Arizona's housing market continued its rebound in November, with the median sales price rising 18 percent from one year ago, a real estate data company reported Friday.
RealtyTrac Inc., based in Irvine, Calif., reported that the median sales price of a house in the state last month was $165,000. While it rose from a year earlier, it was flat compared to the previous month.
Sales volume in Arizona fell 12 percent in November from the previous year, driven down by a lack of inventory as investors snapped up many available houses, RealtyTrac reported. Investors were particularly active with foreclosed properties, the company said.
The average "distressed sale," indicating a foreclosed or about-to-be-foreclosed house, sold for 23 percent less than the median price in the state, RealtyTrac reported.
Arizona was among three or four states that suffered the most in the real estate decline of four years ago, but the market has been growing steadily in the last couple of years.