1/14/14
By Dennis Lambert
Click HERE for an audio of this KJZZ report.
A new housing report from Arizona State shows the red-hot metro Phoenix housing market has been cooling off.
A new housing report from Arizona State shows the red-hot metro Phoenix housing market has been cooling off.
Mike Orr of the W.P. Carey School
of Business says the median price of a single-family home has increased
23 percent in the last year, to $200,000, but we’re still far from
where prices were.
“If you go all
the way back to June of 2006, we were at a high point there of around
$190-a-square-foot and right now we’re still below $130,” Orr said.
He says despite a lackluster November, metro Phoenix home prices have
increased 40-to-45 percent in the last two years, and that is
discouraging bargain-seeking investors.
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