Median home price in metro Phoenix still on rise

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by Associated Press

azfamily.com

Posted on January 11, 2013 at 3:35 PM

Updated Tuesday, Jan 15 at 10:43 PM

TEMPE, Ariz. (AP) -- A new report by real estate researchers at Arizona State University says the median home price in metro Phoenix during November increased by 35 percent when compared to the same period a year before.

The report by the university's W.P. Carey School of Business says the median price for a single family home stood at $162,500 in November. The price was $120,000 in November 2011.

The researchers say the rising figures mean that investors are finding fewer bargains to snap up. They say cash offers are on a downward trend and that more ordinary buyers are able to successfully compete for homes.

According to the report, the supply of townhomes and condominiums in metro Phoenix also is rising by almost 43 percent.

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