Foreclosures in the Phoenix metropolitan area housing market have returned to normal levels while the median price for single-family homes continues to increase.
That's according to a new report from the W.P. Carey School of Business at Arizona State University.
It says foreclosures triggered by the housing crisis on single-family homes and townhome/condos in May were down 53 percent from May 2012.
The median price for a single-family home in the Phoenix metro area rose to $185,000 in May.
That's a 26 percent increase over the median price of $147,000 in May 2012.
The report also says there continues to be a chronic shortage of homes for sale in the Phoenix metro area and it could last for years.