Scottsdale's median home price in July of $386,500 was a 9 percent increase over a year ago, according to the latest monthly report from the Arizona State University Center for Real Estate Theory and Practice.
That is based on 512 homes sales, a 2 percent increase over July 2011.
Prices were up in three of five communities in the Northeast Valley and down 1.75 percent in Paradise Valley with a median price of $1.06 million.
Rio Verde's median price of $189,950 was off 55 percent, but that is based on only eight sales this year and five in July 2011.
The median home price in Maricopa County increased 30 percent to $155,000.
Scottsdale's median price in July for condominiums and townhouses of $153,000 was up 30 percent from a year ago on 235 units sold, down from 260 a year earlier.
The overall supply of homes on the market declined 26 percent in August compared with a year earlier.
Scottsdale-area home prices
Here are the July median home prices for these Northeast Valley communities along with the percentage change from a year ago.
Scottsdale -- $386,500 (up 9.26 percent).
Paradise Valley -- $1.06 million (down 1.75 percent).
Carefree -- $580,000 (up 19 percent).
Cave Creek -- $348,000 (up 12.26 percent).
Fountain Hills -- $310,000 (up 9.8 percent).
Rio Verde -- $189,950 (down 55 percent).*
Phoenix -- $112,000 (up 48.5 percent).
Maricopa County -- $155,000 (up 30 percent).
* Based on eight sales in July 2012 and five sales in July 2011.
by Peter Corbett - Sept. 11, 2012 The Republic | azcentral.com
Scottsdale home prices up 9.26 percent over a year ago
