Is the average price per sq. ft rising?

According to the Cromford Report the average price per sq. ft. for active listings has been rising quite strongly over the last few months. On July 28 it was $169.19 over all areas & types. As of today it stands at $176.88, a rise of 4.5%. This seems to be partly fueled by a small change in the mix towards larger homes and faster growth in supply in a few of the more expensive areas such as Scottsdale.