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Updated Aug 5, 2014 - 7:22 am

Phoenix housing market takes downturn

PHOENIX -- A report from Arizona State University's school of business said the Valley housing market is officially in a slump.

The W.P. Carey School of Business study said the median single-family home prices have slowed dramatically from last year, even though prices went up 11 percent in June in Maricopa and Pinal counties.

Prices jumped from $190,000 last June to $211,000, but professor Mike Orr said he doesn't expect much help for home prices until next year.

"Prices are expected to be a little weaker because buyer enthusiasm is lower during the second half of the year."

Single-family home sales dropped 11 percent in June from the same month in 2013. Orr said there's an encouraging sign for builders.

"There was an uptick in new home sales in June and the highest monthly total of new single-family construction permits in more than two years."

Orr said home prices may fall a bit this year but he doesn't expect the bubble to burst again as some are predicting.

About the Author

Position: Senior News Reporter. Started with KTAR July 4, 1999.

Favorite spots in Arizona: Pinetop-Lakeside, Alpine, Greer.

Have covered some of the biggest stories in Arizona including nine of the top 10 largest wildfires in state history. The Wallow Fire in 2011 became the largest fire in state history. Rodeo-Chediski Fire in June 2002, which is the second largest fire in Arizona. Covered the Yarnell Hill Tragedy in June 2013 that left 19 Granite Mountain Hotshots dead.

Favorite movies: True Grit, both 1969 John Wayne classic and the remake with Jeff Bridges and Lonesome Dove.

Sports Teams: Washington State University Cougars, Texas Longhorns, The University of Montana Grizzlies.


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