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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8225 W Frier Drive
Glendale, AZ 85303
$2,499,000
6
Beds
6.5
Baths
5,147
SqFt
Status
Active
MLS #
6774208
Property Type
Single Family Residence
Price Type
--
Discover a rare gem in luxury living. TWO HOMES on ONE ACRE in an exclusive gated community, complete with a brand new heated pool & spa! This exceptional property seamlessly blends space, style & privacy to support multi-generational living at its finest. The main house, built in 2013, boasts 4,047 sf with 4 spacious bedrooms, each featuring an ensuite bathroom for complete privacy & a den/office perfect for working from home. The heart of the home, a grand Great Room, opens up with pocket doors to the expansive backyard, creating a stunning indoor/outdoor flow. The chef's kitchen is a culinary dream with granite countertops, a large walk-in pantry, premium stainless steel appliances, gas cooktop, dual sinks & an oversized island with breakfast bar seating. The home also includes a 4-car epoxy-finished garage, with overhead storage, providing ample space for vehicles and storage. The brand new guest house, completed in 2023, offers 1,100 square feet of private, modern living with two bedrooms and two full bathrooms, complete with its own electrical and air conditioning separate from the main house. It stands as a sanctuary of its own, complete with a separate entrance, contemporary kitchen, elegant bathrooms, laundry room, and its own 2-car garage equipped with an EV charger, ideal for multi-generational families or the ultimate guest retreat. Enhancing this luxury oasis, the newly installed (2023) heated pool and spa is a resort-style escape featuring serene waterfalls, built-in stools, and a cozy fire pit, perfect for year-round entertainment and relaxation. Set on a lush, irrigated lot with mature trees and extensive parking options, this property is designed to impress and accommodate. If you're looking for a residence that combines luxury, privacy, and flexible living spaces, this is it! Not to mention - close to the Westgate entertainment district, great restaurants, and The Arizona Cardinals stadium.
7845 E Dynamite Boulevard
Scottsdale, AZ 85266
$2,499,000
5
Beds
3.5
Baths
3,622
SqFt
Status
Active
MLS #
6786741
Property Type
Single Family Residence
Price Type
--
Step into the epitome of southwest luxury living w/this breath-taking mission-style estate. Nestled on 2.2 acres w/no HOA. This 5 bedroom single level sanctuary offers a seamless blend of elegance, privacy & functionality. The upgraded interior w/wine cellar, gourmet kitchen & newly enclosed den boasts a sophisticated living. The detached casita is perfect for guests or as a private retreat. Experience the ultimate in outdoor living w/an expansive covered patio w/professional misting system, heated pool, fire pit & grassy area along w/low maintenance synthetic turf. Perfect for cozy gatherings or lavish affairs. An extended 3 car garage w/ample space & height for a car lift. There is unmatched privacy w/the gated entrance leading down a circular paved driveway. Wake up to stunning McDowell Mountain views and enjoy Arizona's iconic breathtaking sunsets. Located just minutes from golf courses, hiking, horse facilities and fine dining.
10284 E Filaree Lane
Scottsdale, AZ 85262
$2,495,000
4
Beds
4.5
Baths
4,244
SqFt
Status
Active
MLS #
6686113
Property Type
Single Family Residence
Price Type
--
Golf Membership to the Desert Mountain Club Available.This classic Spanish-inspired Santa Fe residence seamlessly blends traditional charm with modern comforts, boasting soft curves alongside contemporary lines and angles. Its hacienda shape offers a distinctive layout, with gathering spaces on one side, outdoor living in the center and private ensuites and a casita on the other. Located centrally within Desert Mountain, it enjoys convenient proximity to the Sonoran Fitness Clubhouse and quick access to town via the nearby back gate. The homes large picture windows capture sweeping vistas from south to northwest, showcasing vibrant sunsets, majestic mountain ranges and twinkling city lights, as well as up-close views of mature cacti. Step outside, and youll discover a haven of outdoor bliss. A meandering water feature flows gracefully through the Sonoran landscape, leading to a geometric-shaped pool where you can bask in the Arizona sun. The covered breezeway connects living spaces, offering seamless indoor-outdoor living. Whether youre dining Al Fresco, star gazing by the firepit, or taking a dip in the pool, every moment is accompanied by captivating views at every turn. Stepping inside, guests are greeted with a prominent rustic front door, leading the eye through glass French doors to the stunning outdoor space beyond. The open floor plan centers around the kitchen, a hub of activity with a spacious island, Wolf, Sub Zero appliances, and ample Alder wood cabinets. Adjacent, a cozy circular casual dining area with a kiva fireplace offers a picturesque spot to savor meals while soaking in the views. The great room invites relaxation with its panoramic vistas, fireplace warmth, and easy access to outdoor pleasures. For additional entertainment, a media room/den awaits with blackout shades, a mounted TV, and French door access to the outdoors. The primary ensuite is a luxurious retreat, showing off stunning views, a kiva fireplace, and a spa-like bath with double vanities, a soaking tub, walk-in shower and designer closet. Two generously appointed guest ensuites offer comfortable accommodations, each with carpeted floors, designer baths, and walk-in showers. A standalone guest casita provides additional privacy and convenience, complete with a breakfast bar, media entertainment and a luxury bath. Throughout the interior, hand-hewn vigas, latilla poles and wire brushed interior doors complement modern design elements like angular cut corbels, substantial picture and viga framed windows and high ceilings, creating a harmonious blend of authenticity and sophistication. Saltillo tile floors flow seamlessly indoor and out, while carpeted bedrooms offer cozy retreats. Beyond the home, Desert Mountain offers an unparalleled lifestyle, with access to 7 clubhouses, 7 golf courses, multiple dining options, and a 20-mile trail system bordering the Tonto National Forest. It promises years of diverse living experiences amidst the breathtaking beauty of the Sonoran Desert. Welcome home to Desert Mountain.
7801 E Davenport Drive
Scottsdale, AZ 85260
$2,495,000
5
Beds
4.5
Baths
3,246
SqFt
Status
Active
MLS #
6784583
Property Type
Single Family Residence
Price Type
--
Pre-Listing Home Inspection and repairs done!!!! Location, Location, Location! Air Park Corridor! The main house has 3 beds, 3 baths open to an East facing Oasis Back yard, with a 1,276 sq ft covered patio with misters, ceiling fans, outdoor kitchen, Fiberoptic saltwater pool and much more! Home also offers: 2 bed 1 bath casita, 2 full RV hook ups (50 amp and 110 volt) on concrete, this area could also be made into a picket ball court as well! Your clients will LOVE it!!!!
33504 N 87th Street
Scottsdale, AZ 85266
$2,495,000
3
Beds
3.5
Baths
4,345
SqFt
Status
Active
MLS #
6737808
Property Type
Single Family Residence
Price Type
--
Welcome to this beautiful home located in the gated community of Copper Sky. This new Taylor Morrison home is both elegance and comfort wrapped up in one. Situated on a private 1.2 acres this 3 bedroom with den/office boasts a large kitchen with granite countertops, double islands, a prep kitchen with extra fridge, double ovens, R/O system, stainless steel appliances and walk in pantry. The kitchen is open to the family and dining rooms. The family room has a 15 foot slider that opens to the extended back patio with motorized screens, bistro lights, built in bbq, a gas firepit, heated pool and spa, artificial grass, mature citrus, and the most stunning Arizona sunsets! There is a wine room with a wine fridge. The primary bedroom has a separate sitting or workout area 2 primary closets and a large bathroom with an oversized shower and standalone tub. The 2 extra bedrooms are ensuite and separate from the primary bedroom. There is a separate office/den located conveniently near the front door. The amenities go on and on. This home is a must see!
14114 E Milton Court
Scottsdale, AZ 85262
$2,495,000
3
Beds
4.5
Baths
4,358
SqFt
Status
Active
MLS #
6754019
Property Type
Single Family Residence
Price Type
--
Stunning architect designed, Spanish Hacienda style home set on 2.3 acres in the highly desirable community of Granite Mountain Ranch has been transformed by the current owners and is immaculate in every sense of the word. The charming courtyard entry set's the stage there's something special ahead. As you enter the home the gorgeous architectural details impress. Custom wood beams, refinished antique doors and new brown Saltillo tile floors are just the start. Ideal for intimate gatherings yet also perfect for accommodating large groups the home has a great feel to it. Highlights include: Soaring ceilings within the great room, chef's kitchen, dining room, formal living room, incredible primary suite and a wonderful separate guest casita ideal for company and more.
9005 N Crimson Canyon
Fountain Hills, AZ 85268
$2,495,000
5
Beds
4.5
Baths
4,227
SqFt
Status
Active
MLS #
6773765
Property Type
Single Family Residence
Price Type
--
This stunning golf side property in Eagle Mountain offers breathtaking sunset and mountain views, creating a serene oasis. Secured by a private gated entry, this home is spread over 4,227 square feet with 5 bedrooms and 4.5 bathrooms and features a 3-car garage. Inside, vaulted ceilings with exposed beams, stone and wood flooring, and archways add to the elegant design. The pre-wired surround sound fills the home with music, enhancing the ambiance. The spacious great room with a fireplace serves as the heart of the home, while the formal dining room opens to the backyard for seamless entertaining. The gourmet kitchen boasts stainless steel appliances, double ovens, granite countertops, a stone backsplash, and a large pantry. A breakfast nook and island with bar seating complete the space. The primary bedroom is a private retreat with a sitting room, ensuite bathroom featuring dual vanities, a soaking tub, and a large walk-in closet. Additional bedrooms offer comfort for guests, while a den serves as an ideal office or study. Outside, the backyard is an entertainer's dream with a covered patio, built-in BBQ, spa, and sparkling pool with water features. Multiple seating areas, a putting green, and a roof top deck with stunning views and city lights ensure perfect outdoor relaxation. This home beautifully blends luxury and comfort, making it ideal for entertaining or peaceful living.
1805 E Rocky Slope Drive
Phoenix, AZ 85048
$2,495,000
4
Beds
4
Baths
4,628
SqFt
Status
Active
MLS #
6765462
Property Type
Single Family Residence
Price Type
--
Welcome to 1805 E Rocky Slope Dr, a stunning single-family home nestled in the highly desirable and gated community of Tapestry Canyon in Ahwatukee. This spacious 4-bedroom, 4-bathroom home boasts over 4,600 square feet of living space and is located on a quiet, scenic street with some of the best views in all of Phoenix. As you step inside, you'll be greeted by a bright and airy floor plan with soaring 18 foot ceilings, large windows, and modern finishes throughout. The gourmet kitchen features granite countertops, stainless steel appliances, and a center island perfect for entertaining. The adjacent living and dining areas offer plenty of room for family gatherings, while the cozy fireplace adds warmth and charm. The luxurious master suite is a private retreat, complete with a spa- like ensuite bathroom featuring dual sinks, a soaking tub, and a walk-in shower. The additional bedrooms are generously sized with ample closet space and privacy. Your private elevator makes accessing the home a breeze. Outside, enjoy Arizona's beautiful weather in your private backyard oasis. With several patios facing every direction, you will have breathtaking views from sunrise to sunset. The sparkling pool will allow you to cool off after a hike at one of the local trails. The home's proximity to South Mountain Park means you'll have access to hiking trails, parks, and outdoor activities right at your doorstep. A large 3-car garage, 2 living rooms, a butler's pantry and close proximity to top-rated schools, shopping, and dining. This home combines luxury, comfort, and convenience, making it a must-see for anyone looking to live in the heart of Phoenix's vibrant Ahwatukee Foothills community.
9972 E Mission Lane
Scottsdale, AZ 85258
$2,495,000
5
Beds
4.5
Baths
4,400
SqFt
Status
Active
MLS #
6762342
Property Type
Single Family Residence
Price Type
--
WOW! The long wait is over! Nestled on a massive cul-de-sac lot in the coveted Scottsdale Ranch, this 5-bedroom gem is the epitome of luxury living. From the moment you arrive, the residence impresses with a 3-car side garage, RV gate, circular driveway, and striking stone accents. Step inside to a mesmerizing interior that features wood-look floors, vaulted ceilings with exposed beams, pre-wired surround sound, and a formal dining area perfect for hosting gatherings. The spacious great room exudes warmth with a cozy fireplace, while the sleek kitchen shines with stainless steel appliances, wall ovens, custom cabinetry, a walk-in pantry, and an oversized island with a breakfast bar... The main bedroom is a true retreat, complete with a two-way fireplace that connects to the cozy sitting room. The spa-like ensuite offers backyard access, dual sinks, a soaking tub, a large shower, and an expansive walk-in closet. The additional bedrooms are generously sized, and a versatile den is perfect for a media room or extra living space. Outdoors, enjoy the serene private courtyard, or relax in the tastefully divided backyard featuring a covered patio, built-in BBQ, outdoor fireplace, lush lawn, and a sparkling pool. This exquisite residence truly has it all! Come and experience the charm for yourself!
6530 N 29th Street
Phoenix, AZ 85016
$2,495,000
5
Beds
4.5
Baths
4,324
SqFt
Status
Active
MLS #
6746151
Property Type
Single Family Residence
Price Type
--
Meticulously remodeled in Biltmore Hillside Villas! 24-Hr Guard-Gated Community! Enjoy 28-foot ceilings, natural light, light oak hardwood flooring and motorized solar shades throughout. Wolf appliances and quartz countertops. Junior Suite/Office on first level with en-suite bathroom. Spacious Primary Suite on the second floor with dual closets and MOUNTAIN VIEWS from the spa-inspired bathroom and private patio. Three additional bedrooms upstairs. Low maintenance backyard with one of the largest swimming pools in the neighborhood. 3 car garage, downstairs laundry and lots of storage space. Enjoy tennis courts, hiking trails and proximity to golf, dining and shopping!
11601 N 64th Place
Scottsdale, AZ 85254
$2,495,000
4
Beds
3
Baths
2,516
SqFt
Status
Active
MLS #
6763215
Property Type
Single Family Residence
Price Type
--
This is a rare opportunity to acquire a stunning, newly rebuilt estate designed by Modern Masterpieces in a neighborhood of $5M+ homes for under $2.5M. Set on nearly an acre, Serenity features a new floorplan, chef's Thermador kitchen with Italian cabinetry, a breathtaking master suite carved from quartzite slab and wood, premium finishes like 6' onyx look tile and designer fixtures throughout. Recent upgrades include a new two-bdrm addition, addtl HVAC system, new EV-ready 2 car garage, Hunter Douglas blackout shades, and a new high-capacity septic tank. Outdoors, enjoy over $250k of improvements, including the new Zen garden, citrus orchard, and professional grade outdoor kitchen. Walking distance to top schools, this estate offers perfect blend of luxury, privacy and community.
6431 E El Sendero Road
Carefree, AZ 85377
$2,495,000
3
Beds
3.5
Baths
3,844
SqFt
Status
Active Under Contract
MLS #
6684230
Property Type
Single Family Residence
Price Type
--
Welcome to gated Carefree Grandview Estates-a premier address in Carefree. Exceptional custom home, nestled on 2.5 acres on Black Mountain. Sweeping views and City lights. Dramatic paver driveway & motor court, leads to distinctive residence, private guest house & Unique 9 car garage/workshop. All one level residence. Welcoming courtyard and artistic entry doors open to expansive great room with fireplace and stunning wood beam ceilings which repeat throughout home. Large wrap around patio, accessed from many rooms & provides perfect setting for entertaining & relaxing in the tranquil surroundings. Alluring, secluded primary wing with fireplace & patio. Sunny east kitchen & breakfast room open to outdoors. Private office-abundant storage. Truly Remarkable Home-See Remarks for updates. enchanting views of city lights & gorgeous desert terrain. Private, refined, & tranquil, this is the epitome of Carefree living.