Media sources report today that new home sales rose an historic 11%–the largest increase in 8 years.  Buyers took advantage of  low interest rates, bargain prices, and the first time homebuyer tax credits.  Some economists are saying that the worst of the recession is behind us.  Is it possible that these two bits of good news could cause the public to finally rally the housing market?  Although shares of big builders soared with the news, continued falling prices may prevent big profits to these companies in the near future. 

Reporting on the existing home market, the National Association of Realtors reports that sales are up again 3.6% in June.  Lawrence Yun, NAR chief economist is hopeful about the gain.  This trend mirrors ours here in the Tucson Real Estate Market, with inventories dropping and prices declining less sharply.  Read my post here for the full market report.

What does this mean for Tucsonans?  Buyers, you are on top!  In the Luxury market, I’ve found many great deals to be found in the Foothills areas.  I conducted a search for Short Sales in the Foothills and found more than a dozen good listings between $500,000 and $700,000.  If  you are in a position to move up there has NEVER been a better time to purchase your dream home than right now. 

Denise McCreary