The end of summer brought few surprises in the Phoenix real estate market. Prices were down, as expected, but compared to spring it was a much less frenetic market. Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business, reports that supply continues to be tight, except in fringe areas, where listings are growing. Investors are active as well. Orr expects to see more action in the next couple months – again, an expression of seasonality.

Historically, summer in Phoenix has been a sluggish season for the real estate market, and July 2012 has been no exception. Michael Orr, director of the Center for real Estate Theory and Practice at the W. P. Carey School of Business, reports that single family house prices dipped compared to last July, but, paradoxically, so did supply. This market continues to be a complicates set of moving pieces, although the trend is for improvement. How long till it reches “normal”? The answer continues to be “quite a while.”

The June housing market report indicates that some stability may be returning to prices in Phoenix, however the market is complex and continues to be out of balance. Mike Orr, director of the W. P. Carey School’s Center for Real Estate Theory and Practice, reports that there was indeed little change in prices between May and June of this year, but compared to last year prices are up. Supply continues to be tight, however, making another period of price increases possible.