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Housing inventory continued to tighten and the national median home price recorded its seventh back-to-back monthly increase from a year earlier, according to the National Association of Realtors®

“The shrinkage in housing supply is supporting ongoing price growth, a pattern that could accelerate unless home builders robustly ramp up production,” Lawrence Yun, NAR economist said in today’s press release. I’d add that homeowners of existing homes could decide to sell, adding to inventory of available homes.

In NAR’s Western Region, which includes Arizona, existing-home sales  fell 3.4 % compared with August but are 0.9% above a year ago. With continuing inventory shortages in the region, the median price in the West was $246,300, which is 18.4% higher than September 2011.

To sell your Flagstaff home, please contact me: Ann Heitland at RE/MAX Peak Properties.

To search the Flagstaff MLS, click here!

Related:

Flagstaff Home Sales Report for September 2012