U.S home prices fell by a record in January
Headlines like these are being splattered across the media today as Case-Schiller has just released it's latest data on home sales.
As reported by MSNBC. U.S. home prices fell by a record in January
'U.S. home prices fell 10.7 percent in January, and the Standard & Poor’s/Case-Shiller home price index of 20 cities saw the steepest decline in the index’s two-decade history.'
'Worst-hit were Las Vegas and Miami, both reporting 19.3 percent drops, as the regions are still paying the price for rampant speculation and overbuilding during the boom years. Those cities and 14 others, including Phoenix, San Diego and Detroit, posted record lows.'
Despite the countless times that you will see this reported over the next few days, it has nothing to do with the Tucson Foothills.
Tucson, and certainly the Tucson Foothills, are not included in this Case-Schiller report. So lacking other data, you may be inclined to use the Case-Schiller numbers, particularly those for Phoenix, to make inferences and draw parallels and conclusions about sales and prices in the Tucson Foothills.
That wouldn't be good, because it would lead to a very distorted view of what's happening with home sales here in the Tucson Foothills.
So instead of doing that, take a look at this.
Here is the latest data (based on TAR/MLS sales) for single family home sales in the Tucson Foothills from -
1/1/08 through yesterday 3/24/08 vs the same period in 2007.
2007 2008
121 homes Sold 106 homes Sold
Avg Sold $ = $650,943 Avg Sold $ = $719,494
Med Sold $ = $530,000 Med Sold $ = $535,000
The number of homes sold is down 12% from last year
The average Sold price is up 10% from last year
The median Sold price is up a fraction, at .94%, from last year.
That's the summary of home sales for the Tucson Foothills so far.
*My numbers are not an apples to apples comparison with the
Case-Schiller report. Their numbers are based on averages and indices of this and that, that are then weighted one way or another and put through an economists secret sauce to achieve their results. Also their latest numbers are for January, while mine run through yesterday, 3/24/08.
Mine are raw numbers. This many homes sold at these prices,
this year vs last.
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