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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30 Navajo Trail
Sedona, AZ 86351
$2,949,900
5
Beds
4
Baths
4,760
SqFt
Status
Active
MLS #
6753405
Property Type
Single Family Residence
Price Type
--
RED ROCK VIEWS!!! This 5 bedroom, 4 bathroom, plus Arizona Room, 1.3 acre property is located in a gated community and has been remodeled with all details in mind. Easy to navigate floor plan, vaulted ceilings with wood ceilings/beams, copper accents throughout (including sinks and tubs) and all on one level. HEATED 6 CAR GARAGE. Main house offers 4,295 sqft, Pecan Double Front Door with copper inserts, Living & Family Room each with gas hand cut stone Fireplaces, Formal & Informal Dining Room, Laundry Room in both Guest Suite and Primary Bedroom, 4 additional Bedrooms are split from Primary Bedroom, Bar with 2 Fridges & Wine Chiller and Gourmet Kitchen includes Subzero Refrigerator, Wolf Stove, Dishwasher, Island & Breakfast Bar. Garage features parking. for 4 Cars (heated) and Copper Garage Doors. Casita offers 457 sqft, Rooftop Deck with BREATHTAKING PANORAMIC VIEWS,Kitchen includes Subzero Refrigerator, Wolf Stove, Dishwasher, Island & Breakfast Bar. Garage features parking for 4 Cars and Copper Garage Doors. Casita offers 457 sqft, Rooftop Deck with BREATHTAKING PANORAMIC VIEWS, Kitchenette. Circular Driveway can take you secondary driveway to the back yard and Casita or to the Courtyard, both with Copper Gates. Driveway provides lots of parking options or hosting or family gatherings.
12641 E Shadow Ridge Drive
Scottsdale, AZ 85255
$2,944,900
4
Beds
4.5
Baths
4,190
SqFt
Status
Active
MLS #
6717144
Property Type
Single Family Residence
Price Type
--
TO BE BUILT opportunity. Estimated completion 20 months from contract. New gated community by Camelot Homes... Featuring sweeping mountain vistas and pristine desert surroundings, Shadow Ridge is the ultimate Scottsdale sanctuary. Boasting spacious lots, this follow-up to our award-winning White Horse and Bronco communities combines bright, contemporary design with timeless indoor-outdoor appeal, all in a highly-desirable location a stones throw from Tom's Thumb trailhead. Price is not final. Additional options to be added later for final price.
39347 N Old Stage Road
Cave Creek, AZ 85331
$2,925,000
3
Beds
3.5
Baths
3,711
SqFt
Status
Active
MLS #
6560312
Property Type
Single Family Residence
Price Type
--
Premier Offering, Pre-Construction. Nestled in the hillside above and just beyond Ranho Mañana, you'll find 'The Village at Go John Canyon' by Del Rey Development. A hidden gem, a secluded enclave of fine custom homes. Each estate parcel is over 4.35 acres and borders the Desert Foothills Land Trust with direct, private trail access to the Cave Creek Regional Park. Here you'll find pure paradise with over 3000 acres of hiking, mountain biking and horseback riding. Enhanced by nature, each select residence affords unparalleled views and total privacy in a peaceful mountain paradise. Del Rey offers stylish architecture and each home is delivered complete with heated pool and landscape.
4535 W Distant View Trail
Prescott, AZ 86305
$2,900,000
3
Beds
3.5
Baths
4,369
SqFt
Status
Active
MLS #
6761626
Property Type
Single Family Residence
Price Type
--
Exquisite Mountain Ranch Estate, perfectly positioned on 1.87 acres at the base of Granite Mountain, behind the gates of exclusive American Ranch Equestrian Community. Architecturally wrapped w/ reclaimed barn wood siding & stone exterior, this 4,369 sq. ft. estate is stunning inside & out! Main house offers 3 bed plus office, 4 bath, boasting only the finest of features w/ floor to ceiling double sided see thru stone Accucraft fireplace, arched beams w/ wood ceilings, milled live edge wood accent walls, built in custom cabinetry, custom Wyoming lighting, Kolbe windows & sliders, solid alder wood doors & trim, whole house sound system, heated tile flooring, accent tin ceilings, Nuvo water filtration, fire suppression system, hickory hardwood flooring w/ brick & stone accents See MORE. throughout. Chef's kitchen is equipped w/ oversized black walnut island, copper sink & range hood, Wolfe/Sub Zero Appliances w/ 6 burner range & griddle, pot filler, double oven, walk-in pantry w/ wine storage. Expansive primary suite w/ quaint reading niche & cozy fireplace, huge walk-in closet w/ granite counter built in dresser. Grand primary bathroom offering walk-in thru shower, copper soaking tub & sinks. 555 sq. ft. Guest House is adorned w/ the same attention to detail offering kitchen, den w/ see thru fireplace, 1 bed, 1 bath. Oversized 3 car garage w/ epoxy floors, climate control, walled in storage room & upstairs loft. Enjoy captivating mountain views from wrap around rear patio all under roof w/ wood burning fireplace, built-in BBQ, water feature, fenced yard for pets, & spa connection off primary. Community offers clubhouse, outdoor pool, tennis courts/pickleball, fitness center, cardio room, billiards room, fully stocked fishing lake & the multi-million dollar fully staffed equestrian center and more!
13859 E Coyote Way
Fountain Hills, AZ 85268
$2,900,000
5
Beds
5.5
Baths
5,325
SqFt
Status
Active
MLS #
6767766
Property Type
Single Family Residence
Price Type
--
Perched high in the McDowell Mountains, this stunning transitional soft contemporary estate offers breathtaking 360-degree views of the mountains and city, with expansive panoramas visible from every room, window, and patio. Situated in the prestigious, guard-gated Eagle's Nest community of Fountain Hills, this 5 bedroom, 5.5 bathroom home, including an office, a detached casita and bonus room, epitomizes luxury, privacy, and serenity. Designed with an open and split floor plan, the home features soaring 12-foot ceilings, rare veined travertine flooring, premium wood flooring, and four perfectly positioned patios for seamless indoor-outdoor living. Meticulously maintained, this home showcases custom high end finishes throughout, exemplifying impeccable pride of ownership. The chef's kitchen is a culinary masterpiece complete with an oversized island, granite countertops, farmhouse sink, soft-close cabinetry, and a butler's pantry. It boasts state-of-the-art appliances, including a Bosch induction cooktop with pot filler, Bosch dishwasher, Thermador dual wall ovens, warming drawer, Thermador custom refrigerator and freezer, and a Gaggenau built-in coffee and cappuccino machine. The bright and spacious great room offers a formal dining space, breakfast nook, gas fireplace, and a standalone wet bar with a beverage fridge, wine cooler, full dishwasher, and seating for ten. The luxurious primary suite features a hidden bookshelf that leads to a private den or exercise room as well as a luxurious bathroom with dual vanities, a walk-through shower, a free standing jetted soaking tub, heated floors, and a large walk-in closet. Upstairs, you'll find a private guest suite with its own bath and walk-in closet, along with two additional guest rooms that share a Jack and Jill bathroom, both with walk-in closets. The detached casita comes complete with a full kitchen, butcher block countertops, stainless steel appliances, a bathroom with a jacuzzi tub, and a walk-in closet. The backyard is an entertainer's oasis, boasting spectacular mountain views and a heated Pebble Tec lap pool with an automatic cover, a private gated spa with bistro lights, a travertine pool deck, and an outdoor kitchen featuring a built-in BBQ, bar area, sink, and cooling misters for added comfort. A covered patio with fully automated sunscreens ensures year-round outdoor enjoyment. Eagle's Nest, a private enclave of 250 homes, offers scenic biking and walking paths, with easy access to nearby hiking trails. The winding roads take you through the natural beauty of the McDowell Mountains, providing stunning views of Four Peaks, the Superstitions, and the Goldfields.
14035 E Lowden Court
Scottsdale, AZ 85262
$2,900,000
4
Beds
4.5
Baths
5,055
SqFt
Status
Active
MLS #
6727903
Property Type
Single Family Residence
Price Type
--
INCREDIBLE TUSCAN LUXURY VILLA. Private Gated Entry Driveway leads you to this incredible home. Step through a walled courtyard and discover a Formal Living and Dining Room, Chef's Kitchen, Billiards Room, Wet Bar with Beer Tap, 680 Bottle Wine Cellar, and Private Entry Office. True Rustic European Elegance is showcased throughout with features such as Tall Turrets with brick ceilings, Custom Wood Beam and Corbel Ceilings, and Beautiful Hardwood Floors. The resort-like backyard will leave you breathless with a Heated Grecian Pool and Spa, Built-in BBQ, Outdoor Fireplace with Seating Area, Fire Pit with Seating Area, Expansive Covered Patio with Dining and Additional Seating, and Mountain Views in Every Direction. There is even a Putting Green. A 900 Square Foot Guest House, located above the Grand Turret, has its own entry from the courtyard. Some furnishings will be available through a Bill of Sale. Granite Mountain Ranch homes and lots are in high demand. Properties range from 2 to 5-acre sites and feature paved, lighted streets and underground utilities. Nearby amenities include golfing, hiking, and biking, with the Tonto National Forest just out the back gate of the community. This home sits on a 2.5-acre lot with 360-degree mountain views. The Equestrian Community also features common areas and horse facilities. Experience unmatched luxury and elegance in this Tuscan Villa. Plan your private tour today as this home needs to be seen to be truly appreciated.
4536 N Arcadia Drive
Phoenix, AZ 85018
$2,900,000
5
Beds
4
Baths
5,447
SqFt
Status
Active Under Contract
MLS #
6712360
Property Type
Single Family Residence
Price Type
--
This beautiful Arcadia home has breathtaking views of Camelback Mountain through the 16-foot windows in the living room. Originally built in 1974, it was remodeled with a large addition in 1990 and partially rebuilt in 2009. There are five bedrooms and four bathrooms; the master bedroom has cathedral ceilings and is split from a two-bedroom children's wing and two guest rooms. There are two adjoining family rooms (one could be converted into a sixth bedroom), a library/den, and three fireplaces. The bedrooms are carpeted and the remainer of the house has travertine flooring. The kitchen has a large island, granite countertops, an oversized refrigerator and an oversized freezer that are separate units, a beverage counter refrigerator, two microwaves, a double wall oven, a separate cooktop, a warming drawer oven, and a dishwasher. The kitchen has a large separate eating area and there is also a separate dining room. The home is U-shaped and surrounds the pool. Outside there is a ramada, a porch, a fountain, and a lighted sports court.
9412 E Hidden Spur Trail
Scottsdale, AZ 85255
$2,900,000
6
Beds
4.5
Baths
5,050
SqFt
Status
Active
MLS #
6756587
Property Type
Single Family Residence
Price Type
--
Discover this Beautifully Remodeled and Updated Luxury Home located on a coveted corner lot in the highly desirable DC Ranch Desert Haciendas Gated Community boasting a blend of Modern High-End Finishes and Timeless Elegance like the Authentic Reclaimed Antique Oak Wood Flooring that flows seamlessly throughout the home. Renovations have just been completed and this home now features brand-new kitchen flooring, an expanded master bathroom with an additional closet, creating his-and-hers walk-in closets, and a completely remodeled office with built-in cabinets and dual desks for a sophisticated workspace. The exterior front and back landscaping has been completely upgraded with low-maintenance artificial turf and creatively creating additional backyard space, making it perfect for enjoying and entertaining. The pool equipment has also been updated for modern convenience. This home truly accommodates every need because it offers 5 spacious bedrooms including 3 Downstairs En-suites, a large downstairs office and downstairs workout room that has its own closet so it can easily be considered the 6th bedroom. An additional bonus/media room offers further space for relaxation or entertainment. The updated Gourmet Kitchen is a chef's dream, featuring stainless steel appliances, a 6-burner gas cooktop, quartz countertops, and a custom bar area complete with a built-in Sub-Zero wine fridge and two pull-out refrigerators. The large center island serves as a perfect focal point for both casual dining and entertaining. The kitchen opens to an Open Space Great Room, beautifully accentuated by rustic wood beams that add character and warmth to the space. Come take a look and be greeted by the impressive Ironworks front door.
2122 E Palo Verde Drive
Phoenix, AZ 85016
$2,899,999
6
Beds
6
Baths
5,016
SqFt
Status
Active
MLS #
6763357
Property Type
Single Family Residence
Price Type
--
Ultra contemporary multi-leveled masterpiece of concrete, glass, and steel. This Meteor mansion with a double lot, is perched high on the hill with ample parking. Pull up your sleek driveway, and into the all new privacy glass garage. Ride the cylindrical stainless steel elevator in style or wind your way through all 5 levels of curved deco walls and staircases which soften the rectilinear modern lines that frame walls of glass and views in every direction. You feel as if you are on top of the world! Dramatic concrete coffered ceilings and large format tile throughout in soft gray tones. 6 total bedrooms, three of which are master suites! Capture beautiful sunrises, sunsets and celestial events from the top level deck with built-in BBQ, Jacuzzi, two fire pits, dining area and domed observatory positioned for a 360-degree view of the night sky. Make entertaining a breeze, with the convenience of a dumbwaiter to deliver your outdoor meals from the kitchen up to the top deck. This exceptional architectural masterpiece seamlessly combines modern industrial design elements with stunning panoramic views, delivering a truly unparalleled living experience in perfect harmony with its natural surroundings. Nestled in the prestigious heart of Arizona's Biltmore and Camelback Corridor, this expansive 32,000 sq. ft. mountain lot offers a prime location near 20th St & Missouri without the restrictions of an HOA! You MUST see this one to believe it!
33799 N 84th Street
Scottsdale, AZ 85266
$2,899,900
4
Beds
3.5
Baths
4,985
SqFt
Status
Active
MLS #
6657379
Property Type
Single Family Residence
Price Type
--
Fresh exterior paint and massive price reduction! This luxury desert oasis has 360 Mountain Views. Never miss a sunset or city lights with 2 scenic patios. Custom owners closet, temp controlled wine cellar, Control 4 automated, 1-touch throughout, multiple outdoor tvs, built in bbq, heated pool and spa with spillover. Resort style backyard customized only for this home with reflection fountain, splash pad, palapa, playset, putting green. Oversized epoxied garage and extended driveway perfect for RV parking. Custom pendant lighting, accent wall with reclaimed wood and steel. Kitchen features 3 ovens, 8 cooktop with pot filler. A pass-through window opens to the backyard patio. See extensive list of upgrades. No HOA.
12228 E Wood Drive
Chandler, AZ 85249
$2,899,000
5
Beds
4.5
Baths
4,967
SqFt
Status
Active
MLS #
6762229
Property Type
Single Family Residence
Price Type
--
Experience unmatched luxury in this exceptional custom home, free of HOA restrictions. Featuring 5 bedrooms and 4.5 bathrooms, the residence boasts a chef's kitchen equipped with high-end appliances, seamlessly flowing into a magnificent great room adorned with a gas fireplace, soaring ceilings, and exposed beams. The exquisite wood and stone flooring enhance the elegance throughout the home.Entertain in style with a formal space that offers stunning views of a backyard oasis, complete with an outdoor fireplace, BBQ area, pool, putting green, mature trees, and lush turf. This rare gem is situated in a beautiful neighborhood of expansive 1-acre lots. Plus, the extended-length 4-car garage is a dream come true for car enthusiasts.
10958 E Taos Drive
Scottsdale, AZ 85262
$2,899,000
5
Beds
3.5
Baths
5,554
SqFt
Status
Active
MLS #
6740654
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home nestled in the heart of Scottsdale, where comfort and style meet in perfect harmony. This stunning residence offers a blend of classic elegance and serene living, ideal for those seeking both relaxation and convenience. Spacious Interior: Step into a beautifully designed open floor plan that maximizes space and natural light with soaring high ceilings . The generous living area features high ceilings and large windows, creating a bright and airy atmosphere perfect for entertaining or unwinding after a long day. Gourmet Kitchen: The chef's kitchen is a true centerpiece, boasting sleek granite countertops, stainless steel appliances, and ample cabinetry. A center island provides additional prep space and a casual dining option, making it a great spot for both cooking and casual meals. Luxurious Master Suite: Retreat to the expansive master suite, complete with a private en-suite bathroom featuring dual vanities, a soaking tub, and a separate shower. Enjoy the convenience of a large walk-in closet, attached gym or flex space and direct access to the outdoor living space. Outdoor Oasis: The beautifully landscaped backyard offers a serene escape with a covered patio, ideal for alfresco dining or relaxing with a good book. The lush greenery and well-maintained garden provide a picturesque setting for outdoor activities and gatherings. A view deck with panoramic views of the mountains and city lights, gas fire place, putting green, baja deck in the pool, and so much more. Additional Features: This home also includes a versatile den/office space, perfect for working from home or as a guest room. The attached four-car garage offers ample storage and convenience, as well as a detach 5th car garage for extra storage or toys. Prime Location: Situated in a desirable North Scottsdale yet with no HOA, you'll enjoy easy access to top-rated schools, upscale shopping, dining, and recreational amenities. With its proximity to major highways, commuting and exploring the vibrant Scottsdale area is a breeze.