August home sales in Flagstaff continued a steady pace from June and July. A definite upturn from 2012.
As I wrote in a quick Flagstaff home sales preview last week, Flagstaff home sales were up 22% in August compared with August 2012. They would have been higher if we’d had more to sell. June, July and August all saw over 90 Flagstaff single-family home sales close. That’s significantly better than last year, when sales each month were in the seventies.
The median price was up 21.7%, largely because inventory was only up 5% from 2012. Median price of a single-family home sold in Flagstaff in August was $322,500 – about $158 per square foot on the average sale. Median sale price for a Flagstaff townhome was $255, 315.
As you can see in the price range chart, it’s a seller’s market in all price ranges up to $500,000. (That means fewer than six months’ worth of homes are for sale in each of those price ranges if the August pace of sales continues.) September is typically a better month for closings in Flagstaff than August, so I expect this pace to continue in spite of rising interest rates. We may see a slowdown in October, and almost certainly will in November as is typical of the season.
Lawrence Yun, NAR chief economist, states the obvious: “The initial rise in interest rates provided strong incentive for closing deals. However, further rate increases will diminish the pool of eligible buyers.” We’ll see what the Federal Reserve does next week.
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Note: These are for single-family home sales reported in the Flagstaff metro area (the City of Flagstaff and immediately surrounding county areas that have Flagstaff mailing addresses) as reported in the multiple-listing-service maintained by the Northern Arizona Association of Realtors.® The data may not reflect all sales (but it surely reflects most of them).