Phoenix-area home prices up slightly in August - FOX 10 News |

Phoenix-area home prices up slightly in August


TEMPE, Ariz. (AP) - Phoenix-area home prices crept up slightly in the past month and so did the supply of available homes.

A new Arizona State University report shows prices rose by about 1% between July and August, making up for a similar drop the previous month. Prices are up by nearly 35% from a year ago.

ASU Professor Mike Orr says there were slightly more homes on the market in August but still less than a month's supply. Sales of bank-owned homes decreased because foreclosures are dropping.

The median price for a single-family home in Maricopa and Pinal counties in August was $150,000.

The median home price was $114,000 in July 2011.

Orr says he thinks prices are on track to continue rising.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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