Tucson’s Housing Market Pulse – November 2024 Results
Ben & Kim Boldt – Top Realty Team in Tucson AZ
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The November 2024 Tucson Housing Market Pulse shows the Median sales price for INCREASED 2.9% from November 2023 and stands at $360,000.
As for the Average sales price, it INCREASED 4.8% over October 2023 to $434,971.
Sales stood at 900 in November 2024, DOWN 2.4% from November 2023. Median days on market stood at 29 for November 2024. That’s UP 12 days from the prior year.
One more thing, the ratio of sales price to list price was 97.79% for November 2024 and Active listings at the end of October stood at 4,387.
Now for the details.
The Tucson Housing Market Pulse November 2024 – All Homes – Single Family – Condos/Townhomes – Manufactured Homes
The Takeaway
Mortgage Rates
Inflation moved up in November by 0.1%. So, now the question is the Fed willing to forgo a December cut with a renewed caution on inflation. Rueters poll on Friday suggests the U.S. job market continued to cool but remained relatively resilient and solidified expectations the Fed can afford to cut interest rates again before taking stock on government policy early next year. Remember, the Fed doesn’t directly set mortgage rates.
Average mortgage rates were down across all terms compared to a week ago, according to Bankrate data. A quick “internet” review of mortgage rates in Arizona as of December 12, 2024, shows a 30-year fixed rate as low as 6.73%. A 15-year fixed rate at 6.03% and a 5/1 ARM at 6.07%.
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.
Demand
November 2024 sales of 900 were DOWN 2.4% from the prior year. The sales price to list price ratio was at 97.79%. Under 100% but suggesting demand remains relatively strong in the Tucson, AZ market.
It has been suggested that mortgage rates under 6.00% will spur the housing market, but it is not clear that will happen in 2025.
> Inventory Of Homes for Sale
New listings came in at 1,559 in November. An increase of 13.4% from the prior year.
> Prices
Prices continue to increase year over year as shown by the increase of 4.8 % in the Average Sales Price from November 2023. The median sales price was increased 2.9% from November 2023.
> The Bottom Line
Mortgage rates remain in the 6.5% to 7.0% range and homeowners are not ready to move 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 significant 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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