ASU confirms 2012 saw booming Phoenix home prices - CBS 5 - KPHO

ASU confirms 2012 saw booming Phoenix home prices

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PHOENIX (AP) -

A new report from Arizona State University's business school confirms that 2012 was a year for a major rebound for the Phoenix area's housing market.

The report shows median home prices jumped by nearly 34 percent between December 2011 and December 2012. The median price for an existing home went from $122,500 to $164,000 during that time and the supply of homes for sale fell by 6 percent.

A huge dip in foreclosures also was seen, with ASU's Mike Orr tracking a 51 percent drop. Orr said Thursday that's a signal that the end of a yearslong housing market crisis is in sight.

The big increase in prices means investors are also cooling to the market and leaving slightly less competition for regular buyers.

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