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ASU report says the housing market in the Phoenix metropolitan area is in a slump

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TEMPE, Arizona — The housing market in the Phoenix metropolitan area is in a slump.

That's according to a new report from the W. P. Carey School of Business at Arizona State University.

The report says that although the median single-family home price went up 11 percent in June in Maricopa and Pinal counties to $211,000, the forward price movement has dramatically slowed down from last year.

It also says activity in the market remains sluggish, with single-family home sales down 11 percent from last June.

Phoenix-area home prices shot up from September 2011 to last summer, before slowing down and then even dropping a little earlier this year.

Carey officials say there a few positive signs that the housing demand may gradually start to recover during the second half of this year.

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