David Pittman
Tucson Citizen
Nov. 3, 2004 12:00 AM
Tucson Homes for Sale Marketplace | |
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Two years ago, the value of new homes sold in the Tucson area surpassed $1 billion for the year for the first time. This year, home sales passed the $1 billion mark by the end of September. Those numbers, cited in the recent edition of the Tucson Housing Market Letter, illustrate the dynamic growth of Tucson's home building and real estate markets. "There are still three months of data to include in that total, and oftentimes December is the highest volume closing month," said John Strobeck, publisher of the market letter. Tucson's housing market continued on its hot pace in September, setting monthly records for new and resale home closings and single-family residential construction permits issued. "During September, 944 permits were issued, bringing the year-to-date total to 7,213 with three months to go," Strobeck said. "The year-end volume should end at above 9,000 permits, up more than 500 permits over last year's volume record of 8,511." There were 2,319 new and resale home closings last month, 111 more than in September 2003. The average new home price during September was $214,942, which is under the monthly average of $219,000 for the year. The average price for an existing home last month was $188,414. "For the year, average and resale prices for new and resale homes are up around 12 percent from 2003," Strobeck said. Information released last week by the Tucson Association of Realtors' Multiple Listing Service indicated that existing homes, on average, are selling much faster than at this time a year ago. The average number of days on the market decreased to 39 in September, two days fewer than in August and 11 fewer than September 2003. Sales of previously owned homes rose in September to the third-highest level on record as low mortgage rates beckoned buyers, according to a report released by the National Association of Realtors. "This isn't the little engine that could. It's the big machine that still can," Joel Naroff, president of Naroff Economic Advisors, told the Associated Press. Copyright © 2004, azcentral.com. All rights reserved. |
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