ASU confirms 2012 saw booming Phoenix home prices - New York News

ASU confirms 2012 saw booming Phoenix home prices

PHOENIX (AP) - A new report from Arizona State University's business school confirms that 2012 was a year for a major rebound for the Phoenix area's housing market.

The report shows median home prices jumped by nearly 34% between December 2011 and December 2012. The median price for an existing home went from $122,500 to $164,000 during that time and the supply of homes for sale fell by 6%.

A huge dip in foreclosures also was seen, with ASU's Mike Orr tracking a 51% drop. Orr said Thursday that's a signal that the end of a yearslong housing market crisis is in sight.

The big increase in prices means investors are also cooling to the market and leaving slightly less competition for regular buyers.

Related stories:

Copyright 2013 The Associated Press modified.

  • Local NewsLocal NewsMore>>

  • Trench collapse traps workers

    Trench collapse traps workers

    Thursday, July 31 2014 2:56 PM EDT2014-07-31 18:56:22 GMT
    Two construction workers were rescued from a collapsed trench outside a home in Rye, N.Y. on Thursday.  Firefighters from across Westchester County responded to the scene at 15 Bradford Ave. at about noon.
    Two construction workers were rescued from a collapsed trench outside a home in Rye, N.Y. on Thursday.  Firefighters from across Westchester County responded to the scene at 15 Bradford Ave. at about noon.
  • 5 annoying things about the New York City subway

    5 annoying things about the New York City subway

    Thursday, July 31 2014 2:55 PM EDT2014-07-31 18:55:21 GMT
    Subway problems are annoying, but it’s just a part of living in New York City. Public transportation isn’t glamorous. It’s a pain. It’s a convenience that can cause an inconvenience. Here is a list of five annoying things about the subway system.
    Subway problems are annoying, but it’s just a part of living in New York City. Public transportation isn’t glamorous. It’s a pain. It’s a convenience that can cause an inconvenience. Here is a list of five annoying things about the subway system.
  • Woman plunges to death over cliff in Catskills

    Woman plunges to death over cliff in Catskills

    Thursday, July 31 2014 2:42 PM EDT2014-07-31 18:42:28 GMT
    Authorities say a 23-year-old woman trying to take a picture by the edge of a cliff in the Catskill Mountains died after falling more than 150 feet.
    Authorities say a 23-year-old woman trying to take a picture by the edge of a cliff in the Catskill Mountains died after falling more than 150 feet.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices