Tucson Real Estate Market News for February shows signs of change

Tucson Real Estate Market is slowly improving.

The 2008 Tucson Real Estate market is slowly improving! 

Real Estate is always " Local", and we have excellent news from HUD in Tucson  that the limits for an FHA loan in Pima County have been raised from $239,850 to $316,250 on a  single family residence with a 3% down payment. This is a much better increase than was anticipated and with our current inventory of 6,534 homes currently on the market priced under $327,000 it is going to open up a new level  Buyer and Seller  opportunities.

Tucson home sales volume and unit sales are however  down from February 2007, but the numbers are up  from January 2008 by over17 % for Home Sales Volume and 19.52% for Home Sale Units. The Average Sales Price for a home has increased 1.01% over last year in  February 2007 from $259,516 to $262,155 in February 2008. The Median sales price has decreased from February 2007 from $219,500 to $199,900 for February 2008. This is slightly down from January 2008 which was $205,450.

The amount of pending contracts increased to 1,317 February 2008, an increase of 20.38% over the February 2007 count of 1,094. Another significant factor is that our active listings have decreased 6.89% from 9,847 in 2007 to 9,168 in 2008. Active listing numbers, and are ironically the same as January 2008 at 9,168, but differ in price range categories. New listings in 2008 increased from 2,376 in '07 to 2,432 in 2008, an increase of 2.35%.

February has started to pave the way for a positive 2008 real estate market, and Tucson is looking forward to the rest of 2008 with the new opportunities for financing that have become available with the new limits for FHA.