ASU: Phoenix-area home prices surge 35% - Phoenix Business Journal

Despite a minor, yet expected, decline following the bustling holiday season, metro Phoenix home prices continued on their steady incline during the first month of 2013, surging 35.3 percent year-over-year, according to Arizona State University’s latest housing report released today.

In actual figures, that’s a median single-family home price of $163,000 in January — up from $120,500 a year ago, the report said. The average price per square foot — a key metric used by Realtors — climbed by 28.5 percent to an average $106.20.

Michael Orr, a real estate expert at ASU’s W.P. Carey School of Business and author of the report, said the price gains are sure to stay strong through the spring when home-buying season kicks in.

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