May 3, 2024 9:59 pm
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Metro Phoenix median home sales price up 60% from market low

home sales price

By Catherine Reagor | The Arizona Republic

home sales price Metro Phoenix’s median home-sales price climbed to $181,399, an almost 60 percent increase from the real estate crash’s low price in August 2011.

Despite the increase in sales prices, Arizona State University real estate analyst Mike Orr doesn’t project another housing bubble in the Phoenix area anytime soon.

“We predicted prices would rise significantly during the strong annual buying season that lasts until June,” said Orr, director of the Center for Real Estate and Practice at ASU’s W.P. Carey School of Business.

The main reason for higher home sales prices is the chronic shortage of available houses for sale in the Phoenix area, he said. The number of houses listed for sale in the region fell 7.3 percent in April.

Continued:

 

Related: Tucson housing sales hit 7-year high in May

Also: Rail Lines Bring Housing ClashesA4

If you’d like to discuss real estate matters, contact Rose Law Group founder Jordan Rose, jrose@roselawgroup.com

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