Tucson Housing Market Report - September 2021

Nationwide, existing home sales were down slightly in August, falling 2% after two consecutive months of increases, according to the National Association of REALTORS®. The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 14.9% compared to last year. 

Declining affordability has had a significant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search. 

New Listings decreased 1.7 percent for Single Family and 15.4 percent for Townhouse/Condo. Pending Sales decreased 0.8 percent for Single Family and 14.9 percent for Townhouse/Condo. Inventory decreased 3.5 percent for Single Family and 29.1 percent for Townhouse/Condo. 

Median Sales Price increased 24.6 percent to $349,000 for Single Family and 25.0 percent to $215,000 for Townhouse/Condo. Days on Market decreased 41.7 percent for Single Family and 52.2 percent for Townhouse/Condo. Months Supply of Inventory decreased 15.4 percent for Single Family and 38.5 percent for Townhouse/Condo. 

There are signs the market may be shifting, however. New listings have continued to hit the market, bucking seasonality trends were commonly seen in the fall, a time when listing and sales activity typically slows as children return to school. 

As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-over-year gains, would be music to the ears of homebuyers throughout the country.