What is the state of the Tucson housing market doing for June 2023?
In June 2023, the median home sales price was $398,650 up 3.5% year-over-year. While the average days on market was 41 days and home inventory is down 13.4% year-over-year.
Meanwhile, closed home sales in Tucson have dropped 17.1% year-over-year.
Temperatures are heating up, yet the U.S. housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer homebuying season. According to the latest data from the National Association of REALTORS® (NAR), national existing-home sales climbed 0.2% from the previous month but were down 20.4% compared to the
same time last year, as fluctuating mortgage rates and a near all-time low level of inventory continue to influence home sales.
New Listings decreased 35.1 percent for Single Family and 44.5 percent for Townhouse/Condo. Pending Sales decreased 0.3 percent for Single Family and 15.7 percent for Townhouse/Condo. Inventory decreased 13.4 percent for Single Family and 28.6 percent for Townhouse/Condo.
Median Sales Price increased 3.5 percent to $398,650 for Single Family and 2.0 percent to $270,250 for Townhouse/Condo. Days on Market increased 156.3 percent for Single Family and 118.2 percent for Townhouse/Condo. Months Supply of Inventory increased 20.0 percent for Single Family but decreased 9.1 percent for Townhouse/Condo.
Nationwide, total housing inventory increased 3.8% from the previous month, for a 3-month’s supply at the current sales pace. The shortage of homes for sale has kept prices high for remaining buyers, with a national median sales price of $396,100 as of last measure, a 3.1% decline from the same time last year and the largest annual decrease since December 2011, according to NAR. As demand continues to outpace supply, properties are selling quickly, with the majority of homes listed for sale on the market for less than a month.
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 July 2023.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Total real estate sales in Tucson for the month of June 2023 were 977 single-family homes sold and 156 townhouses/condos sold.
Which was -17.1% year-over-year change for single-family homes and -17.9% year-over-year change for townhouses/condos from the previous year as shown in the chart above.
In June 2023, the average sales price in Tucson of a single-family home was $486,047 and $296,585 for townhouses/condos.
Which was a +3.2% year-over-year change for single-family homes and a +3.9% year-over-year change for townhouses/condos from the previous year shown in the chart above.
In June 2023, the median sales price in Tucson of a single-family home was $398,650 and $270,250 for townhouses/condos.
Which was a +3.5% year-over-year change for single-family homes and a +2.0% year-over-year change for townhouses/condos as shown in the chart above.
In June 2023, the average days it took a single-family home to sell was 41 days and 24 days for townhouses/condos as shown in the chart above.
This was a year-over-year change of +156.3% for a single-family home and +118.2% for a townhouse/condo.
In June 2023, the number of active listings in Tucson, Arizona for single-family homes was 1,593 and 157 for townhouses/condos.
This was a -13.4% year-over-year change for single-family homes and a -28.6% 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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