PHOENIX (AP) - A new report by real estate researchers at Arizona State University says the median home price in metropolitan Phoenix rose 4% 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% 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.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.