That headline is true only if you look at April results compared with March. Despite the monthly decline, sales have increased year–over–year for seven consecutive months and are still 6.1% above a year ago.
Lawrence Yun, National Association of Realtors® chief economist, says “April’s setback is the result of lagging supply relative to demand and the upward pressure it’s putting on prices. However, the overall data and feedback we’re hearing from Realtors® continues to point to elevated levels of buying interest compared to a year ago. With low interest rates and job growth, more buyers will be encouraged to enter the market unless prices accelerate even higher in relation to incomes.”
We’re seeing sales patterns consistent with this information in Flagstaff’s lower home price ranges ($500,000 and below). For help buying or selling a Flagstaff home, contact The Elite Team at RE/MAX Peak Properties.