The Tucson Housing Market June 2016
Tucson Housing Market June 2016 Update From TARMLS
Tucson Housing Market June 2016
The Tucson Housing Market June 2016 report suggests summer is becoming a strong market. The average sales price for a Tucson home INCREASED 9.95 % over May to $234,752. The June 2016 average home sales price stands at 80% of the June 2007 peak. Year over year the average INCREASED 7.01%.
The June median sales prices INCREASED 6.15% over May. Year over Year the median sales price was UP 9.83%.
June’s Active Listings continued a downward trend DECLINING 5.29% from May levels. Year over Year active listings were DOWN 16.37%. Homes under contract at the end of June DECLINED 4.59% month to month.
Days On Market INCREASED 2 days to 57 days in June. The average list price for a Tucson home JUMPED 10.41% to $240,584.
Tucson Housing Market June 2016 Mortgage Update
Mortgage rates remain well under 4.00% in the Tucson AZ housing market. The FED continues to push any further rate increases will be later into 2016. But the June jobs report beat economists expectation and could stimulate the FED to raise rates in the third quarter.
Increased unit sales and days on market remaining under 60 days for June signal buyers are the market drivers right now.
California buyers looking for a lower tax burden are headed in our direction. Will demand meet our lower inventory of homes and start moving prices up? We will just have to wait and see.
And now the Tucson Housing Market June 2016 Report
When submitting an offer
Given current inventory levels, low ball offers aren’t getting a lot of traction. So, if you “really” want the home, make a “reasonable” offer.
You have to ask yourself, “will I feel bad if I don’t get this house?” If the answer is no, then put in an offer you would feel is a steal and see what happens. If the answer is yes, put in an offer you and your Realtor think is reasonable.
We will work with you to understand your objectives and analyze the market to determine – as best we can – a price range for the home you want to buy or sell.
Looking for a home in Tucson or planning for a future retirement in Tucson AZ? We can help!