Tucson, Ariz.

This desert setting has seen land values drop to low levels and significant adjustments in new home prices, Porter says. It’s on Local Market Monitor’s list of overpriced markets. John Burns Real Estate Consulting expects resale prices to adjust in 2008, with the number of sales bottoming out at 13,000. After that, expect to see a gradual improvement in resale volume, due to job growth fueling demand, Porter says.
Median price end of 2007: $235,800
Median price end of 2006: $239,400
% change: – 1.5%
Projected change through Q3 2008: – 15.4%
Affordability rating: 5.7
Foreclosures in 2007:
(1 for every 96 households)
4,239
Foreclosures in 2006:
(1 for every 168 households)
2,422
Change in foreclosures: +75%
Current rate comparison
»
Click here for state vs national rates
Price trends

?

June ’06: National median price $227,100
Dec. ’06: National median price $221,900
Dec. ’06: Local median price $239,400
June ’07: National median price $229,200
Dec. ’07: National median price $198,700
Dec. ’07: Local median price $235,800
* Median prices for existing single-family homes