February 11, 2010 Strong gains in existing-home sales were the predominant pattern in most states during the fourth quarter, with many more metro areas seeing prices rise from a year earlier, according to the latest survey by the National Association of Realtors®. Arizona real estate survey results were released today.
Arizona real estate sales increased 1.6% from the third quarter. Year-over-year Arizona real estate sales were 31% higher. This suggests many areas around Arizona are showing glimpses of a balanced turnaround for sellers.
Lawrence Yun, NAR chief economist, said the first-time home buyer tax credit was the dominant factor. "The surge in home sales was driven by buyers responding strongly to the tax credit combined with record low mortgage interest rates," he said. "With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices."
Flagstaff housing inventories have steadily declined — an indication Flagstaff home prices in many areas may have stabilized and could soon return to normal appreciation patterns. Buyers still have good choices but are purchasing near the bottom of the price cycle with historically low mortgage interest rates.
The first-time home buyer tax credit has also been a key motivator in moving sales along.
In addition, current homeowners who are in the market to buy a home can qualify for up to $6,500 if they have a contract in place by April 30, 2010, and close by June 30.
Flagstaff real estate news is a free service by Flagstaff real estate expert TerryBalentine. Links are for your convenience and are not an endorsement or guarantee.
Flagstaff real estate news is a free service by Flagstaff real estate expert Terry
