Tucson Housing Market Report - June 2022

Has The Tucson Housing Market Topped Out? My Prediction...

May - June 2022 Was The TOP!

Single Family Home Sellers Getting 101.8% Of Their List Price in June 2022

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.

tucson housing market meter_sellers market
Tucson Housing Market

Check out what home prices are doing in Tucson, AZ for June 2022.

Average days on market for single family homes... 15 Days!

Tucson Market Report Year-over-Year Highlights For June 2022:

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.

Closed Home Sales

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.

Average Home Sales Price

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. 

Median Home Sales Price

In June 2022, the median sales price in Tucson of a single-family home was $385,000 and $265,000 for townhouses/condos.

Which was a +13.2 year-over-year change for single-family homes and a +15.7% year-over-year change for townhouses/condos as shown in the chart above. 

Days On Market Until Sale

In June 2022, the average days it took a single-family home to sell was 15 days and 11 days for townhouses/condos as shown in the chart above.

This was a year-over-year change of +25.0% for a single-family home and +22.2% for a townhouse/condo. 

Active Home Listings - Inventory of Tucson Homes For Sale

In June 2022, the number of active listings in Tucson, Arizona for single-family homes was 1,601 and 191 for townhouses/condos. 

This was a +41.1% year-over-year change for single-family homes and a +29.1% change year-over-year change for townhouse/condos as 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.

HOME BUYERS

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.

HOME SELLERS

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:

  1. A home that sells!
  2. One that gets showings but sells the house down the road.
  3. Or the home that gets no showings and does not sell.

Which type of listing do you want to be?

SOLUTION

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!

Will well sell your home in 90 Days Guaranteed or it’s FREE! 

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.

Use us to buy or sell a home in Tucson, AZ… Use our Moving Truck for FREE!

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