November Home Sales 2007 - Tucson Real Estate

First things first, Happy Holidays to Everyone.

Tucson Association of Realtors October report is out. Each month it comes out later and later. Sales did increase over October, the official number is 759 sales for November. October had 790 reported home sales through the MLS. Buyer confidence is still lower than it should be. Which ads to the reduction in numbers overall. I am still seeing a little more buyer activity as I did last month. Sales for the winter are traditionally lower. So, the drop from October to November can be expected. December should be even lower. Sales will begin to pick up in January and normally continue to increase until May and June.

Pending sales waiting to close for the month November were 910. A slight drop from October as can be expected for the seasonal trend.

Average home price increased from October by $7,714 to $269,968. The Median price went up by $8,000 for the second month in a row to $218,000.

November saw an anticipated drop in sales. I continue to believe that it is an emotional response of buyer confidence. The Herd Mentality is a definite factor here. The banks and the Feds working out restriction on ARM increases should help keep a few more homes from hitting the market. December will close out a year we’ll all try to forget. 2008 will show promise when buyer confidence returns. The Debt Relief Act is a step in the right direction for 2008. If you’re interested in Jay’s Opinion, he usually makes a good point.

Till next month, enjoy family and the Holidays.

This entry was posted on Thursday, December 20th, 2007 at 7:28 am and is filed under Tucson Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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