Phoenix - UPI
Real estate analysts said the housing market in Phoenix has made an abrupt turnaround, as supplies shrink and prices rise. In the metro Phoenix area, the number of homes for sale in May has dropped to half of what it was the same month of 2011, The Arizona Republic reported Saturday. In the same year, the median sales price for homes has jumped 30 percent. In short, that means the possibility of making a profit on houses has returned to the area, said Mike Orr, real estate analyst at Arizona State University. With the number of homes on the market on the low side, \"investors fixing and flipping homes are adding to the supply of homes for sale that the regular buyer wants. This is good for the market and good for home values,\" he said. \"There are hundreds of recent examples of foreclosure or short-sale homes that have sold to investors who have been able to resell them quickly for much higher prices,\" said Tom Ruff, managing director of foreclosure auction house AZ Bidder. Some of the recent profit taking has been impressive by normal standards. A home in east Phoenix was recently bought in a short sale -- a sale in which the price is less than what is owed on the mortgage – for $218,000. It was completely remodeled, but it sold in February for $560,000, a 156 percent profit, the newspaper said.