Arizona Daily Star:  Tues., Sept. 22, 2009

Home prices dip again for Tucson resales

 

Foreclosures continued to push down local home prices in August, while single-family home permits continued to increase, according to John L. Strobeck of Bright Future Business Consultants.  

The median price for resales in the Tucson market, including foreclosures, dropped to $160,000 from $179,900 in August 2008, Strobeck said.  Without foreclosures, the median resale price was $175,000 last month, down from $180,000 in July, Strobeck reported.

The average resale price last month including foreclosure sales was $194,253, down from $226,595 in August 2008. The average price last month without foreclosures was $219,852. Median prices — those at the midpoint of all prices — are considered a more accurate indicator than average prices because they negate the effect of very high or very low prices.

The number of single-family home building permits continued to rise, with 235 in August. Permits have risen each month since 99 were issued in February, and permits have topped 200 each month since May, Strobeck reported.   Resale purchases rose for the third straight month, with 1,064 closings including foreclosures in August, compared with 965 in August 2008.