Metro Phoenix's median home price rose last month

Metro Phoenix's median home price rose last month

Updated:

PHOENIX (AP) - A new report by real estate researchers at Arizona State University says the median home price in metropolitan Phoenix rose 4% from January to February.

The report by the university's W.P. Carey School of Business says the median home price in Phoenix has risen 36% from February to the same period a year earlier.

February's median home price was $170,000.

The report says home prices in metro Phoenix have risen sharply since hitting their low point in September 2011.

Researchers say the area's housing market is dealing with a chronic shortage of homes available for sale.

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