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Valley home prices up...slightly

Valley home prices rose in August, but not by much, according to new numbers from ASU. From Phoenix, KJZZ’s Mark Brodie reports.

MARK BRODIE: The median home price was up about one percent, to $150,000. But, since last August, the median price was up more than a third. Mike Orr with the WP Carey School of Business at ASU says even though prices are essentially flat, he does think they’ll move up over the next few months. And, he says that could mean more houses on the market, which would address the Valley’s low supply.

MIKE ORR: Those who are actually quite keen to sell will say, ‘OK, now I can sell, let’s get it listed.’ And, we’re seeing that happen. But those people who are underwater and may have been wondering whether to give up on their house, they tend to start saying, ‘Well, you know, if I just hold on, maybe in a couple, three years, I won’t be underwater anymore.

BRODIE: Orr says there are around 10,000 fewer homes for sale now than average. And, he says since a lot of the buyers are still investors, there’s strong competition for homes.