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PHOENIX - A new report from Arizona State's W.P. Carey School of Business revealed that Phoenix-area home prices are on the rise again.

The numbers based off Maricopa and Pinal counties showed the median single-family home rose to $157,000 in October after staying between $149,000 and $150,000 for four months.

The report also noted the short supply of homes for sale has gone up 31 percent over the last three months. According to a release, sales will likely level off for the winter.

New-home sales are also up 85 percent compared to the same time last year.

The increased activity is due to more homes becoming available on the market. The overall supply of homes and condos available rose in the Phoenix-area market over the past three months.

Author of the report, Mike Orr suspects the supply peaked in November and will start declining again in the winter months.

KTAR Newsroom,

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