Tucson Housing Market Report October 2024
Tucson Housing Market Report – October 2024 TUCSON HOME PRICES DECLINED YEAR-OVER-YEAR Highlights for Tucson housing market for October 2024: the median single-family home sales price was
Rising inflation, soaring home prices, and increased mortgage interest rates have combined to cause a slowdown in the U.S. housing market. To help quell inflation, which reached 8.6% as of last measure in May, the Federal Reserve raised interest rates by three quarters of a percentage point in June, the largest interest rate hike since 1994. Higher prices, coupled with 30-year fixed mortgage rates approaching 6%, have exacerbated affordability challenges and rapidly cooled demand, with home sales and mortgage applications falling sharply from a year ago.
New Listings increased 4.6 percent for Single Family but decreased 1.6 percent for Townhouse/Condo. Pending Sales decreased 9.9 percent for Single Family and 8.3 percent for Townhouse/Condo. Inventory increased 41.1 percent for Single Family and 29.1 percent for Townhouse/Condo.
Median Sales Price increased 13.2 percent to $385,000 for Single Family and 15.7 percent to $265,000 for Townhouse/Condo. Days on Market increased 25.0 percent for Single Family and 22.2 percent for Townhouse/Condo. Months Supply of Inventory increased 44.4 percent for Single Family and 28.6 percent for Townhouse/Condo.
With monthly mortgage payments up more than 50% compared to this time
last year, the rising costs of homeownership have sidelined many prospective buyers. Nationally, the median sales price of existing homes recently exceeded $400,000 for the first time ever, a 15% increase from the same period a year ago, according to the National Association of REALTORS®. As existing home sales continue to soften nationwide, housing supply is slowly improving, with inventory up for the second straight month. In time, price growth is expected to moderate as supply grows; for now, however, inventory remains low, and buyers are feeling the squeeze of higher prices all around.
These numbers can be positive or negative depending on which side of the fence you are on… Buyer or Seller?
Below are some important charts of data to give you a visual of how the Tucson housing market is trending for June 2022.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Total real estate sales in Tucson for the month of June 2022 were 1,132 single-family homes sold and 178 townhouses/condos sold.
Which was -20.6% 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 June 2022, the average sales price in Tucson of a single-family home was $470,505 and $286,662 for townhouses/condos.
Which was a +11.0% year-over-year change for single-family homes and a +17.3% year-over-year change for townhouses/condos from the previous year shown in the chart above.
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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Tucson Housing Market Report – October 2024 TUCSON HOME PRICES DECLINED YEAR-OVER-YEAR Highlights for Tucson housing market for October 2024: the median single-family home sales price was
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Tucson Housing Market Report – September 2024 TUCSON HOME PRICES STEADY WHILE HOME SALES DOWN Highlights for Tucson housing market for September 2024: the median single-family home