Tucson’s Housing Market Pulse – May 2024 Results
Ben & Kim Boldt – Tucson’s Top Realty Team
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The May 2024 Tucson Housing Market Pulse shows the Median sales price for increased 5.6% from May 2023 and stands at $379,999. As for the Average sales price, it increased 3.0% over May 2023 to $451,588. Remember, that’s for all homes sold – Single-family, condos/townhomes and manufactured homes.
Median, note Median, days on market was 20 for May 2024. That’s UP 5 days from the prior year.
One more thing, the ratio of sales price to list price was 98.63% for May 2024. Active listings at the end of May stood at 3,402. Single-family at 2,830, Townhouses at 207, Condominiums at 171 and Manufactured homes at 160.
The Tucson Housing Market Pulse May 2024 – All Homes – Single Family – Condos/Townhomes – Manufactured Homes
The Takeaway
Mortgage Rates
The Feds recent comments suggest Fed rate reductions may have to wait until late 2024 or even 2025. A quick “internet” review of mortgage rates in Arizona shows a 30-year fixed rate “around” 6.656%. 15-year fixed rate at 6.328% and a 7/6 ARM at 7.673%.
Of course, credit scores and regional incentives will affect these rates.
Demand
May 2024 sales of 1,352 were DOWN 9.3% from the prior year. But the Average price of homes sold in May was UP 3.0% from May 2023. The sales price to list price ratio was at 98.63%. 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 1,981 in May. An increase of 365 over the prior year. That’s an increase of 22.6% by the way. On the other hand, new listings were Up 10.3% from April 2024.
> Prices
Prices continue to increase year over year as shown by the median sales price was up 5.6% year over year. OH, and the average price increase of 14.1%.
> The Bottom Line
Mortgage rates are fluctuating 6.75% to 7.25% range for conventional loans. However, some new home builders are offering incentives to buyers to offset the rates.
No change in the near-term outlook! Continued demand, prices up and home inventory improving somewhat, but stuck at historical low levers. But prices in 55+ communities continue to move up indicating demand continues to be very strong.
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. Most 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.
Considering A Home Tucson – Give Us a Call
Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.
We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor team, we invest the time to understand your home buying interests and desires.
At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.
Why? We want you to know what to expect. And what to plan for.
Interested in new construction?
We’ll brief you on buying a new construction home and what’s unique about the process.
We are here to help you “know what you need to know” to buy a home in Tucson, AZ. We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services.
Best of all, our professional service backgrounds mean we put you first!
When submitting an offer
Given current inventory levels, low ball offers aren’t getting traction.
So, if you “really” want the home, make a realistic offer within your budget and timing constraints.
We will work with you to understand your objectives and analyze the market to determine – as best we can – a price range for the home you want to buy ………or sell.
Conclusion
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Go to the Tucson housing report archives for a look at recent housing reports and trends.
By the way, if you missed last month’s issue of the Tucson Housing Market Pulse its right here – Tucson Housing Market Pulse April 2024