The median price of new-home construction in the Tucson area "took a big dive during November," says local housing analyst John L. Strobeck.
The median - where half of new homes sold for less and half for more - was $179,633, down from $213,317 in October and $225,000 in November a year ago, he says.
Other observations Strobeck makes in his latest monthly housing report:
* Builders took out just 78 permits in November to build new homes in Pima County, down from 91 in November 2010.
In contrast, 407 such permits were issued in November 2006, before the bust.
* For the year, only 1,166 new homes have sold.
* There were 300 sales of foreclosed homes in November, a drop from November 2010's 316.
"While one month does not make a trend, maybe this is the start of the decrease of foreclosure sales," Strobeck reported. "Resets of the toxic mortgage loans end during the third quarter of 2012, so I expect to see less foreclosure volume throughout the year of 2012."
Also, foreclosure filings have decreased. In November the Pima County Recorder's Office had 754 foreclosure filings, down from 816 in October and 829 in November 2010, he said.
Pima County housing Sales
Median sales Average sales
Closings price price
Pima County new-home sales
Nov. 2011 125 $179,633 $200,189
Nov. 2010 141 $225,000 $235,453
Pima County home resales (not including foreclosures)
Nov. 2011 716 $144,000 $190,452
Nov. 2010 530 $164,835 $203,646
Pima County foreclosure home sales
Nov. 2011 300 $89,750 $109,176
Nov. 2010 316 $112,430 $129,552
SOURCE: John L. Strobeck, Bright Future Business Consultants
Originally published by ARIZONA DAILY STAR.
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