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2008 Update
Arizona has been greatly affected by the national downturn in housing sales. It ranks 2nd among states in foreclosure rate, between Nevada and Florida. Currently, Phoenix has one unit in foreclosure for every 110 units and Tucson has one for every 354 units. Among counties in Arizona, Maricopa leads with the greatest number and rates, followed by Pinal and Pima counties. In Pima County, the recent return of average sales prices to historical trend values suggests that the "irrational exuberance" phase of home prices may have passed.
Source: RealtyTrac Inc.
2008
During 2008, residential permits were down 40.4 percent over 2007. Permits issued during 2008 were as follows:
- Total Residential Units: 3,331 (down from 5,589 in 2007)
- Single-Family Detached: 2,934 (down from 4,846 in 2007)
- Townhomes: 48 (down from 127 in 2007)
- Multifamily Units: 349 (down from 616 in 2007)
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Amount
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Change
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Average Sale Price:
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$195,733
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-13.56%
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| Median Sale Price: |
$158,900
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-11.72%
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| Total Units Sold: |
1,021
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+20.69%
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| Total Sales Volume: |
$199,843,277
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+7.24%
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| Average Days on Market: |
71
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-9.00%
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| Active Listings: |
6,213
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-22.22%
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Source: Tucson Board of Realtors, MLS, October 2009 |
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