INSIDE TUCSON BUSINESS: Mon., May 11, 1009
Home inventories fall more
The inventory of active residential listings dropped for a third consecutive month in April to 6,890, putting it at the lowest level since January 2006, according to the Tucson Association of Realtors’ Multiple Listing Service (MLS). The April decline was 7% from March’s 7,415 active listings and down nearly 22% from the 8,808 active listings of April 2008.
Kimberly Clifton, president of MLS, said the numbers show the market is beginning to eat into the oversupply of inventory and with new home permits also down, “the housing supply is coming closer and closer to demand.”
MLS April data also reported these changes from March:
- New listings were down 14% to 1,703 from 1,989.
- Pending contracts were up for a fourth consecutive month to 1,345 from 1,208.
- Home sales dropped by 10 units to 882 from 892.
- The median sales price fell less than 1% to $164,000 from $165,000.
- The average sales price dipped below $200,000 to $193,351 from $204,181. The last time the average home sales price in the market was below $200,000 was in February 2004 when it was $187,890.