Last month, I expected Flagstaff June home sales to go up, however June numbers reflected a slowdown versus the prior months. In fact, home sales in the greater Flagstaff region appear to be slowing down with June sales down 5% from the same period last year.
|
TIME PERIOD |
SFR SALES |
% CHANGE |
MEDIAN $ |
% CHANGE |
|
JUNE 2014 |
97 |
-5% |
$322K |
+5% |
|
2nd ¼ 2014 |
260 |
+2% |
$315K |
+9% |
|
1st HALF 2014 |
427 |
+6% |
$305K |
+12% |
June is normally a busy month for real estate. What could have caused the slowdown? Theories range from the Slide Fire in Sedona to low appraisals with sales falling out of escrow if sellers don't agree to lower the price. It might also be that there are not enough qualified buyers for the existing supply.
What is selling? The $200K - $300K price range contains the highest number of sold listings. Inventory levels continued to rise, however supply of homes for sale below $400K range is still limited. Mortgage rates continue to remain in the 4% range. I am confident that we will see better numbers in July.
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