Thursday, June 12, 2008

May Residential Sales Statistics

The Tucson Association of Realtors has released the Residential Sales Statistics for May.

The median sale price increased 3.07% from April to May, and the average sale price decreased 1.15%. From May 2007 to May 2008, median sale price decreased 9.98% and average sale price decreased 9.86%.

The best new is that over 1,000 housing units were sold in May for the first time since the mortgage industry meltdown last August. With the number of active listings at 8,257 and the number of sales at 1,025, we have a listings-to-sales ratio of 8.06. This is equivalent to an eight month supply of listings. A six month supply is considered a balanced market. We are rapidly getting closer to a stable market. The listing-to-sales ratio was 15.43 in January 2008.

I am seeing lots of bargains. Sadly for the former owners, they involve foreclosures, but I am impressed with what's available now for a person who wants to invest a little sweat equity.

Interest rates are still incredibly low at 6.25%, and money is available for qualified buyers. FHA is doing a lot to make housing affordable, but no one can predict how long their new programs will be available. This is a great time to buy a home.

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