November housing sales continued to rise as did prices. Last month there were a total of 72 house sales in the greater Flagstaff area, the most since 2005. At the high end of the market, however, sales remain sluggish, with just five of 90 houses priced between $500,000 and $1 million selling in November.
The median price for a detached, single-family house went up 19 percent last month compared to the same month a year ago. The median price of $288,750 is the highest since 2009. One of the reasons why may be because of the low number of distressed property sales - only 8 , compared to last year. Distressed properties usually sell at lower price points.
"In sum, the market is looking great and the next year should even be better in terms of housing price
appreciation. We are still a long way from the the 2007 top market prices but I believe that Flagstaff housing market is fully recovered and on it's way to greater heights, " says Kelly Broaddus, owner of the Kelly Broaddus Real Estate Advisor Team.
"There will be new limits to the FHA single family home loans. It is set at $362,500 down from $450K. Buyers can put down as little as 3.5% with an FHA loan and this new regulation might make home buying a little tougher for higher priced homes," Kelly added.
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Have a wonderful Christmas holiday and a Happy New Year.