A perfect sign that the U.S. housing market is stabilizing and actually booming in some cities, home values in Phoenix, Arizona have gone through the roof. This has pushed a plethora of real estate investors to stop eying Phoenix and actually make their move.
Compared to the same period last year, the price per square foot of homes in Phoenix, Arizona increased a stunning 999.9 percent, according to Trulia's statistics. And if that's not good enough, the median home sales price increased 56 percent. Relatively speaking, those are jaw-dropping gains.
With hopes of turning a larger profit, many house flippers are flocking towards higher priced Phoenix neighborhoods. Two of the most popular are Camelback East and Paradise Valley, with Camelback East sporting some of the most expensive properties.
As the sun shines on Phoenix, the only downside is that housing inventory is scarce, which has pushed some investors out of the market. Buyers simply can't find what they want, and therefore purchase new homes. According to a report from Arizona State University, sales of newly built homes surged 67 percent from February 2012 to February 2013.
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