May 2008 Tucson Housing Report

For the third month in a row, we have seen an increase in unit sales and we surpassed 1000 units in May.

With May behind us, our local numbers continue to support the direction of a recovering market. Home Sales Volume increased 4.12% over April 2008, Home Sales Units increased 5.34% over April 2008, New Listings decreased 6.51% and Active Listings decreased 3.19%.

Thanks to the restructuring of the government loans many of today's buyers and sellers are reaping the benefits.

While the average days on market are steady at 77 days the ratio between the list price and sales price averages at 95.34%. We hope to see the recovery process continue.


Home Sales Volume
Decreased 34.93% from $395,081,716 in May 2007 to
$257,072,764 in May 2008.

Home Sales Units
Decreased 27.71% from 1,418 in May 2007 to 1,025 in
May 2008.

Average Sales Price (all residential types)
Decreased 9.98% from $278,619 in May 2007 to
$250,803 in May 2008.

Median Sales Price
Decreased by 9.86% from $223,000 in May 2007 to
$201,000 in May 2008.

Pending Contracts (not yet closed in escrow)
Increased 24.68% from 1,191 in May 2007 to 1,485 in
May 2008.

Active Listings
Decreased 12.28% from 9,721 in May 2007 to 8,527 in
May 2008.

New Listings
Decreased 22.9% from 2,960 in May 2007 to 2,282 in 2008.

Call Julie Nellis, Long Realty, for all your Tucson Real Estate needs. 520-918-3843 or visit www.tucsonhouses4you.com