Phoenix-area home prices surpass 2006 peak to set record; ‘set to rise at pace not seen in years,’ says Jim Belfiore, president of Belfiore Real Estate Consulting

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By Catherine Reagor | Arizona Republic

We’re finally there. Metro Phoenix home prices are back to the record hit in 2006.

Actually, the Valley’s median home price soared past the previous record to reach $268,000 in June, according to the Arizona Regional Multiple Listing Service’s latest research.

The previous record median price was about $265,000, set in June 2006,  Arizona Regional Multiple Listing Service data show.

The housing crash and the Great Recession started in 2007. Phoenix-area home prices hit bottom in September 2011, when the median plummeted to about $120,000.

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“Home prices are set to rise at the fastest pace in 5 years, fueled by absurdly-low supply.  Existing home supply is at 8 or fewer weeks in many areas of the Valley- well-below “balanced” levels, and homebuilders have managed new inventory well over the course of the last 12 months.  This fall and winter may be the first in very long time that prices don’t soften as the holidays approach and demand hits its annual lows.”

~Jim Belfiore, president Belfiore Real Estate Consulting

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