Phoenix-area home prices continue to rise, but a short supply of available homes is causing the amount of activity in the market to fall. A new report from the W. P. Carey School of Business at Arizona State University gives an update on the hard-hit housing market of Maricopa and Pinal counties, as of April:
• The median single-family home price is up 25 percent from a year ago.
• The overall supply of homes for sale is down 54 percent from last April.
• The number of single-family homes sold this April was down 11.5 percent from last April, largely due to the lack of supply.
Anxious Phoenix-area homeowners will be relieved to see the median single-family home price in the area went up 25 percent, from $112,000 to $140,000, between April 2011 and April 2012. The average price per square foot went up 16.5 percent in the same timeframe. However, the new W. P. Carey School report indicates we could be seeing even more activity, if more homes were available for sale.
Orr’s full report can be viewed at http://wpcarey.asu.edu/finance/real-estate/upload/Monthly-Report-201205.pdf. More analysis is also available from knowWPCarey, at http://knowwpcarey.com.