The keepers of statistics for new and existing home sales released their reports for March home sales last week. Both showed healthy signs of growth though the statistics for new home sales were weaker than expected.
Increases in the number of homes available for sale propelled existing home sales to their highest annual rate since the fall of 2013. Led by the Midwest, all major regions experienced strong sales gains in March and are above their year-over-year sales pace, according to the National Association of Realtors®. The median national price was also up from a year earlier.
New home sales in March were up 19.4% from a year earlier. The median sales price fell 1.7% to $277,400 in March from a year earlier. This according to the U.S. Commerce Department, which regularly revises its monthly releases and cautions readers to not place much confidence in new monthly numbers.
Overall, it appears that 2015 is shaping up to be a better year than 2014. We’ll see if it’s as good as 2013.
Flagstaff’s market is unique and the average national numbers that you read here give you quite a different impression — especially with respect to price — compared with the realities of Flagstaff. To learn about the Flagstaff market, give us a call at 928.714.0001 or visit our website: Elite Team at RE/MAX Peak Properties.