News Article From: 10-09-2012
Limited supply pushes Arizona home prices up
The latest numbers on home prices and home sales in Arizona suggest that more people are jumping into the market. In the Phoenix metro area, the median price of single-family homes hit $150,000 in August - up 33.7% from a year earlier, according to a report by ASU's W.P. Carey School of Business. Meanwhile, sales of new homes were up 55% and resales that didn't involve investor flips, short sales or foreclosures were up 81% from August 2011. The overall supply of Phoenix homes in August was down 28% from August 2011. The lack of supply results from fewer foreclosures and the small number of homeowners willing to sell caused by many waiting for prices to rise.
Read article - KTAR