INSIDE TUCSON BUSINESS: Mon., June 15, 2009

Slowly, Tucson housing sales data continue to improve

  By Joe Pangburn

No “green shoots” yet in the Tucson housing market but there are some positives coming from the Tucson Association of Realtor's Multiple Listing Data for May — most notably increases in the number of sales and median sales price that ate away a little bit more of the number of active listings.

There were 987 homes sold in May. Although that's down from the 1,070 homes that were sold in May 2008, it's the highest monthly total in nearly a year; since June 2008 when 1,069 homes were sold. That was also up 7% from the 923 homes that were sold in April.

The median sales price increased more than $6,000 to $170,000 from the $163,900 in April, although that's still down nearly 16% from $202,000 in May 2008. Average sales price in May was back up to just over $204,000 after the one-month dip in April below $200,000, the only time that had happened since February 2004.

The Multiple Listing Service says it is now tracking the number of pending sales versus inventory, which they say will signal an improving housing economy as the two numbers get closer together. They've been getting closer to one another each month this year, dropping another 6% between April and May.

In May there were 1,302 pending contracts versus an inventory of 5,204 homes and in April there were 1,345 pending contracts versus 5,549 in inventory. This year's inventory started out with 6,753 housing units.