Flagstaff Real Estate News: Home Sales Up From a Year Ago

May 17, 2010

The national median price for single-family homes was fairly flat at $166,100, down 0.7 percent from the first quarter 2009 price of $167,300, according to the latest survey by the National Association of Realtors®. The median is where half sold for more and half sold for less. Distressed homes, which typically are discounted by 15 percent relative to traditional homes, accounted for 36 percent of first quarter sales.

Existing-home sales in Arizona are 10.4 percent higher than the first quarter of 2009. The median existing single-family home price in the West was $210,200 in the first quarter, which is 8.3 percent below a year ago.

"Year-ago comparisons are more meaningful in this report due to sales swings from the tax credit," Lawrence Yun, NAR chief economist, said.

The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

"Home prices and sales are beginning to recover, inventories are down, private capital is beginning to re-emerge, investor confidence is coming back and the job market is showing signs of improvement. These all show renewed confidence in the housing market. We need to finish the job now and make the housing recovery sustainable and keep the economy on the right track," said David H. Stevens, assistant secretary of the U.S. Department of Housing and Urban Development and Federal Housing Administration commissioner.

Stevens credited increased home buyer demand, brought about by the home buyer tax credits, and the federal government's purchase of mortgage-backed securities for helping restore consumer confidence and get the economy moving. Stevens was addressing the National Association of Realtors® on the Rise: Stabilizing the U.S. Mortgage Finance Delivery System, May 11-13, 2010.