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Median home price in metro Phoenix still on rise

TEMPE, Ariz. — A new report by real estate researchers at Arizona State
University said the median home price in metro Phoenix during November increased
by 35 percent when compared to the same period a year ago.

The report by the university’s W.P. Carey School of Business said the median
price for a single family home stood at $162,500 in November. The price was
$120,000 in November 2011.

Researchers said the rising figures mean that investors are finding fewer
bargains to snap up. They said cash offers are on a downward trend and that more
ordinary buyers are able to successfully compete for homes.

According to the report, the supply of townhomes and condominiums in metro
Phoenix also is rising by almost 43 percent.

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