After two years of record-setting activity, there are signs the housing market might be cooling. High home prices and a surge in mortgage interest rates are slowing buyer activity, with home sales declining for the third consecutive month under the weight of soaring homeownership costs. The National Association of REALTORS® (NAR) reports existing home sales were down 2.4% from the previous month, while pending sales fell 3.9% as of last measure, extending the trend of recent months. Economists predict sales will continue to soften in the near future, which may put downward pressure on home prices.
New Listings increased 3.5 percent for Single Family but decreased 6.3 percent for Townhouse/Condo. Pending Sales decreased 2.0 percent for Single Family and 8.2 percent for Townhouse/Condo. Inventory increased 20.7 percent for Single Family and 4.7 percent for Townhouse/Condo.
Median Sales Price increased 17.9 percent to $385,000 for Single Family and 25.0 percent to $257,500 for Townhouse/Condo. Days on Market increased 30.8 percent for Single Family but remained flat for Townhouse/Condo. Months Supply of Inventory increased 25.0 percent for Single Family and 16.7 percent for Townhouse/Condo.
The slowdown in sales has provided a much-needed lift to housing supply, with inventory up 10.8% from the previous month according to NAR, although supply remains down 10.4% compared to this time last year, with only 2.2 months’ supply of homes at the current sales pace. As the nation continues to explore ways to solve the ongoing housing shortage, estimated at 5.5 million homes, the Biden administration recently unveiled the Housing Supply Action Plan, which aims to expand housing access through a number of administrative and legislative actions and help relieve the nation’s housing crisis over the next 5 years.
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 May 2022.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Total real estate sales in Tucson for the month of May 2022 were 1,272 single-family homes sold and 246 townhouses/condos sold.
Which was -0.6% year-over-year change for single-family homes and -2.8% year-over-year change for townhouses/condos from the previous year as shown in the chart above.
In May 2022, the average sales price in Tucson of a single-family home was $477,219 and $280,282 for townhouses/condos.
Which was a +13.4% year-over-year change for single-family homes and a +22.1% year-over-year change for townhouses/condos from the previous year shown in the chart above.
In May 2022, the median sales price in Tucson of a single-family home was $385,000 and $257,500 for townhouses/condos.
Which was a +17.9 year-over-year change for single-family homes and a +25.0% year-over-year change for townhouses/condos as shown in the chart above.
In May 2022, the average days it took a single-family home to sell was 17 days and 10 days for townhouses/condos as shown in the chart above.
This was a year-over-year change of +30.8% for a single-family home and -0.0% for a townhouse/condo.
In May 2022, the number of active listings in Tucson, Arizona for single-family homes was 1,176 and 135 for townhouses/condos.
This was a +20.7% year-over-year change for single-family homes and a +4.7% 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.
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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