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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15016 W Monterey Way Goodyear, AZ 85395

$554,000

2 Beds

2 Baths

2,104 SqFt

Status Active

MLS # 6765917

Property Type Single Family Residence

Price Type --

THIS IS THE ONE! Light & bright Milano model on quiet N/S facing lot w/oversized golf cart garage & expanded covered patio -- perfect for all your entertaining needs. Primary Bedroom, Family Room, Guest Bedroom & Main Garage have ALL been EXTENDED 4-ft at build! Home is move-in ready w/refreshed white cabinetry, complete interior/ exterior painted (2024), & full new roof (2024). Additional updates include new carpet in bedrooms (2024), new light fixtures (2024), & new stainless appliances (2024). Home also features split bed floor plan for guest privacy, vaulted ceilings, intimate front courtyard, separate office/den, formal dining/living room or flex space & large laundry room w/view window. Add this one to your MUST SEE list & start enjoying the incredible PebbleCreek lifestyle today!

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362 Ancora Drive Litchfield Park, AZ 85340

$554,000

3 Beds

2 Baths

1,614 SqFt

Status Active

MLS # 6775129

Property Type Single Family Residence

Price Type --

Within the highly desirable Old Litchfield Park you will find this tastefully updated 3 bedroom 2 bath home with Pool and No HOA. Upon arrival you will notice the block construction, mature shade trees and large patio/seating area. At entry the vaulted ceilings, wood plank style floor tile and sunlight shining through upgraded dual pane windows with real wood plantation shutters will invite you in. Remodeled kitchen boasts granite countertops, stainless steel appliances, a farmhouse sink and backyard pool view. Owner's suite includes walk-in closet, built in vanity and large slider door with direct backyard access. Other interior features include multiple living areas, neutral paint throughout and inside laundry. Outback you will find a desert oasis ready for relaxation and... entertainment with newly resurfaced pool, refinished cool decking, covered patio, multiple seating areas and plenty of grass for pets or play. Other exterior features include storage shed, on roof solar and north/south exposure. Area features and activities in and around Old Litchfield Park include Wigwam Resort, golf, neighborhood lake, multiple parks with playgrounds, restaurants, tennis courts, basketball courts, library, community pool and recreation center.Welcome Home!

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5522 N 193rd Avenue Litchfield Park, AZ 85340

$553,954

4 Beds

3 Baths

2,751 SqFt

Status Active

MLS # 6753532

Property Type Single Family Residence

Price Type --

BRAND NEW COMPLETED HOME! SELLER IS OFFERING BELOW MARKET FINANCING! Beautiful open floor plan with 4 bedrooms, 3 baths, Flex Room & 2 car garage on an oversized lot. Ceilings are 10' and all interior Doors are 8'! Beautiful Kitchen with Staggered slate cabinets, Stainless Steel appliances w gas, Wood plank tile throughout the home except for the bedrooms. Beautiful Quartz counter tops in the kitchen, walk in tiled Shower in Master with separate his and her vanities. Guest rooms are large, and one has a walk-in closet. Wonderful flex room for that home office or den.

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2102 W Kuralt Drive Anthem, AZ 85086

$553,900

5 Beds

3 Baths

2,143 SqFt

Status Active Under Contract

MLS # 6740759

Property Type Single Family Residence

Price Type --

Fabulous single story home with separate entrance Casita (for multi-generational living, or spectacular office) in a lovely, quiet neighborhood! You'll love the gorgeous curb appeal with a gated courtyard. Light, bright open floor plan. Inside find 18'' ceramic tile floors, new carpet in bedrooms, plantation shutters and neutral color designer paint. Kitchen is open to family room with huge kitchen island, corian countertops, upgraded maple cabinets, huge pantry, stainless steel appliances. Primary features en-suite bathroom with remodeled custom walk-in shower, walk-in closet, designer window coverings and easy access door to patio. NEW A/C, sunscreens, & new Water Heater! Solar lease only $79.65 per month! WHAT A DEAL! Lease started 9/2012. Exterior boasts extended paver patio, low maintenance synthetic grass, plumbed gas pipe, and lush mature landscaping. Finished garage features extended cabinets for storage, sink, water softener and R/O. Close to Diamond Canyon Elementary, grassy parks, play parks and splash pad! Anthem Parkside Amenities include 16-acre park with catch-release lake, Pickleball, gym, skatepark, baseball, softball, tennis, over 37 pocket parks, hiking/biking trails, soccer fields, bocce ball, and so much more!

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44163 W Palo Abeto Drive Maricopa, AZ 85138

$553,711

4 Beds

3.5 Baths

4,512 SqFt

Status Active

MLS # 6773810

Property Type Single Family Residence

Price Type --

Step into this exceptional home in the Palo Brea subdivision. The beautiful kitchen dazzles with expansive granite countertops, sleek cabinets, a walk-in pantry, and stainless steel appliances. The primary master suite boasts two walk-in closets, a soaking tub, walk-in shower, dual sinks, and a private toilet room. A second guest master includes a full bath, linen closet, and walk-in closet. Upstairs, a flexible fifth bedroom is perfect for a theater or sewing room, accompanied by a game room with billiards and darts. Two additional bedroom share a Jack & Jill bath, each with walk-in closets. Downstairs features a dining room, den, family and living rooms, a half bath, and a well-appointed kitchen, perfect for entertaining.

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34390 N Cherrystone Drive San Tan Valley, AZ 85144

Open House

$553,705

4 Beds

3 Baths

2,489 SqFt

Status Active

MLS # 6749505

Property Type Single Family Residence

Price Type --

Beautiful new build, 4 bedrooms plus flex/den, 3 full bathrooms, European kitchen layout, stainless steel appliances, gas cooktop, 8' Interior doors, Owner's bath Oasis. 12' Multislide at great room.

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4721 N 177th Drive Goodyear, AZ 85395

$553,490

5 Beds

3 Baths

2,530 SqFt

Status Active

MLS # 6779778

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 umber cabinets with white quartz countertops, wood-look tile flooring with 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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10231 E Ulysses Avenue Mesa, AZ 85212

$553,418

3 Beds

2.5 Baths

1,994 SqFt

Status Active

MLS # 6769957

Property Type Single Family Residence

Price Type --

Welcome to this BEAUTIFUL 2024 home in the highly sought-after Medley at Avalon Crossing! Over $82k in UPGRADES! This GORGEOUS home combines modern elegance + thoughtful living spaces! GOURMET kitchen features quartz countertops + Whirlpool stainless appliance suite! The great room is perfect for entertaining, while the upstairs loft offers additional living space. Private primary suite w/ensuite bath! Balcony! Situated in a BEAUTIFUL community, residents can take advantage of wonderful amenities including a heated pool, playgrounds, bocce ball courts, and scenic walking paths lined with trees. Perfectly designed for modern living, this home offers luxury, comfort, and community all in one! WELCOME HOME!

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2389 W Spaulding Avenue Apache Junction, AZ 85120

$553,300

4 Beds

3 Baths

2,273 SqFt

Status Active

MLS # 6761575

Property Type Single Family Residence

Price Type --

3 car garage!! The Courtland floorplan offers a spacious and well-designed single-level living experience, encompassing 2,273 square feet. You are welcomed into an open-concept living area that seamlessly connects the kitchen, dining, and family rooms. The kitchen is a chef's delight, equipped with modern gas appliances, ample counter space, and a large island that serves as the heart of the home, ideal for meal preparation and casual dining. The adjacent dining area provides ample space for family meals and entertaining guests, while the family room is perfect for relaxation and gatherings. This community features resort like amenities including a large pool, splashpad, park & clubhouse with fitness center!

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17149 N Stonebluff Road Maricopa, AZ 85139

$553,000

3 Beds

2 Baths

1,922 SqFt

Status Active

MLS # 6666798

Property Type Manufactured Home

Price Type --

This beautiful new Champion home, on an expansive, gated lot of 4.55 acres, is on a paved road with stunning mountain views and unforgettable Arizona sunsets. This spacious 3-bedroom, 2-bathroom home has more than enough room to entertain and make unforgettable memories. A 30x35-foot enclosed shop with a concrete floor and convenient gravel driveway offers plenty of room for projects or storage. This home is built for Arizona, with upgraded 2''x6'' exterior walls with R-19 insulation, R40 roof insulation, well water, and unheard-of power availability consisting of two 400 amp panels for your home, shop, electric vehicles, or anything else you choose to build. This is a uniquely attractive home with numerous upgrades that you won't want to miss, and no HOA to limit your possibilities

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825 S Henry Lane Gilbert, AZ 85296

$553,000

3 Beds

2.5 Baths

2,529 SqFt

Status Active

MLS # 6758655

Property Type Single Family Residence

Price Type --

Welcome to this stunning 3-bedroom, 2.5-bathroom home nestled in a prime corner lot in Gilbert! This spacious 2-story, 2,467 sq ft property boasts a versatile loft and a den/office, perfect for work-from-home setups or additional living space. The main floor features elegant hardwood flooring, complemented by gorgeous plantation shutters throughout the home. The kitchen is a chef's delight with cherry 42-inch cabinetry, granite countertops, and stainless steel appliances. Enjoy outdoor living with your private courtyard, ideal for relaxing or entertaining. The 3-car garage provides plenty of space for vehicles and storage. The HOA maintains the front yard and offers access to community pools, making maintenance a breeze. With easy freeway access, and close proximity to shopping and shopping and restaurants, this home combines comfort, style, and convenience in one perfect package.

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19702 E Arrowhead Trail Queen Creek, AZ 85142

$553,000

5 Beds

2.5 Baths

3,040 SqFt

Status Active

MLS # 6730181

Property Type Single Family Residence

Price Type --

Check out this home in the heart of Queen Creek. It's just over 3,000 square feet with 5 bedrooms and 2.5 bathrooms. This home offers a large and spacious great room as you enter. The kitchen and living area is an additional space that is large and open giving you all the space you need. The backyard is low maintenance and the turf makes it feel like you have a yard minus the hassle. There is an extended patio in the backyard that can help shade you when temperatures begin to increase. There is one room located downstairs and the remaining four bedrooms and laundry room are located upstairs. The master bathroom has large his and her walk-in closets. The seller is open providing concessions to buy down the rate and allowing you to reduce your monthly payment

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