ASU: Home values likely to remain flat

New research on the Phoenix housing market from Arizona State University shows home prices are likely to remain stable for an extended period of time. On the positive side, the Arizona State University-Repeat Sales Index (ASU-RSI) showed the first year-over-year increase in home values market-wide in April after three years in negative territory. Continued upward momentum followed in May, but it’s unlikely a strong recovery is taking place. “Based on index values from last year and current conditions in the housing market, it is likely that small increases in house prices will continue for only a few months, followed by an extended period of relatively flat prices,” says Professor Karl Guntermann, the Fred E. Taylor Professor of Real Estate, who authored the new report with Research Associate Adam Nowak.

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