PHOENIX – A new report by the W. P. Carey School of Business at Arizona State University says that the housing market has hit “normal and historical” levels after a troublesome foreclosure crisis.
The report says that median single-family home prices reached $185,000 in May, up 26 percent from last year.
The W. P. Carey school also reports that home and condo sales also went up, with an increase of about 7 percent between April and May of this year and that completed foreclosures on single-family homes and condos decreased 53 percent from last year.
“Foreclosure levels are now far below the peak levels of March 2009, and the number of pending foreclosures is below the level from the first quarter of 2002. We expect these numbers to continue to fall over the next several years due to the very tight underwriting standards in place,” said Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business and author of the report.
Not everything is good news, though.
The report also reveals that investors are losing interest in the city of Phoenix, with total home and condo sales down almost 40 percent from July of last year to May of this year.
- 6 energy saving hacks for your home
- 5 tips for choosing a company to end your timeshare
- Water tips to save money, help save the Earth
- 5 of the most adored gentlemen in professional sports today
- The real danger of sitting at your desk
- Most surprising NBA playoff performances of the last 40 years
- 11 classic baseball movies you must see again
- Finally getting rid of fat: 3 methods that actually work
- 4 reasons cancer survivors should focus on food
- 5 spring cleaning spots everyone forgets
- 5 reasons to look forward to watching the D-backs this season
- Common virus attributed to spike in head and neck cancers
- 5 signs it’s time to end your timeshare ownership
- 3 most overlooked ways to keep your home healthy
- 6 ways the air in your home could be making you sick
- CrossFit dangers: 5 common injuries and how to deal with them
- Today's radiation treatments offer better success, fewer side effects
- Tips to make watching TV on the patio even better
- What really happens when you donate to a community college?
- Sun and skin cancer: Separating fact from fiction
- 5 critical lifestyle changes for a healthy colon
- What you need to know about Alzheimer's disease in Arizona
- Spring clean your windows like a pro with these 8 tips
- 7 films that should have won best-picture Oscars
- New plumbing technology saves money and improves your home
- Survey shows Arizona CFOs optimistic about 2016
- How chronic pain can affect your love life
- 5 potential warning signs about your child's development