Patricia Paul Properties

Patricia Paul Properties

Commentary on Tucson Area Real Estate, Home Ownership, Rental Homes, and Life around the Tucson Community

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The Tucson Association of REALTORS recently published its reports on the Tucson Housing Market for the month of August and the results somewhat surprised me.  I could tell from my own personal experiences with buyers that homes were moving, but here's what the statistics showed:
     *  The number of homes sold are up 11.36% from last month

     *  The median sales price is right around $150,000 (and has been since May 2010)
     *  New listings have decreased 21.82% over July
     *  Active listings are the highest to date this year at 7,170, an increase of 7.53% over July
     *  Total sales volume of $164,547,474 is an increase of 8.17% over July's sales volume
     *  Total listings under contract increased by 39.19% over July
So, in my interpretation of these statistics, I would say there is still a lot of inventory out there, but there are fewer new listings hitting the market.  Buyers are definitely out there, more homes are being sold, and lots more are currently under contract, so the sales statistics for September and October should also reflect considerably higher sales numbers.
Buyers are aware that homes are priced low and that the current interest rates are just too low to ignore.  If you have thought of buying a home anytime in the near future, perhaps you might want to think about taking advantage of these record low mortgage rates now.  In time, these rates will definitely increase, and when they do, your buying power will decrease.
We're not out of the woods yet, but I'd say these statistics show a healthy recovery in our Tucson market.
Patricia Paul, GRI ** ** (520) 548-2078

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