Arizona real estate is often described as driving the economy, but is that true? Economist Dennis Hoffman and real estate experts Mark Stapp and Michael Orr discuss the role real estate has played in the cyclical Phoenix economy.

Housing prices rose in the Phoenix market in March, signaling a shift in the mix of what is being sold, according to Michael Orr, author of the monthly resale real estate report from the W. P. Carey School of Business.

In the Phoenix resale home market, supply is tight – especially for lower-priced properties -- and prices are on the rise, said Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School.

Phoenix home prices continued to rise in April, up 25 percent over last year, although the number of homes sold declined. A change in the mix of homes for sale and continuing tight supply is contributing to the increase in price.

The imbalance created by high demand and low supply continues to be the dominating factor in the greater Phoenix housing market, according to Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business.

The Phoenix real estate market has been showing signs of life, but a panel of experts warns that a full recovery is unlikely until around 2015.

The U. S. Census Bureau’s household formation report offers hope that the market is regain momentum again, says Mike Orr, director of the Center for real Estate Theory and Practice at the W. P. Carey School of Business.

In the subdued Phoenix real estate market, demand continued weaker than normal, supply was tight and sales transaction volume well below normal. In contrast, the rental market is busy with construction projects in the works to increase supply.

A year ago the recovering Phoenix real estate market suddenly shifted to weak, and the market has remained down ever since. We asked Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P.

The housing data for April paints a picture of a quiet market, in sharp contrast to April of a year ago when buyers outnumbered sellers. And, the March rise in single family house prices did not hold for April, when prices were virtually stable.