Arizona Daily Sun/The Associated Press
The Flagstaff real estate market finally broke out of the doldrums in May, with prices of detached, single-family homes soaring 19 percent from the same month the year before.
Nationally, home prices jumped 12.2 percent in May from a year ago, the most in seven years. The increase suggests the housing recovery is strengthening.
The median sales price this May in greater Flagstaff was $280,500, with 88 total sales. A year ago there were a total of 77 sales with the median sale price coming in at $235,000.
Stephen Brighton of Century 21 Flagstaff Realty said low inventory and now rising mortgage rates are helping to spur sales and drive up prices. In the past 60 days, 30-year fixed-rate mortgages have climbed by over half a point, which now sit at 3.875 percent with a 20 percent down payment and good credit.
“Rising rates tend to push buyers off the fence and into the market,” Brighton said.
