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Phoenix housing market takes downturn

PHOENIX — A report from Arizona State University’s school of business said the Valley housing market is officially in a slump.

The W.P. Carey School of Business study said the median single-family home prices have slowed dramatically from last year, even though prices went up 11 percent in June in Maricopa and Pinal counties.

Prices jumped from $190,000 last June to $211,000, but professor Mike Orr said he doesn’t expect much help for home prices until next year.

“Prices are expected to be a little weaker because buyer enthusiasm is lower during the second half of the year.”

Single-family home sales dropped 11 percent in June from the same month in 2013. Orr said there’s an encouraging sign for builders.

“There was an uptick in new home sales in June and the highest monthly total of new single-family construction permits in more than two years.”

Orr said home prices may fall a bit this year but he doesn’t expect the bubble to burst again as some are predicting.