Pending home sales were mostly unchanged in July, but rose modestly for the sixth time in seven months and are now 7.4 % above July 2014. Lawrence Yun, NAR chief economist, says while demand and sales continue to be stronger than earlier this year, Realtors® have reported that low inventory is likely holding back sales. There is regional variation in the real estate markets with the Northeast leading the pack. The index in the West declined 1.4% in July compared with June, but is still 7.5% above a year ago.
See Yun’s full interview on the latest Pending Home Sales Report:
For the latest on Flagstaff home sales, get in touch with The Elite Team at RE/MAX Peak Properties.