TEMPE, Arizona — An Arizona State University real estate researcher says the Phoenix area's housing market remains weak and likely won't see a significant boost until sometime next year.
A report by the director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business says the area has been experiencing sluggish demand and low sales activity for more than 14 months.
According to center Director Mike Orr, demand still shows little sign of recovery, with single-family-home sales down 7 percent as of September from a year earlier.
Orr says one area of strong activity is in multi-family housing. That's because the rental market is hot due to fewer people buying homes.
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