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A new report from ASU shows the Valley housing market is continuing to improve, with supply finally starting to increase to meet demand. Mike Orr of the W.P. Carey School of business says he’s surprised the area housing market has improved to this point as quickly as it has.

“We’re not all the way back to normal, but we’re headed that way in a fairly strong way I would say, a lot of change in the last two months,” Orr said. “If it carries on in this direction, we could be in balance by the end of the year.”

According to the report, single family homes have increased 28 percent in the past year, to $192,000. Orr says the number of active listings of homes for sale has increased 29 percent over the last year.