Updated: Thursday, 27 May 2010, 9:28 PM MDT
Published : Thursday, 27 May 2010, 9:28 PM MDT

PHOENIX – For the first time in three years, Phoenix-area housing prices have increased from year-to-year.

Preliminary April date shows the first year-over-year price increase in the local housing market, according to a new report from the WP Carey School of Business at ASU.

From April 2009 to April 2010, the valley saw a 1-percent increase in home prices.

That’s coming on the heels of a 13-percent decline from December 2008 to December 2009, a 9 percent drop from January 2009 to January 2010, a 7 percent decline February 2009 to February 2010, and a 3 percent drop in home prices from March 2009 to March 2010.

The 1-percent increase is the first increase in 3 years. The average price for single-family homes was $127,000 in February — it’s projected to reach $135,000 in April.

“Prices may continue to increase slowly for the next few months, but price stability, rather than increases, is likely for the rest of the year,” says Professor Karl Guntermann explains.