The Tucson Housing Market July 2016
Tucson Housing Market July 2016 Update From TARMLS
Tucson Housing Market July 2016
The Tucson Housing Market July 2016 report continues the choppy pattern in month over month results. The average sales price for a Tucson home DECREASED 6.72% over June to $218,985. Year over year the average INCREASED 4.00%
July’s median sales prices DECREASED 4.47% over June. Year over Year the median sales price was UP 3.71%.
July’s Active Listings continued downward DECLINING 5.72% from June levels to 3,936. Year over Year active listings were DOWN 17.97%. This is the lowest Active Listings have been since July 2013. But any increase in buyer traffic would mean prices will be going UP.
Homes under contract at the end of July DECLINED 7.50% month to month.
Days On Market INCREASED 7 days to 50 days in July. This suggests buyers are ready to pounce on well priced homes that meet their needs.
Tucson home sellers soften their expectations and drop listing prices. Average List Price for a Tucson home DECREASED 6.57% to $224,771 in July.
Tucson Housing Market July 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 and falling productivity in the U.S. and offshore could defer any increase into 2017.
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 July 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.
The Tucson housing market continues to recover from the 2011 lows. New home builders are starting developments throughout the greater Tucson area. so if you are looking for a home in Tucson or planning for a future retirement in Tucson AZ – We can help!