But prices of Phoenix homes haven’t increased… yet.

Source: The Cromford Report

ADDED: Even though Phoenix home sales in 2011 are similar to home sales in 2005, home prices haven’t increase in 2011 because of supply. The supply of homes for sale is much higher in 2011 than in 2005. My previous post on Phoenix foreclosures listed for sale and the Phoenix shadow inventory of future foreclosure/REO/bank-owned listings, however, shows that the supply of foreclosures (REOs/bank-owned homes), at least, has fallen fast in 2011.