The October 2013 Tucson Realty Review
Update For October 2013 With Tucson Trends and Outlook
The Tucson Realty review suggests challenges and continued improvement. Tucson home sales, selling prices and brand new home starts continue to recover. Slowly but surely.
However, some uncertainty appears to have crept into the Tucson realty marketplace. Clearly, the recent federal shutdown has not helped any housing markets. Mortgage applications were postponed when lenders were unable to verify Social Security data. Lenders were also unable to review tax documents through the government portals.
This event has caused damage in consumer confidence. A setback in confidence will most likely hurt Tucson Arizona housing demand.
The real estate market has encountered multiple challenges during the forth quarter. Many of the issues have become “tag” lines for reporters and the media. The economic impact due to the Federal government shutdown, debt ceiling issues and tapering fed support are unclear.
What ever the outcome, the stale mate in Washington D.C. is exceedingly disruptive.
The ultimate impact on the housing market and financial arena won’t be known for some months. It is likely the sluggish but steady gains during the first 3 quarters may be stopped cold.
The Tucson realty outlook sees a lot fewer troubled homes being listed in the Tucson MLS. There are some faint suggestions lenders are becoming more aggressive. Those factors alone help long-term prospects. Hopefully, it will also help Tucson Real Estate buyer became more optimistic.
Since September 2012, active listings have increased over 20%. Home prices have also increased. In December 2011, the average selling price per square foot was $82. That increased to $98 one year later. The average selling price as of October 2013 has increased $6.
During 2013 the percentage of cash buyers ( usually investors ) has decreased. Tucson Association of Realtors MLS data shows Cash buyers in January 2013 stood at 37% of home sales. This has decreased to under 30% in October. As one would expect, conventional loans have increased during this same period.
Hopefully, the underlying patterns continue to suggest a slow but continued improvement in the Tucson real estate market.
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