Real Estate Market Watch

My email this Monday morning brought two reports, one Flagstaff home sales specific and the other national/regional.

I received a monthly Flagstaff home sales report from another Flagstaff real estate agent, with this comment in his cover note: “The market in Flagstaff continues to cool off from the hot rebound last year.” His newsletter reports from the Northern Arizona MLS statistics, as I reported last week in my Monthly Flagstaff Home Sales Report.

Credit Suisse gave me their monthly survey of real estate agent views on the July market (since I participate). Nationally, Credit Suisse summarized, “Increasing Price Sensitivity as Buyers Lack Confidence; Economic uncertainty and ever-higher prices deplete buyer urgency as traffic edges lower; Plenty left to be desired from a traffic standpoint;Tide is still rising for now, but less of a lift for some boats.” Bad news for Arizona: “Of the 40 markets we survey, 33 saw higher prices sequentially in July (34 in June), 2 saw flat prices (3 in June), and 5 saw lower prices (3 in June). Phoenix, Virginia Beach, and Washington DC saw lower prices in both June and July, with Phoenix on that list for the past eight months.”

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