The Real Estate Market is definitely on the turn!

The National Association of Realtors (NAR) is always releasing information on the ever growing and changing Real Estate market! Although they mainly focus on the national data, they do of course release information relevant to local real estate markets.

They have just released their monthly pending home sales data and the news is great. The Pending Home Sales Index has risen for the fifth consecutive month – the first time in six years since it has done that!

The index rose nationally 3.6% to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7% above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was back in July 2003. Locally here in the West of the nation the index rose 2.9 percent to 100.4 – here in Sedona there has been a marked increase in activity. Also, as we mentioned recently it is also the time to purchase vacation homes!

With affordability being so good at the moment, it is important to watch NAR’s Housing Affordability Index as an indicator of what the market is doing.

They have just released the latest for the HAI index and it stood at 159.2 in June, down from record peaks in recent months but it remains 36.6% points above a year ago. Under these conditions the typical family would devote 15.7% of gross income to mortgage principal and interest, well below the standard allowance of 25%.

Here is a video from NAR on the latest data:

Despite financing being tight, affordability is excellent and there is a great selection of inventory available – some report inventory is falling in some areas! With that in mind as well as a flood of mortgage applications and possible rate rises, now really may be the best time to purchase for years.

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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