January Housing Prices & Sales Hit New Monthly Highs

Both January housing prices and sales for the greater Flagstaff region set new monthly records! The median sales price for a house, sold this January was $389K surpassing the old January high set in 2007 of $369K. Year-over-year, January prices were up 8%. There were a total of 71 sales last month which is up 42% from a year ago (very warm dry weather is good for showing properties) which surpassed the old record from 07 when there were 66 sales. Another big factor driving the market right now is interest rates. Currently a 30 year fixed rate mortgage with at least 5% down and with real good credit is at 4.375% up ΒΌ of a point from a month ago and up 5/8 of a point in the last two months. Buyers are racing to lock in low mortgage rates because interest rates seem to be finally breaking out and going higher. Until next month, here for any & all of your real estate needs.