Valley home prices dip slightly in July after dramatic rise over past year

TEMPE, AZ - The dramatic rise in Phoenix-area home prices in the past year has ended.

An Arizona State University report released Thursday shows prices dipped by 1 percent between June and July. Prices were still up by more than 30 percent from a year ago.

Fewer foreclosures are coming onto the market, with ASU reporting that sales of bank-owned homes dropped by 73 percent between July 2011 and July 2012.

The median price for a single-family home in Maricopa and Pinal counties in July was $149,000. It was $150,000 in June.

The median home price was $114,000 in July 2011.

ASU real estate professor Mike Orr says the slight price decline is likely the result of normal summer slowdown. He thinks prices will head up again in late September or October.