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Obama: ‘Housing Market Is Beginning to Heal…Home Prices Rising at Fastest Pace in 7 Years’

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By Zoe Eisenberg

According to an analysis by Mike Orr, a researcher at Arizona State University’s W.P. Carey School of Business, the median single-family-home price in Arizona is up an incredible 25.9 percent from last year.

Following the president’s remarks, Heather MacLean, a real estate agent with Arizona-based Realty Executives, said the Phoenix market has never been better. “We are seeing numbers in some areas that actually rival numbers that were seen in the mid 2000′s,” MacLean said. “Our inventory remains low and the buyers often times are competing with numerous offers on good properties. Buyers remain optimistic, sellers continue to be pleasantly surprised by the change of market and banks are back in the business of lending. All of that together makes an extremely healthy market place.”

Tim Irvine, another real estate agent with Realty Executives in Ahwatukee, agreed commenting, “We continue to have a strong seller’s market with 16,800 active listings, but this number has increased 5.7% in the last month, primarily due to higher interest rates and our typical late summer slowdown for July & August.

“The median sales price for all resale properties in July is projected to be $182,500 which would be a 1.4% increase over June ($180k). More specifically for Ahwatukee, the affluent Phoenix suburb where The president directed his message to the middle class today, the three month, rolling average sales price is up 2.0% to $312,845 for July.”

To hear the president’s full speech on the housing market made in Phoenix Tuesday, click here.

Stay tuned to RISMedia for continuing coverage of the housing market recovery.

RISMedia Online Managing Editor Beth McGuire contributed to this report.

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