INSIDE TUCSON BUSINESS: Mon., Aug. 18, 2008

Realtors happy about lower inventories, federal recovery act

By Ed Egger

The Tucson Board of Realtors Multiple Listing Service found reasons to cheer in its July 2008 report. On the other hand, July listings under contract were at their lowest levels since July 1998. Kimberly Clifton, MLS president, pointed to the good news that the inventory of home listings has dropped below 8,000 for the first time since March 2008 and new listings are down by nearly 19.9%.

"This is just another sign that we are continuing to see market improvement," Clifton said. "July has historically been a slower month with a decrease in sales from June 2007 to July 2007 of 21.72%. I am happy to report the decrease in sales for June 2008 over July 2008 is 9.53%."

She said there's been virtually no change in the median sales price, which was $199,900 in July from $200,000 in June. The July average sales price was $254,854, its lowest since July 2004 when it was $211,822. There were just 960 listings under contract in July.