Phoenix market improving, housing supply shrinking

A new report from Arizona State University says the Phoenix-area housing market is continuing to improve from last year, with a shrinking supply of available homes. The report's author, Mike Orr, says foreclosures and short sales still make up about 20 percent of all sales in the market. Researchers from the W. P. Carey School of Business say that, as of last month, the housing supply has decreased 42 percent from the same month last year in Maricopa and Pinal counties. Their report also says that foreclosures have fallen by 52 percent since February 2011, and the median-price for a single family home in metropolitan Phoenix has increased from $115,000 to $124,500. That's up more than 8 percent from last year. The report's author, Mike Orr, says foreclosures and short sales still make up about 20 percent of all sales in the market.

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