Metro Phoenix’s median real estate price climbed 5 percent in October after four months of remaining flat. The region’s median price of an existing house reached $157,000 in October, up from $150,000 during the previous few months, according to Arizona State University’s W.P. Carey School of Business. “The summer lull ended, and we had an influx of snowbirds and other buyers,” Mike Orr, director of Real Estate Theory for the business school, said in the report. Metro Phoenix’s median home price is up 34 percent from a year earlier. An increase in sales in October pushed home prices higher. “We’re seeing about 5 percent more sales activity this October than last October,” Orr said. The price and sales increases occurred as the supply of homes for sale grew. Some key numbers and trends associated with the rise in home values in the Valley:
The number of houses for sale has increased 31 percent, to 12,500, during the past few months.
New-home sales have jumped 85 percent from last year.