Excerpt from: Flagstaff Real Estate and Community News
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| August 27, 2008 | | Housing Data Shows That If You’ve Owned A Home in Flagstaff for 5-Years, You’ve Had a Good Investment | Home prices across the country fell a seasonally adjusted 1.4% in the second quarter, the Office of Federal Housing Enterprise Oversight reported Tuesday. Flagstaff home prices in this report were down slightly more than the national rate. The national drop was slightly less than the 1.7% drop seen during the first quarter. On a year-to-year basis, prices were down a record 4.8% between the second quarter of 2007 and the second quarter of 2008, OFHEO's data showed. The Standard & Poor’s index, also released Tuesday, had a more dramatic drop of 15.4% in the second quarter on an annualized basis. The difference demonstrates the significance of understanding the source of housing statistics. The S&P index tracks only 20 major metropolitan areas while the OFHEO’s data is much broader. I discussed these differing indices in a report earlier this year. Here is data from yesterday’s OFHEO report, including the numbers for Flagstaff homes and other Arizona areas.
Location | Change Last Quarter | One-Year Change | Five-Year Change | U.S. | -1.4% | -1.7% | 34.8% | Arizona | -4.4% | -9.2% | 62.7% | Flagstaff | -1.5% | -3.1% | 76.8% | Phoenix Metro | -5.2% | -11.1% | 62.9% | Tucson | -3.3% | -5.9% | 57.42% |
Source: Office of Federal Housing Enterprise Oversight For advice about buying or selling Flagstaff homes, contact Team Heitland at RE/MAX Peak Properties. | |
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