ARIZONA DAILY STAR: Tues., June 10, 2008

May was best month for home sales in '08

 

May was the best month for home sales so far this year, according to statistics released today by the Tucson Association of Realtors Multiple Listing Service. But sales and prices still fell short of where they were at the same time in 2007.

The number of sales was up about 5% from April at 1,025, according to the monthly report. The median price for May, $201,000, was up about 3% from $195,000 in April, the report said. But the number of sales was down nearly 28% from May 2007. The median price was down nearly 10% compared with a year ago.

The average price for May, $250,803, was down about 10% from the same month in 2007 — and it was about 1% lower than April's average price. However, the backlog of inventory is continuing to decline. The Realtors' report showed a total of 8,527 listings as of the end of May, down 3% from last month and down more than 12% from a year ago.