Survey: Ariz. home prices up 17 percent in past year - Ahwatukee Foothills News: Real Estate

Survey: Ariz. home prices up 17 percent in past year

U.S. home prices up 10.5 percent; Ariz. sees 3rd highest gains

Print
Font Size:
Default font size
Larger font size

Posted: Thursday, May 9, 2013 4:25 pm | Updated: 4:35 pm, Thu May 9, 2013.

A survey shows U.S. home prices rose 10.5 percent in March compared with a year ago, the biggest gain since March 2006.

Core Logic, a real estate data provider, said Tuesday that annual home prices have now increased for 13 straight months. Prices are rising in part because more buyers are bidding on a limited supply of homes for sale.

Prices increased in 46 states over the past year — 11 of them posting double-digit gains.

And when excluding distressed sales, which include foreclosures and short sales, prices rose in every state. A short sale is when a home sells for less than what is owed on the mortgage.

Nevada led all states with a 22.2 percent annual gain. It was followed by California (17.2 percent), Arizona (16.8 percent), Idaho (14.5 percent) and Oregon (14.3 percent).

Home prices also rose 1.9 percent in March from February, signaling a solid start to the spring buying season. And 88 of the 100 largest cities reported price gains compared with a year earlier, down slightly from 92 in February.

Prices in Phoenix rose 18.8 percent in March from a year earlier, the largest gain of any city. Los Angeles, Riverside, Calif., Atlanta and Houston posted the next largest gains.

Steady job creation and record-low mortgage rates have boosted home sales and construction in the past year. More demand, along with a limited supply of homes for sale, has pushed prices higher.

The number of homes for sale fell nearly 17 percent in March compared with a year ago. That supply would be exhausted in about 4.7 months at the current sales pace. That’s below the 6 months of supply that is typical in a healthy market.

Rising home prices can help sustain the housing rebound and lift the economy. More potential homebuyers may seek to purchase a house before prices rise further. And homeowners are more likely to put their houses on the market once they expect a good price.

Higher home values also boost Americans’ overall net worth. That can encourage consumers to spend more, driving more economic growth. Consumer spending accounts for roughly 70 percent of economic activity.

© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

More about

More about

More about

  • Discuss

Jordan Burroughs at ASU

Olympic Gold Medalist Jordan Burroughs finishes up a days work out after a U.S. World Team tra...

School highlight: Summit School of Ahwatukee

Submitted
Lyndsey Klein reads to children from Homeward Bound.

Throughout the years, Summit School of Ahwatukee has been assisting children with entering school with its preschool program.

Ages for the preschool program are from 30 months to 5 years old; all students must be potty trained prior to entering school.

There are four classes within the preschool, with a maximum of 18 students per classroom.

“We are a quality school, with quality coming first,” said Andrea Benkel, director of early childhood education. “Instead of a more traditional model, where there is a classroom with students and a teacher and an aide, each one of our rooms has two teachers. That allows us to high-functioning and high-quality.”

Summit School’s preschool program has been voted the top preschool in Best of Ahwatukee for six consecutive years.

According to Summit School’s website, children are given the opportunity to participate in large and small group settings.

The private-school curriculum focuses toward growth in areas such as social/emotional, physical, language, cognitive, literacy, math, science, technology, social studies and language comprehension.

Benkel said teachers add to the success at Summit School, with each of them being passionate about furthering their students’ education.

Teachers and administrators are gearing up for the first day of school, which begins Wednesday, Aug. 6.

For additional information about Summit School, visit www.summitschoolaz.org.

• Contact writer: (480) 898-4903 or dochoa@ahwatukee.com.

Related Stories

Facebook

ahwatukee.com on Facebook

Twitter

ahwatukee.com on Twitter

RSS

Subscribe to ahwatukee.com via RSS

RSS Feeds

Spacer4px

Print Edition Online

Online poll

Loading…