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| Lanny Baker |
Median home prices rose 36 percent in the Phoenix MSA from
November 2011 to November 2012. The Silicon Valley recorded the second-highest
price increase during that time at 30 percent, while Tampa prices rose 26
percent. Rounding out the list at No. 4 and No. 5, respectively, were San
Francisco’s East Bay and the city of San Francisco, which jumped 24 percent and
23 percent, according to MLS data.
 |
| Daniel LeBoffe |
Phoenix median home
prices increased from $116,000 to $158,000 from November 2011 to November 2012.
“There are likely a few different factors contributing to
this surge, including decreased housing inventory, lower unemployment numbers,
high-tech job growth, steady population gains and increased investor activity,
especially from out-of-area buyers,” says Lanny Baker, Chief Executive
Officer and President of ZipRealty, Inc.
“Phoenix saw a
strong run-up in housing prices from 2004 through 2006,” says Daniel
Leboffe, Director of Agent Development at ZipRealty and a Phoenix area
Realtor since 1997.
“Phoenix was one of
the leading markets for price increases during the real estate boom fueled by
affordable housing, population growth, relaxed lending standards, zero-down
financing and investor/speculator interest.
“Conversely, it was one the hardest hit areas during the
Great Recession, resulting in a strong spike in foreclosures and short sales.
Now, a number of these cities within Greater Phoenix are seeing some of the
biggest rebounds.”
For a complete copy of the company’s news release, please
contact:
Stacey Corso
Public Relations Manager
ZipRealty, Inc.
(510) 735-2667
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