Given the news surrounding the local mortgage market last month, Tucson's real estate market has fared better than we expected. The National Association of Realtors has lowered their existing-home sales forecast, based largely on unusual disruptions in the mortgage market. However, here in Tucson we did not see a drastic decline in unit sales-the total units sold for August 2007 are down only 79 units from last month, and are still above levels we saw in January and February of this year.
Average and median sales price have also rebounded in August 2007 after falling from June to July. The average sales price in August 2007 totaled $273,932 up over $5,000 from August 2006. Median sales price rose to $220,000 down $900 from this time last year.
This just goes to show that the saying "all real estate is local" is very true. Tucson has a unique real estate market that withstands many of the pressures seen on the national level. There are still many mortgage lenders in Southern Arizona that can serve local buyers.
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