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.