A new report by real estate researchers at Arizona State University says the median home price in metropolitan Phoenix rose 4 percent from January to February.
The report by the university’s W.P. Carey School of Business says the median home price in Phoenix has risen 36 percent from February to the same period a year earlier.
February’s median home price was $170,000.
The report says home prices in metro Phoenix have risen sharply since hitting their low point in September 2011.
Researchers say the area’s housing market is dealing with a chronic shortage of homes available for sale.