What is the state of the Tucson housing market doing for August 2023?
In August 2023, the median home sales price was $385,000 up 2.9% year-over-year but down $10,000 month-over-month.
While the average days on market was 34 days and home inventory is down 28.4% year-over-year.
Meanwhile, closed home sales in Tucson have dropped 11.6% year-over-year.
Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have
continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR).
New Listings decreased 23.5 percent for Single Family and 30.1 percent for Townhouse/Condo. Pending Sales decreased 1.7 percent for Single Family and 17.2 percent for Townhouse/Condo. Inventory decreased 28.4 percent for Single Family and 38.9 percent for Townhouse/Condo.
Median Sales Price increased 2.9 percent to $385,000 for Single Family and 1.0 percent to $264,900 for Townhouse/Condo. Days on Market increased 54.5 percent for Single Family and 61.1 percent for Townhouse/Condo. Months Supply of Inventory decreased 5.0 percent for Single Family and 21.4 percent for Townhouse/Condo.
Falling home sales have done little to cool home prices, however, which have continued to sit at record high levels nationally thanks to a limited supply of homes for sale. According to NAR, there were 1.11 million homes for sale heading into August, 14.6% fewer homes than the same period last year, for a 3.3 months’ supply at the current sales pace. The shortage of homes for sale has boosted competition for available properties and is driving sales prices higher, with NAR reporting a national median existing home price of $406,700, a 1.9% increase from a year earlier.
These numbers can be positive or negative depending on which side of the fence you are on… Buyer or Seller?
Below are some essential data charts to show how the Tucson housing market is trending for September 2023.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Total real estate sales in Tucson for the month of August 2023 were 867 single-family homes sold and 143 townhouses/condos sold.
Which was -11.6% year-over-year change for single-family homes and -29.9% year-over-year change for townhouses/condos from the previous year as shown in the chart above.
In August 2023, the average sales price in Tucson of a single-family home was $464,013 and $287,356 for townhouses/condos.
Which was a +3.7% year-over-year change for single-family homes and a +1.0% year-over-year change for townhouses/condos from the previous year shown in the chart above.
In August 2023, the median sales price in Tucson of a single-family home was $385,000 and $264,9000 for townhouses/condos.
Which was a +2.9% year-over-year change for single-family homes and a +1.0% year-over-year change for townhouses/condos as shown in the chart above.
In August 2023, the average days it took a single-family home to sell was 34 days and 29 days for townhouses/condos as shown in the chart above.
This was a year-over-year change of +54.5% for a single-family home and +61.1% for a townhouse/condo.
In August 2023, the number of active listings in Tucson, Arizona for single-family homes was 1,676 and 162 for townhouses/condos.
This was a -28.4% year-over-year change for single-family homes and a -38.9% change year-over-year change for townhouse/condos as shown in the chart above.
Total home inventory in the United States is just over 1,000,000.00 active listings. To get back to an equilibrium, home inventory would need to double closer to the 2 million range of active listings.
Putting the housing inventory into perspective, during the housing meltdown of 2007 – 2008, US home inventory was just over 4,000,000 active listings.
Active listings and home inventory numbers are a key indicator to keep an eye on.
If this downward or even slight increase in inventory continues, look for the Tucson housing market to continue to be strong and home prices to move up creating a sellers’ market in Tucson, Arizona.
As home inventory levels begin to decrease there is less to chose from. So when you see a home that you like that is properly priced moving quickly is key to getting your offer accepted.
As the number of listings decreases, sellers are poised to sell their home faster and for more money. Marketing and making your home look great are the keys to selling your home FAST and for MORE MONEY.
As a seller, your home is one of three listings:
Which type of listing do you want to be?
Having a skilled real estate team is the key to saving thousands of dollars when buying or selling a home with the least amount of hassles. Put the Tyler Ford Real Estate Team powered by eXp Realty in Tucson to work for you. We would love to earn your business!
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There are tons of good reasons now is a good time to buy a home in Tucson, AZ. Give us a call about home ownership today.
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