Housing prices in Phoenix are up 47% in year

The Arizona Republic is reporting on the hottest real estate market:

A new report confirms what Valley home buyers reeling from sticker shock have known for months: The area led the nation for housing-price increases over the past year at more than triple the national pace.

The median price of an existing Valley home has shot up 47 percent since last summer, according to a survey from the National Association of Realtors. The typical U.S. home price climbed only 13.6 percent. The figures measured changes from the second quarter last year to the same period this year.

But the frantic pace of sales and price run-ups in the Phoenix area's housing market could be winding down. In July, Valley home prices showed their smallest month-to-month increase so far this year.

Prices probably aren't going to go up another 47% next year.