October 2008 Housing Report

THE TUCSON REAL ESTATE MARKET OFFERS MORE AFFORDABLE
HOMES..... as the Tucson Association of Realtors Multiple Listing Service
Statistical Digest shows the October 2008 Median Sales Price at $180,500 and
the Average Sales Price at $226,435. This decline could indicate an increase in
the number of "short sales" and foreclosed properties finally closing after a
lengthy escrow period. The increase in buyer traffic experienced in the past
few months subsided somewhat in October with the concerns around the
economy and equity markets. It is gernerally believed that the buyer traffic
will return soon, as buyers realize the improvement in home affordability in
the marketplace, coupled with low interest rates and a sense that pricing has
bottomed out.

Homes Sales Volume:
Declined 18,78% from $229,448,467 in October 2007 to $186,356,108 in October 2008.

Homes Sales Units:
Decreased 6.9% from 884 in October 2007 to 823 in October 2008.

Average Sales Price: (residential)
Decreased 12.76% from $259,557 in October 2007 to $22;6,435 in October 2008.

Median Sales Price:
Decreased 14.29% from $210,000 in October 2007 to $$180,500 in October 2008.

Average Days on Market:
Days on Market for October 2008 was 78 days.

Pending Sales:
Decreased 23.97% from 993 units in October 2007 to 755 units in October 2008.

There have been more stringent lending standards in most home loan programs, however, the
FHA Loan is readily available, and has become the "most applied for" mortgage, with a required 3% or less down payment, and somewhat less critical qualifying. Buyers with a strong Realtor, experienced in searching the MLS data, and familiar with the home loans offered by local lenders, will surely benefit.

For more on Tucson's Real Estate Market, contact Julie Nellis, Long Realty, 520-990-8477, nellisja@aol.com or http://www.tucsonhouses4you.com/

If you or someone you know is interested in buying or selling Tucson Real Estate, Call Julie today!