Metro Phoenix's median home prices are up 5% in Otober

Don't look now but the median home values in Metro Phoenix are up again.  Existing home values have gone up to $157,000 from $150,000 acording to ASU's W.P. Carey School of Business.  Metro Phoenix’s median home price is up 34 percent from a year earlier.

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.
• The average price per square foot of all houses sold in October was 26 percent higher than in October 2011.
• More regular homeowners are selling or at least putting their houses on the market.
• About 76 percent of all houses for sale in the region are priced below $150,000.
• Investors continue to purchase affordable houses in the area. Almost half of the homes bought for less than $150,000 were paid for with cash.
• Foreclosure starts in October were down 41 percent from the same month in 2011. Foreclosures fell 15 percent.

If you think now is a good time to buy or sell, contact RooPho Realty.