February 29, 2008
Market and Economic Recap News on the new homes real estate industry, mortgage loans and the economy.
Business Week Ending February 29, 2008
February 18, 2008
Tucson, county seat of Pima County, is the second largest city in Arizona, with 518, 956 residents according to 2006 census figures. Nicknamed ”the Old Pueblo,” the city is located southeast of Phoenix, along Interstate 10 and I-19, just 60 miles north of the U.S. - Mexico border. From a vantage point high in the desert valley, Tucson real estate features a panoramic mountain view with the Rincon Mountains to the east, the Santa Rita Mountains to the southeast and south, the Tucson Mountains to the west, the Tortolita Mountain to the northwest and the Santa Catalina Mountains to the north and northeast. Known as the southernmost ski destination in the continental U.S., the high point of the Santa Catalina mountain range is 9,157-foot Mount Lemmon. New Homes for Sale in Tucson The median price of a Tucson new home is approximately $218,000, as of September, 2007, down 3% from the same period last year. As in many real estate markets, Tucson currently has an excess inventory of new homes for sale due to the housing and mortgage crisis. But statistics indicate that housing inventory has declined over the past, five consecutive months in the Tucson metropolitan area, and the rate of foreclosures for the Tucson real estate market is lower than both state and national averages. Many real estate experts forecast a rebound in the Tucson new home market in 2008.
So whether you’re looking for single-family new homes in Tucson, Tucson golf-course new home communities, luxury homes in Tucson, Tucson vacation homes, or townhouses or condominiums in Tucson, now may be the best time to buy a new home and take advantage of the selection and historically low mortgage interest rates.
