Phoenix housing market showing signs of recovery

The housing market in the Phoenix metro area is showing signs of improvement, according to a study released today by the W.P. Carey School of Business at Arizona State University. “Single family home prices overall in the Phoenix area have been moving up since they reached a low point in September,” said Michael Orr, the author of the report and the director of the Center for Real Estate Theory and Practice. According to the data, the median sales price of a single family home is up 6.5 percent in January compared with January 2011. That number is $120,500 as compared with $113,166 a year ago. From an average price standpoint, the increase is 1.7 percent. That number is $163,813 as compared with $161,012 a year ago. The price per square foot has increased 2.9 percent. That number is $82.62 per square foot as compared with $80.27 a year ago. New home sales are up 49 percent in January from January 2011. That number is 496 as compared with 333 a year ago. New sales were concentrated in Gilbert with 130 sales, followed by Phoenix with 50, Chandler with 49 and Goodyear with 43.

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