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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 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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