PHOENIX—The Greater Phoenix housing market is posting price gains, but the pace of appreciation has been slowing in recent months after being among the top-performing markets in the country in 2012. One area where home prices have continued to gain momentum is in new home sales, where the median price topped $300,000 in December 2013.

Pete O'Neil, research manager for Colliers tells GlobeSt.com, “Home builders have done a better job keeping inventory in check allowing for higher prices and a better supply. Also, the economy is picking up and that is helping overall.”

Bob Mulhern, managing director of Colliers International in Greater Phoenix, agrees. “The discipline has been with home builders across the board,” he tells GlobeSt.com. “So this creates a healthy balance.”