I'm just downloading the statistics for July home sales in Flagstaff and the picture is not pretty. For those who like to follow Flagstaff home prices, you'll be pleased because the median home price was stable -- even slightly up.
The ugly news behind that is that there were many fewer sales in July than in June. And there were fewer sales in July 2010 than in July 2009. Meanwhile the inventory of homes for sale remained stable -- in other words, the absorption rate shot up.
More details here on July home sales in Flagstaff within the week. Meanwhile, hold onto your hats, the Flagstaff home price reductions have already begun: Daily Market Snapshot for Northern Arizona real estate.
Meanwhile, the National Association of Realtors® today released its monthly report on pending home sales as an aggregate of reports from hundreds of MLS services around the country. The index reached a new low (the index is only a decade old). Flagstaff home sales data often does not track the national data, but for what it's worth, here's what the NAR chief economist had to say: “There could be a couple of additional months of slow home-sales activity before picking up later in the year, provided the job market continues to improve,” he said. “Over the short term, inventory will look high relative to home sales. However, since home prices have come down to fundamentally justifiable levels, there isn’t likely to be any meaningful change to national home values." Let's see if I can say something that optimistic about Flagstaff real estate later this week.
To buy or sell any Flagstaff home, please contact me: Ann Heitland at RE/MAX Peak Properties.
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