Existing-home sales nationally rose for the third consecutive month in June, although volume was still lower than a year ago, according to the National Association of Realtors® statistics released this past week. Flagstaff home sales for June were reported in this blog on July 8. Click here to read the Flagstaff home sales report for June. The national Realtors® report is an aggegate of all local Multiple-Listing-Service statistics.
Nationally, home prices continued downward, but less sharply than in previous months while the supply resale of homes on the market “eased” according to NAR. Existing-home sales – including single-family, townhomes, condominiums and co-ops – increased 3.6 percent to a seasonally adjusted annual rate of 4.89 million units in June from a downwardly revised pace of 4.72 million in May, but are 0.2 percent lower than the 4.90 million-unit level in June 2008.
Total housing inventory at the end of June fell 0.7 percent to 3.82 million existing homes available for sale, which represents a 9.4-month supply2 at the current sales pace, down from a 9.8-month supply in May. Raw inventory totals are 14.9 percent below a year ago. “This is another hopeful sign – if we can keep the volume of sales above the level of new inventory, prices could stabilize in many areas around the end of the year,” Lawrence Yun, NAR chief economist, said. Well, he is right about that, but keeping inventory levels low may be a challenge as banks release more foreclosures into real estate markets.
Yun said, optimistically: “The increase in existing-home sales occurred in all major regions of the country. We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions.” The tax credit incentive that Yun refers to – the First Time Home Buyer Tax Credit -- is now scheduled to expire December 1. It certainly spurred Flagstaff home sales earlier this year, but the punch seems to have run out of that credit now after the first rush of ready, willing and able buyers. Potential homeowners should remember this credit requires a home to close by December 1, and with closings now typically taking 45 days after contract, further delays in beginning the home-shopping process could cause regret at the missed $8000 credit.
According to NAR’s statistics, the national median existing-home price for all housing types was $181,800 in June, which is 15.4 percent below June 2008. The median existing single-family home price was $181,600 in June, which is 15.0 percent below June 2008. The median existing condo price was $183,300 in June, down 18.9 percent from a year ago.
Regionally, existing-home sales in the West improved by 6.4 percent to an annual rate of 1.16 million in June, and are 11.5 percent higher than June 2008. The median price in the West was $214,800, which is 24.9 percent below a year ago.
To buy or sell a Flagstaff home, contact us: Team Heitland at RE/MAX Peak Properties. To search the Flagstaff MLS, click here! |
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