November housing prices in the greater Flagstaff region rose 3% from the same period a year ago. The median sales price came in at $368K. This is the second highest November since 2006 when the median sales price was $379K. The average price paid per-square-foot was $205 up 6% from a year ago. The number of house sales totaled 78 a 9% decline reflecting in part, the uncertainty regarding the mortgage interest deduction in the new tax bill. As of today it looks like a compromise has been reached putting a cap of $750K on the total interest deduction for new mortgages. Mortgage rates continue in the 3.75% range for a 30 year fixed with 5% down and very good credit. Until next month, here for any & all of your real estate needs. We’ll be looking at full 2017 numbers then and spoiler alert, it’s looking like both sales and prices are going to be higher for the year. Wishing everyone very happy holidays.
May housing sales in the greater Flagstaff area dropped slightly from a year ago. This May 102 houses sold vs 104 last May. For the first five months of 2017 there were 350 sales vs 376 for the same five month period in 2016 which represents a 7% decline. Prices however continue to rise. The median sale price for a house sold this May was $375K a 2% jump from a year ago and up 10% from April. Through the first five months the median sale price was $368K also a 2% increase from a year ago. Housing inventory has risen over the past month which is normal this time of year. Currently there are 437 houses available for sale with 175 of those within the Flagstaff City limits. At or below $400K that number drops to 52. 24 of those are under construction in Presidio so the number of currently available houses drops to 28. If you a looking for 3 bedrooms and a 2 car garage the total number available in the city limits is just 21. Mortgage rates are holding steady in the 3.75% range despite the Fed raising rates by a quarter of a point this week. All signs point to a busy summer. Until next month here for any & all of your real estate needs.