PHOENIX - Some good news for the Phoenix housing market. A new report from Standard and Poor's shows home prices here the valley have skyrocketed in the past year.
They're up 23 percent -- and that's the biggest gain in the country.
Investors are a big part of that, accounting for 28-percent of the sales in March. And this new data comes on the same day that another report shows that foreclosure rates in Phoenix are among the lowest in the country.
With home values skyrocketing, are these signs of another housing bubble? We spoke to one of the stars of Property Wars. The hit reality show is focused on the Phoenix real estate market.
Doug Hopkins doesn't just star on the cable show Property Wars -- he owns Red Brick Realty in the east valley and he's been in real estate since 1994.
He likes the way the market looks right now. He says factors like weather, the ages of homes, and the supply of foreclosed houses has attracted investors and improved our housing market.
In his second season on the Discovery Channel's Property Wars, you can find Doug Hopkins taking huge risks and making big money.
And this valley native, with 20 years of experience in the valley, says the market is great.
"The housing market is hot hot hot. Basically everything we put on the market is selling, especially if it's priced right, its selling in less than 3 days."
It sounds like we're heading for another housing bubble -- but Hopkins believes the situation is much different than it was last decade.
"It was all credit-based and you had people buying houses with 0 or little money down and now we have people, investors buying them with cash, and also people that are buying them are putting down 20 percent equity, that sort of thing."
If you're looking for a new home, Hopkins says the sooner you buy the better.
"Prices are going to continue to rise for a little bit more then probably stay about the same. But watch out for 5 to 7 years from now when all the big institutions start selling what they got. Oh boy, it's going to be an interesting time."
But he warns that it's a sellers' market.
"There's just a lack of inventory that is on the market, but that will change. It always changes, that's the way it has been for the last 100 years."
Hopkins says that inventory here in the valley will increase because investors are moving onto cities in the Midwest and southeast.