May housing sales and prices in the greater Flagstaff region continue up

May housing sales and prices in the greater Flagstaff region continued to rise. The median sale price came in at $386K which is up 3% from last May. The all-time May record was set in 2007 when the median sale price hit $400K. That’s also the all-time price high for any month.  What’s interesting is that in May of 07 the average price paid per-square-foot was $212. This May it was $217. The average square footage of a house sold this May was 2032. They were bigger back in 07 when the average sqft was 2214.  Smaller houses seem to be the norm. In Pinnacle Pines for instance, a newer subdivision on the west side, since 2012 when they started building and selling houses, there have been a total of 321 sales reported in our MLS with an average sqft of 1826. For the month, there  were a total of 111 sales which is up 9% from a year ago and the most in May since 2004 when there were 117 and the median sales price was a whopping $238K. Inventory levels are rising but still remain thin in some areas and in some price ranges. Mortgage rates have dropped an 1/8th of a point and are now at 4.375% for a 30 year fixed rate. Until next month, here for any & all of your real estate needs.