Sunday, April 10, 2011

Home prices expected to rise this month

Home prices expected to rise this month
by Catherine Reagor - Mar. 9, 2011 12:00 AM
The Arizona Republic

The latest forecast calls for metro Phoenix home prices to climb in March.

The median sales price of a house in the region is expected to reach $114,000 this month, according to the Pending Price Index from the Arizona Regional Multiple Listing Service. The area's median price has been hovering around $110,000 for the past few months.

Home sales climbed 9 percent in February, giving prices a little boost.

Housing-data analyst Tom Ruff of the Information Market said he was "starting to see a bottom forming" for the market.

"Sales volumes are up year over year," he said. "New (foreclosure) notices are declining. Pending active (foreclosure) notices are declining. Higher prices are being paid by investors (for homes) at auction. Large hedge funds are taking a close look at our market and are prepared to hit the ground running."