Median housing prices in area markets remain above where they were a year ago, and despite the number of homes for sale, the local market looks almost normal, said Jay Butler, director of the Real Estate Center at Arizona State University.

There were about 14,800 homes for sale in the Southeast Valley in April, the latest numbers available from the Arizona Regional Multiple Listing Service. Butler said that number is 3.5 percent of all single-family homes.

"Historically the MLS comparison to the total runs about 3.3 percent. . . . Looking at the market activity, it's not that abnormal," he said.

The number of homes sold is comparable with the number sold in 2003 and 2004 before the market went crazy, Butler said. And the number of homes sold throughout the Southeast Valley rose from April to May, according to ASU figures, offering hope that sales may increase in the summer as they usually do.

Median prices have been bouncing up and down over the past few months but remain higher than they were a year ago. Butler said one reason median prices continue to rise, despite the high number of homes for sale, is that people are trading up and buying more expensive houses.