National Home Sales Contracts Up in November

Pending Home Sales in Flagstaff and Nationally Show Steady Real Estate Market

The National Association of Realtors® issued its pending home sales data for November, which showed homes going under contract in November in the Western Region of the country at a slighter higher rate than in October. The Pending Home Sales Index was over 8% lower for the Western Region of the country compared with November 2012. NAR interprets this reduction as based on inventory restrictions. In contrast, November Flagstaff home sales showed homes under contract awaiting closing to be steady compared both with last year and with October.

Lawrence Yun, NAR’s chief economist, said, “We may have reached a cyclical low because the positive fundamentals of job creation and household formation are likely to foster a fairly stable level of contract activity in 2014,” His full monthly commentary on the PHSI is attached by video.

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To buy or sell any Flagstaff home, please contact us: Flagstaff Elite Team at RE/MAX Peak Properties.  See what our real estate clients have to say about working with us.

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