July 2008 Housing Market Report

July 2008 Residential Housing Report

KEY INDICATORS CONTINUE TO SHOW IMPROVEMENT IN THE
TUCSON REAL ESTATE MARKET... according to the Tucson Association of
Realtors Multiple Listing Service July '08 Monthly Statistical Digest. The consistent
strength in the year to date sold and closed units, plus fewer listings coming on the
market (1,000+ fewer tjam July '07) are reflected in the July Tucson listing inventory
number that dipped below 8,000 units for the first time since March 2006 (28 months
ago).

The Tucson July Median Sales Price continues to hover around $200,000, with the
largest number of reported Solds in the Northwest area (241 sales), and the Central
Home Sales Volume: Decreased 23.92% from $316,549,145 in July 2007 to $240,837,426 in July 2008.

Home Sales Units: Decreased 20.04% from 1,182 in July 2007 to 945 in July 2008.
Average Sales Price (all residential types): Decreased 4.84% from $267,808 in July 2007 to $254,854 in July 2008.

Median Sales Price (the price at which half the homes were sold above and half below): Decreased 7.88% from $217,000 in July 2007 to $199,900 in July 2008.

Pending Contracts (new transactions subject to contract in the month): Decreased 45.98% from 1,777 in July 2007 to 960 in July 2008.

Active Listings: Decreased 9.39% from 8,692 in July 2007 to 7,876
in July 2008.

New Listings: Decreased 39.30% from 2,766 in July 2007 to 1,679
in July 2008.

The July Median Sales Price for Single Family Residences was $210,000, for Condos was
$137,000, for Townhomes was $169,000 and for Manufactured Homes was $105,000.

Even though we are seeing the Active Listing Inventory shrinking, it is still a Buyer's Market.

First Time Homebuyers may qualify for the $7500 Tax Credit under the recently passed Federal Housing Stimulus Bill, and remember a First Time Homebuyer is someone who has not owned a home in the past three years.

Buyers can certainly benefit in this quickly changing market by working with a knowledgeable Realtor who knows the local market, including the values of our neighborhoods, and the availability of low interest rate home loans.

For more information on Tucson Real Estate call Julie Nellis, Long Realty, 520-990-8477 or visit www.tucsonhouses4you.com