The Phoenix Business Journal is today reporting that a new report from Arizona State University shows that the average Phoenix home is up in value 25% in the past 12 months. The Phoenix and Scottsdale real estate markets have seen a huge surge in the past year, but home prices are still at a huge discount from 2005-2006 prices. The real estate markets are starting their comeback, but have a long way to go. The study by Michael Orr of the ASU WP Carey School of Business indicates that single family homes in Maricopa and Pinal counties showed a 25% increase in the past 12 months. The average price per square foot rose 16.5 percent in the same time frame. As an example, a home that was previously valued at $112,000 in April 2011 was worth $140,000 in April 2012. The prices of condominiums and townhomes were also significantly up, rising 23% in the past 12 months.
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