As we get closer to the end of 2009, we can see the positive effects of the tax credit. Home sales volume is up 35.34% over last year. New listings are down 3.16% over last year and down 23.63% over last month. Active listings continue to drop over last year by 20.59% but are up 2.21% over last month.
The extension of the First-Time Home Buyer tax credit should help continue to push the market forward. As you know, Congress has passed new legislation to extend the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers and up to $6,500 credit to current home owners until April 30, 2010. (See below for more information)
Another positive note is mortgage rates are continuing to fall. According to a survey by Freddie Mac, rates decreased to 4.71%, the lowest since the survey began in 1971. This should continue to help home sales.
While the holiday season is typically slower the numbers show a steady pace. We look forward to seeing the year-end statistics and summary next month.
For more information about the current Tucson Real Estate Market, contact Julie Nellis, Long Realty, 520-990-8477 or nellisja@aol.com
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