ASU confirms 2012 saw booming Phoenix home prices
Web Producer: Mekita Rivas
PHOENIX (AP) - A new report from Arizona State University's business school confirms that 2012 was a year for a major rebound for the Phoenix area's housing market.
The report shows median home prices jumped by nearly 34 percent between December 2011 and December 2012. The median price for an existing home went from $122,500 to $164,000 during that time and the supply of homes for sale fell by 6 percent.
A huge dip in foreclosures also was seen, with ASU's Mike Orr tracking a 51 percent drop. Orr said Thursday that's a signal that the end of a yearslong housing market crisis is in sight.
The big increase in prices means investors are also cooling to the market and leaving slightly less competition for regular buyers.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
This site uses Facebook comments to make it easier for you to contribute. If you see a comment you would like to flag for spam or abuse, click the "x" in the upper right of it. By posting, you agree to our Terms of Use.