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Friday, July 20, 2012

Housing Starts Are Strongest in Four Years

"Pima permits 26% above last year.

Permits for single-family homes and new-home closings in Pima County were up in June compared with last year.

"There were 162 permits issued last month compared with 116 in June 2011, real estate analyst John Strobeck said in a recent report. That puts permits for the first six months of the year 26 percent ahead of last year. There were 147 new-home closings last month compared with 107 in June 2011, Strobeck wrote.

"Over the same period, the median price of a new home rose to $203,038 from $194,066, the report said."

Carli Brosseau, Arizona Daily Star 7/19/12

Thursday, July 19, 2012

"So, What Is Happening With The Overall Real Estate Market?

"Coldwell Banker Residential Brokerage July, 2012 – Now, more than ever, it’s important to be careful about the headlines. Overall, there is a shortage of homes on the market. Because of demand, that shortage of homes is causing prices to rise and sales to decline. While overall that is true, beneath the “overall market” lies many sub markets that reflect other stories.

"The biggest change in the market has been in the mix. Distressed properties which dominated the bottom of the market have dropped dramatically while “normal properties” now represent the majority of the market. Because there are fewer distressed properties in the mix, the average and median sales prices have risen, but that does not necessarily mean that all homes have increased in sales price."

Source: Coldwell Banker Market Watch News Letter 7/19/12