Local home sales, median price decline during December
Tucson home sales and prices fell during December, while days on the market rose, evidence of a continuing slowdown in the local housing market.
That means the market is improving buyers-they have more negotiation leverage-and sellers may not make as much as expected on the sale of their homes. The median home price fell $3,000 from November to $215,000, an indication that sellers are dropping their prices, according to a report Thursday by the Tucson Association of Realtors.
December's median price-the price at which half the homes sold for more and half sold for less-was the lowest since May 2005.
The number of days on the market rose to 64, the longest for the year and more than twice the number of days during the height of the hot market: 26 in July 2005.
Still, there's consolation for sellers: about one-third or quicker and more than half sold in less than two months. There are some indications the market may be tightening, which could send prices upward and days on the market down. new listing in December were the lowest for the year and the total number of homes for sale was down 720 from November, the report said.
Tucson Citizen 1-19-2007
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