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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414 Peace Garden Path Clarkdale, AZ 86324

$2,450,000

5 Beds

5 Baths

3,787 SqFt

Status Active

MLS # 6737569

Property Type Single Family Residence

Price Type --

Welcome to your serene and modern retreat with five well-appointed apartment suites nestled in the heart of Clarkdale and within walking distance of the charming shops and restaurants of Old Town Cottonwood. This exquisite five-acre property offers breathtaking views of the Verde River and the stunning red rocks of Sycamore Canyon, providing a picturesque backdrop for an unparalleled living experience. Step outside onto the expansive portico and immerse yourself in the beauty of nature, while enjoying outdoor living at its finest. Host unforgettable evenings under the starlit sky with friends and family, or take a leisurely walk down the trail to the river.

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2536 E Wood Place Chandler, AZ 85249

$2,450,000

5 Beds

4.5 Baths

5,045 SqFt

Status Active

MLS # 6746925

Property Type Single Family Residence

Price Type --

This newly updated home is a rare find within the prestigious neighborhood of Circle G. Offering 5 bedrooms and 4.5 baths, there is room for everyone to enjoy their privacy and still spend time together in the large game room or office/den. The kitchen has new stainless appliances, quartz countertops and beautiful, modern fixtures. It opens to the family room w/ fireplace and overlooks the backyard. The spacious master suite has his/her closets, walk in shower and double vanities. If you enjoy outdoor living, you will love the covered patio, built in BBQ, large grass area, sparkling pebble tec pool, pergola seating area, above ground spa and a RV gate with concrete slab. Add a large circular driveway, 3 car garage w/ epoxy flooring and built in storage cabinets to make this home a 10+

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12230 N 78th Place Scottsdale, AZ 85260

$2,450,000

4 Beds

4.5 Baths

3,397 SqFt

Status Active Under Contract

MLS # 6756507

Property Type Single Family Residence

Price Type --

Calling all CAR ENTHUSIASTS, this home is a true ''CAR COLLECTOR'S DREAM'' with a detached 2400 square-foot RV garage with 14 foot doors to accommodate a motorhome and additional cars. The garage even has a loft and its own bathroom for added convenience. This luxurious 4-bedroom, 4.5-bathroom ranch-style home in Scottsdale, offering 3,397 sq. ft. of beautifully designed living space. With a freshly painted exterior and a timeless ranch-style architecture, this property offers both elegance and functionality. Step outside to the enormous yard, where you'll find a sparkling pool, perfect for Arizona summers. The backyard offers plenty of space for gatherings and outdoor fun. Located in a desirable Scottsdale community, this home offers the perfect blend of luxury living and convenience. PRE-INSPECTION W/ MOST REPAIRS ALREADY COMPLETED. Don't miss your opportunity to own this one-of-a-kind property!

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363 E Monte Vista Road Phoenix, AZ 85004

$2,450,000

4 Beds

4 Baths

3,410 SqFt

Status Active

MLS # 6765895

Property Type Single Family Residence

Price Type --

One of the most beautiful Historic properties in Phoenix! Built in 1927 in the Los Olivos Community, a Historic Neighborhood adjacent to the Arts District developed by Dwight B Heard, this iconic Storybook Tudor is always showcased when researching historic homes in Phoenix. With its dramatic Tudor architecture and expansive 3/4 acre property, the curb appeal alone takes you back in time! The current owner has meticulously retained all the historical charm and elegance while updating and improving the property. Elegant community rooms with soaring wood beamed ceilings, artfully crafted solid Mahogany doors and paneling, paned windows, Italian cornices and draperies, Steuben and other antique chandeliers. From the foyer is the dramatic staircase with its original Terrazzo floors. Beautiful Chef's kitchen with island, Subzero and Miele appliances. Laundry Room with antique cast iron sink. 3 bedrooms upstairs including the large Primary Bedroom with William Morris draperies. Primary Bath with original and preserved Green Ceramic Tile. Charming Guest Bath with Dormered Ceilings. Detached Coach House (Garage) with Guest House offering a full bath, loft bedroom, and kitchenette. Backyard Oasis with long rectangular pool, flanked by Italian Cypresses and featuring an imported English water feature. Beautiful Gazebo with commercial grade mist system for year round enjoyment. Large AC cooled Chicken Coop and orchard sporting over 15 fruit trees conveys unrivaled rural living in the center of the city. Make this iconic historical home located in the heart of the city yours to showcase!

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15229 E Whisper Draw -- Fountain Hills, AZ 85268

$2,449,999

5 Beds

7 Baths

5,360 SqFt

Status Active

MLS # 6772173

Property Type Single Family Residence

Price Type --

A rare opportunity to live in the guard gated community of Eagle Mountain! Breathtaking views overlooking miles of protected desert and sparkling city lights. This premium half acre lot sits at the end of a cul-de-sac, featuring 5 bedrooms, 7 bathrooms, a wrap around patio with built in BBQ and personal putting green below. The gourmet chefs kitchen features premium appliances and custom alder cabinets. The backyard offers complete peace and privacy. It is perfectly designed for entertaining with pool, spa, waterfall feature and multiple covered dining areas. Located just minutes from Scottsdales best golf, dining and shopping. Adjacent to Firerock Country Club and two miles from top ranked BASIS School and Mayo Clinic. Some improvements include, new roof 2020, new AC 2022, new epoxy, pool heater 2023, pool filter pump, new sliders in living room and basement, expanded putting green to name a few!

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7878 E Gainey Ranch Road Unit 25 Scottsdale, AZ 85258

Open House

$2,445,000

4 Beds

4.5 Baths

4,488 SqFt

Status Active

MLS # 6784641

Property Type Single Family Residence

Price Type --

Experience the Gainey Ranch lifestyle in this 4-bedroom, 4.5-bath home nestled along the picturesque Arroyo Golf Course. From the upgraded paver stone driveway to the custom garage door, every detail exudes elegance. The main floor bedroom/den boasts a carved stone fireplace, a remodeled en-suite bath, and a walk-in closet. Entertain effortlessly in the spacious great room with a wet bar, formal dining, or in the family room with built-in entertainment center. The chef's kitchen has stainless steel appliances and custom cabinetry, complemented by a versatile oversized laundry room/office. Retreat upstairs to the luxurious master suite with a built-in fireplace and upgraded bath, plus two additional en-suite bedrooms. Your private backyard oasis includes pool, spa, and lush landscaping. Enjoy resort-style living with access to sparkling pools, spas, walking trails, & an array of gourmet dining / shopping just steps away. Plus, the world-class Hyatt Regency is right around the corner for the ultimate five-star experience. Don't miss out on this extraordinary opportunity to live in one of Scottsdale's most coveted communities!

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10931 E Whitethorn Drive Scottsdale, AZ 85262

$2,425,000

3 Beds

3.5 Baths

2,825 SqFt

Status Active

MLS # 6655790

Property Type Single Family Residence

Price Type --

Serene is brand new gated enclave of 21 cutting edge single level contemporary homes designed by Swayback Architects & Planners and built by Sonora West Development. Each Serene home brings a new definition to the ''Lock and Leave'' lifestyle with open Great Room floor plans perfect for both entertaining and everyday living. There are four different models to choose from with lavish interior finishes created by renown interior designers Est Est. This Model C has a 2 car garage and available only on lot 9. Price shown includes lot premium and 25K pool and a 25k landscape allowance, Sub-Zero & Wolf Appliances & BBQ. Backing to the North side of Pinnacle Peak Mountain in N Scottsdale, Serene is close to shopping, restaurants and over two dozen private and public golf courses. Don't miss.. your opportunity to take part in the Serene lifestyle.

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10746 E Whitethorn Drive Scottsdale, AZ 85262

$2,425,000

4 Beds

4.5 Baths

4,791 SqFt

Status Active

MLS # 6758164

Property Type Single Family Residence

Price Type --

Experience timeless Mediterranean elegance in this one-of-a-kind Troon North gem. Located in gated Pinnacle Canyon at Troon North, this custom LaBlonde Homes residence features soaring ceilings and a light-filled, open floor plan where no detail has been overlooked. Plus, you will find an oversized 4 car garage complete with electric charging outlets to take advantage of your Tesla Solar system. The gracious master suite offers a perfect retreat with a large closet and workout room, while the oversized secondary bedrooms offer ensure comfort for your loved ones. The chef's kitchen is ideal for gathering and entertaining. Additional highlights include a charming courtyard pool, a private putting green, a spacious 4-car garage, and energy-efficient solar panels for enhanced sustainability.

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11905 N 83rd Place Scottsdale, AZ 85260

$2,420,000

4 Beds

3 Baths

3,097 SqFt

Status Active

MLS # 6698056

Property Type Single Family Residence

Price Type --

Beautiful, highly desired Scottsdale Country Club East Nine. Great Location with McDowell Mountain Views, On Hole #7 of Starfire Golf Course backyard facing East, at the back of the neighborhood. Not enough sq. ft. in the house? Large lot will accommodate building an additional guest house/office/studio/adu. This 3097 sf, 4 bedroom 3 bath home has been remodeled top to bottom - inside and out! High end details and special attention paid throughout. Luxury finishes and thoughtful design. Wonderful Kitchen with great views and lights and huge island. Bathrooms are enviable!! Separate beverage/coffee bar with bev. frig and additional wine/wet bar with wine cooler. Extra touches such as separate doggie shower and charging station/drop zone for your electronics. Fabulous outdoor entertaining area. The list goes on and on. Come visit to appreciate it fully.

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9233 S Krista Drive Goodyear, AZ 85338

$2,400,000

4 Beds

4.5 Baths

4,759 SqFt

Status Active

MLS # 6728156

Property Type Single Family Residence

Price Type --

Imagine, Estrella's finest, Custom Retreat, stargazing in your Cascading Waterfall, Saltwater Pool ~ Spa, Resort Backyard: Outdoor Kitchen, Travertine Covered Patio encompassing Panoramic Views w 2 Rooftop Decks! Breathtaking Courtyard entry adorned with Stone Fountain. Stunning Architecture, Exquisite Lighting & Chef's Kitchen boasts Custom Cabinetry, Thermador Appliances, Pot filler, 6 Burner Gas Cooktop w/ Griddle, Gorgeous Granite & Huge Island. Flooring w/ Inlaid Tile, Crystal Chandeliers, Central Vac, 3 Gas Fireplaces, Surround Sound. Primary En-Suite adorned with Luxurious Spa Bath. Thermador Espresso Machine. Designer Secondary Baths w/ Vessel Sinks, Gold Plated Faucets! Surround Sound. Incredible Custom Home located in the Summit of Estrella Mountain Ranch Consisting of 4 bedrooms, 4.5 baths, large office with fireplace, game room with wet bar. 2 roof top decks along with huge windows throughout the house provide breathtaking mountain views from every angle. Paved private drive with ample parking. Custom ironwork & lighting - gorgeous entry w/courtyard & stone fountain. Beautiful woodwork -Chef's Kitchen w/custom cabinetry & built-in Thermador appliances, pot filler, 6 burner gas cooktop w/ griddle, Level 6 granite, huge island. Remarkable flooring w/ inlaid tile - Luxurious spa master bath with jetted tub / built-in-media controls & Thermador espresso machine. Designer secondary baths w/ vessel sinks - central vac, 3 gas fireplaces, surround sound throughout. Spectacular Saltwater pool w/ spa & waterfall. Spacious covered patios w/ Travertine flooring & pool decking, built-in BBQ All of this within the exciting community of Estrella Mountain Ranch with its 72 acres of lakes, 3,000 sq ft fitness center overlooking the 12,000 sq ft water-park with water slides and heated lap pool. Estrella Mountain residents enjoy over 40 acres of parks that include pathways, pavilions, an amphitheater, basketball, tennis, pickle-ball and volleyball courts. On the lake north lake is the Yacht Club that offers sailboats, paddle boats, canoes, and kayaks. Over 50 miles of hiking and well-designed mountain biking trails. Estrella is also home to a par-72, 18-hole championship golf course designed by award-winning Nicklaus Design.

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5580 E El Sendero Drive Cave Creek, AZ 85331

$2,400,000

4 Beds

4.5 Baths

4,795 SqFt

Status Active

MLS # 6611984

Property Type Single Family Residence

Price Type --

Located perfectly between Cave Creek and Carefree, this new custom construction home will be built to suit the desires of even the most discerning buyer. With 4,795 of combined indoor and outdoor covered living spaces, you'll get the absolute most out of your home's oasis and the spectacular views of Black Mountain. The large sliding glass walls open the generously sized great room to the expansive covered patio that overlooks the pool & spa, built-in grill, and the natural desert landscaping behind. The split living plan offers bedrooms on both ends, with all living, entertainment and dining areas in the heart of the home. 10 and 12 foot ceilings throughout will give a grand and open feeling to this very well thought out plan... and with luxury appliances, lighting accents, and high-end custom cabinetry, you will fall in love as you see your dream home come to life. Buyers will have their choice of finish options and will have a great time working with this highly experienced, quality builder. Enjoy shopping, entertainment, dining and live music any day of the week, because Cave Creek, Scottsdale, Carefree and Desert Ridge are all within minutes. You'll get the best of the Sonoran Desert and the quaint lifestyle of a small town, but with all of the amenities of the big city. Don't miss your opportunity to create your very own oasis in the desert!

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36031 N 24th Avenue Phoenix, AZ 85086

$2,400,000

4 Beds

4 Baths

3,858 SqFt

Status Active

MLS # 6679810

Property Type Single Family Residence

Price Type --

TO BE BUILT - NEW HOME CONSTRUCTION in the gated community of Tramonto Estates. With almost 2 acres in a prime location this can be your very own dream home! This new construction home is going to offer the very best of modern living and refined elegance in a gorgeous desert setting. Your dream home is waiting!

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