Arizona Daily Sun
Home sales in Flagstaff have leveled off as the summer season comes to an end, but the median price is still hovering just above $300,000 for the fourth consecutive month.
That figure would be even higher except for the dearth of sales in the high-end market: just 12 homes priced above a half-million dollars sold in September, with 224 still left on the market in that price range.
Stephen Brighton, with Century 21 Flagstaff Realty, points out that a lower limit of $450,000 for government-backed mortgages has increased financing costs for buyers of higher-priced properties.
“Some of those prices might have to come down” before homes above $500,000 start to sell, Brighton said.
