By Kristena Hansen | Phoenix Business Journal
Despite a minor, yet expected, decline following the bustling holiday season, metro Phoenix home prices continued on their steady incline during the first month of 2013, surging 35.3 percent year-over-year, according to Arizona State University’s latest housing report released today.
In actual figures, that’s a median single-family home price of $163,000 in January — up from $120,500 a year ago, the report said. The average price per square foot — a key metric used by Realtors — climbed by 28.5 percent to an average $106.20.
Michael Orr, a real estate expert at ASU’s W.P. Carey School of Business and author of the report, said the price gains are sure to stay strong through the spring when home-buying season kicks in.
“Pricing is almost always weaker in January, but February signals the start of peak buying season that lasts until the end of June,” Orr said in the report. “Make no mistake – prices are going to rise significantly during this period. There is nowhere else for them to go until a significant new source of active listings enters this supply-constrained market.”
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If you’d like to discuss real estate matters, contact RLG founder Jordan Rose, jrose@roselawgroup.com
