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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30424 N 148th Street
Scottsdale, AZ 85262
$3,200,000
5
Beds
4.5
Baths
3,904
SqFt
Status
Active Under Contract
MLS #
6776961
Property Type
Single Family Residence
Price Type
--
Stunning Equestrian Estate with Guest House nestled on a sprawling 10 Acre property in the serene landscape a short distance from the Tonto National Forest. This property offers an exceptional blend of modern comfort, views, and exceptional Equestrian facilities. This 3bedroom, 2.5 bath home with open floorplan, showcases a chef's kitchen featuring a gas range, granite counters, custom cabinetry, newer microwave and dishwasher. Master split to one side with direct access to rear patio, two additional spacious bedrooms. Large Greatroom with Gas Fireplace and walls of glass opening up to the beautifully landscaped green rear yard. Enjoy the Outdoor beauty of Arizona year round with the deep wraparound covered patio looking east towards the iconic Four Peaks. Large Heated play pool with Boulder Water feature. Separate above ground spa. Back yard is surrounded by block wall covered in white rose vine creating a private oasis. The views are unobstructed and panoramic of the mountain ranges to the east as the land gently falls away. Four Peaks, Weavers Needle, Bartlett Dam all in full view. The separate Guest House features 2BR, 2BA with full kitchen and large living space. In addition the owners created unique lodging converting a container into a charming guest suite with outdoor shower and toilet. If you have an RV or friends coming to stay there is one RV full hookup with electric, water, and sewer. Top Notch Professionally Designed and Built Equestrian Facilities with 7 stall shed row style Block barn with deep overhang. Each stall is fitted with rubber mats, fan, mister and fly control system, and excellent lighting. Runs off back of each stall if you prefer them going in and out or you can shut the back door to keep them inside. Large Airconditioned tack room with built in saddle and bridle racks and storage. Mud room can double as grain/feed room with deep sink, refrigerator, storage cabinets and plumbed for washer/dryer. Outside wash rack with hot water piped in. The entire 10 acres is perimeter fenced with Rustic oil pipe fencing. Your horses will love the 8-pipe fenced turn out paddocks with shades with room to add more. Large steel container to store hay. Dressage size arena with rubber/sand footing and an additional large, cleared area if you need something a bit larger, plenty of room and lot coverage left to build a large Covered Arena. Round pen with sand footing. You will love the direct access out your gate to miles of trails with soft decomposed granite footing NO ROCKS! Just a short 10-minute trail ride to Tonto National Forest for scenic trail riding. Do you love gardening and fruit trees? Wonderful Herb Garden and talk about trees! Fruit trees planted include Lemon, Lime, Peach, Apple, Guava, Fig, Kumquat, Grapefruit, Blood Oranges, Pomegranate all on drip system and not just any drip system this system has automated fertilizer system added so trees are slow fertilized in spring and fall with the watering system and they are thriving! Utility rates are on the rise, so problem has been solved with Solar Panels (owned) that keep those bills at or under $300 a month. Located in Maricopa County where property taxes are low, Scottsdale Mailing address, and a good producing Private well with newer pump installed this property has it all. Perfect for any equestrian or outdoor enthusiast your perfect oasis in the desert.
3845 E Whitton Avenue
Phoenix, AZ 85018
$3,200,000
5
Beds
5
Baths
4,171
SqFt
Status
Active
MLS #
6775510
Property Type
Single Family Residence
Price Type
--
Discover this breathtaking brand-new modern farmhouse in Arcadia. This exquisite residence seamlessly blends warmth and comfort with modern elements, creating a perfect backdrop for luxurious living. As you step inside, you'll find five spacious bedrooms, three with beautifully appointed en-suite bathrooms, ensuring comfort and privacy for family and guests alike. The dedicated office space offers a quiet retreat for remote work or creative pursuits, while the inviting teen room serves as a versatile haven for relaxation and study. Outside, discover your own private oasis with a sparkling pool, ideal for entertaining or enjoying tranquil afternoons in the sun. Guests will appreciate the charm and comfort of the flex-use guest house, providing a welcoming escape from the main residence. For fitness enthusiasts, the dedicated Peloton room off the primary suite makes it easy to stay active at any time. Completing this remarkable property is a three-car garage, offering ample space for vehicles and storage while perfectly balancing practicality and luxury. Located in the sought after Arcadia neighborhood, you'll enjoy mountain views, the latest dining concepts, and a vibrant community atmosphere. Don't miss the chance to make this extraordinary home your own. Schedule a tour today and immerse yourself in the perfect blend of style, comfort, and modern living!
10010 E Blue Sky Drive
Scottsdale, AZ 85262
$3,200,000
4
Beds
4.5
Baths
5,476
SqFt
Status
Active
MLS #
6651789
Property Type
Single Family Residence
Price Type
--
La Scala Siena Model designed by Bob Bacon and built by Bob Byrd * Updated Chef's kitchen with adjoining TV room * Open floor plan with dual Master Suites, den/office/game room and separate guest casita with 2 bedroom suites plus a breakfast area with kitchenette * Soaring ceilings, Wood and Travertine flooring, slab granite & stone countertops, alder wood doors & cabinets, and designer appliances * Outdoor living area includes a covered sitting area with gas fireplace, built-in heaters and resort-style landscaping * Private corner lot with elevated mountain views and sunsets * Walking distance to the clubhouse and amenities *
6615 E Shea Boulevard
Scottsdale, AZ 85254
$3,200,000
5
Beds
6
Baths
5,908
SqFt
Status
Active
MLS #
6731750
Property Type
Single Family Residence
Price Type
--
This custom-built home epitomizes expansive luxury and is designed to accommodate the grandest lifestyles. Upon entry, you are greeted by a spacious great room and kitchen, featuring large sound-deadening windows that ensure a peaceful ambiance. The home boasts a fireplace, built-in bookcases, and extensive travertine finishes. Rich knotty maple woodwork complements the white island with Rainforest Brown marble, a farmhouse sink, and dark chocolate brown solid travertine countertops. Professional-grade appliances, designer lighting, and eight-blade fans enhance the overall aesthetic. Each bedroom is an en-suite, offering the utmost in privacy and convenience. The home includes a versatile kosher kitchen or mother-in-law suite. A 50-foot RV garage is ideal for a custom coach or car collection. The property features a comprehensive solar system with full battery backup, including a Tesla charging station. This system powers the entire house, eliminating electric bills and providing annual refunds from APS. The detached office/casita includes a full bath, and the extensive outdoor kitchen on the expansive covered patio is perfect for entertaining. The fully landscaped grounds feature pavers and turf throughout, with ample parking available. Additionally, an 804 square foot guest house, included in the total square footage, ensures your guests are comfortably accommodated. This home is designed to fulfill every desire and entertain lavishly.
6801 E Caballo Drive
Paradise Valley, AZ 85253
$3,200,000
4
Beds
4.5
Baths
4,441
SqFt
Status
Active
MLS #
6755146
Property Type
Single Family Residence
Price Type
--
Camelback Country Club Estates - Golf Course Lot - 41,818 SF - South Rear Yard - On the 14th Hole - First time on market.
5919 N 45th Street
Phoenix, AZ 85018
$3,199,999
4
Beds
2.5
Baths
3,188
SqFt
Status
Active
MLS #
6771532
Property Type
Single Family Residence
Price Type
--
Welcome Home! Stunning Arcadia Gem with Breathtaking Camelback Mountain Views. Beautifully remodeled, raised ceilings, accordion backdoor, raised patio ceiling 3ft,, travertine pool decking, two islands, and even a sauna in the master shower.This charming and luxurious Arcadia gem nestled in the Camelback Canyon Estates neighborhood offers the perfect blend of modern upgrades and classic design. Featuring a split floor plan with 4 bedrooms and 2.5 bathrooms. Set in the heart of Arcadia proper on a peaceful cul-de-sac, the home boasts breathtaking views of Camelback Mountain and the iconic Praying Monk. Step inside and enjoy the warmth of brand new flooring, open floor plan. The family room features a dual-functioning fireplace, capable of gas or wood, providing a cozy ambiance. features a newly installed Lutron lighting system that enhances the home's modern sophistication, allowing for seamless control of lighting both indoors and outdoors. This system not only provides convenience but also creates the perfect ambiance throughout the home, adding to its luxurious appeal. The entire system can control lights, tv, fans, and shades, all from the touch of a button. The separate living room offers formal dining and a seating area with awe-inspiring views of the lush backyard and glimpses of Camelback, ideal for morning coffee. The airy kitchen is a dream, with accordion windowed doors to the outside,allowing natural light to fill the space. It boasts granite countertops, custom tile backsplash, soft-closing drawers, and new Thermador appliances. Large dual islands provide enough space for the whole family. The expansive primary en-suite awaits, easily accommodating bedroom furniture plus a sitting area or office. The en-suite bathroom is adorned with dual vanity sinks, free standing tub, and separate toilet closet, and adorned with a large shower sauna and faucet system. The impressive walk-in closet features custom shelving, drawers, and a large island, offering ample storage for clothing and accessories. A standout feature of this home is the backyard oasis, situated on over a quarter-acre lot. The large covered patio is equipped with recessed lighting and ceiling fans, while the saltwater pool boasts a Pebble Tec finish. The spacious yard also offers RV parking and room to build a guest casita if desired. This home is in the perfect spot, close to some of the best places in the area. You've got Global Ambassador right nearby for a luxurious stay or dining experience, and Steak 44 if you're craving an upscale steak dinner. For something a little more casual but just as delicious, The Henry is a great option. If you need groceries, AJ's Fine Foods is just around the corner, offering gourmet selections. For fitness and wellness, you can head to The Village Health Club. And if you love hiking or outdoor activities, the Echo Canyon Trailhead on Camelback Mountain is practically at your doorstep!
2494 E Cloud Drive
Chandler, AZ 85249
$3,199,000
4
Beds
4.5
Baths
6,000
SqFt
Status
Active
MLS #
6781429
Property Type
Single Family Residence
Price Type
--
Gorgeous Custom Home on Almost an Acre Lot in Circle G at Riggs that is LOADED with High End Finishes & Architectural Detail. Plus a Backyard you'll Never want to Leave! It's Truly Paradise w/76,000 Gallon Pool, Baja Shelf, Waterfall, Slide, Grotto, Diving Area, Swim Up Table, Foggers, Misters, Covered Outdoor Grilling/Bar Area, Pizza Oven, Covered Seating w/Fireplace, Batting Cage & Grass Area. Inside Features Tray & Coffered Ceilings, Lots of Arched Detail throughout, Beautiful Polished Travertine Flooring, New SubZero/Wolf Appliances, 10' Double Iron Entry Door, Gorgeous Stone Range Hood, Fireplace & Bar, Dedicated Wine Storage Room Clad in Travertine w/Arched Detailed Iron Door, Travertine Clad Arched Mirror Detail in Bathrooms. Control 4 App for Home Automation... Operate A/C, Music, Pool & More from your Phone. The Gourmet Kitchen features NEW 48 Cooktop, Double Ovens, COVE Dishwasher as well as a Large Pantry. Four Bedrooms with En-suites and Walk in Closets, Bonus Room, Office with Wood & Travertine Inlay Flooring, Custom Cabinets & Bookcases. 4 Car Garage with Tons of Built in Storage & New Epoxy Flooring. This Home is One You Can't Miss. New Paint Inside and Out, New Carpet, 4 Wood Shutters, Lots of Stone Detail Throughout, Batting Cage, Extensive Paver Detail Outside & SO Much More! Close to Schools, Shopping, Dining, Golf, etc.
5791 S Columbus Court
Gilbert, AZ 85298
$3,199,000
6
Beds
7
Baths
5,782
SqFt
Status
Active
MLS #
6788596
Property Type
Single Family Residence
Price Type
--
Stunning custom home in one of Gilbert's finest neighborhoods. Perfect floor plan w/custom built in cabinetry throughout. This home has been meticulously cared for, truly move in ready! Equipped with Control 4 system w/security cameras & built in speakers inside & out. Impressive storage space throughout w/ space to entertain & host guests in the D. Casita w/ full kitchenette. Soaring tall ceilings in every room with gorgeous crown molding. Large bedrooms, all w/ walk-in closets and en-suite bthrms. The backyard is a child's paradise with the 10 ft deep heated pool, drinking fountain, misters, in-ground trampoline, basketball court, sunken fire pit area, golf course, multiple orange trees, lemon & grapefruit & built in grill. And there's room for all your toys in the Read More... climate controlled RV garage/entertainment facility. Conveniently located minutes from Gilbert Regional Park, San Tan shopping, and in award winning Chandler school district. Don't miss this dream home!
7175 E Camelback Road Unit 704
Scottsdale, AZ 85251
$3,199,000
2
Beds
2.5
Baths
2,284
SqFt
Status
Active
MLS #
6694279
Property Type
Apartment
Price Type
--
Extremely unique high-rise condo in one of the most prestigious buildings in Scottsdale. This ~2,300 sq ft condo is the only one of its kind in the Scottsdale Waterfront, boasting both sunrise and sunset views from the approximately 1,400 sq ft 7th floor contiguous deck, on the quietest corner in the building, overlooking the canal and most of south Scottsdale. The views are a must-see and truly an incredible and rare find. Located in the heart of Old Town Scottsdale, across the street from Scottsdale Fashion Square Mall, walking distance to the Entertainment District, and too many fabulous restaurants to mention.
4849 N Camelback Ridge Road
Scottsdale, AZ 85251
$3,195,000
2
Beds
3
Baths
2,294
SqFt
Status
Active
MLS #
6563509
Property Type
Apartment
Price Type
--
Tucked at the base of revered Camelback Mountain, Ascent is a new, private residential enclave adjacent to The Phoenician Resort - one of Arizona's premier luxury resort destination. This community incorporates the Sonoran Desert landscape directly into its design, at the most enviable location in Scottsdale. Ascent offer views overlooking the Valley & Camelback Mountain. Home designs feature contemporary architecture integrating warm, natural materials, expansive windows, and large outdoor patios. Thoughtfully designed by Nelsen Architects and Vallone Interior Design. Luxury finishes include exquisite Bulthaup Kitchens, Provenza wood floors, Sub Zero Wolf appliances & 10' ceilings.
7117 E Rancho Vista Drive Unit 5003
Scottsdale, AZ 85251
$3,195,000
3
Beds
2
Baths
2,228
SqFt
Status
Active
MLS #
6741140
Property Type
Apartment
Price Type
--
This incredible luxury renovation is expected to be completed by 12/20/2024. ***THE RAREST OF FEATURES IN ALL OF ARIZONA - ELEVATED & UNOBSTRUCTED CAMELBACK MOUNTAIN VIEWS*** Welcome to this legendary property at Optima Camelview Village, the award-winning luxury oasis. Featuring 3 Bedrooms + Study, 2 Baths and 2,228sqft. As an optimal residence, all beds, den and living areas showcase spectacular Camelback Mountain picture perfect views. Totaling 1,146 SF, both terraces are outlined in mature privacy hedges & boast panoramic westerly mountain and city views with the most incredible sunsets you can imagine. The 3 bedrooms all feature rare builder-installed sliding glass doors onto the 2nd terrace. Property comes with the two best parking spaces in the building & a storage unit All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.
6097 N Paradise View Drive
Paradise Valley, AZ 85253
$3,195,000
4
Beds
3.5
Baths
4,605
SqFt
Status
Active Under Contract
MLS #
6742365
Property Type
Single Family Residence
Price Type
--
Welcome to Paradise! Nestled in the heart of Paradise Valley, this hillside home seamlessly blends serene luxury living and sweeping Camelback Mountain views with functionality. Built by the award-winning Cullum Homes, this residence sets the standard for quality construction, offering the latest in design and prime location. Features of note include stunning views of Camelback Mountain from every room, walls of glass, a spacious, open floor plan, an open and bright kitchen, and en-suite bedrooms. The large primary suite features an expansive closet and a versatile flex space, ideal for a workout room, study, or nursery. The outdoor entertainment spaces are perfect for hosting gatherings or simply to enjoy the tranquility of nature. With multiple covered patio areas, a stunning pool with a custom waterfall, spa, and a tranquil grassy space, this home truly has something for everyone. Offering the perfect size in the ideal location at an exceptional price. It is sure to impress even the most discerning buyers.