Tucson’s home sales numbers began to show a definite increase up from the same time last year. The up-spike in sales is being contributed to the federal governments’ tax credit program. The Tucson Association of Realtors Multiple Listing Service reported that home sales in Tucson for the month of November 2009 were up 55% from this same time last year.
Even though home sales are up and rising in the area, the median price of home sales for November 2009 is still lower than 2008′s numbers. The median sales number reflects that half of all sales were above the median sales amount, and the other half were below that total. There is a glimmer of hope in the market. November 2009′s median price for the Tucson area was $162,500, which is a slight increase from October 2009′s reporting of $158,000.
The average sale price of all of the homes sold in Tucson in November 2009 was $188,384. This number is 3.5% down from the prior month’s sales. Last year’s reported numbers for the month of November were $215,168. These numbers represent a real loss to sellers, but it is a great time for first-time buyers to take advantage o th federal tax credit and get into a house for a reasonable price.
Active listing for this area have also seen a 20.6% decrease from the previous year. Active listings for the month of November 2009 were 6,350, while last year’s active listings were 7,996.
New listings were reported at 1,564 which is a decrease of 3.2% from last year where this market had 1,615 new listings. The reduction of new listings shows that sellers are waiting and watching the market to see if their property is going to regain some of the value that was lost in the housing market crash.
Home sales have gone from 654 in November of last year to 1,011 for November of this year. These sales are not only being contributed to the federal tax credit, but also to one of the lowest mortgage rates that Freddie Mac has seen since 1971 when it’s began to survey rates.
See Also:
Local housing gain tied to federal tax credit
Tax Credit Package Passed By House
