The median single-family home price in Maricopa and Pinal counties shot up more than 4 percent in just one month, from January to February, a new report said.
And it went up 36.5 percent, $124,500 to $170,000, from February 2013 to February 2013, the W. P. Carey School of Business at Arizona State University said on Thursday.
The market is still dealing with a chronic shortage of homes available for sale, the report noted. The number of active single-family-home listings, without an existing contract, in the greater Phoenix area fell about 5 percent just from February 1 to March 1. Also, 79 percent of the available supply is priced above $150,000, creating a real problem in the lower range, the report said.
"First-time home buyers face tough competition from investors and other bidders for the relatively small number of properties available in their target price range," said the report's author, Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business.
New-home sales have almost doubled their market share from 6 percent to 11 percent over the last 12 months. Still, Orr said new-home sales have a long way to go to recover their normal percentage of the market.
The percentage of homes bought by investors from 2011 to mid-2012 was way up, but it declined in Maricopa County from 37 percent last February to 29.7 percent this February. Many investors are looking at other areas of the nation where prices haven't recovered as much and more bargains are available. Orr labels it a "significant down trend" here.
Completed foreclosures on single-family homes and town home/condos fell 25 percent from January to February alone. They were down 52 percent from last February. Foreclosure starts were down 61 percent from last February.
Copyright 2013 CBS 5 (KPHO Broadcasting Corporation). All rights reserved.
Wednesday, April 16 2014 10:54 AM EDT2014-04-16 14:54:13 GMT
An ailing Miley Cyrus has canceled her concert Tuesday night at Sprint Center.The notice came a matter of hours before she was scheduled to go on stage.A concert promoter tells KCTV5 that Cyrus is in theMore >>
An ailing Miley Cyrus remains in a Kansas City hospital and says she must cancel her St. Louis concert slated for Wednesday night. This comes after she unexpectedly canceled her Tuesday night concert in Kansas City. More >>
Tuesday, April 15 2014 6:32 PM EDT2014-04-15 22:32:39 GMT
LOUISVILLE, KY (WAVE) - A Male High School student took her life shortly after posting a video online. The video remained online for a lot of the day Tuesday, even though the school system, law enforcementMore >>
A Male High School student took her life shortly after posting a video online. Unfortunately, teenage suicides are more common than you might think. Seven Counties Services, a behavioral health agency, said there were three times more suicides than homicides in Louisville in 2012 and Kentucky ranks number two in teenage suicide.More >>
Monday, April 14 2014 9:37 PM EDT2014-04-15 01:37:12 GMT
Sanitation workers in Dickson County made a shocking discovery Friday when they found an injured puppy in a landfill. Officials believe the dog was intentionally thrown away. "Anybody would've done theMore >>
Sanitation workers in Dickson County made a shocking discovery Friday when they found an injured puppy in a landfill. Officials believe the dog was intentionally thrown away.More >>
Wednesday, April 16 2014 11:33 AM EDT2014-04-16 15:33:14 GMT
Traffic is completely stopped in Henderson due to an overturned semi. A semi has overturned on the U.S. 41 North strip near Long John Silver's. Officials were called to the scene around 3:15 WednesdayMore >>
It happened on the U.S. 41 North strip near Long John Silver's. Officials were called to the scene around 3:15 Wednesday morning.
Saturday, April 12 2014 6:07 AM EDT2014-04-12 10:07:09 GMT
An incredible photo snapped Saturday at the iconic Pipeline on Oahu's North Shore is going viral. A mother humpback whale and her calf were cruising just offshore when a set rolled in. J.T. Gray of NorthMore >>
An incredible photo snapped Saturday at the iconic Pipeline on Oahu's North Shore is going viral.More >>
Tuesday, April 15 2014 6:28 AM EDT2014-04-15 10:28:24 GMT
ESTILL COUNTY, KY (WAVE) – After losing both his parents in a short amount of time, a community is rallying around an Estill County teen. Joe Snowden lost his mother in a car crash on April 10, just twoMore >>
Joe Snowden lost his mother in a car crash on April 10, just two weeks after laying his father to rest. Now Snowden is faced with covering all the funeral costs himself. More >>
1115 Mt. Auburn Road
Evansville, IN 47720