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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3448 W Sunshine Butte Drive San Tan Valley, AZ 85144

$574,900

4 Beds

3 Baths

3,291 SqFt

Status Active

MLS # 6777185

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bedroom, 3-bath home, nestled near the beautiful San Tan Mountains in a wonderful neighborhood. This 3,290 square foot home features large vaulted ceilings and newer flooring throughout. The updated kitchen is perfect for any home chef, and the pebble tech pool offers a refreshing retreat. With solar panels and a Tesla charger connection in the 3-car garage, this home is both eco-friendly and convenient. Enjoy the spacious layout and all the modern amenities this home has to offer. The community also boasts a park, schools, walking paths, and plenty of shopping and restaurant amenities nearby.

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4307 E Jesse Street Gilbert, AZ 85295

$574,900

3 Beds

2 Baths

1,693 SqFt

Status Active

MLS # 6784518

Property Type Single Family Residence

Price Type --

To be built: This beautiful Blue Streak plan, 1693 sf single story home with 2 car garage side entry garage is beautifully laid out with 3 bedrooms and 2 baths off a spacious great room with open kitchen. The master bedroom features a roomy walk in closet and a beautiful appointed master bath highlighted by a separate bath and shower. Come visit Cooley Station by Fulton Homes, you won't be disappointed!

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1309 E Ellis Drive Tempe, AZ 85282

$574,900

3 Beds

2 Baths

1,852 SqFt

Status Active Under Contract

MLS # 6767556

Property Type Single Family Residence

Price Type --

No HOA!!! This beautiful 3-bed, 2-bath home w/ pool in a highly desirable area of Tempe offers all the convenience with easy access to the 101 & 60 freeways, Sky Harbor, ASU and all the dining and shopping you need! It gets even better with a complete remodel in 2018 including new wood-look tile flooring, new AC, new roof, new paint, new windows and new cabinets and countertops. This home is move-in ready with a washer/dryer and refrigerator as well as a neutral palette to suit any style. When you want to entertain, step outside to the expansive backyard where you will find an oasis ideal for entertaining, cooling off in the pool or simply enjoying the Arizona sunshine. The covered patio offers shade for those warm afternoons, while the low maintenance yard allows for more leisure time and less upkeep. Don't miss out on this incredible opportunity to own a piece of Tempe real estate! Come take a tour today and fall in love with everything this home has to offer. **Please note that the large cactus in the front yard was removed on 11/16/24.

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12414 N 33rd Street Phoenix, AZ 85032

$574,900

3 Beds

2 Baths

1,508 SqFt

Status Active

MLS # 6787192

Property Type Single Family Residence

Price Type --

Beautiful 3 bed 2 bath home on a spacious lot with no HOA in Paradise Valley West! Enjoy east-west exposure and a remodeled interior featuring a formal living room, a family room, and wood laminate flooring. The updated kitchen boasts an Alexa-enabled Smart Faucet, island breakfast bar, quartz countertops, stainless steel appliances, and white shaker cabinets. The primary bedroom offers French doors to the backyard and a stylish en suite bathroom with touch-screen mirrors. Bonus: A separate guest house (single-wide) with bathroom and kitchenette offers Airbnb potential or extra living space. The enclosed carport serves as a 2-car garage, complete with 220 EV charging, and the property includes two RV gates, a dog wash tub in the laundry room, and owned solar that conveys at no cost. cost, adding energy efficiency. Located near freeways, shopping, dining, schools, parks, and hiking trails, this home offers unbeatable convenience. Schedule your showing today!

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18150 W Las Cruces Drive Goodyear, AZ 85338

New

$574,900

3 Beds

2 Baths

2,671 SqFt

Status Active

MLS # 6788425

Property Type Single Family Residence

Price Type --

What a wonderful home with incredible pool & spa located in the resort style community of Estrella MTN Ranch! Marvelous interior offers two way fireplace in family room and great room, 3 bed, 2 bath, bar, and fabulous media/theater room perfect to entertain your guests. You'll love the huge kitchen equipped with a plethora of cabinets, granite counters, and center island. The roomy master suite has a private exit to backyard and a lavish bath with double sinks, makeup vanity, Garden tub, glass shower, & large walk-in closet with custom built ins. Serene over sized lot, premium backyard is great for gatherings with its blue Heated pool, relaxing spa, lovely covered patio, and personal putting green with Turf (Low maintenance). Location is IDEAL. Absolute Entertainers Delight! Theater-- Has 1L0 Screen, Risers, & soundboard insulated ROOM with Equipped surround sound throughout the home with all of the goodies. MUST see pictures & please review document tab to see additional Estrella & home Amenities. Premium Mountain views! Walking distance to North & South Lake as well as MTN Trails. Superior Floor plan design with exceptional finishes providing beauty & comfort with Amenities of much higher priced homes. Surrounded by majestic mountains and wide-open desert vistas, life in Estrella is a masterpiece of harmonious balance dynamic, yet sereneoffering something for everyone no matter what stage of life. Backyard oasis with putting green. Freshly painted exterior in 2023 and newer painted interior. HVAC is 2 yrs old and has a 15-yr transferable warranty. A resort-inspired lifestyle with state-of-the-art amenities awaits.

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33395 N 132nd Drive Peoria, AZ 85383

$574,900

4 Beds

2.5 Baths

1,940 SqFt

Status Active

MLS # 6748045

Property Type Single Family Residence

Price Type --

MOVE IN NOW! Welcome to your brand NEW HOME in Villages at Vistancia, North Peoria. With a premium oversized lot and a north-facing view, you are surrounded by the natural beauty of the Sonoran desert and the mountains. Step inside this elegant Shiloh Model by Beazer Homes. 1942 sq.ft. of living space, 4 BED + 2.5 BATHS + 2 CAR Garage with a Double RV Gate! Open concept main living area with classic herringbone-natural wood look porcelain tile floors, 12' great room double sliding doors, LED recessed canned lighting, oil rubbed bronze fixtures and hardware, upgraded designer wood shutters, blinds, trim, and doors throughout. The open-concept kitchen features beveled edge warm-tone granite countertops and an island, rich walnut cabinets, under-cabinet lighting,... stylish smoked glass pendant lighting, stainless steel Whirlpool appliances with double ovens, and a pantry for all your storage needs. Spacious master suite with wood shutter and can-lighting, master bath features porcelain tile floors, executive height granite vanity, double sinks, oil rubbed bronze fixtures, large walk-in shower with dark trim, and a walk-in closet. 3 additional bedrooms, a full bathroom, and a convenient powder room offer plenty of space throughout the home. Pre-wired for cameras, security flood lights, electric car, solar, and ceiling fans. Step out back and enjoy the scenic mountain views, bring your decorating ideas, and create your perfect Arizona oasis on this premium oversized lot. Neighborhood mountain views, close proximity to 303 freeway access, 20 minutes to TSMC, shopping, dining, entertainment, health care, and less than 20 min. away from beautiful Lake Pleasant Regional Park. Full list of updates available.

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2166 S 217th Lane Buckeye, AZ 85326

$574,900

4 Beds

2.5 Baths

3,523 SqFt

Status Active

MLS # 6729300

Property Type Single Family Residence

Price Type --

This spectacular two-story home is perfect for a large family with plenty of room to spread out! Enjoy New Paint outside, new carpet, a water softener, and OWNED solar panels for energy efficiency. Downstairs offers eat in kitchen to entertain your guests with ease. Upstairs boasts four spacious bedrooms with ample closet space. The master bedroom has French doors, walk-in closet and garden tub plus separate shower. Step outside to find your own private oasis complete with brand new sparkling pool, landscaping and views of the desert green belt! Plus there's an extended driveway, three car garage, RV gate and plenty of slab parking. This home is located conveniently close to shopping, restaurants, easy freeway access, hiking & more!

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12384 W Hazelwood Street Avondale, AZ 85392

$574,900

8 Beds

4 Baths

3,900 SqFt

Status Active

MLS # 6746885

Property Type Single Family Residence

Price Type --

Welcome to this spacious 8-bedroom, 4-bath home with a 3-car garage, featuring the quality craftsmanship of a DR Horton floor plan. The heart of this home is the enormous kitchen, complete with cherry cabinets, stainless steel appliances, granite countertops, and a large island—perfect for cooking and entertaining. The master suite offers a luxurious retreat with dual vanities, a separate garden tub, shower, and a huge walk-in closet. Step outside to the spectacular private backyard, where a covered patio spans the entire width of the home, ideal for outdoor gatherings. With dual AC units and a desirable North/South exposure, you'll enjoy comfortable indoor temperatures year-round while keeping utility costs low. Don't miss out on this exceptional property!

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870 W Shellfish Drive Gilbert, AZ 85233

$574,900

3 Beds

2.5 Baths

2,035 SqFt

Status Active

MLS # 6751826

Property Type Single Family Residence

Price Type --

Centrally located in the highly desirable Gilbert Islands community, this home offers both modern amenities and an eco-friendly lifestyle. Equipped with solar panels and an EV charging station, it's perfect for the environmentally conscious homeowner. This charming residence features a spacious layout with 3 bedrooms plus a loft/den, a large family room, and a well-appointed kitchen with stainless steel appliances and new granite countertops. Enjoy the serene ambiance of a quiet street across from the lake, with a private backyard that backs to a treed park—no neighbors directly behind. The resort-like outdoor space includes a large pool, ample gardening area, and side-yard storage for your toys. Great access to local amenities, schools and shopping.

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406 E Glenhaven Drive Phoenix, AZ 85048

$574,900

4 Beds

3 Baths

2,303 SqFt

Status Active

MLS # 6762786

Property Type Single Family Residence

Price Type --

Come see this beautiful, upgraded 4 bed, 3 full bath home in a quiet section of The Foothills. The kitchen features custom upgrades including Wellborn cabinets, quartz countertops, island, and pendant lighting. The guest bedroom is downstairs, with full bath. The owner's suite features vaulted ceilings, shutters, and a private balcony to enjoy the gorgeous mountain views. The attached bonus room can be used as an office, nursery, or workout room. The owner's bath has a custom tile shower, huge vanity with quartz countertop, dual sinks, and upgraded flooring. The custom closet has a built-in dresser and shelves. Both secondary baths have been updated with new vanities, quartz countertops, fixtures, and paint. The private north-facing backyard is perfect for entertaining or unwinding while taking in the gorgeous mountain views. New refrigerator and dishwasher installed this year. Roof and HVAC are less than 6 yrs old and will give you years of enjoyment without worry or cost.

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9136 E Plata Avenue Mesa, AZ 85212

$574,900

5 Beds

2 Baths

2,167 SqFt

Status Active

MLS # 6764130

Property Type Single Family Residence

Price Type --

Better than New!! Welcome to this Stunning Fully Remodeled 5-Bedroom 2-bathroom Home with100k in Quality Upgrades you wont find in a new build! This beautiful residence is meticulously updated. Home features appliances, custom cabinetry, Barndoor, lighting, and generous counter space perfect for both cooking and entertaining. Spacious living area flows into 5 well maintaned bedrooms, 5th bedroom used as a bedroom but could be a den, provides a great space for family and guests. Bathrooms have been beautifully updated, with modern finishes and fixtures. New landscaping in both front and back yards include sleek pavers. The backyard is designed for entertaining with welcoming lush synthetic grass complete with an above-ground pool, ideal for summer. See doc tab for generous list of upgrades

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2545 E Vista Bonita Drive Phoenix, AZ 85024

$574,900

4 Beds

2.5 Baths

2,094 SqFt

Status Active

MLS # 6768128

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled 4-bedroom, 2.5-bathroom home in the highly sought-after Crescent Butte neighborhood (perfect for an AIRBNB or personal residence). As you approach, you'll be greeted by a charming exterior with stunning curb appeal, setting the tone for what lies inside. Step through the front door and into a light-filled space, featuring large arched windows that flood the home with natural light. The newly remodeled kitchen is a showstopper, complete with crisp white shaker cabinets, elegant quartz countertops, stainless steel appliances, and under-cabinet lighting. Luxury vinyl plank flooring flows throughout, offering both style and durability. The spacious primary suite offers a peaceful retreat, boasting a spa-like bathroom with modern finishes and a large walk-in closet. The additional three bedrooms provide ample space, perfect for a growing family or those who need a home office or guest room. The backyard is a true oasis, with lush green grass that's perfect for relaxing evenings or entertaining friends and family. With a newer HVAC system (2021), this home is move-in ready, ensuring your comfort year-round. Located in the heart of Crescent Butte, you'll enjoy the best of both worlds: a serene neighborhood with easy access to local amenities, parks, and schools. Don't miss the opportunity to make this stunning home yours!

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