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10445 N. Oracle, Suite 121 Tucson, AZ 85737 Office: 520-918-5968 Toll-Free: 888-825-8251 ext. 5968 Fax: 520-989-6114 email: Brenda@BrendaOBrienTeam.com |
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Brenda's Tucson Housing Market Report
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"Some Shake Ups in the Mortgage Industry are the big news right now."
NEWS FLASH 8/31/07 - CLICK HERE |
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There is some turmoil going on in the lending industry right now that is capturing all the headlines recently. Some lenders are going out of business and there is a lot of doomsday hype in the media. Way to much to rehash here, but rest assured there are still many good lenders available right here in Tucson to service your loan needs. The inventory of homes for sale in Tucson continues to decline, dropping 2.94% over July of last year. A small bump up in the current inventory of 27 units over last month. Current inventory stands at 8,692. Mixed signals this month. Inventory only had a tiny bump up, New listings are still dropping, Pending sales are up, But the Mortgage Turmoil is the Big Gorilla this month Key current month statistics from the Tucson Association of Realtor’s July 2007 Report show: Tucson Home Sales Units: Decreased 10.51% from 1,227 in July of 2006 to 1,098 in July 2007. (Down 128 units from June) Tucson Average Sale Price (all residential types): Decreased 1.73% from $273,717 in July 2006 to $268,983 in July 2007. Tucson Median Sale Price (all residential types): Decreased 2.78% from $225,000 in July 2006 to $218,750 in July 2007. Tucson Active Listings: Decreased 2.94% from 8,955 in July 2006 to 8,692 in July 2007. (Up 27 units from June) Tucson New Listings: Decreased 3.52% from the 2,867 listings added in July 2006 to the 2,766 listings added in June 2007. (Down 54 units from June) Some quick conclusions we draw from these Tucson home sales statistics are: Positive Market Indicators this month. Declining to flat Inventories, a decline in new listings and a year over year increase in pending sales are positive signs. Negative Market Indicators this month. The biggest negative this month is the current shake up in the mortgage industry. The hype will be the media rage for the next few months but the long term effects will probably include an increase in interest rates and a tightening of lender requirements for new loans. Those two factors will definitely have some effect on the number of sales going forward. Still a Buyers Market. With the negatives above outweighing the positives this month that may continue for awhile. Still some Bargains out there. If you're a buyer, this is a great time to buy a home in Tucson. The Tucson Market Reports below will give you a detailed look inside the current Tucson Housing Market. |
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July 2007 Tucson Multiple Listing Service Report
Brenda's 2006 Year End Tucson Housing Report 2006 (Year in Review) Tucson Multiple Listing Service Report | |
