Tucson real estate sales for the month of September dropped lower than they have been in over 10 years. In 1996 home sales were 623, the following year they jumped to 728. The September 2007 reported real estate sales in and around Tucson was only 683. Much lower than anyone could predict. I fully anticipated between 800 to 900 sales for the month. The beginning and middle of September seemed to point in that direction.
Sales always slow down a little going into the fall. Of course those of us in the real estate industry in Tucson expect a slight from for September as we do every year. This is the first September, however, since 2002 that sales have been below 1,000 for this month. Add to the frustration for home sellers the fact that there are over 9,148 homes for sale and we are looking at an all time high of 13.65 months of inventory. What does that mean?