Metro Phoenix’s housing market is on the upswing. Home sales across climbed 19 percent, and prices rose more than 2 percent in February.
The latest data on the Valley’s housing market from Arizona State University shows the beginning of an expected surge in sales and potentially higher prices.
“Activity is much higher than last year, and if it continues for a few more months, as seems likely, we will start to see significant upward pressure on pricing again,” said Michael Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business at ASU.
In February, there were 5,892 home sales in the Valley. That compares to 4,965 in January. The median sales price ticked up to $212,500 from $208,000 in January.
“We expect to be reporting even more impressive sales numbers when next month’s report is published,” Orr said
