One key measurement that does not seem to get reported on enough is the number of new properties going into contract in a given time period. This is a good barometer into future closing activity, typically 30-60 days out.

If we look at new properties going under contract on a weekly basis, we see a huge surge in the last few weeks. Some of this increased buyer activity may be a result of the Nov 30th deadline on the first time home buyer tax credit program.

For the past 4 weeks 1,317 properties went under contract in the greater Tucson marketplace at a weekly rate of 329. This is 14.4% increase vs the weekly rate of 287.7 over the past 12 weeks.

What impact will the expiration of the tax credit program have? Will it get extended in some form? Time will tell, but there is quite a bit of momentum in the Tucson housing market right now.