TEMPE — 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.