A new report from the W. P. Carey School of Business at Arizona State University shows stagnation hit the Phoenix-area housing market as 2013 came close to an end. Phoenix-area home prices have been going up since they hit a low point in September 2011, but the increases have slowed down in recent months.
The latest data for Maricopa and Pinal counties, as of November, reveals:
• Price gains continuing to slow, even though the median single-family-home price went up 23 percent from November 2012 to November 2013.
• Sales activity down 27 percent at the same time.
• Investor interest and construction permits also falling off.
The median single-family-home price went up 23 percent from November 2012 to this past November – from $162,500 to $200,000. Realtors will note the average price per square foot rose about 18 percent. The median townhouse/condo price went up about 20 percent, to $119,900.