Tucson’s Housing Market Pulse – August 2023
Ben & Kim Boldt – Tucson’s Top Realty Team
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The August 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 2.9% and the average sales price gained 3.7% from August 2022.
Active Listings of Single Family Homes are DOWN 28.4% from August 2022 with 1,676 single family homes on the market at the end of August. Basically unchanged from July at 1670.
At the current burn rate for closed transactions that translates to a 1.9 months supply.
Condos and Townhouses prices moved up as well. The year over year Median sales price moved UP 2.4% and Average sales price UP 3.1%. With 162 Active Listings of Condo/Townhouses on the market. That’s 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! Both Single Family and Condo/Townhouse at 99.0% for August 2023.
Now for the details……
The Tucson Housing Market August 2023 – Single Family Homes
The Tucson Housing Market August 2023 – Condos & Townhouses
The Take Aways
Mortgage Rates
Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, continued to impact market activity during the summer home buying season.
The average 30-year fixed-rate mortgage has remained above 6.5% since May. Rates hit a two-decade high in August, according to Freddie Mac.
In the Arizona market, on Thursday, September 14, 2023, the 30-year fixed mortgage APR is a smidge over 7.0%
Demand
No change here!
The Sale to List Price ratio for August was 99.0% for both Single Family Homes and Condos/Townhouses.
> Inventory Of Homes For Sale
New listings for Single Family Homes are DOWN 28.4% from August of 2022 and essentially unchanged from July 2023. Condos/Townhouses have similar results…..but worst. Down 38.9% from August 2022.
New Listings decreased 23.5 percent for Single Family and 30.1 percent for Townhouse/Condo. Pending Sales decreased 1.7 percent for Single Family and 17.2 percent for Townhouse/Condo.
> Prices
Median and Average prices were up for both Single Family Homes and Condo/Townhouses. Over the last 12 months, the Average Price of a Single Family Home is up 5.0% and Condo/Townhome is up 7.7%.
> The Bottom Line
Mortgage rates remain high, demand strong and resale inventory low. That suggests prices “could” continue to rise, but as an economist would say, on the other hand higher mortgage rates may dampen buyers interests.
New home builders are going strong and raising prices in response to demand. Many new home builders have captive finance units and able to give rate incentives or closing cost offsets.
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.
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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 August 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.
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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 – July 2023 Tucson Housing Market Pulse.