Housing Market Steadying In Terms Of Price, Inventory Explorer News – June 17, 2009
What’s happening in the Tucson housing market at mid-year?
It’s difficult to "generalize about the market," according to a June 5 release from Kimberly Clifton, president of the Tucson Association of Realtors’ multiple listing service.
Rosey Koberlein, chief executive officer of the real estate company Long Realty, agrees. "Market conditions can vary significantly by area," Koberlein writes.
However, Clifton reports, "we aren’t seeing the dramatic drops of last year," when prices fell sharply.
Clifton calls the attention of real estate agencies to a chart that measures inventory against new sales. "The two numbers have been drawing closer together since January," Clifton writes. "There are economists who would say six months equals a trend. This is something we need to watch in June."
In its June 2009 housing report, Long Realty Company points out a 27 percent decline in active inventory in May compared with a year ago. "Tucson is experiencing a significant increase in buyer activity, with new properties under contract up 34 percent from May 2008," Koberlein writes.
