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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11264 E Apache Vistas Drive Scottsdale, AZ 85262

$4,250,000
4 Beds
4.5 Baths
6,300 SqFt
Status Active
MLS # 6698865
Property Type Single Family Residence
Price Type --
A Golf Membership is available. Experience the epitome of luxury living in this exquisite Desert Mountain home offering views of the 13th and 14th fairways on the Apache Course and a backdrop of the Continental Mountains, Apache Peak and year-round sunsets. The Great Room is an entertainer's dream with a spectacular wet bar to complement the open space. The well appointed and thoughtfully designed kitchen offers upgraded appliances and plenty of storage. A private and inviting owner's suite includes a spa like ensuite and a massive walk-in closet. All bedrooms are ensuite with walk-in closets. An abundance of natural light fills the home by day and cool evenings draw you to the outdoor living spaces with an expansive patio to enjoy spectacular views, a stunning negative edge pool and spa.

3197 E San Miguel Avenue Phoenix, AZ 85016

$4,250,000
4 Beds
4.5 Baths
6,495 SqFt
Status Active
MLS # 6709153
Property Type Single Family Residence
Price Type --
Impress your clients with this approximately 6,495 square foot home featuring stunning mountain views. Designed with entertainment in mind, this residence offers the luxury of modern amenities, including a fully equipped Savant home system. The grand 30-foot entryway leads to a masterfully crafted 4-bed, 4.5-bath residence spanning three levels, connected by striking staircases throughout. The modernist architectural exterior, crafted with concrete and steel, complements the tranquil, refined palette, featuring white oak herringbone floors. The home boasts a generous use of glass, seamless sliding doors, and two levels of day-lit space. Your clients will feel like they've escaped to a 5-star resort with the Entertainer's Backyard, complete with a multi-level infinity-edge pool and spa synthetic lawn, fire pit, gazebo patio, and tropical landscaping. The east wing includes an open kitchen with a breakfast area and formal dining room, featuring Miele, Thermador, and Bosch appliances, with easy access to the three-story, 1,000 sq. ft. guest home. The west corner is devoted to the primary suite, featuring metal and glass closets and a separate laundry area. The lower level includes spacious en-suite guest rooms, an expansive laundry room, and a Porcelanosa dog wash. Situated on an elevated lot between Paradise Valley, Arcadia and Biltmore, this home is minutes from PHX Sky Harbor, PVCC, Biltmore Fashion Park, Scottsdale Fashion Square, and Phoenix Country Day School. This property epitomizes luxury living in Arizona.

6020 E Doubletree Ranch Road Paradise Valley, AZ 85253

$4,250,000
5 Beds
5.5 Baths
5,943 SqFt
Status Active
MLS # 6772169
Property Type Single Family Residence
Price Type --
Welcome home to a STUNNING ESTATE in the HEART OF PARADISE VALLEY. This luxurious home boasts 5 ENSUITE BEDROOMS, spanning almost 6,000 sq. ft. of ELEGANT LIVING SPACE, including the DETACHED GUEST CASITA with a MURPHY BED and kitchenette. SPLIT-FLOORPLAN with guest bedroom wing possessing their own SEPARATE LIVING SPACE. Enjoy Arizona's beautiful weather in the RESORT-STYLE BACKYARD, surrounded by the lush, private, and EXPERTLY MANICURED LANDSCAPING. This entire property has been METICULOUSLY MAINTAINED and is perfect for entertaining and relaxing. And to top it all off, the NEW ROOF is less than a year old and has the balance of a 10 YEAR WARRANTY remaining. Come and Experience the EPITOME OF LUXURY LIVING in Paradise Valley.

7201 N 23rd Place Phoenix, AZ 85020

$4,200,000
4 Beds
4.5 Baths
5,645 SqFt
Status Active
MLS # 6754404
Property Type Single Family Residence
Price Type --
Tour Your Desert Jewel at ''House in the Rock'', a breathtaking architectural masterpiece nestled within a secluded canyon at Piestewa Peak. Set on a 13,522-square-foot lot with nearly 6,000 square feet of living space, this estate seamlessly blends modern luxury with the rugged beauty of the desert. Designed to appear as if it grew from the surrounding terrain, the home stands as a true fortress—the most expensive build on the mountain, requiring the mountainside to be blasted and reinforced with steel and concrete. Every detail, from the hand-fabricated steelwork to the raw materials, showcases exceptional craftsmanship and durability. A hand-laid curved driveway leads to a secure motor court for five luxury vehicles, setting the tone for the grandeur inside. Ascend to the main living spaces via an Otis Commercial Elevator or steel stairs, arriving at a dramatic pivot door crafted from steel and glass. Inside, you'll be greeted by 180-degree city and sunset views, though the showstopper is the linear wall of fire set against the backlit mountainside. The kitchen is equipped with top-of-the-line appliances, walnut cabinetry, and quartz countertops, while the great room offers a seamless indoor-outdoor living experience with automated glass doors. The second floor houses the owner's suite and two ensuite bedrooms, each with private balconies, as well as a stunning pool terrace carved into the rock, featuring a heated pool and spa. The top level is a true entertainer's dream, with a wet bar, full bathroom, and access to the expansive rooftop Sky Yard, a desert garden perfect for gatherings. Combining impeccable craftsmanship, unparalleled views, and cutting-edge construction, House in the Rock is a one-of-a-kind desert sanctuary built to stand the test of time. This house is not for just anyone, its for those with a keen eye and a taste for the extraordinary.

3921 E San Miguel Avenue Paradise Valley, AZ 85253

$4,200,000
5 Beds
4 Baths
4,359 SqFt
Status Active
MLS # 6776168
Property Type Single Family Residence
Price Type --
Updated Paradise Valley Southwestern-Modern home offering relaxed elegance with all the features you desire! Split floorplan includes stunning updated primary suite-a designer showcase! Updated cook's kitchen will satisfy ANY chef with professional design and top-tier appliances including 3 ovens, Teppanyaki side-plate, warming drawers & espresso maker. A home for entertaining, you'll find a generous dining room, separate detached guest house, courtyards, patios, plus an amazing view of Camelback Mountain. PV Acre+ lot offers recently updated pool & spa, showcasing mature landscape w/ample entertaining areas! Wine cellar, prep kitchen, oversized laundry...living is easy; 4 car garage is a rare find at this price point! Refined Arizona Elegance in the Heart of PV! NEW TO MARKET Features: Praying Monk Stunning Views Near Phoenix Country Day School & Aquatic Center Fabulous PV Location near all things Camelback Corridor, Arcadia & PV Cool AZ Block Ranch House with Large Shade Overhangs Watch every Sunset turn red on the Mountain Detached EnSuite Guest House Heated Pool & Spa with Mountain Views Large Over-Acre Lot, Privacy and More Huge Mesquite Trees for Shade and Desert Surround Single Level Home, No Stairs at all Windows and Doors literally all around home Indoor Out Wrap-Around Feel Kitchen is a Chef's Dream & Entertaining Space Breakfast Bar goes on for a Mile & Seats ALL Commercial Vent Hood w/ 6 Burner Gas Wolf Stove Teppanyaki Grill will surely delight Scotsman Ice Maker for all the parties Beverage Center for all the drinks 3 Wall Ovens & a Warming Drawer Miele Microwave & Espresso Maker w/ Cup Warmer Motion Sensor Water Faucet 2 Bosch Dishwashers Stainless Steel, Stone & Quartz Column Fridge & Full Freezer in the Pantry Cabinets all Soft Pull & Drawers where you want them Living Room/Family Room Corner Gas Fireplace Wall of Doors to Outside Integrated Picture Frame TV (7 TV's may convey) Control 4 System w/ 3 TV's & Music Incorporated Surround Sound in wall system Skylights and Exceptional Lighting throughout Dining Room Seats 12+ for all Holiday Gatherings Wine Cellar holds 700+ Bottles and Has Dual Refrigeration Units Courtyard Entrance Greets w/ Fountain & Pergola Primary Bedroom EnSuite is Massive Gas Fireplace and Sitting Area plus Exterior Doors to Pool Wake up to Daily Camelback Mountain Primary Bath is beyond gracious in Space & Storage Soaking Tub, Open Air Shower with Wood Seat Vanity for All, Separate Water Closet LED Mirror, Under-lit Cabs, & Skylights Enormous Walk In Closet with Dresser & Built-Ins Home has 4 Beds & 3 Baths Main House and 1 Bed & 1 Bath in Guest 4359 SF Total; Main House 3988 SF; Guest House 371 SF Pristine Lot is 45,274 SF lot or 1.039 Acres of Landscaped AZ Desert Guest House has a Large Bedroom EnSuite & is Detached Bed 2 is a true 2nd Master with EnSuite, Dual Vanity & Exterior Exit Bed 3 is also ample and has Exterior Exit Bed 4 currently has Bunk Beds & Room for more Built In BBQ and Lovely Grounds Pavered Driveway with 4 Car Garage 80 Gallon Gas Hot Water Heater w/ pump 3 Gas Heaters, 3 HVAC's plus 1 Mini Split for GH Laundry has Storage Galore & Front Load W/D This is AZ Living in Paradise Valley at it's Finest!

14202 N Territory Trail Fountain Hills, AZ 85268

$4,200,000
4 Beds
3.5 Baths
4,787 SqFt
Status Active
MLS # 6773542
Property Type Single Family Residence
Price Type --
Enveloped by sweeping mountain and canyon views in Adero Canyon, this highly-customized single level and not one stair, in this luxury design by Toll Brothers is situated on three-quarters of an acre, embodying sophistication and serene desert living with contemporary stacked stone finishes accentuated by custom metal entrances. A private gated front courtyard with travertine hardscaping welcomes, inviting relaxation by a stone water feature morning or evening. Soaring lines draw your attention to the custom metal and glass front door, opening to modern finishes and neutral backdrops whispering of dramatic, elegant overtones with a 20-foot tongue and groove wood ceiling outlined by clerestory windows and disappearing patio doors welcoming in abundant natural light and views. The outdoor oasis speaks to you with an expansive covered patio, complete with built-in cooking area including barbeque, seamlessly connecting to a stunning living space offering a private pool with stacked stone water feature, separate spa with custom surround, putting green, fire pit and spacious turf scaping enveloped by lush vegetation. Custom iron view fencing welcomes private desert views, making this an ideal spot for al fresco dining, evening cocktails or simply unwinding under the stars. The open-concept interior centers around the great room, with floor-to-ceiling custom stacked wall and marble surround dual-sided gas fireplace, and chef's kitchen, each perfectly positioned for intimate gatherings and relaxed ambiance for entertaining. The modern kitchen with 8-foot-wide quartz island offers additional seating and storage, ideal for watching chefs create delectable meals with premium Wolf and SubZero stainless appliances including dual ovens and 6-burner gas range. A bar with dual beverage drawers and wine refrigerator is tucked away nearby. Offering a split floorplan design, bedrooms are positioned for privacy. The primary suite captures private views of mountains and the backyard, finished with his and hers walk-in closets to accommodate the most discerning wardrobe. The primary bath is a tranquil retreat with custom wall paper finishes, dual vanities with quartz counters and freestanding soaking tub for rejuvenation. Two ensuite guest bedrooms offer a separate entrance from the second garage, perfect for multi-generational living, with an office/den nestled nearby. The storage opportunities are endless offering custom cabinetry at the key drop entry from garage, abundant storage in the expansive laundry room, walk in pantry and an interior temperature controlled large storage room. Adero Canyon residents are walking distance to Adero Canyon hiking trails as well as a short drive to nearby Adero Club, with the conveniences of both Fountain Hills and Scottsdale in close proximity including the Mayo Clinic and top-rated Basis School. This tranquil sanctuary celebrates the natural beauty of Arizona while offering the ultimate in modern luxury living, an opportunity to embrace.

2652 E Pelican Court Gilbert, AZ 85297

$4,200,000
5 Beds
6.5 Baths
7,018 SqFt
Status Active
MLS # 6768273
Property Type Single Family Residence
Price Type --
Exceptional Entertainer's Dream Home with Multi-Generational Living in Gilbert, AZ Welcome to this stunning resort-style residence that offers the ultimate in luxury living and entertainment, while also being perfectly suited for multi-generational living. Nestled in the heart of Gilbert, this one-of-a-kind property, located in a gated and guarded community, is designed for those who love to entertain, relax, and create lasting memories with family and friends. Key Features: ●

31002 N 56th Street Cave Creek, AZ 85331

$4,200,000
4 Beds
3.5 Baths
3,046 SqFt
Status Active
MLS # 6777013
Property Type Single Family Residence
Price Type --
Seamless Blend of Elegance and Function will Amaze when you walk into this Sophisticated Home. Completely Remodeled in 2020 with carefully chosen appointments crafted for a one of a kind living experience. Kitchen features extra large island where your guests and family will love gathering next to the great room. Downstairs Master has retractable door to patio and private Spa. It's bath has a huge steam room/shower. Custom hanging rods in the closet. Tasteful ambient lighting sets off the double sinks. This artist owned and designed home continues the sophistication up the modern stairway to three additional bedrooms, two bathrooms and a large fully functional art studio. This could be an extra guest bedroom or office area. Large balcony enhances upstairs lifestyle. SEE MORE Your horses will appreciate their new insulated barn with padded flooring, radiant heating lights & oscillating fans in every 20 x 24' stall. They also have walk outs on all 5 stalls. There is a large 1500 sq ft Casita with office, workout area, bedroom and kitchen, plus bonus storage with washer and dryer. That's not all. Huge covered parking for your big rigs & motor home. Plenty of turn around space with a large open driveway. All the facility is security locked behind a privacy gate.

3933 E Rancho Drive Paradise Valley, AZ 85253

$4,200,000
6 Beds
5.5 Baths
7,655 SqFt
Status Active
MLS # 6757463
Property Type Single Family Residence
Price Type --
The property boasts stunning, uninterrupted views of Camelback and Praying Monk Mtns. The previous home was demolished, leaving an oversized 3-car garage and a 884 +/- sq.ft. guest home sitting on over 1.2 acres. You can live in the guest home while building your dream house. The modern guest home has one bedroom but can be converted into a two-bedroom home, with one bathroom, a full kitchen, laundry, and separate parking (built in 1994). This beautiful corner lot, featuring desert landscaping, has a heated pebble tech lap pool & spa, a labyrinth, & a lovely lounging area to enjoy the breathtaking Arizona sunsets. The property is located in the heart of P.V, close to major shopping, dining, hiking and biking trails &commute routes.

6715 E Montecito Avenue Scottsdale, AZ 85251

$4,200,000
5 Beds
6.5 Baths
4,540 SqFt
Status Active
MLS # 6658706
Property Type Single Family Residence
Price Type --
This stunning Scottsdale home nestled one street over from Exeter. This custom home features an abundance of space and elegance provided by this meticulously designed home. The main house boasts four bedrooms and four and a half bathrooms, offering ample room for relaxation and privacy. The tastefully decorated interiors create an atmosphere of refinement and comfort throughout. Experience unrivaled comfort with ceiling fans and remote blackout blinds throughout the property. The main house features a stylishly appointed gourmet kitchen equipped with best-in-class stainless steal appliances, Stunning quartz countertops, an oversized island perfect for entertaining. This beautiful open concept living area offers luxury at its finest. Exquisite resort-like amenities: Step into your private oasis. Lounge by the shimmering swimming pool, sit around the state-of-the-art firepit, and enjoy alfresco dining on the expansive patio. Fire up the BBQ grill for a delightful cookout or simply savor the tranquility of the beautifully landscaped backyard. The attached casita is adjacent to the main house, the casita Living area offers a separate haven for additional privacy. It features a private entrance, a well-appointed bedroom, a fully equipped kitchenette, and a bathroom. Perfect for couples or those seeking extra space, the casita ensures a tranquil and exclusive retreat. spacious bathroom w/ 2 vanity sinks + an expansive walk-in rainfall shower and separate soaking tub

7175 E Camelback Road Unit 1201 Scottsdale, AZ 85251

$4,200,000
3 Beds
3.5 Baths
3,627 SqFt
Status Active
MLS # 6752000
Property Type Apartment
Price Type --
Welcome to your dream penthouse—an extraordinary three-bedroom residence that epitomizes luxury and sophistication, offering panoramic city lights and breathtaking mountain views. Nestled atop one of the most coveted buildings in Scottsdale, this penthouse is a true gem in the sky. The gourmet kitchen is a chef's paradise, with state-of-the-art appliances, beautiful cabinetry, and elegant granite countertops. The primary suite is a private retreat, offering a serene escape. It includes a generous walk-in closet and a private oversized patio. Residents enjoy a host of exclusive amenities, including a fitness center, a rooftop pool, clubhouse, a dedicated concierge, and valet service. The beautifully landscaped grounds provide a tranquil retreat, while the location ensures you are just... steps away from the best dining, shopping, and entertainment Scottsdale has to offer. Whether you're seeking a serene escape or a vibrant urban lifestyle, the Scottsdale Waterfront Residences offer the perfect blend of both. Experience unparalleled comfort and sophistication in one of Scottsdale's most sought-after addresses.

10801 E Happy Valley Road Unit 108 Scottsdale, AZ 85255

$4,200,000
4 Beds
4.5 Baths
5,350 SqFt
Status Active
MLS # 6679843
Property Type Single Family Residence
Price Type --
This stunning Terry Kilbane-designed home sits on an interior, acre+ corner lot w/city light & mountain views in guard gated Glenn Moor at Troon. Excellent curb appeal w/stucco, copper, & natural stone accents along w/gorgeous landscaping. Step into an ideal layout w/large great room w/butt glass windows that highlight the city light views along w/3 ensuite bedrooms plus an office, a casita, & 4.5 baths. Formal dining w/b-in buffet, wine room, & gourmet kitchen w/subzero fridge, Miele steamer, warming drawer, double ovens, gas cooktop, dual sinks, & additional wine fridge. Custom touches throughout such as tongue & groove ceilings, Vega poles, concrete floors w/custom stone inlays, knotty alder cabinets w/brushed nickel hardware, pocket door in kitchen, 3 fireplaces, & tons of built-ins. Back yard was designed for outdoor living w/negative edge pool & spa, b-in heaters, bbq, fireplace, tons of covered patio & decking, & tremendous city light views. This home has been very lightly lived in as a second home and feels both warm and modern. Rare to find this combination of quality, views, & functionality. All this within 10 minutes os tons of golf courses, hiking/biking trails, shopping, dining, & all of the other amenities Scottsdale has to offer

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