Home prices are “inching up” in the Valley according to a new report from the W. P. Carey School of Business at Arizona State University.
In addition, the number of homes going on the market is starting to rise. According to a press release, the median single-family home price went up from $149,000 in July to $150,000 in August — about 1 percent. Since August 2011, the median price is up by about 34 percent.
Low supplies continue to “limit market activity,” though there was a slight increase in homes for sale from July to August, the report states.
“Overall prices reached a low point in September 2011 and have risen sharply since then,” says the report’s author, Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business. “We’re experiencing a normal summer slowdown.”