Report: Phoenix metro home prices stable - CBS 5 - KPHO

Report: Phoenix metro home prices stable

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Phoenix-area home prices remained steady from August to September, according to a new report from the W.P. Carey School of Business.

The median single-family home price remained at $150,000 from August to September.

The ASU report said prices are expected to start rising again this fall.

The supply of houses for sale in the market is rising - up 24 percent in the past three months.

"Prices are firming here as we enter the season when snowbirds return to the Valley," said Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business and author of the report. "Now that cooler weather has returned and the normal summer lull is over, prices are resuming their advance with greater speed, though on weaker sales volumes."

Orr's full report, including statistics, charts and a breakdown by different areas of the Valley, can be viewed by clicking here.

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