Quantcast
Home / economy / Housing market in Phoenix metro area is in a slump

Housing market in Phoenix metro area is in a slump

HTEMPE — The housing market in the Phoenix metropolitan area is in a slump.

That’s according to a new report from the W. P. Carey School of Business at Arizona State University.

The report says that although the median single-family home price went up 11 percent in June in Maricopa and Pinal counties to $211,000, the forward price movement has dramatically slowed down from last year.

It also says activity in the market remains sluggish, with single-family home sales down 11 percent from last June.

Phoenix-area home prices shot up from September 2011 to last summer, before slowing down and then even dropping a little earlier this year.

Carey officials say there a few positive signs that the housing demand may gradually start to recover during the second half of this year.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

 

x

Check Also

July 21, 2016 file photo of Sheriff Joe Arpaio (Associated Press)

Reports show Arpaio spent $12.6 million in re-election bid

The final campaign finance reports from the Maricopa County sheriff's election show that Republican Joe Arpaio spent a total of $12.6 million in his unsuccessful bid for a seventh term in office.