Tuscon, like its overgrown neighbor to the north, is struggling with lower sales and increasing inventory. [Data from TAR]
In March 2007, 1,246 homes sold in the Tucson area- down 20.5% from last year’s 1,501. This is the slowest March since 1,102 units sold in March 2003- and marks the third straight year of declining sales.
Inventory however, continues to to grow. After cooling somewhat at the end of 2006, inventory has been climbing to record levels for the past three months, finally breaking the 10,000 mark at 10,185 units at the end of March. At the current rate of sales, this represents an 8.2 month supply.
