Tucson Housing Market October 9, 2008
October 9, 2008
Post Tags: housing prices tucson , Tucson Real Estate Market Update
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Lots of people are searching for information at the moment on the Tucson housing market. Here are some of the searches that have come in this morning alone.
- housing prices tucson
- tucson real estate trends
- vacant homes for sale tucson
- sold houses in Tucson for month of October
- tucson real estate market
- tucson housing market (repeated searches)
October Tucson MLS Residential Closed Transactions
Tucson Closed Transasction First Week October 2008
As of this morning there were 153 closed transactions. In the past hour that number has increased to 162 and continues.
Average sale price is $228,875
Median sale price is $179,950
These are the numbers as I write this and have changed since I pulled the graph about 30 minutes ago. All current data is dynamic. (Anyone following the stock market know this : )
You can see on the stats graph from the search the numbers are higher in average sale price and average price per square foot than in Sept. This is common for the first week in the month.
Many of these are larger sales that were probably scheduled to close the end of September but for one reason or another were delayed into this first week in October.
Most of the closed transactions for a month take place in the last week of a month. The 150 range for the 9th of the month is a good pace.
September 2008 closed transactions at 947 were well above September of 2007 which recorded at 769; a difference of 177 transactions.
The median sale price continues to come down. It was $182,000 at the end of September and is now $179,900. This is good for the Tucson Housing Market as it makes housing affordable to more people.
In another quick note:
After rising for three straight weeks, rates on 30-year mortgages dropped below 6 percent this week. Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 5.94 percent this week, down from 6.1 percent last week
I remember over 10 years ago when 30-year mortgage rates dropped to 7 percent. Everyone was saying it would never last. No one would see a rate lower than 7 percent. Now we are below 6 percent. Almost all economist are saying the turn around for the economy doesn’t come with Wall St. or the DOW. It comes with a bottom in the housing market and a turn around in that market. We shall see.
