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Home Prices Remain Well Below Market Highs

A new housing report from Arizona State shows the red-hot metro Phoenix housing market has been cooling off.

Mike Orr of the W.P. Carey School of Business says the median price of a single-family home has increased 23 percent in the last year, to $200,000, but we’re still far from where prices were.

“If you go all the way back to June of 2006, we were at a high point there of around $190-a-square-foot and right now we’re still below $130,” Orr said.

He says despite a lackluster November, metro Phoenix home prices have increased 40-to-45 percent in the last two years, and that is discouraging bargain-seeking investors.

In the wee small hours of the morning, when most of us are working on REM sleep, Morning Edition host and reporter, Dennis Lambert busily prepares the news and information KJZZ listeners hear as they prepare for the day. He did that for KJZZ listeners from 1996 to 2016. Dennis retired in 2016.