Phoenix-area home prices up slightly in August - CBS 5 - KPHO

Phoenix-area home prices up slightly in August

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TEMPE, AZ (AP) -

Phoenix-area home prices crept up slightly in the past month and so did the supply of available homes.

A new Arizona State University report shows prices rose by about 1 percent between July and August, making up for a similar drop the previous month. Prices are up by nearly 35 percent from a year ago.

ASU Professor Mike Orr says there were slightly more homes on the market in August but still less than a month's supply. Sales of bank-owned homes decreased because foreclosures are dropping.

The median price for a single-family home in Maricopa and Pinal counties in August was $150,000.

The median home price was $114,000 in July 2011.

Orr he thinks prices are on track to continue rising.

Copyright 2012 Associated Press. All rights reserved.

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