By Peter Corbett | The Arizona Republic
Scottsdale home prices are hitting their highest level in five years.
The median price of $426,000 for a resale home in February and $445,000 in December have not been seen here since 2008, according to reports from the Arizona State University Center for Real Estate Theory and Practice.
Scottsdale’s median price jumped 20 percent in February from a year earlier and 23 percent in December from the prior year.
“These substantial increases were predicted in our last report and are almost certain to continue in March,” said Mike Orr, the center’s director. “Pricing typically strengthens during the peak buying season from February to June each year.”
That is an encouraging prediction for Scottsdale and the Valley’s recovering housing market.
