Metro Phoenix housing prices continue to rise

Metro Phoenix’s housing prices continue to rise, but the supply of affordable homes for sale also needs to climb for the market to continue its recovery.

The median price of a house in the region reached $162,500, up 3 percent from October, according to the W. P. Carey School of Business at Arizona State University. Compared with November 2011, the Valley’s median home prices is up 35 percent.

Home sales fell 9 percent between October and November, to 8,009. November’s home sales total is only 1 percent below the pace in November 2011.

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