Report: Valley housing prices continue to rise

Phoenix-area housing prices continued an upward trend for 2010 with prices increasing almost 5.5 percent from $136,500 in January to $144,000 in April, according to Wednesday’s Realty Studies report from the W. P. Carey School of Business at Arizona State University. But there are “contradictions in the market,” said report author, associate professor Jay Butler. “Several factors contributed to this increase, including the normal seasonal price hike that happens every spring and also less discounted prices being offered on foreclosed properties for resale,” Butler said. “On the positive side, the recent improvement in home prices does provide evidence of short-term appreciation, and it has also further enhanced the interest of investors in the local housing market.” But, Butler added bargain hunters, short sales and the high number of foreclosures are still driving the market overall.

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