Tucson Housing Market August 2016

The Tucson Housing Market August 2016

Tucson Housing Market August 2016 Update From TARMLS


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Tucson Housing Market August 2016

The Tucson Housing Market August 2016 report shows improvement over July. Although improving, July’s price declines were not regained in August. The average sales price for a Tucson home INCREASED just under 1% from July. Reaching $220,774. Year over year the average Tucson Housing Market INCREASED 4.60%.

August’s median sales price also INCREASED. Moving up almost 2% over July levels. Year over Year the median sales price INCREASED 6.78%

August’s Active Listings continued downward. But only slightly! DECLINING 0.43% from July levels to 3,919. Year over Year active listings were DOWN 17.63%. This is the lowest Active Listings have been since August 2013. But any increase in buyer traffic would mean prices will be going UP.

Homes under contract at the end of August DECLINED 0.45% month to month.

August Days On Market INCREASED 2 days to 48 days. This suggests buyers are ready to pounce on well priced homes that meet their needs.

Tucson home sellers essentially maintain their listing prices. Average List Price for a Tucson home INCREASED 0.74% to $226,428.

Tucson Housing Market August 2016 Mortgage Update

Mortgage rates remain under 4.00% in the Tucson AZ housing market. FED meetings continues to push further rate increases into late 2016. Some believe a December rate increase could happen. Apparently, the FED doesn’t want to effect the election outcome. Slow economic growth continues to be a theme for hold rate increases along with the Presidential election.

California buyers looking for a lower tax burden continue to head 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 August 2016 Report

tucson housing market august 2016

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.

Longer term 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.

Search the Tucson MLS for your dream home in Tucson Arizona using your criteria. Use the Tucson MLS Map to see where the Tucson MLS Areas are located.

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Questions about the Tucson AZ Real Estate Market or Tucson Homes for Sale? Call Us 866 316 5575 OR our easy  CONTACT FORM and we will get right back to you!

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