On Tuesday, the National Association of Realtors® released its pending homes sales index report for November. The index is seen as a forecast of upcoming sales results. The index for November was down 4% from October 2008, and down 5.3% from November 2007. See full announcement here: NAR Press Release. Meanwhile, in Flagstaff, only thirty-eight home sales closed in December, so that even with homes being withdrawn from the market by frustrated sellers, inventory in Flagstaff remained at over 19-months’ supply. Flagstaff townhomes face even larger competition, with over 24-months’ supply available. Only three townhomes sold in the month of December. Watch for a more complete report on Flagstaff home sales in 2008 in the coming days. Lawrence Yun, NAR's chief economist, blamed the economy for suppressing home sales: "Mounting job losses and very weak consumer confidence deterred home buyers from signing contracts in November." Anticipation of even better home prices and even better interest rates is also a factor – buyers are sitting on the fence waiting for the next bargain-setting pressure to hit. Flagstaff, AZ housing data reported here is based upon information from the Northern Arizona Association of Realtors® MLS and is deemed reliable for sales reported to the Flagstaff-based multiple-listing-service, but is not guaranteed and does not include all sales in the Flagstaff market area. The numbers reported are for single-family, townhomes, condos and manufactured homes with Flagstaff, AZ mailing addresses, whether or not those homes are strictly within the city limits of the City of Flagstaff. | 
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