumps. Recent upgrades total $150k including paint, concrete finishes, and a new irrigation system. The gold leaf front door and chandeliers appraised & insured for $200k+. 4-car garage with carport make this home a rare find!

6902 N Highlands Drive Paradise Valley, AZ 85253

$4,499,999
4 Beds
5.5 Baths
5,509 SqFt
Status Active
MLS # 6753805
Property Type Single Family Residence
Price Type --
THE BEST KNOCKOUT VIEWS AT A STEAL OF A PRICE! Where else can you get ALL THIS: One-of-a-kind hillside with UNOBSTRUCTED panoramic views of Camelback, Phoenix Skyline, Mummy Mountain, and PV fireworks. Your family and guests will be amazed by 5 view decks and the heated infinity pool & spa that let you feel like you're swimming into a limitless Arizona horizon. Perfectly positioned for privacy: no neighbor directly on top of you. Quiet dead-end street. And the desert hillside is a fortress that naturally shades & cools the house in the afternoons. All bedrooms are en suite with balcony/patio access including TWO Primary Suites! Floor-to-ceiling windows, two-story waterfall, 3 fireplaces, 2 wet bars, and temp-controlled pantry/wine room. WATCH THE VIDEO and SEND YOUR OFFERS! *** 8 AVMs (Automatic Valuation Models) value this home at an average of $5.05 MILLION! (Accessed 9/1/24: ATTOM, Movoto, Chase, Home Valuation, Realtordotcom, Public Data, Pennymac, and Wells Fargo). Don't miss this incredible opportunity to own a premium trophy location in Arizona's most prestigious ZIP code at a HUGE discount.

6112 E Cortez Drive Scottsdale, AZ 85254

$4,499,900
5 Beds
4.5 Baths
5,266 SqFt
Status Active
MLS # 6769489
Property Type Single Family Residence
Price Type --
STUNNING ESTATE in the exclusive 24/7 Guard gated community of Equestrian Manor! This gorgeous designer infused remodel features an amazing open floor-plan with vaulted ceilings, wide plank white oak wood flooring, an exquisite kitchen with custom Rift White Oak cabinets, Babylon Quartzite counter-tops, updated lighting, coffee bar and high-end appliances, marble wrapped fireplace with real wood beams in the family room, all secondary bathrooms have decorative marble flooring, Rifted White Oak Cabinets with Quartz and Caesarstone counter-tops and mosaic tile & marble wrapped showers, formal living room has oversized bar, fireplace and grand sliders to the back patio, unbelievable primary bathroom with a HUGE tile wrapped shower and separate stand alone soaking up, dual vanities with Casablanca Quartzsite counter-tops, his and her separate toilets, spacious walk-in closet with endless custom shelving, new roof, synthetic stucco, fresh interior & exterior paint, designer millwork throughout, New Pella windows and doors, new paver circular driveway, new garage R18 insulated doors and more. The backyard boasts Greenwich Herringbone laid brick on patio, extended patio awning with tongue and groove wrapped patio ceiling, Sparkling Pebble Tech pool with travertine pool decking, Ramada with exterior fireplace and BBQ, basketball court, synthetic turf in the front and back yard, front and back yard perimeter installed Ficus columns for added privacy, new landscaping water system and LED landscape lighting and this house is on sought after Cul-De-Sac lot on the one of the best streets in the community! Motivated Sellers!

8760 E Hackamore Drive Scottsdale, AZ 85255

$4,499,500 - 4Br/6Ba -  for Sale in Bronco Estates, Scottsdale
Open House
$4,499,500
4 Beds
5.5 Baths
6,240 SqFt
Status Active
MLS # 6726473
Property Type Single Family Residence
Price Type --
Welcome to this luxurious 4-bedroom, 5.5-bathroom home with a separate guest house, located in a stunning Scottsdale location. This exquisite property boasts sprawling wood floors and offers breathtaking city light and mountain views. The main property sits at 5,371 square feet w/ a gorgeous guest house that is 869 sqft The interior is adorned with numerous upgrades, including elegant wainscoting and a huge kitchen featuring a massive island with granite counters, custom fixtures, and top-of-the-line Sub-Zero appliances. Step outside to your resort-style oasis, complete with a stunning pool, travertine patio decking, and a built-in patio area, perfect for entertaining and relaxing. Don't miss the opportunity to own this exceptional home in one of Scottsdale's most desirable areas

10040 E Happy Valley Road Unit 1010 Scottsdale, AZ 85255

$4,499,000
4 Beds
4.5 Baths
5,047 SqFt
Status Active
MLS # 6752037
Property Type Single Family Residence
Price Type --
Nestled on the 17th Tee box on the world-renowned Jack Nicklaus Golf Course, & with Pinnacle Peak Mountain practically in the backyard, this exquisite Desert Highlands residence embodies the pinnacle of luxury living in North Scottsdale. Built in 2003 by Casa Del Oso & completely reimagined in 2022. Spanning a generous layout with 4 ensuite bedrooms, 4.5 bathrooms, & a 3 car garage, this property, offers an unparalleled lifestyle with full golf & tennis membership. Every inch of this estate has been meticulously redesigned for luxury, comfort, & entertainment. From the culinary dream kitchen featuring a 48-inch six-burner Wolf range with a griddle, custom cabinetry, 2 Subzero refrigerators, coffee bar, appliance pantry, California Faucets, spacious kitchen island with prep sink... leathered granite & quartzite counter tops, & all this with mountain & golf course views. You will be mesmerized by the breathtaking views in the large great room with dining area, gas fireplace, & custom bar inspired by New York's finest restaurant which features a marble countertop, custom cabinetry, custom lighting & beverage fridge. The primary suite is a sanctuary of tranquility with sliders out to the pool & spa, fireplace, standalone tub, stunning shower, dual vanities, make up area, & 2 walk in closets. There is a dedicated office, bonus room with sliders out to the backyard oasis, & modern designed powder room. Ownership includes full membership to Desert Highlands' Golf Club with $150,000 fee, which grants access to the golf course, the state-of-the-art tennis club, putting course, bocce ball, pickle ball, catch & release pond, & dog park. This home is an entertainer's dream with the outdoor spaces designed for year-round enjoyment, blending seamlessly with the stunning views & landscape. There are multiple patios, courtyards, and balconies including an outdoor kitchen with views, 2 outdoor fireplaces, a fire pit, putting green, pool & spa. The mountain views are second to none with views of Pinnacle Peak, Troon Mountain, & the McDowell Mountains with the property positioned to maximize the sweeping mountain vistas & city light views. Enjoy privacy, security, & the convenience of being minutes away from fine dining, shopping, and the natural beauty of the Arizona desert. Enjoy playing the world class course which was named as one of the top desert courses in the Nation. Home has an abundance of storage and a whole house water filtration system. Embrace a life where luxury meets the pinnacle of outdoor living. This Desert Highlands gem is more than a homeit's a masterpiece designed for those who demand excellence and exclusivity.

6311 E Phoenician Boulevard Unit 18 Scottsdale, AZ 85251

$4,495,000
3 Beds
3.5 Baths
3,188 SqFt
Status Active
MLS # 6785989
Property Type Apartment
Price Type --
Nestled at the foot of iconic Camelback Mountain, Ascent is an exclusive new residential enclave neighboring The Phoenician Resort—one of Arizona's most prestigious luxury destinations. This exceptional community, set in Scottsdale's most desirable location, harmonizes with the surrounding Sonoran Desert landscape. This villa offers stunning views of the golf course and sweeping desert surroundings, featuring modern architecture with warm, natural materials, expansive floor-to-ceiling windows, spacious outdoor living areas with a built-in BBQ, a private elevator, and a two-car garage—creating a seamless connection to the breathtaking outdoors and a luxurious lifestyle.

37445 N 104th Place Scottsdale, AZ 85262

$4,495,000
5 Beds
6 Baths
5,724 SqFt
Status Active
MLS # 6654477
Property Type Single Family Residence
Price Type --
Brand new contemporary build inside the prestigious Mirabel Golf Community, construction projected to be completed 1st quarter of 2025. Extremely functional open floor plan w/ impeccable details throughout, including rich wood tones accented by luxurious marble details and fluted wood accents. The kitchen features 2 islands. The dining room conveniently bridges the space between kitchen and great room, allowing for an extended dining table. The floorplan brings the indoor/outdoor living to life w/ floor-to-ceiling folding doors that open to the extra-large covered patio, perfect for entertaining. The exquisite and unique design of the resort-like pool makes it feel as though the pool flows into the home. Walk up the modern floating staircase to take in the breathtaking views of the golf.. course, McDowell Mountains, and Brown's Butte from the 2nd floor entertainment/guest area. Easy walking distance to the beautiful Mirabel Clubhouse. There is still time to personalize some finishes in the home! The attached videos of the interior and exterior give you a look into the completed project. Finishes may be subject to change based on availability.

9673 E Oberlin Way Unit 15 Scottsdale, AZ 85262

$4,495,000
3 Beds
3.5 Baths
4,414 SqFt
Status Active
MLS # 6708869
Property Type Single Family Residence
Price Type --
Access to golf membership * Timeless contemporary architecture with south-facing golf course and Pinnacle Peak views in Estancia * Access to a golf membership at The Estancia Club is available with the purchase of this property subject to board approval * Open great room living with soaring ceilings that include tongue and groove detail, a dry-stacked stone fireplace and integrated formal dining area that is perfect for entertaining * Exterior architectural details include a convex vaulted roof treated in copper, dry-stacked stone walls and floor-to-ceiling windows * Updated kitchen with stainless steel Wolf and Subzero appliances, carrara marble counter surfaces and a cozy dining nook * The oversized Primary Suite includes herringbone-design wood flooring and access to the spa * There are two guest suites and a large office/media room * The outdoor living area includes a gas fireplace, covered patio dining area and heated pool and spa with golf course and mountain views *

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