ARIZONA DAILY STAR:  Weds., Aug. 19, 2009

New-home building permits inch up in Pima County

 Building permits for single-family homes in Pima County continued to tick upward in July but remained far behind last year's pace, says local market analyst John L. Strobeck of Bright Future Business Consultants.   The 225 permits pulled in July were up from 220 in June but still far below the 311 permits taken out in July 2008, Strobeck noted.

Pricewise, the median resale price in July, not including foreclosures, was $180,000, just $4,236 less than the median price of a new home, Strobeck said.  That comparison shows that new-home prices have become very competitive with all homes for sale except for foreclosures, he said.

On average, the resale price in July was $227,267, compared with an average price of $211,112 for new homes.  But the average resale price was boosted by sales of eight homes over $1 million — including two at more than $3 million — while no new-home sales topped the $1 million mark last month, Strobeck said.

Median prices (see below) represent prices in the middle of the range, negating the effect of very high or very low prices.  

 

Pima County home sales

Median sales prices in July

Month/year	New homes	Resales w/o foreclosures	Resales w/ foreclosures	Foreclosures
July 2009	$184,236	$180,000	$165,000	$121,500
July 2008	$210,000	N/A*	$190,000	$154,450

 

*Not tracked last year

SOURCE: John L. Strobeck, Bright Future Business Consultants