Valley home prices up slightly in August
TEMPE, Ariz. -- 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 showed 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.
Arizona State University Professor Michael Orr at W.P. Carey School of Business said 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 thinks prices will continue to rise.