In 2015, the new single family home market in Flagstaff, Ariz., improved, while remodeling and repair construction trends declined. Arizona Daily Sun staffer Suzanne Adams-Ockrassa takes a dive into the local single-family and remodeling business market, and highlights a few things to watch in particular. Adams-Ockrassa writes,
"The city of Flagstaff released its year-to-date building permits report, which shows that the city had 208 single-family residential units built in 2015 compared to 171 units in 2014. The increase in single-family units may be due to the increasing value of homes and the number of home sales in the Flagstaff area over the last year. Nearly every month in 2015 saw an increase in home prices and home sales.
Stephen Brighton from Century 21 Flagstaff Realty said he saw the demand early in the year, with a large number of home buyers looking to trade up to a larger home while mortgage interest rates were low. But the housing stock just wasn’t there yet, he said. Builders caught on to the demand and started construction. That demand peaked in mid-summer, when the new homes came on the market and relieved some of the pressure."