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During August, the median price of Flagstaff homes reached the highest point since March. This is largely due to a more than 50% increase in sales over $500,000 combined with a healthy increase in homes sold in the $400,000-$500,000. As always, the median is simply the mid-point of the total number of homes sold.

In August, 89 single-family Flagstaff homes were sold — a healthy, but not fantastic, volume, which is up 5.3% from the previous August. The median sale price for those Flagstaff homes was $335,892, which is up 4.1% from the August 2013 median price. Here is the breakdown of sales and inventory by price range:

Flagstaff home price distribution August 2014

Inventory of Flagstaff homes for sale is up a whopping 20.7% from the beginning of September one-year ago, reflecting the desire of homeowners who have been waiting for an improved real estate market to cash-in the home equity they have been holding on to. It also reflects the business judgment of home builders that it’s ok to put their wares on the Flagstaff market.

For more on the Flagstaff real estate market, visit our Flagstaff real estate website.

NOTE: THE DATA REPORTED HERE ARE BASED ON HOME SALES IN THE FLAGSTAFF METRO AREA (THE CITY OF FLAGSTAFF AND IMMEDIATELY SURROUNDING COUNTY AREAS THAT HAVE FLAGSTAFF MAILING ADDRESSES) AS REPORTED IN THE MULTIPLE-LISTING-SERVICE MAINTAINED BY THE NORTHERN ARIZONA ASSOCIATION OF REALTORS.® THE DATA MAY NOT REFLECT ALL SALES (BUT IT SURELY REFLECTS MOST OF THEM).