Phoenix real estate market sees increase in prices, supplyPosted: Updated:
PHOENIX -- The Valley real estate market continues to show signs of improvement.
A new report from Arizona State University’s W.P. Carey School of Business says the average single-family home price increased from $149,000 in July to $150,000 in August.
The average home price has increased by approximately 34 percent since August of 2011.
“Overall prices reached a low point in September 2011 and have risen sharply since then,” said Mike Orr, director of the Center for Real Estate Theory and Practice at the W.P. Carey School of Business. “We’re experiencing a normal summer slowdown, and I expect prices to continue their advance as we move into cooler months.”
The number of homes for sale across the Valley remains low, but inventory has been on the rise.
Orr said the number of homes for sale has increased in about 80 percent of the Phoenix metropolitan area, and adds that more people will probably put their home on the market as prices continue to climb.
“Supply increased 3 percent from July to August, but the inventory of homes for sale remains well below the average for the last 10 years,” Orr stated.
Investors continue to be a significant factor in the housing market as well. They purchased almost 36 percent of the homes sold in Maricopa County in August.
To read the full report on the Valley’s real estate market visit wpcarey.asu.edu/finance/real-estate/upload/FullReport201209.pdf.