Tucson’s Housing Market Pulse – July 2023
Ben & Kim Boldt – Tucson’s Top Realty Team
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The July 2023 Tucson Housing Market Pulse shows year over year sales prices for Single Family Homes continue to move up…Again! The median sales price for a single family home increased 3.2% and the average sales price gained 6.1% from July 2022.
Active Listings of Single Family Homes are DOWN 24.9% from July 2022 with 1,670 single family homes on the market at the end of July. That’s up 4.8% from June.
At the current burn rate for closed transactions that translates in to 1.9 months supply.
Condos and Townhouses prices moved up as well. The year over year Median sales price moved UP 14.8% and Average sales price UP 6.1%. With 151 Active Listings of Condo/Townhouses on the market there is only a 1.0 months supply.
One more thing, the ratio of sales price to list price is slightly under 100%. Under, but not by much! Single Family sell at 99.3% of list and Condo/Townhouse at 99.5% for July 2023.
Now for the details……
The Tucson Housing Market July 2023 – Single Family Homes
The Tucson Housing Market July 2023 – Condos & Townhouses
The Take Aways
Mortgage Rates
With the increase in the Fed Fund rate, mortgage rates have moved up.
In the Tucson market, rates appear to be following this pattern holding in the range of 7.30% to 8.0% with Good to Very Good Credit.
Demand
No change here!
The Sale to List Price ratio for July was 99.3% for Single Family Homes and 99.5% for Condos/Townhouses.
> Inventory Of Homes For Sale
New listings for Single Family Homes are DOWN 24.9% from the prior year, but UP 4.8% from June 2023. Condos/Townhouses have similar results…..but worst. Down 41.7% from July 2022.
> Prices
Median and Average prices “wiggled” up and down for both Single Family Homes and Condo/Townhouses.
> The Bottom Line
Mortgage rates moved up, demand continues to be high and resale inventory low. That means prices “should” continue to rise, but higher mortgage may dampen buyers interests. On the other hand, new home builders are going strong and raising prices in response to demand. Many new home builders have a captive finance units and able to give rate incentives or closing cost offsets.
Will Tucson home appreciation be greater than the borrowing rate? Time will tell.
Over the last 12 months, the Average Price of a Single Family Home and Condo/Townhome is up 6.1%.
Considering A Home Tucson – Give Us A Call
Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.
We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor team, we invest the time to understand your home buying interests and desires.
At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.
Why? We want you to know what to expect. And what to plan for.
Interested in new construction?
We’ll brief you on buying a new construction home and what’s unique about the process.
For us, you are not another real estate transaction. You are a client and, future friend. We strive to create a relationship that continues long after you move into your home.
Review our profiles. Check out our backgrounds, education, and certifications.
We are here to help you “know what you need to know” to buy a home in Tucson, AZ. We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services.
Best of all, our professional service backgrounds mean we put you first!
When submitting an offer
Given current inventory levels, low ball offers aren’t getting traction.
So, if you “really” want the home, make a realistic offer within your budget and timing constraints.
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.
Conclusion
Not much changing on a month to month basis in the July 2023 Tucson Housing Market.
Our website provides lots of information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.
We are ready to answer your questions and help you get the information you are looking for. Pandemic or not, we are on the job and ready to assist you find your future home or winter retreat in the Greater Tucson area.
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Historical Tucson housing market trends can be found for Tucson Real Estate Trends 2006 to 2012 annual along with summaries of 2013 and 2014 annual data.
Go to the Tucson housing report archives for a look at recent housing reports and trends. Our outlook for 2015 is available in our latest issue of Tucson Realty Review.
By the way, if you missed last months update its right here – May 2023 Tucson Housing Market Pulse.
