Login

Register | Forgot Your Password? | Close
Register | Forgot Your Password? | Close

PHOENIX - A new report by the W. P. Carey School of Business at Arizona State University says that the housing market has hit "normal and historical" levels after a troublesome foreclosure crisis.

The report says that median single-family home prices reached $185,000 in May, up 26 percent from last year.

The W. P. Carey school also reports that home and condo sales also went up, with an increase of about 7 percent between April and May of this year and that completed foreclosures on single-family homes and condos decreased 53 percent from last year.

"Foreclosure levels are now far below the peak levels of March 2009, and the number of pending foreclosures is below the level from the first quarter of 2002. We expect these numbers to continue to fall over the next several years due to the very tight underwriting standards in place," said Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business and author of the report.

Not everything is good news, though.

The report also reveals that investors are losing interest in the city of Phoenix, with total home and condo sales down almost 40 percent from July of last year to May of this year.

KTAR Newsroom,

share this story:
Attention KTAR.com Comment Users: We have recently changed our comments boards.
We would like you to be part of the conversation and The Voice of Arizona by logging in with your Facebook, Twitter, Google+ or Disqus account. Existing KTAR (Arizona Sports) account members will need to create a Disqus account or use one of the aforementioned social media logins. Thank you.
comments powered by Disqus

World Class Arizona

  • Dignity Health

    World Class People. World Class Company. Excellent care, delivered with compassion, for all in need.
  • CopperPoint Mutual Insurance Company

    SCF Arizona has a new name. They are now CopperPoint Mutual Insurance Company.
  • Taylor Morrison

    World Class People. World Class Company. We are a national home builder committed to building homes inspired by you.
  • Go Daddy

    World Class People. World Class Company. Go Daddy is a Fortune 100 "Best Companies to Work For."
  • Avnet

    World Class People. World Class Company. Here's information on a Fortune 500 company from Arizona.

Voice For A Better Arizona

  • Working For Arizona

    The business and economics of Arizona at the start of 2014 and looking forward.
  • Arizonans In Need

    Putting a focus on charities and organizations who provide help and/or need your help to fulfill their missions.
close

Share: