Arizona leading nation in housing recovery

It's a positive sign for the Arizona economy. The real estate website agent.point2.com says Arizona and Nevada are leading the nation's housing market with 4 percent growth. The site also says Arizona is the second most popular place for international buyers to invest in property -- second to Florida. Arizona residents who are trying to purchase homes are noticing a dramatic increase in competition. "We've been looking for a few months and it's just kind of crazy," said Michelle Stratton. Stratton has been searching for an investment home since February. Months later she's struggling to make a deal. "We've just been shut down every time. We're trying to find properties for a good value because everything's overselling for way over market value," she said. According to a study by the WP Carey School of Business at ASU, the median single-family home price is up 20 percent from $112,000 in 2011 to $134,000 this year. Realtor Aaron Dutcher said homebuyers have been eager to get in the game since November. "It's been kind of a skyrocket ever since. It feels like going back to '04, '05, '06," Dutcher said. To a buyer -- consumer confidence just means more competition. Stratton said she's not making a deal until the time and price is right.

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