A new housing report from Arizona State shows the red-hot metro Phoenix housing market has been cooling off.
Mike Orr of the W.P. Carey School of Business says the median price of a single-family home has increased 23 percent in the last year, to $200,000, but we’re still far from where prices were.
“If you go all the way back to June of 2006, we were at a high point there of around $190-a-square-foot and right now we’re still below $130,” Orr said.
He says despite a lackluster November, metro Phoenix home prices have increased 40-to-45 percent in the last two years, and that is discouraging bargain-seeking investors.