The 43 single family homes in February for the Flagstaff area beat the 38 sales in February of 2018. This is the first month in several months our market has beat the sales market when comparing year over year sales. It is too soon to know if this is going to be a continuing trend but we are excited to see the movement. Nationwide the National Association of REALTORS reported a decrease over 1% in year over year sales for the month of February. In more positive news, they reported nationally there was an increase of over 11% in volume compared to January. Please see the video with Lawrence Yun, NAR Chief Economist for a detail of our national market.
Last week we saw a small drop in the mortgage rates and we are optimistic this will carry forward for the rest of the year. Affordability struggles continue for many homebuyers and lower interest rates will certainly be welcomed. The median price for single family homes this month was $438,496. 15 of the 43 home sales in February were $500,000 or more. Please see the breakdown of the market by price range and make sure to watch our 60 second video for additional details.