The Tucson Housing Market August 2016
Tucson Housing Market August 2016 Update From TARMLS
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 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
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!