“We’re suffering from a case of buyers’ enthusiasm just as we’re running out of homes to sell,” said Mike Orr, director of the Center for Real Estate Theory and Practice at the W.P. Carey School of Business at Arizona State University and the author of a monthly report on the area’s housing stock.

The increase in Phoenix-area home prices far outpaced the rise in home values nationwide, where the median price of existing single-family homes went up by 10.1 percent, according to the National Association of Realtors’ most recent statistics. It was also higher than the surge in home prices in the West as a whole, which, at 16 percent, was the most robust gain among all regions in the United States.

Prices here have not fallen since September — a good sign, but not yet a sign of a booming real estate market, analysts said.