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Tucson, AZ Local News

  • Tucson Median Home Price Up 6% in March

    Tucson-area home prices rose more than 6 percent in March as unit sales rose nearly 19 percent compared with the same month in 2011, according to the latest data from the Tucson Association of Realtors Multiple Listing Service.

  • Worst May Be Over for Tucson Home Prices

    May 11--An uptick in home prices could signal stabilization in the housing market, but the sustainability of those rising prices has some analysts concerned.

  • Fiserv: U.S. Housing Markets Stabilizing

    Fiserv, Inc. (NASDAQ: FISV) today released an analysis of home price trends in more than 380 U.S. markets based on the Fiserv® Case-Shiller Indexes®.

Tucson, AZ - Recent Figures for New Home Sales Suggest Market Decline is Mounting

Posted on: May 07, 2012 09:52:43 AM

New home sales in the Tucson, AZ market dropped year-over-year in February, and with a percentage decline steeper than January 2012, there were signs the market may be worsening. New home sales saw a fall of 63.5% from the year earlier to 38 after sales sank 46.4% in January from the year earlier.

A total of 830 new homes were sold during the 12 months that ended in February, down from 896 for the year that ended in January.

New home sales as a percentage of overall housing sales fell to 2.5% from 6.9% of sales a year earlier. Following a fall in January year-over-year, sales of new and existing homes rose year-over-year in February.

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Pricing and Mortgage Trends

The average price of new homes was $201,609 per unit in February, up 2.3%from a year earlier. This rise is smaller than the 8.5% rise in January year-over-year.

For newly sold homes, the average mortgage size increased year-over-year along with new home prices. In February 2012, the average mortgage size was $181,761, up 4.3% from a year earlier. In January 2012, average mortgage size rose 14.2% from a year earlier. Of the overall sale price, the percentage that was being financed rose 1.7 percentage points year-over-year to 90.2% in February 2012.

 
 
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