Nationally, the continued lack of inventory has caused a continued rise in home prices. The national median home price for existing single-family homes was $255,600 nationally in the second quarter of this year. This is up 6.2% from the second quarter of last year. This number surpasses the previous peak which was in the third quarter of last year. Nationally, the inventory levels are still low compare to this time last year.
Buyers are having a hard time affording the increase in home values even though mortgage rates have come down in the last couple months. The national family median income is still not enough to afford a home at the current median prices. Affordable housing has become a current theme in most of the country. Click here for the entire article from the National Association of Realtors®.
Locally Flagstaff isn’t following all of the trends the rest of the country is. As you saw in our previous newsletter the median price was down about 1.5%. The small reduction in price only shows that our market has self-corrected a bit. We are still seeing a lack of inventory in certain price ranges and home affordability is a constant problem. If you missed the newsletter you can click here to see all of our local second quarter numbers.
The Elite Team at Re/Max Peak Properties always tries to stay on top of national and local trends. Please never hesitate to contact us with questions about our market. We can be reached at (928) 714-0001 or firstname.lastname@example.org.