Phoenix-area home prices continue to surge - New York News

Phoenix-area home prices continue to surge

Posted: Updated:

PHOENIX (AP) - Phoenix-area home prices are continuing to surge as buyers bid up homes because there isn't enough supply to meet demand.

A new report from Arizona State University's business school shows the median price for an existing single-family home sold in metropolitan Phoenix climbed to $175,000 in March. That's a nearly 30 percent increase from the $134,900 median price in March 2012.

Mike Orr of ASU's W.P. Carey School of Business says the number of buyers is about average but supply is very low. Orr says people who might normally sell are either locked into their houses because of negative equity or sitting on the sidelines waiting for prices to climb even more.

The median condominium price is up by 43 percent from March 2012, increasing from $81,000 to $116,000.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


  • Local NewsLocal NewsMore>>

  • CEO resigns Conn. company over dog abuse

    CEO resigns Conn. company over dog abuse

    Tuesday, September 2 2014 7:05 PM EDT2014-09-02 23:05:35 GMT
    Sports catering business Centerplate has announced that its chief executive has resigned following widespread criticism over images from an elevator security camera showing he kicked a friend's dog and pulled...
    Sports catering business Centerplate has announced that its chief executive has resigned following widespread criticism over images from an elevator security camera showing he kicked a friend's dog and pulled hard on...
  • Subway bedbug infestations on the rise

    Subway bedbug infestations on the rise

    Tuesday, September 2 2014 6:32 PM EDT2014-09-02 22:32:13 GMT
    It appears the subway bedbug problem we've been reporting is getting worse. Commuters already have to contend with sweltering platforms, scurrying rats and packed train cars, and now there's another transit woe: fear of bedbugs.
    It appears the subway bedbug problem we've been reporting is getting worse. Commuters already have to contend with sweltering platforms, scurrying rats and packed train cars, and now there's another transit woe: fear of bedbugs.
  • Crash in Lincoln Tunnel causes major delays

    Crash in Lincoln Tunnel causes major delays

    Tuesday, September 2 2014 3:06 PM EDT2014-09-02 19:06:51 GMT
    One of the tubes of the Lincoln Tunnel was closed for nearly four hours after a chain-reaction accident involving a New York-bound jitney bus and two other vehicles. Port Authority of New York and New Jersey spokesman Steve Coleman says three people were reported injured in the accident in the center tube at about 8:30 a.m. Tuesday.
    One of the tubes of the Lincoln Tunnel was closed for nearly four hours after a chain-reaction accident involving a New York-bound jitney bus and two other vehicles. Port Authority of New York and New Jersey spokesman Steve Coleman says three people were reported injured in the accident in the center tube at about 8:30 a.m. Tuesday.

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 | New Terms of Service What's new | Ad Choices