Housing Prices In Valley Up 47% In Year

The Arizona Republic reports that a new study prepared by the National Association of Realtors (NAR) shows that the median price of an existing Valley home has shot up 47% since last summer, which was the highest increase in the nation. The typical U.S. resale home price climbed by only 13.6%.

The median price of a used Valley home climbed to $255,000 last month, according to the Arizona Real Estate Center at ASU. The big increases in Valley home prices may have already started to slow, with Valley home prices showing its smallest month-to-month increase in July. The bidding wars have started to taper off, the supply of homes for sale has climbed and it's taking longer to sell. Housing experts expect metro Phoenix's home prices to climb at least double the national rate in 2005. More...