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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4533 N 93rd Glen Phoenix, AZ 85037

$550,000

4 Beds

3 Baths

2,590 SqFt

Status Active

MLS # 6778859

Property Type Single Family Residence

Price Type --

Elegant 4 bed 3 bath home- enter a grand tower the hallway accentuated with high ceilings and doors. The Great room has a gorgeous 4 panel sliding door, eat-in dining, entertainment and kitchen. Huge granite island with breakfast bar. Shaker cabinets, stainless steel appliances w/ gas range. Split bedroom layout, the master features a nice sliding barn door, walk in sized ensuite, his/her sinks, and a walk in closet. The back is landscaped with pavers and artificial turf. Gated community-minutes from loop 101, Westgate district and AZ Cardinals Stadium.

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619 W Winchester Drive Chandler, AZ 85286

$550,000

3 Beds

3.5 Baths

2,565 SqFt

Status Active

MLS # 6782619

Property Type Single Family Residence

Price Type --

Look no further! This wonderful home has it all in the new Haven Community of Chandler. Be welcomed by the bright living room w/recessed lighting, wood tile plank floor in all the right places, & a side patio. Fantastic family room filled w/natural light w/ balcony access where you can enjoy your morning coffee. Magazine cover kitchen showcases a plethora of white cabinets w/crown molding, upgraded counters, SS appliances, pantry, & pendant lights over the center island. The den is ideal flex space for an office or a teen room. Owner's retreat enjoys a luxurious ensuite w/dual sinks, & a walk-in closet. Relax in the perfectly sized backyard w/paver patio, and grass turf.

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21019 N Totem Drive Sun City West, AZ 85375

$550,000

3 Beds

3 Baths

2,322 SqFt

Status Active

MLS # 6782057

Property Type Single Family Residence

Price Type --

This is the perfect retirement haven you've been looking for! Situated on a HUGE lot in a cul-de-sac, this beautiful home offers 3 beds, 3 baths, a 2-car garage, & a desert landscape. Home exudes refined style with tons of natural light, recessed lighting, neutral paint, and wood-look TILE flooring t/out. You'll surely love the perfectly flowing living & dining room! The kitchen boasts black SS appliances, tile counters, ample cabinetry, a breakfast bar, & a cozy nook. But the true highlight is the two identical split main bedrooms, each with a walk-in closet, full bathroom, and sliding doors to separate patios. Want MORE? The attached CASITA provides so much possibilities! It includes the 3rd bedroom, a bathroom, and a spacious living/dining/den space - or transform it into a hobby room. Laundry room with storage closets for added convenience. Discover the expansive backyard with fruit trees and an open patio to relax while enjoying BBQ! Located in the 55+ Sun City West, providing a resort-style lifestyle with four recreation centers featuring pools, fitness facilities, and craft studios, plus seven golf courses, including private & public options. Residents also enjoy a variety of clubs, tennis & pickleball courts, and a year-round social calendar of events & performances, all set amid scenic walking & biking trails. What a RARE find! Make this gem yours! New roof 2019, New primary A/C 2022 2nd A/C 2016, New Redwood Gate 2022, New exterior paint 2023, New back patio cover 2023, New pavers 2023, New landscape trees 2022, New Sun screen throughout 2021, New valves & Timer at irrigation 2022, New garage door opener and key pad 2022, New landscape granite 2024, New exterior light fixtures 2022, New Gutters front and Back 2024, New fans and switch 2021, New 5 inch recessed lights 2021, Removed popcorn ceiling 2021, Fresh paint throughout 2024, New porcelain tile and base throughout, Epoxy paint in garage 2021, New storage cabinet in Laundry rm 2023, 3 NEW Kholer toilets 2021, New sinks 2021, New water valves 2021, New Hunter Douglas window coverings 2021, New bathroom vanity 2&3, Fan in garage, Dimmer switches, Tile wains coat at kitchen & bath

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20823 S 185th Way Queen Creek, AZ 85142

$550,000

2 Beds

2 Baths

2,051 SqFt

Status Active

MLS # 6782864

Property Type Single Family Residence

Price Type --

What a gorgeous home with no neighbors behind! The layout was thoughtfully designed with a formal living and dining room, a sizable den, two ample bedrooms, and an open family room adjacent to the kitchen. Durable tile flooring in the main areas, neutral paint, and abundant natural light. Open-concept kitchen showcases a pantry, a center island with a breakfast bar, stainless steel appliances, and maple cabinetry. Discover a bright primary bedroom offering enough space for all your furniture, a walk-in closet, and a bathroom with a jetted tub, step-in shower, and dual sink vanity. Both bedrooms are carpeted for extra comfort! The garage has a window A/C unit, ceiling fans, and multiple outlets. In the backyard, relax under the covered patio, green grass, or sparkling pool. Move-in ready!!

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15818 W Mercer Lane Surprise, AZ 85379

$550,000

4 Beds

2.5 Baths

2,846 SqFt

Status Active

MLS # 6783386

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this beautiful split single level home in Greer Ranch. Four bedrooms plus a den! The home boasts a neutral color paint scheme and fresh interior paint. The kitchen is a cook's dream with all stainless steel appliances, a kitchen island. The primary bedroom features a walk-in closet and an en-suite bathroom with double sinks, as well as a separate tub and shower for ultimate relaxation. The covered patio overlooks a fenced-in backyard with a private in-ground pool, perfect for entertaining or simply enjoying a quiet evening. New carpet installed. This property is a must-see for those seeking a blend of comfort and style.

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518 W Amoroso Drive Gilbert, AZ 85233

$550,000

3 Beds

2 Baths

1,838 SqFt

Status Active

MLS # 6784234

Property Type Single Family Residence

Price Type --

A move-in ready, 3 bedrooms and 2 full bathrooms home in a lake sub-division for sale in the center of Magic town of Gilbert! This home provides everything that you're looking for: open layout with a good size living room looks into the backyard oasis; vaulted ceilings and laminate floorings throughout the house gives you cozy/country feels. Built-in bookshelves and computer niche in the family room right next to the kitchen. Comfortable size owner suite with huge windows to have backyard view, double sinks in the primary bathroom. Did I mention no carpets in the entire house? Newer HVAC/heater and water heater 2020, NEW roof 2022! The turquoise-colored pool, turf, the shed, the built-in BBQ, cover patio are just a few to mention that makes this backyard a perfect one to entertain! Minut away from downtown Gilbert, plenty choices to connect to freeway 60, 101 or 202, convenient location to great schools, shopping, and restaurants! Come see this gem today!

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855 S Henry Lane Gilbert, AZ 85296

$550,000

3 Beds

2.5 Baths

2,467 SqFt

Status Active

MLS # 6784845

Property Type Single Family Residence

Price Type --

Custom kitchen white cabinetry w/door hardware, backsplash, stainless steel appliances, granite countertops, breakfast bar & RO system*Office w/cabinets & drawers with glass w/whiteboard backsplash to take notes as well as a black tiled accent wall*French doors to main suite offering diagonal wood floors, stone tile accent wall, W-I closet w/custom shelves, highly upgraded bathroom featuring basket weave tile pattern backsplash, high end cabinetry, glass sinks under sink lighting, jet tub, tiled glass shower*Flush mounted speakers*Large laundry room w/ample amount of cabinetry*Molding around doors/windows*Iron railing staircase*Elegant lighting throughout*Shutters throughout*Freshly painted interior*Elegant glass front door*Formal dining w/custom tray ceiling* 200 SF climate controlled bonus room w/surround sound(3rd car garage has been converted into bonus room*) Easy access to San Tan Village, the 202 freeway & Mesa Gateway Airport ASU Polytechnic campus, Hospital, Topgolf, shopping, desert sky regional Park, golf*MaryLou Fulton Aquatic Center, free of charge to Cooley Station residents! Enjoy barbecuing, basketball, swimming and a state-of-the-art play park!

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9021 W Wild Turkey Lane Strawberry, AZ 85544

$550,000

3 Beds

1.5 Baths

1,100 SqFt

Status Active Under Contract

MLS # 6724129

Property Type Single Family Residence

Price Type --

Bring your horses! Bring your toys! Bring your RV & camper! Bring your pets! Bring your family & friends! Plenty of room for everything on this .47 acre property. Enjoy as much outside living space as inside space. This 3 bedroom home exudes charm, character and the sense of being in a mountain cabin. Nestle among the tall pines, the 1100 sq ft deck is the perfect place to gather family & friends. The deck includes 220W electrical for the addition of a hot tub. To top it off, there is a fenced area for your furry friends. This cabin has been lovingly maintained and upgraded with the following: Underground utilities with a new electrical panel, newer HVAC with upgraded and insulated ductwork, entire house is insulated underneath, tankless water heater, deck flooring is designed to be fireproof and maintenance free. The carport has ample space for toys, storage or could be converted to a workshop. This cabin is turnkey and waiting for you.

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10881 W Carlota Lane Sun City, AZ 85373

$550,000

4 Beds

3 Baths

2,602 SqFt

Status Active Under Contract

MLS # 6749966

Property Type Single Family Residence

Price Type --

Welcome home to Deer Valley Ranch! Not Age Restricted & No HOA! This spacious 4-bed, 3-bath gem sits on a corner lot with perfect North/South exposure, providing abundant natural light throughout the 2602 square feet. Complete with 2 RV gates & RV parking, RV plug, water hook up, & sewer cleanout. This home is ideal for outdoor enthusiasts. The leased solar system ensures energy efficiency, cozy fireplace in the family room & newer AC units add to your year-round comfort. Notable features include tastefully updated bathrooms, wood-look tile flooring, & an oversized patio off the primary bedroom. The convenient guest suite downstairs adds versatility to your living space. Just 30 minutes from Lake Pleasant, this location is a paradise for water lovers. Original Owners & Pride of Ownership.

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2042 E Flintlock Drive Gilbert, AZ 85298

$550,000

4 Beds

2 Baths

1,952 SqFt

Status Active Under Contract

MLS # 6761102

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home in the highly sought-after Adora Trails community! Step inside to an open-concept modern kitchen featuring upgraded lighting, staggered cabinets, a new sink, gas range, and stainless steel appliances—perfect for those who love to cook and entertain. The large and bright primary bedroom offers peaceful views of the serene backyard, where you'll find a built-in BBQ and lush green landscaping, an ideal space for hosting gatherings. Living in Adora Trails means enjoying an abundance of community amenities, including a pool, community center, basketball court, playgrounds, open fields, a lake, and scenic walking and biking paths. Located within an excellent school district, this home offers both comfort and convenience in a vibrant community.

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1201 E Desert Park Lane Phoenix, AZ 85020

$550,000

3 Beds

2 Baths

1,730 SqFt

Status Active Under Contract

MLS # 6761522

Property Type Single Family Residence

Price Type --

Unique home in a neighborhood in ongoing revival. Possible business opportunity with this double corner lot. Well maintained home boasts a huge yard, tons of character with lot of possibilities for parking, adding on or building a totally new structure. Home has newer vinyl pane windows, stained concrete floors, porcelain tiles and tons of character as it is! Many homes on this street are total new builds, so move in as is, add on, or build a new home on this double lot. No HOA!

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91 E Liberty Lane Gilbert, AZ 85296

$550,000

3 Beds

2.5 Baths

1,916 SqFt

Status Active Under Contract

MLS # 6766955

Property Type Single Family Residence

Price Type --

PAID OFF SOLAR - EXTREMELY LOW UTILITY BILL! Welcome to the beautiful community of Cobblestone. Built in 2018 this 3 bed, 2.5 bath single family house is turnkey and ready for you to call home. Downstairs enjoy a light and bright floor plan with tiled floors and upstairs make use of a spacious loft, perfect for a TV room or play room. Many upgrades throughout like plantation shutters, rain-soft house filtration system, reverse osmosis, custom cabinetry in the laundry room and garage. Enjoy the convenience of a low maintenance backyard and when summer hits, take advantage of the community pool. Centrally located in Gilbert and only 5-10 minutes from Downtown Gilbert, Downtown Chandler, San Tan Mall and the Gilbert Epicenter. 5 minutes from the 202 Freeway.

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