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2008 Update
Arizona has been greatly affected by the national downturn in housing sales. It ranks 2nd among states in foreclosure rate, between Nevada and Florida. Currently, Phoenix has one unit in foreclosure for every 110 units and Tucson has one for every 323 units. Among counties in Arizona, Maricopa leads with the greatest number and rates, followed by Pinal and Pima counties. In Pima County, the recent return of average sales prices to historical trend values suggests that the "irrational exuberance" phase of home prices may have passed.
Source: RealtyTrac Inc.
2007
During 2007, residential permits were down 34.4 percent over 2006. Permits issued during 2007 were as follows:
- Total Residential Units: 6,014 (down from 9,097 in 2006)
- Single-Family Detached: 4,846 (down from 7,831 in 2006)
- Townhomes: 127 (down from 320 in 2006)
- Multifamily Units: 616 (up from 367 in 2006)
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Amount
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Change
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Average Sale Price:
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$215,913
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-19.07%
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| Median Sale Price: |
$178,000
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-16.04%
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| Total Units Sold: |
635
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-21.60%
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| Total Sales Volume: |
$137,104,343
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-36.56%
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| Average Days on Market: |
76
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+7.04%
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| Active Listings: |
7,996
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-13.41%
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Source: Tucson Board of Realtors, MLS, November 2008 |
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