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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2457 E Amber Court Gilbert, AZ 85296

$2,200,000
5 Beds
5.5 Baths
5,249 SqFt
Status Active
MLS # 6737871
Property Type Single Family Residence
Price Type --
Welcome to your dream home! Nestled on a corner lot within the prestigious gated community of TH Ranch in Gilbert, Arizona, this exquisite 5-bedroom, 5.5-bathroom estate offers unparalleled luxury and comfort. With 5249 sqft of single-story living space, this home appraising for its list price features an open floor plan designed for modern living, with 12' ceilings. The heart of the home boasts a gourmet kitchen with double-stacked cabinetry, stunning quartz countertops, and top-of-the-line Wolf and Sub-Zero stainless-steel appliances, making it a chef's paradise. Choose between two luxurious primary suites, perfect for ultimate privacy or an ideal setup for a home theater, both including expansive his/her walk-in closets. Each of the additional bedrooms features... its own private ensuite bathroom, ensuring comfort and convenience for every member of the family. A thoughtful in-law suite/wing provides a separate living space for guests or extended family, ensuring everyone has their own retreat. Step outside to a beautifully paved courtyard and a stunning salt water pool, perfect for relaxation and entertaining. The home backs to a serene greenbelt, offering beautiful views and added privacy. For car enthusiasts, the property includes an attached 4-car extended garage and a detached 50' temperature-controlled RV garage with 220V power, capable of accommodating up to 4 additional cars. Positioned on a desirable corner lot, this home offers added space and privacy within the community. This magnificent home combines luxury, functionality, and style in one of Gilbert's most sought-after communities. Don't miss your opportunity to own this incredible property!

86 Linda Vista -- Sedona, AZ 86336

$2,200,000
4 Beds
4 Baths
4,634 SqFt
Status Active
MLS # 6767898
Property Type Single Family Residence
Price Type --
This 4,364 sq. ft. home in the gated Foothills S subdivision sits on .47 acres offering Thunder Mountain Red Rock VIEWS and NEW SOLAR & HVAC! The GREAT ROOM features NEWER wood floors, cedar wood ceilings, a stone gas fireplace, and floor-to-ceiling windows flooding the space with natural light. The chef's kitchen boasts NEW quartz countertops, a gas Viking cooktop, Wolfe double ovens, a Sub-Zero refrigerator, and a Wolfe microwave. The main level offers a luxurious master suite with a sitting room, gas fireplace, private deck, and a stunningly remodeled bathroom. Oversized 2-car garage + Tesla charger. Expansive deck with a fireplace for entertaining. The lower level features a home theater, gym, 2 guest bedrooms, and 2 baths plus 2 bonus rooms not added in sqft! SIMPLY STUNNING! Property Highlights: - Panoramic Views of Thunder Mountain and Red Rock from every corner of the home - Recent Remodels include new wood floors, quartz countertops, and top-of-the-line appliances - .47 Acres of private, serene land Close to Sedona's Best Attractions and amenities - Spacious Great Room with new wood floors, cedar wood ceilings, and a stunning stone gas fireplace - Commercial-Grade Open Kitchen with new quartz countertops, a gas Viking cooktop, new Wolfe double ovens, a new Sub-Zero refrigerator, and a new Wolfe microwave - Eat-in Kitchen with a bar counter for informal dining - Primary Suite with a separate sitting room, gas fireplace, and private deck off primary bedroom - Powder Room with quartz countertops - Oversized 2-Car Garage - Massive Outdoor Deck with a fireplace for entertaining and BBQs - Lower Level features 2 additional bedrooms, a flex room, 2 bathrooms, and a theater room - Desirable Gated Community in West Sedona Buyer Appeal - Ideal for Buyers seeking an open, spacious, entertaining home in a desirable location - Panoramic VIEWS and high-end finishes make this property stand out - Gated Community provides added security and privacy

3330 S Sycamore Village Drive Gold Canyon, AZ 85118

$2,200,000
4 Beds
4.5 Baths
4,129 SqFt
Status Active
MLS # 6760787
Property Type Single Family Residence
Price Type --
BEAUTIFUL REMODELED HOME overlooking the 12th hole green of the Prospector Golf Course-although a distance from the cart path for privacy. . Views of the 11th fairway and green are also visible. Four bedrooms/4.5 baths. Primary suite with fireplace includes a second room for an office or work out room and his/her closets. Guest bedrooms all ensuite. A separate guest Casita is the fourth bedroom located just inside the gated front courtyard with its own sitting area. Your guests will never want to leave! Open great room/kitchen/dining room floor plan. All new flooring, paint bathrooms and kitchen. HIDEAWAY SLIDERS OPEN TO A REDESIGNED PATIO. NEW POOL WITH NEARLY A 50' LAP LANE AND AN ADJOINING SPA. Outdoor patio has a large sitting and dining area. Great for entertaining. ROOF DECK FOR SEEING INCREDIBLE SUNSETS AND CITY LIGHT VIEWS! TWO JACK NICKLAUS GOLF COURSES! Not a golfer? Enjoy pickle ball, bocce, tennis, hiking and many other activities. Country Club living at its best! Club amenities under a separate agreement. Buyer and/or buyer's agent to verify all pertinent information, including square footage.

12975 E Buckskin Trail Scottsdale, AZ 85255

$2,200,000
4 Beds
3.5 Baths
3,095 SqFt
Status Active
MLS # 6763855
Property Type Single Family Residence
Price Type --
Imagine: you're waking up with the sun lighting up your unobstructed, protected mountain views. Then, you're hiking Tom's Thumb on a gorgeous AZ December day and coming home to your pre-heated dry sauna. This isn't a dream, it could be your new reality when you live in this spectacular Storyrock home. Yes, there's the seamlessly flowing floorplan, chef-worthy kitchen, purposeful open concept living, & stunning luxury fixtures. Of course there's every upgraded finish throughout - every room featuring a statement design aesthetic. There's the most serene backyard with heated pool & firepit...Those details are important - but you're here because when the sun is setting and you're enjoying dinner al fresco - you're experiencing absolute serenity. We could barely put a price tag on it.

36482 N Boulder View Drive Scottsdale, AZ 85262

$2,200,000
5 Beds
4.5 Baths
4,180 SqFt
Status Active
MLS # 6769105
Property Type Single Family Residence
Price Type --
This beautifully remodeled home features a new roof, new garage doors, and a newly remodeled pool. Fresh exterior paint gives it great curb appeal. Inside, you'll find custom accent beams, a redesigned fireplace and bar, and a 500-bottle, temperature-controlled wine cellar. The kitchen, primary, and guest baths feature new cabinets and granite countertops. The split floor plan and detached casita with kitchenette are perfect for guests. Enjoy sunsets over Black Mountain from the backyard or relax by the fire pit and waterfall pool. Explore the nearby McDowell Sonoran Preserve with over 175 miles of trails.

4455 E Quail Brush Road Cave Creek, AZ 85331

$2,200,000
4 Beds
4.5 Baths
3,652 SqFt
Status Active
MLS # 6766062
Property Type Single Family Residence
Price Type --
Extraordinary home that combines elegance and comfort! Beautiful 4 bedrooms plus den with split design. All secondary bedrooms with ensuite baths! Luxurious primary suite with his & hers vanities, separate soaking tub & large walk-in shower! Top of the line appliances enhance the chef kitchen with large island, pot filler, wine bar & large walk-in pantry. Cook outdoors too! In the fully appointed kitchen with grill, gas stove, ice maker, & dual beverage/condiment refrigerators! Embrace the carefree lifestyle of RV life with the 50 foot RV garage & workshop. Plenty of room for other toys/boats with dual RV gates! (one on each side of home) Telescopic doors from great room to patio unveils the backyard oasis with sparkling pool, putting green, citrus trees & low maintenance landscaping. Dis Discover the meticulous extra details that add to your comfort level such as, Whole house water filtration system, Entertainment system throughout, California closets in every bedroom closet, Solid wood doors throughout, Digital door locks & pool controls & Security camera. You'll appreciate the LOW utility bills with the 68 Panel owned Solar system! Pre-wired for electric infrared ceiling heaters on patio, pre-wired for electric shades on patio, and pre-plumbed for air compressor on patio (for misting system) and in the garage! Paved Circle driveway allows for extra guest parking. Rare opportunity to call this home YOURS!

2782 E Citadel Court Gilbert, AZ 85298

$2,200,000
5 Beds
5.5 Baths
4,447 SqFt
Status Active
MLS # 6765545
Property Type Single Family Residence
Price Type --
Amazing Custom home on Huge 1 Acre Lot. Professionally designed, this modern/mediterranean gem boasts hand-scraped engineered hardwood flooring, modern kitchen with gourmet appliance package, stone and quartzite slab tops and deco tile surrounds, trim wall accents and custom shelving, upgrade modern light package, gorgeous outdoor living spaces including front courtyard and back covered and entertaining patios, full guest casita and en-suite quarters with separate entrances, drive-through garage, amazing play pool with slide and grotto, oversized RV gate and parking area, cathedral ceilings, and natural lighting throughout. Cul-de-sac orientation provides plenty of privacy and grand open space vistas.

333 W Bethany Home Road Phoenix, AZ 85013

$2,200,000
4 Beds
3.5 Baths
5,300 SqFt
Status Active
MLS # 6766329
Property Type Single Family Residence
Price Type --
Prime Location in the Heart of North Central Phoenix, surrounded by Multi-Million Dollar Homes this property is a luxury contemporary/classic living home nestled on a 1/2 acre lot. Completely remodeled featuring four bedroom 4 baths, play room, library room, den/office room and a four car garage. As you enter the home, you are greeted by an open and bright floor plan that leads to an open concept family room with a fireplace, a formal dining room and the gourmet kitchen which boasts custom stainless steel appliances, granite countertops, center-piece large island, and walk-in pantry. Two master suites, the big master suite is located on the second floor and it features a sitting area, custom made built-in TV and fireplace, a balcony, and a walk-in closet and a luxurious ensuite bath. The backyard features a pool with a water fountain, a spa, a large entertaining patio, and a shed. Conveniently located near the Uptown's Plaza eateries and shops featuring AJ's Fine Foods, the Uptown Farmers Market, the Murphy Bridle Path, and the Phoenix Mountain Preserve. Close to freeways I-51, I-17, and the airport.

13815 N Vista Del Oro -- Fort Mcdowell, AZ 85264

$2,200,000
5 Beds
5 Baths
4,533 SqFt
Status Active
MLS # 6770848
Property Type Single Family Residence
Price Type --
Welcome to your exclusive 10-acre estate, a private oasis just 12 minutes to Fountain Hills, 30 minutes to Sky Harbor, Old Town Scottsdale, and 10 min to Saguaro Lake. This Santa Barbara-style home offers stunning mountain views from every angle, set on its own mountaintop with 5 acres above and 5 acres below. A gated entry and security system ensure privacy and peace of mind as you enter this luxurious retreat. The gourmet kitchen is a chef's dream, featuring a 6-burner Wolf range, Sub-Zero refrigerator, two center islands, and a custom pantry with a drawer microwave and full-size wine fridge. The spacious 2,200 sq. ft. patio is professionally enclosed with rattlesnake-proof fencing, creating a safe outdoor living space. Enjoy the heated infinity pool and spa, a sunken seating area with a fireplace and an outdoor kitchen, perfect for entertaining with panoramic mountain views as your backdrop. An additional large, fenced-in side yard is home to mature fruit trees, including Meyer lemon, white grapefruit, mandarin orange, and lime. Inside, the home is partially furnished and features soaring 22-foot ceilings, three electric fireplaces (two in the living room and one in the dining room), and expansive windows. The guest house offers a kitchenette and a large walk-in closet, while the property includes a large storage shed behind the casita. This home has a private well, along with a Kinetico water softener and whole-house filtration system, along with reverse osmosis (RO) in the kitchen. This one-of-a-kind property also boasts a meditation area with a firepit and hammock overlooking Four Peaks, partially fenced horse arena is ready for horses with water access to the lower 5 acres, and a 220V outlet in the garage for electric vehicle charging. With no HOA, this home combines luxury, privacy, and modern conveniences in an unbeatable location.

118 E Palm Lane Phoenix, AZ 85004

$2,200,000
4 Beds
4 Baths
3,915 SqFt
Status Active
MLS # 6775423
Property Type Single Family Residence
Price Type --
Own a piece of Phoenix history with the esteemed RA Cox House, a 1925 adobe by Hollywood architect C. Lewis Kelley. Situated next to the Alvarado historic district, and on the National Register of historic homes, this stunning Spanish Colonial shares her 20,000+ sf irrigated lot with numerous citrus, fig, Crepe Myrtle and palm trees. Complete with beamed ceilings, wood floors and restored windows, the home is timeless and elegant with fabulous entertaining spaces. The light-filled east-facing kitchen is a culinary dream, with Soapstone counters and Carrara marble island. The serene master suite comes complete with a spacious walk-in closet and recently renovated bath. French doors spanning the back of the home lead to the covered porch and oasis-like backyard, featuring a glass-tiled pool , mature landscape and raised-bed gardening area. Additional highlights include a temperature-controlled wine cellar with arched brick storage, high-capacity AC units, 2 car garage with additional storage area and reduced property taxes. This exceptional property offers a unique blend of history, luxury and tranquility.

8701 E Highland Avenue Scottsdale, AZ 85251

$2,200,000
4 Beds
2 Baths
2,289 SqFt
Status Active
MLS # 6787504
Property Type Single Family Residence
Price Type --
ULTRA-LUXURY BUYERS WANT EVERYTHING AT THEIR FINGERTIPS & ARE LOOKING FOR PROPERTIES THAT ARE DISTINCT & USUALLY 'ONE-OF-A-KIND'!! ONLY ONE SAVVY DEVELOPER... ''SCOTTSDALE'S PREMIER LUXURY BRAND'' HAS RESPONDED BY DESIGNING A 'UNICORN' RESIDENCE WHOSE UNIQUENESS BEGINS WITH ITS SPRAWLING 22,798 Sq.Ft. IRRIGATED LOT, DISTINGUISHED BY A 3-CAR GARAGE & AN ''IN-GROUND, GLASS-FLOOR AQUARIUM'' THAT GIVES THE IMPRESSION OF 'WALKING ON WATER' MAKING THIS HOME A 'UNICORN...SOMETHING THAT IS HIGHLY DESIRABLE, BUT DIFFICULT TO FIND, TYPICALLY UNUSUAL, RARE OR UNIQUE!' This is ambitious from an architectural perspective, it's not just a FISH TANK, it's an immersive feature that brings tranquility & nature right into your daily routine, from the laundry right into the center of the home you'll be greeted by the peaceful sight of colorful tropical fish swimming right beneath your feet!! Imagine stepping into a home where the indoors seamlessly flow onto an entertainers dream space, Adjacent to the BRAND NEW HEATED POOL is a 'ONE-OF-A-KIND OUTDOOR KITCHEN' designed to be the centerpiece of your outdoor living space which opens up to the expansive backyard with plenty of room to roam. Whether you're sipping a cocktail while watching the sunset, enjoying the view from your ROOFTOP DECK.... 'SCOTTSDALE'S PREMIER LUXURY BRAND' has created another unique space... this is not just your standard BBQ setup. It's a 'STATE-OF-THE-ART BUILT-IN KITCHEN' with grill, separate smoker, wood paneled bar, 2 TV's, beverage fridge, and when you're not using it, just magically close it up until the next Sunday Funday!' Step inside Into the majestic vaulted open Living/ Dining spaces with exposed wooden beam, a 6 foot WINE GALLERY lines the one wall & focal point brick wood burning fireplace the other. The Signature 'two-tone' Designer Kitchen' is fully integrated with KitchenAid appliances with gas cook has 10 ft kitchen island and is Flanked on both sides by 2 bedrooms and 2 bathrooms. The primary suite has beverage bar and 'spa-like' bathroom en-suite and flows beautifully to the outdoors. Beyond the home, the expansive lot offers endless possibilities.... room for a casita, create your own garden or vegetable farm, DO YOU HAVE TOYS?? Trailers, RV's, Boats with NO HOA, this is your own playground! Car enthusiasts will be awed by the 3 car garage with E-V charging station, designer lighting, & built in cabinetry, and with Inside Laundry with Washer/dryer FINALLY A HOME THAT EXCEEDS ANY & ALL EXPECTATIONS!! FEATURING: RARE 1/2 ACRE Irrigated Lot - Minimal Water Bill, 3 CAR GARAGE That Rarely Exists in South Scottsdale, Floor to Ceiling Custom Designed Cast Iron/Glass Pivot Front Door, Brand New Heated Pool, New Electrical, New Plumbing, All New Landscaping & Ambient Solar Lighting, Thousands of SQ. FT of Pavers, Double Insulated Garage Doors, New Tile & Metal Roof, New HVAC System & Ducts, Engineered Hardwood Floors Throughout, Vaulted Ceilings, Dual Pane Windows & Sliders Throughout, Custom Designed Drapery & Hardware, Handpicked Chandeliers, Lighting & Fans, Signature Pewter & Brass Hardware Throughout, Top-of-the-line KitchenAid Appliance Package, Ample Off-Street Parking.

9915 E San Salvador Drive Scottsdale, AZ 85258

$2,200,000
5 Beds
3.5 Baths
3,700 SqFt
Status Active
MLS # 6786813
Property Type Single Family Residence
Price Type --
Welcome to your dream home in one of the greatest Scottsdale neighborhoods. Completely remodeled from top to bottom this turn key home is a sophisticated and modern retreat that reflects that magical merging of inspiration and design. This home is a masterpiece of craftsmanship featuring a great entertaining dream, large open floor plan, high ceilings, contemporary statement wood fireplace, stainless steel appliances, double ovens, oversized quartz island. Kitchen is a dream come true! Master bedroom is the ultimate retreat complete with a generous size room a sleek ensuite bath with a modern tub, premium finishes and fixtures. Plenty of natural light flows throughout the home's open, airy layout. .Enjoy gatherings in the entertainer's resort style backyard. LARGE LOT BEST DEAL IN TOWN!

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