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Median home price in metro Phoenix still on rise

TEMPE, Ariz. -- A new report by real estate researchers at Arizona State University said the median home price in metro Phoenix during November increased by 35 percent when compared to the same period a year ago.

The report by the university's W.P. Carey School of Business said the median price for a single family home stood at $162,500 in November. The price was $120,000 in November 2011.

Researchers said the rising figures mean that investors are finding fewer bargains to snap up. They said cash offers are on a downward trend and that more ordinary buyers are able to successfully compete for homes.

According to the report, the supply of townhomes and condominiums in metro Phoenix also is rising by almost 43 percent.

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