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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Cave Creek AZ 85331

$8,500,000

7 Beds

7.5 Baths

3,304 SqFt

Status Active

MLS # 6722968

Property Type Single Family Residence

Price Type --

One of a kind property with potential to create a Retreat on 318 acres in the mountains! A unique opportunity for those with a vision to restore and revitalize. While the Home is currently in need of renovation, it offers immense potential for transformation. Don't miss the chance to unlock the charm of this property. Convenient location near the charming small towns of Cave Creek & Carefree. Once a cherished winter Home with a unique Hacienda design, the Great room, Kitchen, & each of 6 Suites open directly into a central courtyard, providing privacy for all. Embrace the potential to transform into a therapeutic Retreat focused on Healing, Wellness, or Lifestyle. This secluded location offers privacy & a tranquil, inspiring environment. As-Is sale, no repairs made by the Seller.

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10134 E Cavedale Drive Scottsdale, AZ 85262

$8,500,000

5 Beds

5.5 Baths

5,864 SqFt

Status Active

MLS # 6761870

Property Type Single Family Residence

Price Type --

Remarkable views from every room of this architecturally stunning new home, but also total privacy. Electric Walls of Glass surround the Great Room to soak in the views and feel the desert breezes. Main house has 3 ensuite bedrooms + an office & wine room. Home is oriented toward mtn peaks & rock formations. Hickory floors & ceilings; Ebony, Bolivian Rosewood, & Walnut cabinets; and custom Walnut doors thru-out. The casita has 2 separate units (a guest suite and a large ensuite flex-bedroom). Everything is a single level. Electric sun shades thru-out the house and blackout shades in main bedrooms. Spacious 4 car garage. Built with exquisite quality by builder who has won numerous awards including National Home of the Year for a prior home, also in Estancia. Taliesin trained architects.

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9316 E Aw Tillinghast Road Scottsdale, AZ 85262

$8,500,000

3 Beds

3 Baths

5,700 SqFt

Status Active

MLS # 6583092

Property Type Single Family Residence

Price Type --

NOW STAKED & FLAGGED! An incredible 5 acre homesite opportunity to build a 5,700 SF residence with 3 beds, 3 baths & elevated to capture breathtaking views. You may further reimagine this home to perfection; customize it for your lifestyle. This is a very private location with views overlooking golf courses, serene mountain ranges, & stunning Desert Mountain lights that bring enchanting beauty to the environment both day & night. The Ranch & Trails provide hiking & a preserve that borders the 3 million acre Tonto National Forest. Convenient, DUAL access is available through Carefree Ranch, cutting access time in half. For an exclusive 10 acre homesite, see MLS 6583078, the adjacent 5 acre lot to the East. A membership is not included with this offering. Contact Desert Mountain Membership

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4723 E Desert Park Place Paradise Valley, AZ 85253

$8,499,000

5 Beds

5.5 Baths

7,351 SqFt

Status Active

MLS # 6728915

Property Type Single Family Residence

Price Type --

Nestled on just under an acre of meticulously landscaped grounds, this luxurious single-level home completed in late 2023, boasts five suites and five and a half bathrooms. The gourmet chef's kitchen is equipped with Wolf and Sub-Zero appliances, two Cove dishwashers, quartz countertops, and seamlessly integrates to the spacious great room with glass doors that can be pulled back for a seamless indoor outdoor living flow. Throughout the home, European Oak flooring and premier finishes create an atmosphere of elegance. The primary suite is a true retreat within the home, located in its own private wing. The primary bathroom offers separate his and hers areas with two vanities, two walk-in closets, and two private toilet rooms, one with a bidet, ensuring utmost comfort and privacy... On the other end of this private wing is an expansive office, keeping work and rest in perfect proximity. Step outside to discover a breathtaking backyard oasis complete with a pool, spa, BBQ area, fire pit, fireplace, mini-golf course, and thoughtful amenities like built-in misters and heatersall framed by stunning mountain views. Nestled in an exclusive neighborhood with top-rated schools and convenient access to upscale dining and shopping, this residence offers an unparalleled blend of luxury, comfort, and tranquility.

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28110 N 96th Place Scottsdale, AZ 85262

$8,400,000

4 Beds

5.5 Baths

7,147 SqFt

Status Active

MLS # 6710822

Property Type Single Family Residence

Price Type --

Award-winning architect C.P. Drewett designed this elegantly crafted modern home in north Scottsdale's Estancia Golf Community. With a nod toward Mid-Century Modernism—characterized by its boxy architecture, straight lines and minimalist nature—the home's design takes full advantage of its unique setting. Pocketing doors slide open to allow full immersion with the outdoors, creating a pavilion-like ambience where the indoor/outdoor spaces meld into one another. A stunning palette of materials includes hemlock, bronze, and textured limestone inside and out. Organic in nature and stunning in its simplicity, this light-filled work of modern architecture is a perfect example of how a well-executed design can so effortlessly respond to the true essence of its site. The modern kitchen is designed to inspire any chef with its Wolf convection steam oven, speed oven, induction cooktop, gas cooktop, coffee system and a hidden pantry with appliance garage, wall oven and ice machine. Other features include a split primary suite, two guest suites, an office in the main house, and a detached guest casita with a bedroom suite and sitting area. A 1,322-square-foot luxury car lounge provides the perfect setting to showcase your auto collection while entertaining. Estancia is a luxury residential community centered around golf and located at the base of Pinnacle Peak in north Scottsdale, Arizona. The community offers a private, members-only golf club with an 18-hole championship course designed by Tom Fazio. The clubhouse amenities include dining, a fitness center, tennis, pickleball and basketball courts, and a swimming pool. Residents enjoy views of Scottsdale's landmark Pinnacle Peak and a serene desert setting just minutes from world-class dining, shopping and entertainment.

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22803 N Via Ventosa Drive Scottsdale, AZ 85255

$8,375,000

5 Beds

7 Baths

6,800 SqFt

Status Active

MLS # 6681467

Property Type Single Family Residence

Price Type --

CP Drewett of Drewett Works Architecture inside Canyon Heights. North Scottsdale's most prestigious gated, hillside, view community; sides to Silverleaf without Silverleaf architectural guidelines and density. This is the last available hillside lot within the enclave. With nearly 10 acres of panoramic sunset and city light views, this elevated lot offers a rare opportunity to build your dream home. The entrance to the parcel is flat, providing acreage for endless options. A gradual slope ensues, rendering incredible Westward facing views. Sweeping views of Lost Canyon to the South. An elevated view lot of this caliber is a rare find and deserves a first in class Builder behind it; we welcome you to set up a walkthrough with Jeff at True North Builders or CP at Drewett Works.

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9989 E Aleka Way Unit 337 Scottsdale, AZ 85262

New

$8,277,000

5 Beds

5.5 Baths

6,983 SqFt

Status Active

MLS # 6780858

Property Type Single Family Residence

Price Type --

Recently Completed, this spectacular Lineage built spec home overlooks the 16th green of the prestigious Mirabel golf course and offers beautiful views of Pinnacle Peak & McDowell Mountains. This stunning home features the Lineage open floorplan showcasing retractable walls and windows of glass opening to expansive patios and courtyards that allow for indoor/outdoor Arizona living at its finest. Enjoy entertaining guests in the games room featuring a unique Cantina Wet Bar that opens to the resort style backyard boasting a 2-way fireplace, oversized heated pool & spa, & built-in BBQ. The generously equipped kitchen has top-of-the-line Sub-Zero/Wolf appliances, oversized island, 2 dishwashers, built-in coffee bar & a large walk-in pantry w/custom shelving & additional refrigerator. An elegant glass wine room highlights the formal dining room. The primary bedroom features a fireplace, bar area w/mini refrigerator, luxurious bath w/ separate tub, shower, 2 water closets & a huge customized walk-in closet w/ washer/dryer. There are 3 additional bedroom suites (one easily converted to an office), & a private casita w/ living room, kitchenette, bedroom & bathroom. The spacious laundry has ample storage cabinets & a dog shower. The oversized garages offer 4 car bays, lifts can easily be added to accommodate up to 7 vehicles.

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29211 N 53rd Street Cave Creek, AZ 85331

$8,250,000

6 Beds

5 Baths

8,700 SqFt

Status Active

MLS # 6609693

Property Type Single Family Residence

Price Type --

INCOME PRODUCING PROPERTY! Equestrian Estate has 25+ acres, city water, paved roads, & one of the most desirable locations for horse Training, Boarding or Breeding Facility in the Valley. This Equestrian Estate offers three well-appointed homes, perfect for multi-generational living or rental income potential. The main home, a luxurious retreat, features a sparkling pool, outdoor living space, creating an oasis of relaxation & entertainment. The property also boasts 4 spacious barns, mare motel, 2 covered arenas, outdoor arena & bridle path. Additional equestrian amenities include a round pen, multiple turnouts, hay barn, tractor storage, mister system, multiple tack rooms, ensuring top-notch facilities for your horses. There are 2 manufactured homes, the possibilities are endless.

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33094 N Northstar Circle Scottsdale, AZ 85266

$8,000,000

5 Beds

6.5 Baths

7,460 SqFt

Status Active

MLS # 6773912

Property Type Single Family Residence

Price Type --

Presenting a stunning new build in Whisper Rock Estates with approved plans , this high-quality contemporary residence boasts 7,460 sqft of luxurious single-story living. A thoughtfully designed floor plan includes 4 bedrooms, a dedicated exercise room, & a versatile flex room, centered around an expansive kitchen & great room. The attached casita adds an extra layer of comfort & privacy. Floor-to-ceiling windows frame breathtaking views of the resort-style backyard, complete with a pool, spa, & water features. The surrounding natural beauty of the Sonoran Desert, Winfield Mountain, & distant Chiricahua Mountain vistas create a serene backdrop. Perfect for entertaining, the home features a wet bar with retractable glass walls, a spacious covered patio with a fireplace, & an outdoor more kitchen with a built-in BBQ, blending indoor and outdoor living effortlessly.The primary suite is a private retreat, featuring a tranquil, spa-like bathroom with custom Copenhagen cabinetry, limestone countertops, a marble shower, dual water closets, and a freestanding soaking tub. Guests can enjoy their own 903 sq ft 1-bedroom guest house, complete with a kitchen and living room, offering ultimate privacy and comfort. Premium finishes are showcased throughout, including a Wolf and SubZero appliance package. The 5-car garage and ample parking provide the perfect space for a luxury car collection. This home exemplifies contemporary elegance, surrounded by the beauty of the desert landscape. This property is ready to break ground with builder.

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20908 W Durango Street Buckeye, AZ 85326

$8,000,000

8 Beds

8 Baths

5,512 SqFt

Status Active

MLS # 6688287

Property Type Single Family Residence

Price Type --

One of a kind commercial vet clinic/breeding facility including two residential homes and 30 acres of prime land in one of the fastest growing cities in the country. The subject property presents an exceptional opportunity for multiple uses. Its location creates an optimal environment for multi family, commercial and many other uses just minutes from ''The Landing'' near I-10 and Verrado Way. This area is primed to be the West Valley's newest entertainment, employment and residential hub of Buckeye. Don't miss this golden opportunity to become one of Buckeye's prime destination spots. Two beautiful 4 bedroom 3 bath slump block identical homes, huge barn with apartment, detached garage, multiple pastures, flood irrigation and 60 covered stalls with turnouts. Opportunity of a life time!!!

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7646 E Hidden Canyon Street Mesa, AZ 85207

$7,999,950

5 Beds

7 Baths

9,000 SqFt

Status Active

MLS # 6760394

Property Type Single Family Residence

Price Type --

Exceptional Modernterranean Estate at framing stage by Micela Builders. Like no other, the pad offers unparalleled privacy within the exclusive gated community of Hidden Canyon at Las Sendas. Backing onto the Tonto Forest, this single-level home features walls of glass for seamless indoor-outdoor living experience and boasts exquisite marble accents, a two-way fireplace, and en suite bedrooms. The resort-style backyard offers a negative-edge pool, spa, and rooftop deck with stunning mountain views. Its 1,600 sf air-conditioned garage accommodates 6-8 car parking. The home embodies meticulous craftsmanship and architectural brilliance.

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6619 E Stallion Road Paradise Valley, AZ 85253

$7,995,000

4 Beds

8.5 Baths

8,000 SqFt

Status Active

MLS # 6656548

Property Type Single Family Residence

Price Type --

Amazing luxury estate blended in at the base of Mummy Mountain and a rare find in the heart of Paradise Valley. Imported materials include reclaimed cobblestone from Rome, Italian marble, handcrafted furniture style cabinetry and masterful craftsmanship throughout home. Expansive covered patio, barbecue kitchen area, synthetic grass, pool, spa and fireplace. Mature landscaping accents the Santa Barbara-Tuscan Architecture. Split floor plan with 4 en-suites, office including a fireplace. Master suite has separate water closets; one with a bidet. A soaking/jetted tub in the center of the bathroom and large pass-through shower with dual rainforest shower heads. Stunning home is a must see.Bring us an offer. Thank you.

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