The Tucson Real Estate Market continues with its downward trend of available homes on the market for the month of July 2009.
The Total amount of active listings (6075) is down 21% since January of this year, and it is the lowest amount of inventory on the market since December of 2005.
Tucson is also seeing a steady climb in residential homes which has been fueled by the first time home buyers tax credit , and also the great home deals that can be seen in the marketplace with foreclosures and builder incentives.
However, the current interest rates hovering around 5% has also helped make a home more affordable, and one wonders if we are to see a steady climb in rates based on the last national job report, what will happen down the road. Many people have wondered if this current trend a false positive as many Tucson home owners have ARM’s ( Adjustable Rate Mortgages) that are due to adjust in the next 12 months.
There are many people that are not putting their house on the market right now based on the current amount of short sales and foreclosures that have been in the marketplace. One can hold a crustal ball and see if we will see an increase of homes coming on the market when epoeple feel that the market may have stabilized.
The average sales price is down by 17% over the last year, and this figure remains consistent with the average home sales and the average median home price being down by 16.04% over July 2008. However, as mentioned, we have also seen a considerable reduction in inventory over last year too.
Pending Home Contracts are down from the month of June, but they are definitely up over this time last year by over 27%.
On a positive note, we have also seen a 3.9% unit increase over the last month, a 23% increase over July of last year, and a 90.05% increase over January of this year 2009.
All in all it appears that the Tucson Real Estate Market is steadily recovering.
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