Phoenix Homes Priced 20% Above Nation

The Arizona Republic reports that according to the National Association of Realtors, metro Phoenix's median price of an existing home is about 20 percent, or nearly $44,000 higher than the national median price for a previously owned home.

According to the NAR, the median price of a Valley resale home is $259,900, compared with the median price of a existing single-family home in the U.S. at $216,200.

"The simple reality is we can't sustain the pace we've been at," said Jay Butler, director of the Arizona Real Estate Center at ASU. He adds, "historically Phoenix homes have been below the national median, but we've moved ahead. It raises issues of affordability." More...