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.
September housing sales in the greater Flagstaff region dropped 38% with monthly sales totaling 100 units. For September 2017 there were 138 sales. Prices for the month also declined, dropping 1% with the median sale price coming in at $380K down from $383K last year. For the third quarter, sales dropped 16% and prices were unchanged from the same period a year ago. Here are the numbers for September, the third quarter and year to date.
|Time Period||SFR Sales||Year/Year+-||Median $||Year/Year+-|
|3rd ¼ 2018||326||-16%||$381K||FLAT|
|1st 9 Months||888||+2%||$385K*||+3%|
As you can see the Flagstaff real estate market is slowing considerably with only one new price high and no new sales highs. At the end of the second quarter of this year, there were two new price highs and three new sales highs. Mortgage rates have now hit a 7-year high and inventory levels remain high although not necessarily in all price ranges. Weather also plays a factor up here in the mountains and this week we got our first measurable snowfall. Until next month, here for any & all of your real estate needs.
August housing sales in the greater Flagstaff area dropped 10% from August 2017. August 2018 saw a total of 113 sales and prices remained flat with the median sales price coming in at $380K which is exactly where it was a year ago. However, on an average price paid per-square-foot basis, we’re up 4% from last year and now at $220psf.
Looking at the 2018 figures year-to-date thru August, prices are up 4% and sales are up 8%. The real estate market has been doing well but it now seems to be starting to slow down a little bit. Some of that slowing is attributable to seasonality of course but mortgage rates are rising which makes a home purchase more expensive if you’re financing. A 30-year fixed rate mortgage is now at 4 ½% up 1/8th of a point from last month. The concern is that with 10-Year Treasury Bonds now yielding over 3% rates will continue to move higher. There are a lot of properties still sitting out there for sale and with winter right around the corner you can expect to see quite a few price reductions. Until next month, here for any & all of your real estate needs.