Home price trends in Tucson, Ariz.

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City-by-city price comps
Tucson, Ariz.

The city known for its high temperatures has a housing market that’s anything but hot. Foreclosures have doubled and lowered the median price. More drops are expected as home prices remain 20 percent above equilibrium, according to Local Market Monitor. Construction levels are down, sagging by 40 percent from December 2007 to December 2008.

Median price end of 2008: $185,900
Median price end of 2007: $235,800
Percent change: -21.2%
Projected change through Q3 2009: -24.1%
Affordability rating: 1.6
Foreclosures in 2008:
(1 for every 46 households)
Foreclosures in 2007:
(1 for every 96 households)
Change in foreclosures: 113.3%
Expected to hit bottom: Q2 2010
Percent drop needed to reach bottom: -44%
Current rate comparison
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Price trends
Q1 2008 national median price: $196,100
Q2 2008 national median price: $206,400
Q3 2008 national median price: $200,400
Q4 2008 national median price: $180,100
Q1 2008 local median price: $221,000
Q2 2008 local median price: $215,900
Q3 2008 local median price: $199,300
Q4 2008 local median price: $185,900

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