Tucson Real Estate - Comment on Moody’s Economy.com Housing Market Upturn
December 10th, 2007 Categories: Buying Tucson Properties, Real Estate News, Selling Tucson Properties, Tucson Housing Statistics, Tucson Real Estate
Last week, Moody’s Economy.com released information on its estimated rejuvenation of the housing market.
Forbes.com wrote an article outlining the press release. There are a few significant features of the article that I would like to point out.
1. Housing prices should reach a trough in early 2009
2. The U.S. Housing market is awash in unsold inventory
3. The Housing market is in the worst downturn since 1945
I do not disagree with any of the information from Moody’s Economy.com, in fact I agree with all of it. The National Real Estate picture is nasty.
Now let us bring the Tucson Real Estate Picture into its proper perspective.
1. Housing prices for Tucson as a whole have remained stable with a sign that they may decline a bit through this winter.
2. Tucson unsold housing inventory is high, but we are growing fast and will absorb the Tucson Real Estate glut quickly.
3. The Tucson market is slower. Homes are now on the market for about 70 days before they sell. Homes are selling for about 96% of asking price. Some areas have seen price drops while others have remained stable.
What does all of this mean?
Tucson Real Estate is going to recover much quicker because our growth is above average and our housing market is stable compared to areas that have seen home values drop over 20%.
Early 2009 is just over a year away. Moody’s expects that to be the bottom of the trough. With Tucson performing better than national averages in many ways we should expect the Tucson buyers market to be gone before the end of 2008.
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