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The value of homes in Tucson have fallen over the past 12 months down -8.29. The quarter ending September 30, 2008 produced -3.89 if that total. But did you know that the value of those homes over the past 60 months, (5 years) have increased by +48.14%.
We know the focus has been on the negative numbers in housing over the past year. The past quarter especially would lead us all to believe there is not much remaining value in the Tucson housing market. But it is not the case. Check out these numbers.
Arizona Cities Appreciations in 5 Years
City | 1 Yr | 5 Yr |
|---|---|---|
| Flagstaff | - 6.35 | + 66.52 |
| Lake Havasu City Kingman | - 16.73 | + 42.56 |
| Prescott | - 9.80 | + 52.36 |
| Phoenix-Mesa-Scottsdale | - 16.63 | + 48.32 |
| Tucson | - 8.29 | + 48.14 |
| Yuma | - 5.84 | + 64.55 |
The entire 85 page report is available in PDF format here.
Granted if you bought at the high end of the market you are now seeing the value of that property decline.
Of the 292 cities in the report 273 saw increased value over the past 5 years. For more information read Kenneth Harney’s column from the Arizona Daily Star from Saturday December 6, 2008 Recent declines in home values far out paced by gains over 5 years.
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