Flagstaff October Housing Prices Hit New Monthly Price High!

October housing prices in the greater Flagstaff region rose 3.5% with the median sale price coming in at $390K which is a record high for the month of October. The previous high was set back in October of 2006 when the median sale price was $387K. Housing sales however declined for the fourth consecutive month. This October there were 109 sales, off 11% from the same month a year ago. After starting off red hot in the first half of the year, housing sales for the second half of the year are down 15% reflecting the dramatic rise in mortgage rates which hit a 7-year high. Rates have now pulled back a little bit, with a 30-year fixed rate at 4.625% with no points. Happy Thanksgiving everyone. Until next month here for any & all of your real estate needs.