ASU confirms 2012 saw booming Phoenix home prices

ASU confirms 2012 saw booming Phoenix home prices

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PHOENIX (AP) - A new report from Arizona State University's business school confirms that 2012 was a year for a major rebound for the Phoenix area's housing market.

The report shows median home prices jumped by nearly 34% between December 2011 and December 2012. The median price for an existing home went from $122,500 to $164,000 during that time and the supply of homes for sale fell by 6%.

A huge dip in foreclosures also was seen, with ASU's Mike Orr tracking a 51% drop. Orr said Thursday that's a signal that the end of a yearslong housing market crisis is in sight.

The big increase in prices means investors are also cooling to the market and leaving slightly less competition for regular buyers.

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Copyright 2013 The Associated Press modified.

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