Report: Home prices rising, foreclosures falling - East Valley Tribune: Business

Report: Home prices rising, foreclosures falling

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Posted: Thursday, February 23, 2012 6:14 pm

A new report from the W.P. Carey School of Business at Arizona State University finds that home prices are rising and foreclosures are declining in the Phoenix-area housing market.

Mike Orr, director of the Center for Real Estate Theory and Practice, said in a news release that the median price for all sales, including new-home sales, was $120,500 in January – an increase of about 6.5 percent from a year earlier.

In January, there were about 2,450 single-family home foreclosures in Maricopa and Pinal counties – a decrease of 49 percent from a year earlier.

According to the release, the market saw about 8,000 new- and existing-home sales in January – up from fewer than 7,500 last year. The peak buying season normally starts in February, so more sales are expected.

Read the full report at http://evtnow.com/2e2.

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