By Catherine Reagor | Arizona Republic
Resales in metro Phoenix dropped in January, but home prices still climbed.
The Valley’s median home price hit a new record in the first month of the year and likely climbed by another $5,000 in February. Last month’s housing data is still being tallied.
Too few existing homes for sale in the Phoenix area continues to push up prices as buyers try to outbid each other for houses on the market.
That lack of supply of existing homes for sale is giving the region’s new-home market a boost, with both prices and sales increasing.