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Valley housing prices surge in last quarter

A new report shows the Valley's housing market is continuing a strong push toward recovery. Analysts at Clear Capital say prices were up almost 9 percent in the last quarter.

From Phoenix, KJZZ's Steve Goldstein reports.

STEVE GOLDSTEIN: The Phoenix housing market was one of the hardest hit in the nation. By mid-2009, the area saw prices drop 63 percent from peak levels. But a recovery—even a gradual one—is still a recovery. Clear Capital Research Director Alex Villacorta says Phoenix is being helped by a diversity of demand from first-time buyers and investors.

ALEX VILLACORTA: Back in the height of the crisis, the distressed properties that were put out, that were bank-owned or foreclosure sales were really bringing the market down. Now with inventory shrinking and with demand picking up, these assets that were once toxic or distressed listings are now becoming very desirable.

GOLDSTEIN: Villacorta says he expects the market to move closer to full recovery in a year, as consumer confidence follows investor confidence.