Tucson April 2009 Housing Statistics

Great news for the Tucson housing market! Since January ’06 we had 6,890 listings. At this time last year, there were 8,800 or 21.78% more. The number of days on market is down in the 70′s from the 80′s and so far this year we are only down 219 units from 2008.

 

The median sales price dropped less than one percent last month and is now $164,000.

 

We have a trend going as the pending sales are moving closer together. In summary, our inventory is dropping and new sales are increasing so we are starting to absorb the over supply. This combined with the fact that new home permits are down indicates that the housing supply is coming closer and closer to demand.  We can conclude that prices don’t continue to fall when supply is on the decrease in relation to demand.

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