PHOENIX – A new report from Arizona State’s W.P. Carey School of Business revealed that Phoenix-area home prices are on the rise again.
The numbers based off Maricopa and Pinal counties showed the median single-family home rose to $157,000 in October after staying between $149,000 and $150,000 for four months.
The report also noted the short supply of homes for sale has gone up 31 percent over the last three months. According to a release, sales will likely level off for the winter.
New-home sales are also up 85 percent compared to the same time last year.
The increased activity is due to more homes becoming available on the market. The overall supply of homes and condos available rose in the Phoenix-area market over the past three months.
Author of the report, Mike Orr suspects the supply peaked in November and will start declining again in the winter months.
- Arizona kids in crisis: How you can help
- 11 holiday classics for the ultimate movie marathon
- 2016 college football rivalry games you simply can't miss
- New treatment offers hope for migraine sufferers
- 11 stadiums to watch your favorite football team
- Shopping for a TV? Best models for 2016
- The new beer pairing guide for holiday foods
- Avoid this holiday plumbing disaster in your home
- 7 tips to avoid holiday weight gain
- New treatments mean better prostate cancer survival rates
- 5 of the scariest things found in drains
- 6 tips to create the best family movie night
- New bone marrow procedure holds promise for healing pain
- The best places to celebrate Fall in Phoenix
- Infamous athletes who did the most time for their crimes
- Diet, exercise and aspirin: 3 tools to fight colon cancer
- 2016 baseball highlights, bloopers and blunders
- See how CFOs really feel about business in the Valley
- The best television shows on the internet
- The 5 worst things you could do for your roof
- 6 coolest things brewing in Arizona
- The virus that keeps head and neck cancers on the rise
- State Fair ‘Kid Reporter’ has all the angles covered
- 4 important things to know about timeshare maintenance fees
- Signs of delayed car crash injuries
- The truth about sports concussions
- The Alzheimer's epidemic: Facts you need to know
- The season is here, keep your Fantasy Football team strong all season
- 8 TV shows you can't miss this fall
- Football is here: 6 tips to make this your best season ever