Tucson’s Housing Market Pulse – July 2024 Results
Ben & Kim Boldt – A Top Tucson Realty Team
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The July 2024 Tucson Housing Market Pulse shows the Median sales price for increased 1.4% from June 2023 and stands at $365,000. As for the Average sales price, it increased 4.5% over July 2023 to $444,866. Remember, that’s for all homes sold – Single-family, condos/townhomes and manufactured homes.
Median days on market stood at 25 for July 2024. That’s UP 12 days from the prior year and 5 days from June 2024.
One more thing, the ratio of sales price to list price was 98.20% for July 2024. Active listings at the end of July stood at 3,526. Single-family at 2,941, Townhouses at 210, Condominiums at 173 and Manufactured homes at 198.
The Tucson Housing Market Pulse July 2024 – All Homes – Single Family – Condos/Townhomes – Manufactured Homes
The Takeaway
Mortgage Rates
The Fed rates stayed firm and potential reductions are still under review. A quick “internet” review of mortgage rates in Arizona shows a 30-year fixed rate as low as 6.126%. A 15-year fixed rate at 5.375% and a 7/6 ARM at 6.375%.
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 incentives will affect these rates.
Demand
July 2024 sales of 1,112 were DOWN 3.5% from the prior year and down slightly from the prior month. The sales price to list price ratio was at 98.20%. Under 100% but suggesting demand remains strong in the Tucson, AZ market.
It will be interesting to see if lower mortgage rates will spur sales over the next few months. Will rates drop further as the election nears? WE will have to wait and see.
> Inventory Of Homes for Sale
New listings came in at 1,639 in July. An increase of 7.1% from the prior year. On the other hand, new listings were Down 4.4% from June 2024.
> Prices
Prices continue to increase year over year as shown by the median sales price was up 1.4% year over year. The average price increase of 4.5%.
> The Bottom Line
Mortgage rates have eased into the low 6.0% range. With 60% of U.S. homeowners having a mortgage at or below 4.0% further reductions may be required to motivate homeowners to sell unless they have to.
No change in the near-term outlook! Continued demand, prices up and home inventory at historical low levers. Even 55+ communities are experiencing a slowdown in sales.
New home builders appear to be increasing incentives to buyers. One major builder in Tucson posted a 1.9% mortgage. Sounds great, but there may be some catches to the offer.
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Conclusion
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