Tucson-area home sales and prices continue to slip

2007-08-14T00:00:00Z Tucson-area home sales and prices continue to slipBy Christie Smythe ARIZONA DAILY STAR Arizona Daily Star
August 14, 2007 12:00 am  • 

Home sales are still sliding, and prices are also slipping, according to a monthly report released today by the Tucson Association of Realtors.

The number of homes sold in July fell 10.51 compared to the same month a year ago, according to information compiled from the Tucson Association of Realtors Multiple Listing Service.

The median price fell 2.78 percent to $218,750. The average price also dipped 1.73 percent to $268,983.

The median refers to the price that falls in the middle of all sales; half are below the median and half are above it. The average can be more easily influenced by extremes in prices.

In June, the average price rose by more than 9 percent while the median rose by 1.78 percent compared to the same month last year.

The number of homes on the market also showed a slight decrease compared to the same month a year ago. Active listings were down to 8,692 from 8,955 in July 2006.

The sales statistics represent a market territory that was revised in May to exclude outlying areas, such as Pinal, Cochise and Santa Cruz counties.

More business news

Find the latest business news about Southern Arizona at www.AzStarBiz.com.

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