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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150 Crystal Sky Drive Sedona, AZ 86351

$2,795,000

4 Beds

6 Baths

4,992 SqFt

Status Active

MLS # 6687412

Property Type Single Family Residence

Price Type --

Majestic, panoramic Red Rock Views that will take your breath away the minute you step inside this luxury custom home on prestigious Crystal Sky in the Sedona Golf Resort. With soaring 12-foot ceilings, exquisite travertine flooring, and a stunning stacked stone fireplace, this residence epitomizes the epitome of sophistication. Its open and spacious floor plan, adorned with plenty of windows, floods the interiors with natural light. All main living on one level including primary suite with romantic fireplace for ambience as well two ensuites bedrooms and office/bedroom. Situated on the lot to capture the most spectacular panoramic red rock views and backing to National Forest for privacy, this home was perfectly built to capture all that Sedona has to offer. Indulge in evenings spent sipping wine on the front deck, basking in the splendor of magnificent sunsets. The backyard oasis captivates with a stunning koi pond/swimming pool, complemented by a brand new built-in BBQ center and a kiva fireplace. Surrounding this oasis is a supreme gardener's paradise, featuring two raised vegetable beds, an array of fruit trees, and multitude of planted flowers. Discover numerous special retreats within, including a library, a controlled wine cooler, and an entertainment area downstairs, accompanied by ample storage space. A separate private yoga/art studio with a walkout rooftop deck. The property includes a spacious 3-car garage, enhanced with upgraded lighting featuring full-spectrum LED lighting strips. This home has been meticulously maintained with an extensive list of upgrades listed separately. Don't miss the opportunity to make it yours.

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11124 E Del Timbre Drive Scottsdale, AZ 85259

$2,785,000

5 Beds

4 Baths

4,297 SqFt

Status Active

MLS # 6753067

Property Type Single Family Residence

Price Type --

VIEWS, VIEWS, VIEWS!! 2024 Completely Renovated Single Level Home nestled at the end of a Private Cul De Sac in Prestigious HillCrest at Scottsdale Ranch**RARE FIND Oversized Private Quiet Lot, Away from Noise & Traffic**Stunning Yard Pebble Pool & Spa & Huge Grassy Area**13 Foot WALL OF RETRACTABLE DOORS expands Great Room to a Perfect Indoor/Outdoor Living Experience! New Kitchen w/ Stacked Cabinetry**WOLF Appliances GAS Cooktop, Speed Oven & Convection Oven**''Gorgeous Slab Counters** Built in Bar w/ wine frig**Wide Plank HARDWOOD Flooring*New Master Bath Large Format Tile**Custom Built in Master Closet**High Ceilings**Split Floorplan*3 CAR SIDE ENTRY GARAGE EPOXY FLOOR W/ OVERSIZED SLAB perfect to park your Scottsdale Luxury cars!*NEW ROOF**NEW A/C's**Fabulous Home & Lot, Just Move in City of Scottsdale owned land across the street affords extra privacy and no traffic. Lots like these are Rarely for Sale! Hurry Don't Miss this Once in a Life Time Opportunity to Own this Exquisite Home & Exceptional Lot! Stunning Renovation just completed....Just Move In!

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11415 E Dreyfus Avenue Scottsdale, AZ 85259

$2,775,000

4 Beds

4.5 Baths

5,612 SqFt

Status Active

MLS # 6555062

Property Type Single Family Residence

Price Type --

Modern luxury audiophile home perched high on a rare hillside Ancala lot nestled into the luxurious hills of North Scottsdale's most sought-after golf community. From your negative edge pool, enjoy the cool sunset breeze, and watch the twinkle of the city lights blend with the desert starscape. Impress friends & family with a functional & fun floorplan, room for 3 cars, fine finishes, top-of-the-line appliances, stonework, wood paneling, 4 fireplaces, 2 wet bars, & private bathrooms for every bedroom. From your smartphone transform the lower-level into an immersive audio-visual adventure in opulent sound, operate interior & exterior audio systems, mood lighting, window shades, cameras, televisions, door locks, & more. It's all user-friendly & supported by your own personal system advisor.

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10779 E Whitethorn Drive Scottsdale, AZ 85262

$2,775,000

4 Beds

3.5 Baths

4,063 SqFt

Status Active

MLS # 6693349

Property Type Single Family Residence

Price Type --

Now $175K UNDER new appraisal. Exquisite NEW CONSTRUCTION in gated Pinnacle Canyon completed March 2024 by Bent Nails, Inc. and Realm Architecture & Design. Quality through and through, this desert getaway is replete with luxurious finishes such stone and wood floors throughout, granite countertops, handcrafted custom cabinetry, Subzero/Wolf Kitchen and loads of extras such as refrigerator/freezer drawers, steam oven, vacuum seal drawer, and a passthrough window from the outdoor kitchen. The open concept family room centers on a gorgeous stone fireplace and is perfect for large gatherings or intimate evenings at home; this flexible floor plan offers privacy and comfortable living. Beautiful Primary Suite and Junior Primary Suite; both are bright and airy with wonderful walk-in closets and their own laundry. Wood plantation shutters and automated shades throughout. Disappearing doors allow indoor/outdoor living to flow out to a generous covered patio overlooking the surrounding mountains.Enjoy this acre+ desert oasis year round with built-in heaters, heated pool and spa, fire pit, misting system, and a fabulous outdoor kitchen. Whole-house water filtration and soft water, Lutron system controls shades, thermostat, lights. Auto-locking garage doors. *Please check the documents tab for an extensive list of amenities* This is truly Arizona living at it's best!

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7520 S Estrella Parkway Goodyear, AZ 85338

$2,775,000

4 Beds

4 Baths

4,600 SqFt

Status Active

MLS # 6719816

Property Type Single Family Residence

Price Type --

Beautiful Mid-Century Estate offering a blend of luxury, privacy & investment potential! SELLER FINANCING AVAILABLE! An Entertainers Dream perfectly situated atop 5 mountainside acres with panoramic views of the Phoenix Skyline. Enter an inviting foyer with soaring ceilings setting the tone for the elegance found throughout. Natural light floods the bright kitchen & dining area. The family room boasts vaulted ceilings & a cozy fireplace. The living space comprises 4 bedrooms, 2 flex rooms & 4 bathrooms. Outside enjoy Palm Trees, BBQ Island, Fire Pits & a Cooled Patio Room +Entertainment Barn w/AC! Zoned commercial/residential PAD, Underground power/city water/gated driveway. No HOA. 220V EV Charger in Garage. Perfect for Business or Private Estate. 10 additional acres MLS: 6719816

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26924 N 35th Lane Phoenix, AZ 85083

$2,750,000

5 Beds

4.5 Baths

4,776 SqFt

Status Active

MLS # 6741410

Property Type Single Family Residence

Price Type --

NEW HOME TO BE BUILT!!! Wake up in the home of your dreams! Collaborate with Arizona's most acclaimed architects and planners to create a new way of living in North Phoenix. Nestled just north of Happy Valley, this 4,776-square-foot property offers breathtaking mountain and city light views within the prestigious gated community of Deem Hill Estates. This luxurious home includes an 875-square-foot guest suite, complete with a kitchen, living area, full bath, laundry room, and separate garage. The main house features an expansive master suite with a huge walk-in closet, two bedrooms with Jack and Jill bath and walk-in closets, a separate office, and a mudroom. The second floor boasts a spacious concept room with a walk-in closet and full bath. Experience unparalleled elegance and comfort in this exclusive hillside community. Seamlessly transition from indoors to a resort-style outdoor space via multi-slide doors, where a shimmering pool, state-of-the-art BBQ, chic bar, firepit, and a cozy gas fireplace await. For peace of mind, it's pre-wired for security and cameras. Just moments away from schools, exclusive shopping, and the renowned TSMC facility.

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6450 E Fanfol Drive Paradise Valley, AZ 85253

$2,750,000

4 Beds

2.5 Baths

3,465 SqFt

Status Active

MLS # 6780683

Property Type Single Family Residence

Price Type --

PARADISE VALLEY CANVAS: START CREATING YOUR DREAM! Rare opportunity to customize & build your dream home in a quiet & peaceful neighborhood in coveted PV. A classic mid-century modern w/ butterfly roof, stacked stone, and horseshoe paver driveway is perfectly positioned on an oversized North/South lot! The property is currently taken down to the studs, but has a resort pool, & built-in BBQ, and abundant room to build a sport court/pickleball court, guest casita, addt'l garages, or the farm-to-table garden of your dreams! Near Scottsdale's Three C's Schools, Gainey Hyatt Resort, developing Ritz-Carlton, shopping, dining & endless entertainment! Full AIA architectural plans designed to expand the existing home to 5,824sqft are ready for permit submission & available w/ the sale.

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28080 N 101st Street Unit 116 Scottsdale, AZ 85262

$2,750,000

3 Beds

3 Baths

2,846 SqFt

Status Active

MLS # 6696862

Property Type Single Family Residence

Price Type --

Enjoy the luxury of the LaScala Terracina home, located in the prestigious Estancia community with prime southeast exposure. This residence features a sophisticated office space and a custom-built entertainment cabinet. The patio is equipped with a spa and a gas grill for optimal relaxation and entertaining. The home showcases a classic European design, highlighted by meticulous attention to detail and the use of high-quality materials and finishes. Estancia offers residents exclusive amenities, including a championship golf course, state-of-the-art fitness center, and private access to hiking trails. The gated community ensures privacy and security, making it a perfect sanctuary for those seeking a luxurious and peaceful living environment.

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2916 E Arrowhead Trail Gilbert, AZ 85297

$2,750,000

4 Beds

3.5 Baths

5,300 SqFt

Status Active

MLS # 6786943

Property Type Single Family Residence

Price Type --

This spectacular home was renovated in 2021, by previous owners! It is modernly updated, refreshing in its palette and understated in its elegance. It offers amazing private amenities and a plethora of entertaining spaces you'll be proud to own. Positioned on an enormously lot and pleasantly quiet street in a gated luxury neighborhood in Gilbert. It's split floor plan is perfection w/highlights including: 4 bedrooms, 3.5 bathrooms- that includes a guest room with private ensuite & exterior entrance, a full office, a large bonus room currently used as an in-home gym, custom 6 person infrared sauna in master bathroom, 4-car garage, 2 pickleball or 1/2 basketball court, an RV gate, and 1 pool cabana complete w/wet bar kitchenette! Furniture + more included- Seller will carry, ask for terms! The grand primary suite showcases soft carpet, direct outdoor access, a walk-in closet, and a pristine bath w/dual vanities & a small sauna room! other bedrooms enjoy access to a Jack & Jill bath for added convenience. Double doors open up to a sizeable den, and don't forget about the exercise room! Lastly, the expansive backyard includes a covered patio w/an outdoor fireplace, paver seating area, a basketball court, a detached bonus room, and a refreshing pool/spa combo as well as a refreshing hot tub! Your new home is waiting for you, act now!

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7740 E Santa Catalina Drive Scottsdale, AZ 85255

$2,750,000

5 Beds

5 Baths

5,371 SqFt

Status Active Under Contract

MLS # 6774091

Property Type Single Family Residence

Price Type --

Discover your dream home in the heart of the Sonoran Desert! This beautifully appointed property offers a perfect blend of modern elegance and timeless charm.The recently updated Gourmet Kitchen boasts new cabinets '' Vittara Crystal'' Quartzite countertops with a waterfall island along with Sub-Zero, Wolf, Cove and Scotsman appliances.This meticulously designed and maintained home has an expansive outdoor living area with a sparkling pool, hot tub and putting green, perfect for entertaining or unwinding. Located in a very desirable neighborhood with top-rated schools, parks and dining options nearby, this home is perfect for families or anyone seeking a vibrant community.

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1831 E Palmaire Avenue Phoenix, AZ 85020

$2,750,000

5 Beds

5.5 Baths

5,186 SqFt

Status Active

MLS # 6781630

Property Type Single Family Residence

Price Type --

Happy Thanksgiving in your dream eco-friendly home, built by Blue Sky Homes, recognized as Arizona's top sustainable builder for two consecutive years by Green Living magazine. This High-Performance Home showcases 5,186 square feet of artistic architecture with 5 bedrooms and 5.5 bathrooms, all designed for a healthier living environment. Offering 50% more energy efficiency than standard new builds, this home features Energy Star and Indoor AirPlus Certifications, ensuring significant cost savings. Abundant natural light streams through expansive windows, creating a bright and inviting atmosphere throughout. The open kitchen seamlessly connects to the dining and gathering room, highlighting a striking 60-inch linear gas fireplace. Culinary enthusiasts will appreciate the kitchen's high-en Sub-Zero, Wolf, and Cove appliances, guaranteeing a luxurious and functional cooking experience. The standout primary suite has exclusive access to a private courtyard and outdoor shower, and is beautifully enhanced by a magnificent freestanding bathtub, and separate vanities. All the bedrooms are equipped with ensuite bathrooms for added privacy and convenience. A dedicated office or den provides a perfect space for work or study, while a flex teen space with a dry bar offers a versatile area for relaxation or entertainment. Stroll out to the large terrace for an evening sip, or meander down the spiral staircase to the inviting pool for a twilight swim. Nestled in the heart of Phoenix, Arizona, this brand-new Blue Sky Home is surrounded by 360-degree city lights and mountain views. Located just moments from world-class dining, shopping, hiking and biking trails, and Sky Harbor Airport, it epitomizes modern luxury.

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2144 E San Juan Avenue Phoenix, AZ 85016

$2,750,000

5 Beds

5.5 Baths

3,480 SqFt

Status Active

MLS # 6763200

Property Type Single Family Residence

Price Type --

This stunning 5-bedroom, 5.5-bathroom home offers modern elegance in one of the most desirable neighborhoods in Phoenix. Featuring an open-concept layout, the gourmet kitchen includes high-end finishes, a large walk-in pantry, and a spacious island. The home boasts smart technology, built-in speakers, and a custom bar that opens to the backyard perfect for entertaining. The luxurious master suite includes a spa-like bath and a huge walk-in closet, with each bedroom offering its own private ensuite. Additional highlights include a three-car garage, RV gate, large backyard, and a prime location near the Biltmore Shopping Center and Biltmore Golf Club.

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