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National home sales numbers less “hot” as the summer wears on. Flagstaff home sales remain active.

Pending home sales statistics are a good predictor of what home sales will be in the near term. Just before the Labor Day holiday, the National Association of Realtors®issued its Pending Home Sales Index for July. The Pending Home Sales (PHS) index measures housing contract activity. It is based on signed real estate contracts for existing single-family homes, condos and co-ops. A high percentage of these contracts close within 30-60 days of signing.

The Pending Home Sales Index declined 1.3% to 109.5 in July from 110.9 in June, but was 6.7% above July 2012 when it was 102.6. The National Association of Realtors®attributes the decline from June to July to rising mortgage rates.

In other news today, economists noted that the latest housing market date show that the recent jump in home prices is moderating.

Flagstaff home sales are substantially above 2012 – both in number and in price. There is a slight drop in homes under contract from June to July and August; however, that drop is easily attributed to normal seasonal variation.

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