New, May 2007 Tucson Real Estate Sales Statistics
Looks like Tucson is riding out the bust of the housing market and prices are mildly rising. Even with the slight bump in mortgage rates and the subprime loan issues, Southern Arizona is still seeing the continuance of home sales.
Tucson's Current Market Trend
Every month I provide insight on the direction of Tucson's real estate market. Many national news reports talk about a devastating bust in the housing market, yet they provide little factual data behind their claims. I believe in providing real market trend data to back up my housing claims.
The latest statistics for Tucson real estate shows a steadying of home prices. July 2005 has been determined to be the peak of the Tucson housing market, the past two years have allowed for a correction in prices. Sellers are now pricing their homes more reasonably. Buyers are coming back into the market. Prices and inventory are holding steady. The National Association of Realtors is expecting the market to pick up in the first half of next year.
May 2007 Stats
Homes for sale: 9,721 - Down from 10,387
Avg home sale price: $280,589 - Up from $276,426
Median home sale price: $223,500 - Up from $221,472
Average Days On The Market (DOM): 87 - Down from 88
Months of Inventory: 7.4 - Down from 8.1
Come back for June 2007 statistics mid-month.