The S&P/Case-Schiller Index of Housing Prices was released today. This composite look at prices in twenty large cities has minimal interest for followers of the Flagstaff market, but I write about it because you may hear about it in the news. The data released today is for July.
Since the March 2012 lows, the 20-city composite has climbed 35.7%, but it’s still down 12% from bubble-level highs. Roughly, that’s the pattern of prices in Flagstaff although we’ve gained a bit more toward those “bubble-level” highs. There is still a way to go and would-be home sellers are going to have to be patient if they expect to match or exceed their 2006-2007 purchase prices.