Brenda's Tucson Housing Market Report
July 2008 Tucson Home Sales

Active Listings Drop Below 8,000 for the first time since March of 2006!

Inventory Continues To Decline. For the fist time in over 2 years active listings are back below 8,000 units. This continues the trend of decreasing listings we have been watching as we start heading into a new market cycle.

New Listings Also Still Declining. In July of 2007 there were 2,766 New Listings. This July there were 1,679. That is a huge decrease in new listings coming on the market. Possibly it is portending the end of the flood of distress sales that have been hanging over this market for the last couple of years.

July Sales Slow. Pending Sales stood at 960 reflecting our seasonally slow summer period. Expect August to be similar, in fact it may be slow through the elections. But even if sales stay slow, it appears that prices are stabilizing as inventory and new listings continue to decline.

Buyers Are Nervous, We hear it day after day, buyers questions about what's the market doing, what's the future outlook for housing prices, are things going to pick up or should we wait a little longer. This is kinda like a herd mentality thing going on with so much negativity about the economy and the housing markets. As soon as we start seeing some positive media reports expect this general consensus mentality to start shifting to a much more positive outlook.

And one last thing, which is very positive for the housing market nationwide is the passage into law of the Housing and Economic Recovery Act of 2008. This stimulus package was signed into law by the President on July 30, just a couple of week ago and should help to swing public opinion around and hopefully kick start the housing market across the country.

Key current month statistics from the Tucson Association of Realtor’s July 2008 Report show:

Total Tucson Home Sales Units: 945, Decreased 20.05% from July 2007. Decreased 8.61% from last month.

Total Tucson Pending Sales: 960, Decreased 45.98% from July 2007. Increased 0.95% from last month.

Tucson Average Sale Price: $254,854, Down 4.84% from $267,808 in July 2007.
Northwest Tucson Average Sale Price: $300,526, Down from $303,660 last month.
Catalina Foothills Average Sale Price: $491,613 Up from $443,547 last month.

Total Tucson Active Listings: 7,876, Down 9.39% from 8,692 in July of 2007.
Northwest Tucson Active Listings: 1,987, Down 144 units from last month.
Catalina Foothills Active Listings: 730, Down 39 units from last month.

Total Tucson New Listings: 1,679, Down 39.30% from 2,766 in July of 2007.
Northwest Tucson New Listings: 415, Down 122 units from last month.
Catalina Foothills New Listings: 142, Down 15 units from last month.

Some quick conclusions we draw from these Tucson home sales statistics are:

Positive Market Indicators this month. Housing and Economic Recovery act of 2008 signed into law July 30, 2008, Continuing decline in Active Listings, Large decrease in New Listings which Decreased 20.05% from July 2007.

Negative Market Indicators this month. Seasonally slow sales, General lethargy in the pool of buyers, Slow national economy.

It's going to be slow for the next few months, but we expect this market to be much better and more active in the near future.

The Tucson Market Reports below will give you a detailed look inside the current Tucson Housing Market.

July 2008 Tucson Multiple Listing Service Report

NEW 2008 2nd. Quarter Report - Northwest Tucson

NEW 2008 2nd. Quarter Report - Catalina Foothills

2007 (Year in Review) Tucson Multiple Listing Service Report

Brenda's 2007 Year End Tucson Housing Report

Long Realty 2007 Year End Market Report

Tucson Housing Market Report Archives

Questions about current Tucson Housing Market Conditions?
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