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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5929 N 189th Glen Litchfield Park, AZ 85340

$575,000

3 Beds

2.5 Baths

2,617 SqFt

Status Active

MLS # 6771789

Property Type Single Family Residence

Price Type --

BETTER THAN NEW!! This gorgeous home built in 2021 sits on a corner lot and is perfect for entertaining! Open and spacious floor plan with 3 bedrooms, 2.5 bathrooms, 10 ft ceilings, and a separate den/office. The gourmet kitchen features a massive island (just shy of 11 ft), quartz countertops, double wall oven, gas cooktop, built in microwave, deep farmhouse sink, walk in panty, and stainless-steel appliances. Stunning sunset mountain views from the front of the home. Primary suite has its own zone for AC and heat and a large walk-in closet. Owners have installed a water softener and epoxied the garage floor. The back yard is complete with a covered patio, pavers, palm and fruit trees, and turf. Walking distance to Canyon View High School

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4338 E Desert Marigold Drive Cave Creek, AZ 85331

$575,000

3 Beds

2 Baths

1,588 SqFt

Status Active

MLS # 6744958

Property Type Single Family Residence

Price Type --

Priced to sell! Beautifully upgraded 3-bedroom, 2-bathroom single-story home. Over the past 3-4 years, this residence has undergone extensive updates. Significant improvements include a new roof underlayment, new A/C system, updated kitchen and bathrooms, over $40k invested in new windows and exterior iron doors, custom trim work, newer carpet, fresh interior paint, new outlets, new light switches, and updated lighting fixtures. The 1,588 square foot floor plan is thoughtfully designed for maximum efficiency, ensuring every inch is utilized effectively with no wasted space. The backyard offers a blank canvas, ready for your personal customization. Ideally located in Tatum Ranch, this home is just a short drive from dining, golf courses, and schools

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18118 W Golden Lane Waddell, AZ 85355

$575,000

5 Beds

2.5 Baths

3,548 SqFt

Status Active

MLS # 6735575

Property Type Single Family Residence

Price Type --

**ASSUMABLE LOAN ** THE SELLER IS OFFERING $5,000 TOWARDS THE BUYER'S CLOSING COSTS WITH A FULL-PRICE OFFER!**Nestled near the highly desirable White Tank Mountains, this wonderful home offers a perfect blend of country charm and city convenience. With over 3,500 square feet, it provides ample space for a large family. The home features a formal living room, dining room, family room, and a spacious loft. The generous-sized bedrooms include a downstairs master suite with a large walk-in closet. The expansive kitchen is a chef's delight, boasting an island and granite countertops. The backyard is primed for outdoor enjoyment, with enough space for a pool and a deck equipped with an electric movie screen, ideal for family movie nights. Additional highlights include a workshop, RV gate.and a 3 car garage.

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2942 S Sierra Heights Mesa, AZ 85212

$575,000

5 Beds

3 Baths

2,724 SqFt

Status Active

MLS # 6781940

Property Type Single Family Residence

Price Type --

Recently updated! This beautiful home in Skyline Park is move-in ready for your client! The backyard is an entertainer's paradise with a pebble-tech pool featuring a water slide, waterfall, and grotto, plus a pergola for shaded relaxation. The spacious kitchen boasts a granite island & countertops, stainless steel appliances, and a gas range. Additional highlights include a versatile downstairs suite with a full bath, ideal for guests or a home office, as well as an RV gate and a large side yard parking slab for extra toys. The home is conveniently located near community park and within the highly rated Gilbert School District. Nearby shopping, dining, and golf courses add to the appeal, creating an ideal setting for both entertaining and everyday living!

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116 S Arizona Avenue Prescott, AZ 86303

$575,000

3 Beds

2 Baths

1,320 SqFt

Status Active

MLS # 6739131

Property Type Single Family Residence

Price Type --

Your fully remodeled home in downtown Prescott awaits! Only a half mile from the court house square you will find this updated home boasting a new roof; all new windows; all new flooring; all new kitchen cabinets and granite counters; all new appliances; new heating and central air; fully remodeled bathrooms; new stucco exterior; and all new paint inside and outside. Ample off street parking combined with a detached 1 car garage would make this a great second home with endless rental possibilities due to being walking distance to the Courthouse Square; tennis courts, and soccer field across the street; and only 3 blocks from the famous Mt Vernon Street!

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18411 N 46th Place Phoenix, AZ 85032

$575,000

3 Beds

2.5 Baths

1,748 SqFt

Status Active

MLS # 6783837

Property Type Single Family Residence

Price Type --

Welcome to this spacious 2-story home offering 3 bedrooms and 2.5 bathrooms. The home features a bright and airy main level with a spacious living room, kitchen, and a separate dining area. Just a few steps down, discover an inviting family room and convenient half bath, ideal for family and friend gatherings! Upstairs, you'll find the master suite with fireplace complete with a private ensuite bath, alongside additional bedrooms. You can enjoy the convenience of a two-car garage. This home provides ample parking and storage options. Lastly stepped into your backyard that has a brand new pool that the homeowner designed with endless taste and design. Set up your showing today and lets get you into your new home.

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7723 W Encinas Lane Phoenix, AZ 85043

$575,000

5 Beds

3 Baths

3,818 SqFt

Status Active Under Contract

MLS # 6751731

Property Type Single Family Residence

Price Type --

Discover your dream home in Phoenix! This stunning property boasts a spacious 3,818 sq. ft. floor plan with 5 bedrooms and 3 bathrooms, perfect for growing families or those who love to entertain. Enjoy Arizona summers with your very own private pool, ideal for relaxing and hosting gatherings. The home features a brand-new AC system and updated flooring, ensuring comfort and style throughout. Located next to a beautiful greenbelt to the west, this home offers a peaceful outdoor environment while being close to local amenities. Don't miss out on this amazing home.

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12311 W Tigerseye Drive Sun City West, AZ 85375

$575,000

3 Beds

2 Baths

2,157 SqFt

Status Active

MLS # 6752337

Property Type Single Family Residence

Price Type --

Welcome to your Desert Oasis... Pride of ownership is definitely shown in this move in ready 3 bedroom 2 bath home with a retreat style backyard. The home has many updates in the kitchen, living room, formal dining/family room, bathrooms, flooring, Arizona room, pergola with 6 person hot tub, updated pool decking, and painted sidewalks. All major appliances included. Interior window shutters on all front windows and new mini spilt in the Arizona room. Don't miss this one of kind gem! Come see it today!

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4691 E Torrey Pines Lane Chandler, AZ 85249

Open House

New

$575,000

4 Beds

2.5 Baths

2,192 SqFt

Status Active

MLS # 6785339

Property Type Single Family Residence

Price Type --

Welcome to Torrey Pines, a stunning 4-bedroom, 3-bathroom gem nestled in the heart of the highly sought-after Sun Groves community! This expansive 2,192 sq. ft. home has been thoughtfully upgraded to combine modern style with everyday comfort. As you step inside, you'll be greeted by bright and airy living spaces bathed in natural light from brand-new glass windows. The fresh paint and sleek new flooring in the bathrooms enhance the home's polished aesthetic. The kitchen boasts brand-new stainless steel appliances and plenty of space for meal prep and entertaining. Just steps away, the addition of a new washer and dryer ensures convenience for busy lifestyles. The formal living and dining areas are perfect for hosting gatherings, while the open-concept family room is flooded with sunlight, creating a warm and inviting ambiance. Upstairs, discover a second family room, ideal for movie nights or a cozy retreat, along with the luxurious master suite. The oversized bedroom is your personal sanctuary, offering the perfect space to relax and recharge. Outside, the expansive backyard awaitsa true outdoor haven. Whether you're envisioning barbecues, a play area, or simply enjoying the serene space, this yard offers endless possibilities. Torrey Pines is more than a home; it's your lifestyle upgrade in the vibrant Sun Groves community. Don't miss your chance to make it yours! This home is a must-see; view it today and discover the endless possibilities in this desert paradise. FINANCING INCENTIVE: If the buyer uses our Preferred Lender, the buyer will receive up to 1% back for closing costs or rate buy down.

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2300 E Campbell Avenue Unit 310 Phoenix, AZ 85016

Open House

New

$575,000

2 Beds

2.5 Baths

1,345 SqFt

Status Active

MLS # 6788028

Property Type Apartment

Price Type --

Tidy Biltmore Area condo with a beautiful Modern aesthetic, recently constructed in 2017. Each bedroom is en suite, and an additional half bathroom is attached the living area. Full size stacking washer/dryer in unit, and 2 designated parking spaces included in this secure and 24 hr monitored building. Kitchen features Bosch appliances, LG refrigerator, quartz countertops and large kitchen island.

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2989 N 44th Street Unit 3028 Phoenix, AZ 85018

Open House

$575,000

3 Beds

3 Baths

1,743 SqFt

Status Active

MLS # 6723473

Property Type Apartment

Price Type --

Sunsets and sparkling city light views frame this urban contemporary condominium in gated Arcadia Grove.Surrounded by towering pines, palms, Koi ponds and waterfalls this luxury property is 10 minutes to galleries, restaurants, Sky Harbor, Scottsdale, Biltmore, Tempe and downtown Phoenix. St. Joe's/Barrows, Phoenix Children's and AZ Heart hospitals are a dream commute.With private garages for 3 cars, this single level unit offers 1,743 square feet, 2 master bedrooms with large walk-in closets, a study (or 3rd bedroom) with custom office furniture and 3 baths. The neutral palette, great room floor plan and large private balcony with views of Camelback, provide a tranquil setting. Resort style heated pool/spa, 24 hour fitness center and clubhouse with catering kitchen complete this property

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1453 E South Fork Drive Phoenix, AZ 85048

Open House

$575,000

3 Beds

2.5 Baths

2,232 SqFt

Status Active

MLS # 6786801

Property Type Single Family Residence

Price Type --

Newly remodeled beautiful 3 Bedroom, 2.5 Bath home with Loft and Den in The Foothills Community. Fresh paint makes this home Open & Bright. Fireplace in Living room. Formal Dining, warm Family room w/tile. Large upgraded kitchen, backsplash, new stainless steel appliances , new quartz kitchen island and countertop. Good sized master bedroom upstairs with great view of Mountains , walk in closet. Master bath has double sinks , separate shower and tub and private toilet room. Downstair den can be converted to a bedroom. 90% Sun Blockage black screen. New equipment on pool 2024, exterior wall painted on 2023. Excellent Kyrene School District, quiet community, easy access to 202, only 10 mins convenient to shopping plaza and south mountain trail.

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