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Phoenix-area home prices likely to remain steady

PHOENIX -- Researchers at Arizona State University said the Phoenix-area housing market has rebounded and prices have stabilized.

The report by ASU's W.P. Carey School of Business said demand has been low for the normally strong spring selling season. Investor interest in the state is low because of higher foreclosure rates in other parts of the country. Completed foreclosures in the Phoenix housing market are down 54 percent since last year.

Researchers said the median single-family home price has stabilized at just under $205,000. That's up 13 percent for the same period last year.

Rental homes also continue to be popular alternatives to purchasing as many residents remain ineligible for home loans or are simply uninterested in home ownership.

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