Upbeat findings for Arizona housing market

Metro Phoenix home prices are up. Fewer inexpensive homes are for sale, and the number of pending foreclosures is down. The positive housing-market update comes from Arizona State University's newest real-estate report. It's the first monthly housing analysis from Mike Orr, who was recently named director of the Center for Real Estate Theory and Practice for ASU's W.P. Carey School of Business. "Single-family home prices overall in the Phoenix area have been moving up since they reached a low point in September," Orr said in his debut monthly housing report. "Also, looking forward, I expect a declining trend in foreclosures." Orr also publishes a daily online analysis of Phoenix-area housing indicators called the "Cromford Report." The median price of all home sales, including new homes, reached $120,500 in January of this year, Orr reports. That compares with $113,166 a year earlier.

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