TEMPE, Ariz. (AP) - Phoenix-area home prices crept up slightly in the past month and so did the supply of available homes.
A new Arizona State University report shows prices rose by about 1% between July and August, making up for a similar drop the previous month. Prices are up by nearly 35% from a year ago.
ASU Professor Mike Orr says there were slightly more homes on the market in August but still less than a month's supply. Sales of bank-owned homes decreased because foreclosures are dropping.
The median price for a single-family home in Maricopa and Pinal counties in August was $150,000.
The median home price was $114,000 in July 2011.
Orr says he thinks prices are on track to continue rising.
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