Tucson Residential Sales Message for July 2008 from MLS President

Find below the July 2008 Tucson Resdientail Sales summary supplied by the Tucson Association of Realtors MLS President Kimberly Clifton.

Kerry

FOR IMMEDIATE RELEASE:

August 11, 2008 Kimberly Clifton, President - (520) 954-8000

Wes Wiggins, Vice President, MLS (520) 382-8792

Rick Hodges, CEO - (520) 327-4218

July was a very good month for our industry in many ways! Our listing inventory has dropped below the

8,000 mark for active listings. We have not been below 8,000 listings since March of 2006. New listings

are also down by 19.86%.This is just another sign that we are continuing to see market improvement. July

has historically been a slower month with a decrease in sales from June 2007 to July 2007 of 21.72%. I

am happy to report that the decrease in sales for June 2008 over July 2008 is 9.53%. There is virtually no

change in the median sales price, it appears to have stabilized currently at $199,900.

July was also a very positive month with the "Housing and Economic Recovery Act of 2008"

Here is some information regarding this act provided by National Association of REALTORS®.

H.R. 3221, the "Housing and Economic Recovery Act of 2008," was passed by the House on July 23,

2008, by a vote of 272-152. On Saturday, July 26, 2008, the Senate passed the bill by a vote of 72-13.

The President signed the bill on July 30, 2008. See the next page for more information on this new bill.

Kimberly Clifton

2008 MLS President