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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14823 W El Cortez Place Surprise, AZ 85387

$558,961

3 Beds

2.5 Baths

2,594 SqFt

Status Active

MLS # 6747471

Property Type Single Family Residence

Price Type --

Oxford plan with expected completion in November. Have toys? This home has a 4-car tandem garage. Professionally designed with quartz countertops, wood-look tile, light gray cabinets, etc. Located in beautiful Miravida surrounded by mountains and many neighborhood amenities like playgrounds, pickleball courts, and picnic areas.

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14189 W Sand Hills Road Surprise, AZ 85387

$558,688

3 Beds

2.5 Baths

2,226 SqFt

Status Active

MLS # 6758381

Property Type Single Family Residence

Price Type --

MLS#6758381 January Completion! The 50RM1 floorplan at Rancho Mercado combines functionality with elegance. Step into the foyer and discover an inviting open-concept design that effortlessly connects a spacious gathering room, dining area, and gourmet kitchen. The outdoor living area is perfect for al fresco dining and memorable family moments. The owner's suite, thoughtfully tucked away for privacy, features double vanities and a large walk-in closet, adding a touch of sophistication to this stunning home. Structural options include: alternate A/C Location.

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4008 E Cholla Canyon Drive Phoenix, AZ 85044

$558,500

4 Beds

2 Baths

2,098 SqFt

Status Active

MLS # 6732455

Property Type Single Family Residence

Price Type --

LOCATION LOCATION LOCATION! RIGHT OFF THE I10 AND LOOP 202, .THIS GORGEOUS HOUSE IS FULLY UPGRADED INCLUDING NEW PAINT, NEW CARPET AND TILE, NEW BLINDS, NEW CEILING FANS, NEW MIRRORS IN THE BATHROOM AND LIGHT FIXTURES, NEW BATH AND KITCHEN FAUCETS, NEW HARDWARE, NEW TOILETS, NEW APPLIANCES EXCEPT THE REFRIGERATOR WHICH IS ONE YEAR OLD, NEW A/C, NEW ROOF, ALL NEW LANDSCAPING WITH NEW IRRIGATION, NEW GARAGE DOOR AND THE LIST GOES ON!

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1401 E Osborn Road Phoenix, AZ 85014

$558,000

3 Beds

2 Baths

1,921 SqFt

Status Active

MLS # 6667358

Property Type Single Family Residence

Price Type --

This beautiful 1947 home in Ashby place neighborhood is in the heart of Phoenix just north of Cheery Lynn Historic District. Nicely updated with brand new dual pane energy efficient windows throughout entire house, fresh interior and exterior paint, new shower tile, granite countertops and stainless steel appliances in kitchen, new roof in 2022. Detached carport, shop/storage. Solar lease. Close to Phoenix Country Club, Phoenix Children's Hospital, quaint eateries, freeways 51 and 10 freeways. You don't want to miss out on this lovely home.

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2527 W Brookhart Way Phoenix, AZ 85085

$558,000

3 Beds

2.5 Baths

2,446 SqFt

Status Active Under Contract

MLS # 6736947

Property Type Single Family Residence

Price Type --

Wake up to beautiful mountain views from the primary suite of your new home, where convenience meets natural beauty! There are 3 spacious bedrooms upstairs and an office conveniently located downstairs—perfect for work-from-home days or a hobby space. Don't forget the fantastic pool out back complete with a calming water feature. There's easy access to the AZ Canal Trail System, Deem Hills Rec Area, and the Sonoran Nature Preserve. On the filp-side you're close to shopping and entertainment with the Norterra Entertainment District just two miles away. Dive in, relax, and enjoy the sunny side of life in this wonderful home!

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18583 W Swayback Pass Pass Surprise, AZ 85387

$557,995

3 Beds

3 Baths

2,088 SqFt

Status Active

MLS # 6770088

Property Type Single Family Residence

Price Type --

Explore this exciting fully furnished Emerald model home with a mulitgen suite ready for November move-in, on a homesite boasting driveway pavers and front/back yard landscaping. Included features: an inviting covered entry; a study in lieu of a bedroom; a spacious great room; an open dining area; a well-appointed kitchen offering quartz countertops, stainless-steel appliances, 42'' cabinets, a roomy pantry and a center island; a beautiful primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; double laundry appliances; a covered patio, and a 3-car garage. This home also offers additional windows, ceiling fans, and full appliances and stone tile flooring in select rooms.

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16412 W Avenida Del Sol -- Surprise, AZ 85387

$557,995

3 Beds

2.5 Baths

2,260 SqFt

Status Active

MLS # 6686256

Property Type Single Family Residence

Price Type --

3 Bed 2.5 bath Elevation C Approximately 2,260 SQ FT. Gourmet kitchen with 42'' white upper Cabinets with 2-1/2'' molding and Quartz counter tops Gas cook top Range. Master bath Walk-in Shower, 3 Car Garage and garage Service door, 10Ft Tray Ceiling at extended entry. Has Tile Wood Laminate through out and Carpet in Bedrooms.

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12004 W Parkway Lane Avondale, AZ 85323

$557,995

4 Beds

3 Baths

2,570 SqFt

Status Active

MLS # 6741423

Property Type Single Family Residence

Price Type --

Explore this stunning Celeste home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry with a tray ceiling; a quiet study; a gourmet kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a double oven, a walk-in pantry and a center island; an open dining area; a spacious great room boasting center-meet doors leading onto a relaxing covered patio; a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a mudroom and a 3-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms as well as airy 10' ceilings throughout.

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16371 W Avenida Del Sol -- Surprise, AZ 85387

$557,995

3 Beds

2.5 Baths

2,262 SqFt

Status Active

MLS # 6702055

Property Type Single Family Residence

Price Type --

Discover the essence of luxury in this home featuring an upgraded gourmet kitchen with quartz countertops, 42-inch cabinets, & walk-in pantry. The spacious design includes 10-foot ceilings, upgraded modern floor tile, and multi-slide patio doors that enhance the open, airy feel. The Primary suite bathroom features an upgraded shower with an added secondary rain shower head. Practicality meets style with a primary, 2-car garage, secondary side turn single car garage, 8-foot garage doors & paver driveway, offering ample space for storage and vehicles.

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17684 W Pierson Street Goodyear, AZ 85395

$557,990

5 Beds

3 Baths

2,530 SqFt

Status Active

MLS # 6784018

Property Type Single Family Residence

Price Type --

BRAND NEW, energy-efficient home available in GATED COMMUNITY! The showstopper single-level Bailey floorplan boasts a charming front porch, 5 bedrooms each with a spacious walk-in closet and a 3-car garage! This home has white cabinets featuring a white backsplash, quartz countertops in kitchen, wood look tile flooring and beige carpet. ALREADY INCLUDED - washer, dryer, window blinds (except slider), refrigerator, soft water loop and MORE!!!! Enjoy EXCLUSIVE amenities right at your doorstep including parks, pickleball, soccer, play area, walking trails, basketball court, ramada with outdoor kitchen, gas grill and fireplace, and more!!! Each home is built with innovative, energy-efficient features designed to help you ENJOY more SAVINGS!

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20994 S 231st Street Queen Creek, AZ 85142

$557,990

5 Beds

3 Baths

2,232 SqFt

Status Active

MLS # 6784390

Property Type Single Family Residence

Price Type --

Brand new phase!. Our Clark plan is conveniently located to all that Queen Creek has to offer. Minutes from the brand new Costco, Schnepf Farms, Queen Creek Market Place and the Queen Creek Olive Mill. A public report is available on the Arizona Department of Real Estate website.

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1521 W Saddle Run Apache Junction, AZ 85120

$557,990

4 Beds

2 Baths

2,432 SqFt

Status Active

MLS # 6750824

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 2% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. The Avelino floor plan offers a refined single-story design with four bedrooms, including an AllGen suite, and a spacious flex area ideal for an office, TV room, or study. Featuring front yard landscaping, this home will be ready for occupancy in October or November. Conveniently situated near community parks, grocery stores, and dining options.

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