PHOENIX — Researchers at Arizona State University said rising interest
rates don’t appear to be affecting the Phoenix-area housing market, which is
making a comeback.
A report from the university’s W. P. Carey School of Business showed the median
single-family home price in the area rose to $190,000, up roughly 27 percent
from last June when the price hovered around $150,000.
The report also noted the
median price for condominiums and townhomes went up dramatically to $125,000, a
nearly 40 percent increase.
Researchers said the tight supply of homes for sale is partly causing the
increase in prices, and that new home construction isn’t keeping pace with
According to the report, analysts expected 17,000 construction permits
would be issued this year, but the region is only on track to see about 12,500.