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AZ No. 1 in falling home values
Based on what data source? This is always the big question. If we limit the data then we skew the results especially if we don’t clarify this is a limited data source.
Imagine a report on Auto Industry Sales in the US in 2009 which used only GM data for the source of the report. What about all the other auto makers? Oh, they aren’t important, right? There would be an uproar over this kind of reporting on an industry.
But not real estate. What am I talking about? It seems the source for the data applies only to those homes sold with a mortgage or home loan that went through Fannie Mae or Freddy Mac if the home hasn’t been sold recently, or was purchased with something besides a conventional loan, it won’t be in the stats.
Something better than a report in the paper? How about the stats from the Tucson MLS.
Click to Enlarge
Average Sale Price Up 3.4 for April, But Down 2.66 over last year. That’s a little different from 12.88 in this report.
Local source with all the data available from the Tucson MLS or a National report. I’ll take local.
You can see all the information on this page in the Tucson MLS April Statistics Report.
There was the cherry in the middle of the report.
“the average Arizona home is now worth almost double what it was at the beginning of 1991.“
This is quite the admission for a news article. Typically reporting on any good news is like taking bitter medicine. But there it is.
Finally for this post. Most people still purchase a house to be their home. They don’t buy for the short term investment. They buy for a place to live as a family even if it is a family of one. Is it an investment? Of course it is, but it is my home first.
