Sedona Arizona Real Estate: National Association of Realtors Releases May 2009 Home Sales Data
Hot off the press!
Importantly, sales of existing homes showed another gain in May, benefiting from favorable affordability conditions (including low rates!) and a first-time buyer tax credit.
The increase was the first month on month gain since September 2005. Existing-home sales – including single-family, townhomes, condominiums etc. – rose 2.4% to a seasonally adjusted annual rate of 4.77 million units last month. Single-family home sales alone (which make up a large chunk of sales) rose 1.9% to a seasonally adjusted annual rate of 4.25 million in May from a pace of 4.17 million in April.
Total housing inventory at the end of May fell 3.5% to 3.80 million existing homes available for sale, which represents a 9.6-month supply at the current sales pace, down from a 10.1-month supply in April. Most relevant to us here in Sedona, Arizona are the sales in the western part of the country, where existing-home sales were 11.8% higher than May 2008 – definitely exciting news for everyone!
Rates are still low too, according to Freddie Mac (FHLMC), the national average rate for a 30-year, conventional, fixed-rate mortgage edged up to 4.86% in May from a record low 4.81% in April 2009. However compared to 2008 these rates are around 2% lower!
That said, there is a small issue addressed by Lawrence Yun “However, the increase in sales is less than expected because poor appraisals are stalling transactions. Pending home sales indicated much stronger activity, but some contracts are falling through from faulty valuations that keep buyers from getting a loan.”
So there you have it, more news that the market is definitely turning around nationally so now really may be the best time to snap up your own piece of Sedona Arizona real estate!
Realty Times poses the question: Arizona: Is Now THE Time to Invest in the Grand Canyon State? The answer seems to be a very firm – YES!
If you have decided that you would like to own a home in Sedona as a full time resident or part time then contact Claudia Ault and her team in downtown Sedona.
For a complimentary search of the Sedona MLS and access to all property currently on the market in Sedona AZ, visit www.claudiaault.com. For the best in Sedona Real Estate service and knowledge, contact Claudia Ault at 928-301-3016.
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July 30th, 2009 at 9:43 pm
[...] The real estate market nationwide is definitely on the turn along with other sectors of the economy. Buyers are purchasing inventory and in certain areas supply is starting to decrease as the amount of unsold properties is worked through. Here in Arizona, as with other Western States, the news has been better than other parts of the nation! [...]