By Catherine Reagor
The Arizona Republic
Metro Phoenix home prices were flat in September but are expected to climb again in October.
The median price of a house remained at August’s level of $150,000 again in September, according to the latest report from Arizona State University’s W.P. Carey School of Business.
Buyers getting outbid by investors may find it easier to purchase now because the inventory of houses for sale has increased 24 percent in the past three months. Also, the number of investors buying Phoenix-area houses dropped slightly last month.
[VIDEO] Maricopa, Pinal markets /WP Carey/ASU
Real estate expert Michael Orr favors price per square foot over median price when tracking changes in the Maricopa and Pinal County market. That’s because price per square foot reveals incrementally small price changes, allowing us to see movement long before median price is affected.
This was especially important in the latest report, for September 2012, when the median price was flat but price per square foot went up slightly. Orr says the upward movement will continue based on daily sales data he sees.
Other highlights from the September report include an increase of activity on the city’s edge, a slowing of new construction and signs that investors may finally be moving out of the market. Orr, who is the director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business, explains.
Also: More objections to Mtn. Shadows plan/The Arizona Republic
