The median home price in Phoenix hit a 41-month high in May as sales increased in both the mid- to high-end segments of the housing market, accordiing to research firm DataQuick. In fact, the median price paid for a home rose for the sixth consecutive month. Still, prices in Phoenix remain down 43.2% from their June 2006 peak. But when comparing May’s median to the trough of the housing downturn, the median price gained traction, edging up 26.7% from a low of $118,347 in August 2011. Buyers in May paid a median price of $150,000 for a Phoenix area property, the highest level for any month since December of 2008 when the median price stood at $154,000. The May price also is up 5.6% from April and up 25% from the same month last year. DataQuick says year-over-year gains in the median price reflect low mortgage rates and a tightening inventory, which continue to push demand higher. [Read this article]
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