Typical Central Arizona Homes Cost $1/4 Million

The Arizona Republic reports that the median price of a typical Valley home rose to nearly $250,000 last month, according to Arizona Real Estate Center at ASU. The $249,900 median sales price in June is a 43% increase from the median price of $175,000 in June 2004.

The article states that there were 11,545 existing homes sold last month, below the record 11,665 set in June of last year. Year-to-date, 58,035 existing homes changed hands, up from 48,220 at the same time a year earlier. Dr. Jay Butler at ASU is still concerned about affordability for rank-and-file buyers, such as teachers, police officers and firefighters, who are being squeezed out of the market by the rising prices.

The article cites a strong economy, job growth and housing investors as driving the market. More...