Tucson’s Housing Market Pulse – December 2024 Results
Ben & Kim Boldt – Top Realty Team in Tucson AZ
The December 2024 Tucson Housing Market Pulse shows the Median sales price for INCREASED 0.9% from December 2023 at $363,000. That is a 2.3% INCREASE from January 2024.
The Average sales price INCREASED 1.5% over December 2023 to $432,738. A 2.9% INCREASE from January 2024.
Sales stood at 962 in December 2024, UP 5.6% from December 2023. Median days on market stood at 34 for December 2024. That’s UP 8 days from the prior year.
One more thing, the ratio of sales price to list price was 97.99% for December 2024 and Active listings at the end of December stood at 4,083.
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Now for the details.
The Tucson Housing Market Pulse December 2024 – All Homes – Single Family – Condos/Townhomes – Manufactured Homes
The Takeaway
Mortgage Rates
Average mortgage rates moved up since November. A quick “internet” review of mortgage rates in Arizona as of January 9, 2025, shows a 30-year fixed rate as low as 6.898%. A 15-year fixed rate at 6.054% and a 5/1 ARM at 6.823%.
Mortgage rates move up or down according to what’s happening in the broad economy: changes in inflation expectations, job creation and overall economic growth. Rates tend to rise when the economy is strengthening and fall when the economy is weakening. Of course, credit scores and lender incentives will affect these rates.
Economists are now suggesting the Fed will be consider 2 rates changes in 2025. Only time will tell how well their crystal balls is working.
Demand
December 2024 sales of 962 were UP 5.6% from the prior year. However, total unit sales for 2024 were DOWN 6.9% from 2023. The sales price to list price ratio was 97.99%. Under 100% but suggesting demand remains relatively strong in the Tucson, AZ market.
> Inventory Of Homes for Sale
New listings came in at 1,183 in December. An increase of 10.3% from the prior year.
> Prices
Prices continue to increase year over year as shown by the increase of 1.5% in the Average Sales Price from December 2023. The median sales price was increased 0.9% from December 2023.
> The Bottom Line
Mortgage rates moved up to around 7.0%. With lots of homeowners locked into a rate less than 4%, sellers are reluctant to become buyers.
No change in the near-term outlook! Continued demand, prices up and low home inventory levels. Even new construction builders are experiencing a slowdown in sales. However, we are seeing an increase in the number of resale listings in Active Adult Communities in Tucson AZ.
New home builders continue offering incentives to buyers. Advertisements show home price reductions and lower mortgage rates when using the builder’s financing arm. Sounds great but check the “fine print” for catches to the offer. Having an experienced Realtor represent you when buying a new construction home purchase is a wise choice.
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Conclusion
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