The East Valley and Phoenix are showing signs of a strong recovery following the bubble burst from several years ago. Homes have gradually increased in cost in a way that the W.P. Carey School of Business at Arizona State University reported is a steady improvement to avoid another market drop, according to The East Valley Tribune.
According to Director of the Center for Real Estate Theory and Practice at the Carey School, homes should continue to follow the slow increase in price. Between the last year, the median price for homes in the Greater Phoenix Metro Area increased nearly 30 percent.
The East Valley Tribune reports that the reasons Orr cites for the price increase in the report vary, but are highlighted by the lack of houses available on the market. One reason for that trend is the relative dearth of homes that have been built over the last few years, which has limited buyers’ options.
The Tribune also reported that another contributor to Orr’s projections is the type of sales being made at the moment, as the number of new home sales went up during the April year-to-year stretch as the percentage of investor flips and short sales both decreased during the same time period. Orr expects the short sales and investor flips to continue to decrease in the coming months as well.
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