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Phoenix-area home prices continue to surge

PHOENIX -- Phoenix-area home prices are continuing to surge as buyers bid up homes because there isn't enough supply to meet demand.

A new report from Arizona State University's business school shows the median price for an existing single-family home sold in metropolitan Phoenix climbed to $175,000 in March. That's a nearly 30 percent increase from the $134,900 median price in March 2012.

Mike Orr of ASU's W.P. Carey School of Business said the number of buyers is about average but supply is low. Orr said people who might normally sell are either locked into their houses because of negative equity or sitting on the sidelines waiting for prices to climb even more.

The median condominium price is up by 43 percent from March 2012, increasing from $81,000 to $116,000.

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