Phoenix real estate: Prices up, investors fade, homebuilding sluggish

March 28, 2013

In a market with chronic supply shortages, normal demand can drive prices up. That continues to be the case in the Phoenix market, according to Mike Orr, director of the W. P. Carey School’s Center for Real Estate Theory and Practice and author of the monthly Phoenix housing report. After a mid-winter lull, housing prices are climbing again, further dampening what was already waning investor interest. And that upward pricing trend may be one reason homebuilders are in no hurry to increase production, despite buyer interest: waiting should mean getting more for new homes.

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