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July home sales, prices slide

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Home sales are still sliding, and prices are also slipping, according to a monthly report released today by the Tucson Association of Realtors.

The number of homes sold in July fell 10.51 compared to the same month a year ago, according to information compiled from the Tucson Association of Realtors Multiple Listing Service.

The median price fell 2.78 percent to $218,750. The average price also dipped 1.73 percent to $268,983.

The median refers to the price that falls in the middle of all sales; half are below the median and half are above it. The average can be more easily influenced by extremes in prices.

In June, the average price rose by more than 9 percent while the median rose by 1.78 percent compared to the same month last year.

The number of homes on the market also showed a slight decrease compared to the same month a year ago. Active listings were down to 8,692 from 8,955 in July 2006.

The sales statistics represent a market territory that was revised in May to exclude outlying areas, such as Pinal, Cochise and Santa Cruz counties.