September Housing Prices Hit New Monthly High

September housing prices in the greater Flagstaff area hit new monthly and quarterly highs! The September median sale price came in at $383K up 6% from a year ago, surpassing the previous September high of $382K set in 2006. For the month, there were a total of 138 sales which is up 12% from last year. This is also a new monthly record. The average price paid per-square-foot was $207 up 10% compared to last September. This is not a new record; in September of 2006 buyers paid an average of $230 psf. Here are the numbers for the 3rd quarter and year-to-date. Best summer ever!

Time Period SFR Sales Year/Year +- Median $  Yr/Yr +-
 Sept 2017      138*        +12%   $383K*     +6%
3rd ¼ 2017      388        +5%   $382K*     +8%
 9 Months      867        +1%   $375K     +6%

*Record

Mortgage rates have risen about an eighth of a point in the last month. A 30 year fixed rate mortgage with 5% down is now at 3.75% with no points.  Inventory levels remain high as we move into the final quarter of the year. There are currently 579 houses for sale (387 available & 192 under contract). Last year in the 4th quarter there were a total of 269 sales and this year in the first quarter there were 177 sales. Do the math and this is the reason we’re seeing quite a few price reductions. Until next month, here for any & all of your real estate needs.