Too few home buyers in October translated to another tepid month for metro Phoenix’s housing market.

Home prices and sales were basically flat during the month, while houses listed for sale climbed, according to a report released today from Arizona State University’s W. P. Carey School of Business.

“We’ve seen very little change in the greater Phoenix housing market for the last year, and stability is the order of the day,” said Mike Orr, director of the Center for Real Estate Theory and Practice at W. P. Carey. “There is no longer any real upward price momentum.”

This year’s housing slowdown comes after near record sales and a 75-percent increase in Valley home prices during 2012-13.

Metro Phoenix’s median sales price was $208,000 in October, down 1 percent from September’s median of $209,900.

Valley home prices have yet to recover from the crash. The area’s median home price reached a high of $267,000 in September 2006, and a low of $117,000 in September 2011.

During October, 6,749 houses sold across the Phoenix area. That’s up 1 percent from the 6,655 Valley home sales recorded in September.

At the beginning of November, 25,953 Valley houses were listed for sale. That’s up 6 percent from Oct. 1, according to the Arizona Regional Multiple Listing Service.

Orr doesn’t expect the region’s home sales or prices will jump again this year.

“The big economic gains of the last few years have helped companies, but not necessarily the average person who might consider taking out a home loan,” he said.

Metro Phoenix housing prices

Home price increases are slowing

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