Phoenix-area home prices stabilized from August to September, but we’re now seeing some other types of movement in the market. A new report from the W. P. Carey School of Business at Arizona State University shows the following numbers for Maricopa and Pinal counties, as of September:
• The median single-family home price stayed at $150,000 from August to September, but prices are expected to start rising again this fall.
• The overall supply of houses for sale in the market is finally going up — already 24 percent over just the past three months.
• Big investors are showing less interest in the market, as the bargains here become tougher to find and some other cities’ housing markets become more attractive.
The full report, including statistics, charts and a breakdown by different areas of the Valley, can be viewed at http://wpcarey.asu.edu/finance/real-estate/upload/FullReport201210.pdf. More analysis is also available from knowWPCarey, the business school’s online resource and newsletter, at http://knowwpcarey.com/index.cfm?cid=13.