August housing sales in the greater Flagstaff area dropped 10% from August 2017. August 2018 saw a total of 113 sales and prices remained flat with the median sales price coming in at $380K which is exactly where it was a year ago. However, on an average price paid per-square-foot basis, we’re up 4% from last year and now at $220psf.
Looking at the 2018 figures year-to-date thru August, prices are up 4% and sales are up 8%. The real estate market has been doing well but it now seems to be starting to slow down a little bit. Some of that slowing is attributable to seasonality of course but mortgage rates are rising which makes a home purchase more expensive if you’re financing. A 30-year fixed rate mortgage is now at 4 ½% up 1/8th of a point from last month. The concern is that with 10-Year Treasury Bonds now yielding over 3% rates will continue to move higher. There are a lot of properties still sitting out there for sale and with winter right around the corner you can expect to see quite a few price reductions. Until next month, here for any & all of your real estate needs.