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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4489 N Ocotillo Road Benson, AZ 85602

$2,250,000
5 Beds
4 Baths
3,600 SqFt
Status Active
MLS # 6746660
Property Type Single Family Residence
Price Type --
With irrigated pastures, barns, multiple homes, and the San Pedro River this property is one of a kind. This ranch has 55 acres of irrigated pasture and a 900 gpm irrigation well. Along with two horse barns, shop, clinic, hay storage, working corrals, tack rooms, feed rooms, and more. The ranch is the perfect place to raise cattle or horses in privacy. The 2400 sf home, 1200 sf ranch mangers home, and barn with office/apartment it provides space for all your crew or guests. Just 22 miles from Benson this location is great for expanding your livestock operation. Three domestic wells, a large irrigation well, and a pond supply water to the acreage. This location has an amazing water table and would make a perfect place to grow any crop or raise feed. A 350 acre private lease also available.

10141 N Mcdowell View Trail Fountain Hills, AZ 85268

$2,250,000
3 Beds
4 Baths
4,479 SqFt
Status Active
MLS # 6771738
Property Type Single Family Residence
Price Type --
A beautiful Fire Rock CC home priced to sell with furniture and finishes included.This well appointed home sets on over an acre and is move in ready.Majestic mountain views and city lights are undeniable through large picture framed windows.Vibrant views of the golf course are also present throughout the home and while enjoying numerous outdoor patios.A designer kitchen with timeless granite countertops with bar and a floor to ceiling Cantera fireplace showcase the great room.The split master suite has it all with mountain and sunset views, privacy, access to the pool/spa and separate study.Pride of ownership shows with many updated systems including the theatre room and backyard pool area with fountains and a rocking Sonos/Pioneer sound system. Live and enjoy the FireRock CC lifestyle!!!

2304 Fox Tail Trail Carefree, AZ 85377

$2,250,000
3 Beds
3.5 Baths
4,202 SqFt
Status Active
MLS # 6780112
Property Type Single Family Residence
Price Type --
Discover a Southwestern Masterpiece by Renowned Architect Terry Kilbane. Once a private sanctuary for the Kilbane family, this stunning hacienda-style residence showcases the architectural brilliance of Terry Kilbane. This is a rare chance to claim one of his iconic creations, where you can savor his distinctive blend of desert charm and contemporary luxury. Renowned for seamlessly integrating architecture with the surrounding desert and mountainous landscapes, Kilbane's designs prioritize site-specific harmony, skillfully utilizing natural topography and stunning vistas while customizing every aspect to align with his clients' preferences and lifestyles. This exceptional 3-bedroom, 3.5-bath home features a built-in office with a walk-in closet (which could serve as a 4th bedroom), highlighted by skylights, exposed wooden beams, and masterful craftsmanship throughout. Set on two generous lots adjoining NAOS (Natural Area Open Space), the property ensures extraordinary privacy and serenity. Recent enhancements include a fresh stucco exterior, new paint, and exquisite brick flooring. Inside, the inviting ambiance of hardwood floors complements the refined touch of custom artisan wood doors and cabinetry, making this residence truly unique. Discover the perfect blend of style and practicality within. Skylights illuminate the space with natural light, while the exposed wooden beams contribute warmth and character. Together with the custom wood features and hardwood flooring, the interior exudes elegance and comfort.

8049 E Via Sierra -- Scottsdale, AZ 85258

$2,250,000
4 Beds
3 Baths
2,539 SqFt
Status Active
MLS # 6781460
Property Type Single Family Residence
Price Type --
Stunning golf course property with picturesque lakes and the McDowell Mountains in the backdrop. This fully renovated home has it all: a spacious gourmet kitchen featuring a high-end appliances, wine bar and coffee station. The home boasts four bedrooms, including a luxurious master suite, and three beautifully designed bathrooms. Elegant hardwood and marble floors flow seamlessly throughout. Enjoy outdoor living with a private pool, or relax and take in the charm of your neighborhood from the comfort of the front patio. Ample parking space can be added in the front. Ideally located for those who love outdoor activities, dining, and coffee shops, this home is perfectly situated. An exceptional home, designed with unparalleled taste.

4007 E Montecito Avenue Phoenix, AZ 85018

$2,250,000
5 Beds
4.5 Baths
3,545 SqFt
Status Active
MLS # 6712091
Property Type Single Family Residence
Price Type --
Wow! Discover the unparalleled beauty & exquisite craftsmanship of this 5-bedroom new construction in Suncrest Gardens! This 2023 Thomas James home offers over 3,000 SqFt of exceptional luxury with an impressive open floor design & high-end details. Heated pool with fountains and light settings all easily controlled through an app. Tall ceilings, recessed lighting, wood flooring, abundant natural light, and multi-sliding glass doors are features found throughout. The living room has a textured accent wall with a mounted fireplace. Elegance & modernity seamlessly mix in this magazine-cover white kitchen showcasing stacked shaker cabinetry, herringbone tile backsplash, lavish quartz counters, a massive island with w/breakfast bar, and state-of-the-art stainless steel appliances. The bright owner's suite is split & comes with a pristine ensuite comprised of two vanity sinks, a freestanding tub, an oversized walk-in shower with bench, and a walk-in closet. Secondary bedrooms on the main floor share a Jack & Jill bathroom. Upstairs, you'll find a sizable loft and a second primary bedroom with walk-in closet & an immaculate bathroom with a dual vanity & separate tub/shower. The stunning backyard boasts a covered patio, a pebble-tec pool, lush greenery, and an outdoor shower with travertine stone. This beauty has an excellent location with Camelback Mtn. Views, within minutes from restaurants & shopping, and close to major roads. Words don't make this modern farmhouse gem justice. You must see it!

4822 E Flower Street Phoenix, AZ 85018

$2,250,000
4 Beds
3.5 Baths
3,033 SqFt
Status Active Under Contract
MLS # 6759791
Property Type Single Family Residence
Price Type --
Stunning ranch style renovation/ new build in one of Arcadia's most coveted neighborhoods! Great room w/ vaulted ceilings, custom beams and 2 sets of sliding doors for indoor/ outdoor living. New Andersen windows, European Oak wood floors & custom millwork t/o. Gourmet kitchen w/ quartz island, custom cabinetry, 48'' dual fuel range, leathered granite counters. Beautiful large butler's pantry w/ powder room. Separate media room/ den. Split floor plan w/ formal office and 3 bedrooms/ 2 baths in separate wing. Primary suite w/ vaulted ceilings and sliding doors to covered patio, marble oversized shower and custom walk-in closet. Backyard w/ covered patio & Belgard pavers, plenty of room for pool, Camelback mtn views. New plumbing, electrical, sewer lines, gas lines & 3 new HVAC units.

9452 E Heritage Trail Drive Scottsdale, AZ 85255

$2,250,000
3 Beds
2.5 Baths
3,252 SqFt
Status Active Under Contract
MLS # 6766268
Property Type Single Family Residence
Price Type --
Exquisitely Remodeled Single Level DC RANCH Home in (Gated) Desert Haciendas. Rare find that does not come on the market often! Luxuriously Upgraded with Custom Designer Finishes. 3bed, 2.5bath, Den/Media, 3-Car, Soaring 20''ft ceiling w/ Wood Beams, White Oak Hardwood floors, Amazing Gourmet Kitchen, Expansive quartz island, w/Custom Cabinetry, WOLF Range, Newer 48'' SUBZERO, New BOSCH DW, Wine bar, Butler's Pantry! Spa Primary Suite , Marble Shower, Rift wood custom cabinets, w/Custom Double M-Closet w/Built-ins and French door to Backyard Paradise. Enjoy the double French Doors that open to the Courtyard w/ Fireplace. Outdoor areas w/ incredible Stone Finishes, Pool & Raised Spa, Fireplace & Pergola...a ton of Architectural details throughout! Check out this Very Special Home!

12785 N 135th Street Scottsdale, AZ 85259

$2,250,000
3 Beds
2.5 Baths
3,431 SqFt
Status Active Under Contract
MLS # 6781211
Property Type Single Family Residence
Price Type --
Welcome to an exquisite luxury estate in the esteemed guard-gated community of Scottsdale Mountain. This privately gated property offers a harmonious blend of soft contemporary design, rustic stone accents, and modern lighting, creating an inviting and elegant ambiance. Perched high on an expansive hillside lot, the estate promises breathtaking panoramic views. Inside, every room is a masterpiece of refinement and detail. The gourmet kitchen is every chef's dream with three SubZero units - fridge, freezer, and wine fridge - alongside a built-in Miele coffee center. The spacious island is the ideal gathering spot for family and friends, while the sleek 5-burner induction cooktop adds to the home's contemporary aesthetic. Retreat to your luxurious owner's suite and indulge in breathtaking sunsets or savor your morning coffee with panoramic views from every window. The owner's bath is truly spa-like, boasting modern floating vanities, a massive walk-in shower, and a soaking tub - perfect for unwinding after a long day. Complete with an oversized walk-in closet, the space offers ample storage space that is highlighted by designer lighting. Designed for both relaxation and entertainment, the backyard features a low-maintenance paradise with silver travertine pavers, lush turf, an outdoor kitchen, a ramada, and LED accent lighting. Watch sunsets light up the mountains to the north and take in incredible 180-degree panoramic cityscapes to the south. This expansive lot is also surrounded by Natural Area Open Space (NAOS) to the east, ensuring no neighboring developments disrupt the tranquility. Discover the ultimate luxury living experience at Scottsdale Mountain, where breathtaking views and an active lifestyle converge. This community embodies the quintessential Arizona lifestyle with easy access to a myriad of outdoor activities. Enjoy pickleball, tennis, basketball, and neighborhood events all within the community's gates. Or venture out for a vibrant array of local attractions, including golf, hiking, mountain biking, and horseback riding. With the Lost Dog and Sunrise Trailheads into the McDowell Sonoran Preserve located just outside the community gates, you're just minutes from exceptional scenery and an active lifestyle. Don't miss out on this opportunity to live in one of Scottsdale's most coveted communities, surrounded by natural beauty, while still being close to all that this vibrant city has to offer. Come see why this is more than just a house - it's an experience you won't want to miss!

7262 E Baker Drive Scottsdale, AZ 85266

$2,250,000
5 Beds
4.5 Baths
5,741 SqFt
Status Active
MLS # 6725493
Property Type Single Family Residence
Price Type --
Major price improvement! Don't miss this stunning Monterey Home situated on the best private 1.6 acre lot in the coveted gated community of Trovia! The incredible open concept floor plan with gorgeous site lines is the perfect mix of form & function. This well-designed, single level home features the primary bedroom and office on one side, and four large bedrooms and a plush game room on the other. Spacious open kitchen features top notch appliances, granite countertops, kitchen island, upgraded cabinetry, Viking six-burner gas stove and a built-in refrigerator. That is just the beginning as this home features a top of the line cinema-like home theater, a full sauna and exercise room and a 4 car oversized garage! The backyard oasis is incredible for entertaining and family gatherings. A large over-sized pool, separate heated spa, built-in Viking BBQ, and huge extended covered patio tops off the outdoor experience. Furnishings and accessories available on separate bill of sale.

9327 W Vereda Solana Drive Peoria, AZ 85383

$2,250,000
7 Beds
6 Baths
7,091 SqFt
Status Active
MLS # 6724854
Property Type Single Family Residence
Price Type --
This stunning Santa Fe-style north Peoria property, nestled on a serene 1.1-acre lot on a private cul-de-sac, boasts breathtaking mountain views & a host of premium features! The large main house features Energy-efficient solar panels, large 3-car garage & RV gate. Discover the large great room & gourmet kitchen, with plantation shutters & pre-wired surround sound throughout the home. The generous owner's suite offers direct access to the backyard & a luxurious bathroom. A den, teen/Bonus room and 3 large bedrooms make this the perfect family retreat. Outside you will find a sparking pool, putting green, batting cage, grill/outdoor kitchen and sprawling yard perfect for hosting and gathering. The large 3bed/2ba casita with separate entrance and private garage is perfect for extended famil The oversized backyard is an entertainer's dream, featuring a refreshing pool, a covered patio, & putting green for golf enthusiasts. A detached guest house provides additional living space, ample bedrooms, & a fully equipped kitchen, making it perfect for visitors or extended family. This residence is more than a home; it's a lifestyle!

8325 W Cantera Avenue Peoria, AZ 85383

$2,250,000
6 Beds
4 Baths
7,272 SqFt
Status Active
MLS # 6745117
Property Type Single Family Residence
Price Type --
Welcome home to this absolutely stunning North Peoria estate! Nestled in the private Cantera Gates community, sitting on an almost 22,000 SF cul-de-sac lot, with a 7000+ SF block home plus additional office/casita, double RV garage, pool and spa. This home is the picture of luxury with a huge chefe's kitchen featuring a wrap around breakfast bar, and large island giving you ample cooking space, professional Wolf gas stove and double ovens, two dish washers, a full size Sub Zero refrigerator, walk-in pantry, beverage cooler, and tons of storage. Enter the primary suite through double doors, to an oversized bedroom, and bathroom offering a huge walk-in shower, soaking tub, double sinks with, dream walk-in closet, and full size stackable washer/dryer. The primary and one other guest room are located on the main floor with three additional bedrooms in the basement. All guest rooms offer walk-in closets and on-suite bathrooms. Basement also includes a large movie/game room with professional home theater system, and full size bar, a golf simulator room, large laundry room, and an extra room that would make a perfect home gym. Smart Home Control 4 system runs throughout, controlling TVs, music, cameras, and much more. RV garage is temperature controlled and includes an office/workshop that could easily be converted to a guest house. Home offers 2 EV charges. Also, two good size storage rooms. Just a few upgrades include new LVT flooring throughout the main level in 2023, permanent Christmas and accent lighting on both the house and RV garage 2021, new roof 2021, new ACs between 2019-2023, two tankless water heaters installed in 2019, remote control window treatments 2020, and so much more.

7056 E Mighty Saguaro Way Scottsdale, AZ 85266

$2,250,000
3 Beds
2.5 Baths
2,600 SqFt
Status Active
MLS # 6760321
Property Type Single Family Residence
Price Type --
Prepare to be amazed by this one-of-a-kind, custom-rebuilt masterpiece! Completely reimagined with the finest luxurious materials and designer finishes, this home is a true gem unlike anything else Terravita has ever seen! From the moment you step onto the meticulously landscaped entry and pass through the stunning iron front door, you'll know you've found something special. This property feels like a brand-new home thanks to an extensive transformative rebuild, which included expanding rooms, removing walls, and adding entirely new spaces. The gourmet kitchen is a chef's dream, boasting a 6-burner Wolf stove, Wolf microwave, Sub-Zero column refrigerator/freezer, dual-zone wine chiller, Cove dishwasher, stunning quartzite island/dining table that comfortably seats up to 10. Custom cabinetry of the highest quality and a chic wet bar add convenience and elegance. The gorgeous primary suite boasts a rockstar worthy custom closet by Elevation Closets, easily convertible back to a bedroom if needed. Guests will be pampered in their own private two-room suite with a separate entrance. The north facing backyard provides ultimate privacy, where you can relax in your Pebble Tec pool. Please see the document section to view the extent of the rebuild and the specific top-tier finishes and features. This is an unparalleled opportunity for discerning buyers who value quality and desire the ease of moving into a show-stopping, like-new home in a world-class resort community with readily available memberships. Live the luxury lifestyle you've been waiting for without the wait!

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