Single-family home starts tumbled more than 40 percent last month compared with July 2007, said a report released Friday by Bright Future Business Consultants.

Prices for new homes are also continuing to slide, the report said.

The Southern Arizona Housing Market Letter said the median price for a new home in July was $210,000, down 15 percent from a year earlier. The average price, at $250,000, was down 18 percent from July 2007, the report said.

At the current rate, building permits will likely hit 3,720 for the year, said John Strobeck, of Bright Future. He said he expects to see the market bottom out sometime between the end of this year and beginning of 2009.

Credits: Arizona Daily Star

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