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Housing Trends in The Tucson Housing Market
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1. Active Listings in the Greater Tucson
Tucson’s Multi Listing Service for Southern Arizona shows increases in home inventory. Inventory stands at roughly 4.5 months at the present sales rate.
Not included in this inventory is new construction homes. Home builders are adding inventoy, but not getting ahead of sales. Active adult ( 55+) communities continue to build and provide “spec” homes for quick sales.
Depending on price range, buyers are gaining control of the market.
2. Prices are Moderating
Both median and average home prices are moderating. Month to month, prices will be up and down, but not at historic rates.
Areas with strong markest include – Oro Valley – Marana – East Tucson – Catalina Foothills.
Continued in?migration from west coast states brings cash rich buyers to the area.
3. Mortgage Rates are Influencing Sellers and Buyers
Mortgage rates remain high compared to pre?2022 levels. This effects both buyers and sellers.
Buyers see increased cost to own a home and sellers are enjoying sub 4% mortgates are reluctant to sell.
Builders are using mortgage buy downs and upgrade incentatives to attract home buyers.
4. Benifits of New Construction
Buyers are finding a new construction home as a good alternative. Builder incentatives being a big factor, but there are other benefits as well.
New construction provides more energy?efficient designs, high tech features and low maintenance. Some builders are also providing multi?generational layouts for younger buyers with parents. Or, vice versa.
5. Townhomes and Condos
As single?family home prices rise a popular alternatives include townhomes and condominiums. On any given month, there are between 250 and 300 units available for each option.
Keep in mind that mortgages for condos is more challengine that townhomes. Lenders are adverse to condo communities with a high level of investor ownership.
6. What Does the Future Hold?
How good is the crystal ball? “Experts and Analysts” suggest home inventories will increase. The question of “will homeowners with low interest mortgages want to sell?”
Increasing inventory would moderate price appreciation, but demand may absorb that inventory.
New?construction activity will remain strong especially in active adult communities. Most buyers in 55+ communities are out?of?state buyers
Tucson remains one of the more affordable major metros in the Southwest. This fact and the climate keeps the market resilient.
Conclusion
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