November 2007 Residential Housing Report

The Real Estate market is local....and the Tucson Association of Realtors November 2007 housing report's indicators show a stable market continues when comparing November '07 to November '06.

For the sixth consecutive month new contracts opening escrow, listing inventory and new listings coming on the market all supported the positive trend when compared to November 2006;
The 910 new contracts opening escrow compare with 891 in November 2006.
The active listing inventory of 9234 is slightly fewer than the 9238 in November of 2006.
New Listings coming on the market of 2224 were also fewer than the 2380 in November 2006.

The National Association of Realtors has projected that the existing-home sales will trend up in 2008, with this same trend that we see in Tucson, being seen less dramatically in other cities. Lawrence Yun, NAR chief economist has said, "Now that mortgage conditions have improved, some postponed activity should turn up in existing home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels."

Home Sales Volume: Decreased 22.10% from $262,678,000 in November 2006 to $204,906,024 in November 2007.

Home Sales Units: Decreased 23% from 982 in November 2006 to 759 in November 2007.

Average Sales Price (all residential types): Increased 1.72% from $267,493 in November 2006 to $269,968 in November 2007.

Median Sales Price (the price at which half the homes were sold above and half below): Decreased 2.30% from $218,000 in November 2006 to $213,000 in November 2007.

Pending Contracts: Increased 2.13% from 891 in November 2006 to 910 in November 2007.

Active Listings: Decreased .04% from 9,238 in November 2006 to 9,234 in November 2007.

New Listings: Decreased 7.65% from 2,380 in November 2006 to 2,224 in November 2007.