Tucson’s Housing Market Pulse – June 2024 Results
Ben & Kim Boldt – Tucson’s Top Realty Team
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The June 2024 Tucson Housing Market Pulse shows the Median sales price for increased 2.5% from June 2023 and stands at $370,000. As for the Average sales price, it increased 3.6% over June 2023 to $443,925. Remember, that’s for all homes sold – Single-family, condos/townhomes and manufactured homes.
Median days on market stood at 20 for June 2024. That’s UP 6 days from the prior year.
One more thing, the ratio of sales price to list price was 98.41% for June 2024. Active listings at the end of June stood at 3,517. Single-family at 2,900, Townhouses at 203, Condominiums at 194 and Manufactured homes at 176.
The Tucson Housing Market Pulse June 2024 – All Homes – Single Family – Condos/Townhomes – Manufactured Homes
The Takeaway
Mortgage Rates
The Feds recent comments suggest Fed rate reductions might occur in late 2024. But the “final” decision on a reduction is still under review. A quick “internet” review of mortgage rates in Arizona shows a 30-year fixed rate “around” 6.658%. 15-year fixed rate at 6.002% and a 5 ARM at 7.639%.
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 they tend to fall when the economy is weakening.
Of course, credit scores and regional incentives will affect these rates.
Demand
June 2024 sales of 1,131 were DOWN 20.2% from the prior year and 16.3% from the prior month. The sales price to list price ratio was at 98.41%. Under 100% but suggesting demand remains strong in the Tucson, AZ market.
It appears current interest rates may be slowing sales, but buyers are paying close to list for a Tucson home.
> Inventory Of Homes for Sale
New listings came in at 1,714 in June. An increase of 15.7% over the prior year. On the other hand, new listings were Down 14.3% from May 2024.
> Prices
Prices continue to increase year over year as shown by the median sales price was up 2.5% year over year. OH, and the average price increase of 3.6%.
> The Bottom Line
Mortgage rates have eased into the mid 6.0% range. But a recent Wall Street Journal article suggested 60% of U.S. homeowners have a mortgage at or below 4.0%. Existing homeowners see little reason to sell their home and buy another one. Unless the job market presents a great opportunity.
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.
It’s deja vu all over again on new construction. New home builders are steadily raising prices in response to demand with low resale inventory. Many buyers are happy to get a new home and not need to remodel anything. New home builder incentives may also play a part in the new construction option.
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Conclusion
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