Tucson Median Home Price briefly hit $146,000

Yesterday as I was gathering information for the post on Tucson Home Loans 40% underwater I did the daily stats pull.

The average and median sale price numbers were so low I wondered if there was an issue with the new Flexmls system.   There wasn’t an issue.   There was a statistical anomaly.   On Monday, May 10 about 4o closed transactions were entered into the system.   Of those 40, half (2o) turned out to be REO sales.   Fifty percent is very unusual for a single day.

As a result those sales dropped the average and median sale prices to a low I don’t remember seeing.   Average sale price was $188,825 and the median came in at $146,000.

Today there was an uptick in the Median but the average dropped a bit.   Average: $187, 077 and the median: $147,000.

A while back I did a check to see what the average price was for   REO, Short Sale and Resale homes.   I thought it would be a good time to run that again.

Quite the difference isn’t it?

How all this effects home sellers depends on how many REO and short sale properties are in the Comps for their area.

None, no issue,

a lot, . . .