Tucson Realty Review September 2014 Issue
The Tucson Realty Review September 2014 Of The National And Tucson Real Estate Market
Tucson Realty Review September 2014 – The National View
The Tucson Realty Review September 2014 saw August existing-home sales slip by 1.8% . The downturn in August, breaks a four-month trend of steady gains.
Nationally, the August annual rate of sales turned down to a seasonally adjusted level of 5.05 million units. July had been estimated at 5.14 million. August 2013 had been at 5.33 million.
The annual rate of existing home sales rose in the Northeast and Midwest in August. However, these gains were more that offset by declines in the South and West regions.
Cash buyer activity has dropped off. This may be signaling that buying a home to live in, not rent, is becoming the norm. Rising prices over the last few years may also be taking investors out of the game. In some markets, investors were driving demand as they took advantage of low priced foreclosed properties.
Tucson Realty Review September 2014 – First time home buyers
First-time home buyers are still on the defense as lenders continue with tight lending rules. First-time home buyers continue to be less than 30% of all buyers. A trend that has been steady for about the past 1 ½ years.
Tucson Realty Review September 2014 – Home Inventories
The inventory of houses for sale declined 1.7% in August. This is estimated to be a 5 1/2 month A “balanced market” is viewed to exist at a 6 month supply.
The median existing-home price for all housing types — single-family homes, condominiums, co-ops and townhouses — in August was up 4.8% to $219,800 from August 2013. The data for single family homes showed a year over year increase of 5.2% to $220,600.
Nationally, August was the 30th consecutive month of year-over-year price gains.
Tucson Realty Review September 2014 – The Local Tucson Market
So far, 2014 sustains the trends of 2012 and 2013 with another month of year over year gains. However, 2014 has become a bit more choppy and price increases have slowed.
For 2014, home prices increases have been moderating. The Tucson housing market saw 2012 over 2011 increase just over 13%.. 2013 over 2012 were up almost 11%. As of August 2014, gains have been more modest at about 4%.
Tucson MLS active listings have been steady at just over 5,000 units. Inventory has grown in the under $200,000 price ranges. Early fall home buyers may find opportunities, however, if demand picks up without further increases in inventory, prices should be increasing.
Foreclosure filings in August reached an eight-year low. It likely to see investors activity falling off as prices improve and investor risk becomes greater.
The Tucson housing market continues to see buyers dominating the market for homes over $600,000. However, sellers are now in control in the under $175,000 price range. The middle of these two price ranges is in flux between buyers and sellers. Buyers are strong at the higher end of the range, sellers in the lower portion.
The rest of 2014 will see snowbirds returning to Tucson AZ. After last years winter additional visitors may be coming to Tucson. Some will likely want to buy a Tucson home. On the other hand, some returning snowbirds may consider selling the one they have. We will just have to wait and see.
This months Tucson Realty Review September 2014 highlights popular communities in the Tucson area include Miraval Homes, and homes in CFSD District 16. There are still great prices on luxury homes and Dove Mountain properties.
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