What is the state of the Tucson housing market doing for July 2023?
In July 2023, the median home sales price was $397,255 up 3.2% year-over-year. While the average days on market was 37 days and home inventory is down 24.9% year-over-year.
Meanwhile, closed home sales in Tucson have dropped 17.8% year-over-year.
Affordability constraints have continued to limit homebuying activity this summer, with existing-home sales falling 3.3% month-over-month nationwide as of the last measure, according to the National Association of REALTORS® (NAR). Mortgage rates have approached 7% in recent months, leading many prospective buyers to put their home purchase plans temporarily on hold. But higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when rates were significantly lower.
New Listings decreased 27.8 percent for Single Family and 39.5 percent for Townhouse/Condo. Pending Sales increased 2.9 percent for Single Family but decreased 12.3 percent for Townhouse/Condo. Inventory decreased 24.9 percent for Single Family and 41.7 percent for Townhouse/Condo.
Median Sales Price increased 3.2 percent to $397,255 for Single Family and 14.8 percent to $287,000 for Townhouse/Condo. Days on Market increased 105.6 percent for Single Family and 100.0 percent for Townhouse/Condo. Months Supply of Inventory remained flat for Single Family but decreased 23.1 percent for Townhouse/Condo properties.
Despite a drop in existing-home sales, home prices have remained near record highs, with a national median sales price of $410,200 as of last measure, 0.9% below the all-time high of $413,800 recorded in June 2022, according to NAR. With only 3.1 months’ supply heading into July, the lack of inventory has boosted competition among buyers and put upward pressure on sales prices, especially in more affordable markets, where competition for homes remains particularly strong.
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 August 2023.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Total real estate sales in Tucson for the month of July 2023 were 814 single-family homes sold and 136 townhouses/condos sold.
Which was -17.8% year-over-year change for single-family homes and -19.0% year-over-year change for townhouses/condos from the previous year as shown in the chart above.
In July 2023, the average sales price in Tucson of a single-family home was $484,484 and $290,387 for townhouses/condos.
Which was a +6.1% year-over-year change for single-family homes and a +6.1% year-over-year change for townhouses/condos from the previous year shown in the chart above.
In July 2023, the median sales price in Tucson of a single-family home was $397,255 and $287,000 for townhouses/condos.
Which was a +3.2% year-over-year change for single-family homes and a +14.8% year-over-year change for townhouses/condos as shown in the chart above.
In July 2023, the average days it took a single-family home to sell was 37 days and 28 days for townhouses/condos as shown in the chart above.
This was a year-over-year change of +105.6% for a single-family home and +100.0% for a townhouse/condo.
In July 2023, the number of active listings in Tucson, Arizona for single-family homes was 1,670 and 151 for townhouses/condos.
This was a -24.9% year-over-year change for single-family homes and a -41.7% 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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