July housing sales in the greater Flagstaff region dropped 12% compared to the same month a year ago. There were a total of 111 houses sold. However, for the first seven months of 2018, sales are actually up 11% compared to last year. July prices rose 2% with a median sale price of $385K. This is not a new July high, but close. The July record is $392K set twelve years ago in 2006. On a calendar year basis, that was the top of the housing market in Flagstaff. Twelve years later and we are still not quite back yet. Again, looking at the first seven months of the year, prices are up 4% with the median sale price also coming in at $385K. Inventory levels are up overall but not necessarily in all price ranges. If you are looking for a typical 3-bedroom house with 2 baths and a 2-car garage, located within the Flagstaff City limits and you have a budget of $385K, there are only 11 available properties for you to look at currently. Mortgage rates are at 4.375% unchanged from last month. Until next month, here for any & all of your real estate needs.
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.