Tucson’s Housing Market Pulse – October 2024 Results
Ben & Kim Boldt – Top Realty Team in Tucson AZ
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The October 2024 Tucson Housing Market Pulse shows the Median sales price for DECREASED 0.1% from October 2023 and stands at $352,000. That is basically FLAT from 2023.
As for the Average sales price, it INCREASED 2.0% over October 2023 to $434,225.
Sales stood at 1,015 in October 2024, DOWN 5.0% from October 2023. Median days on market stood at 27 for October 2024. That’s UP 10 days from the prior year.
One more thing, the ratio of sales price to list price was 98.05% for October 2024 and Active listings at the end of October stood at 4,292.
Now for the details.
The Tucson Housing Market Pulse October 2024 – All Homes – Single Family – Condos/Townhomes – Manufactured Homes
The Takeaway
Mortgage Rates
The Fed lowered interest rates 25 basis points on November 7th. Now the question is will there be another cut in December. Pendants seem to be saying the Fed will forgo a December cut due to the stable unemployment rate and renewed caution on inflation. That concern may or may not be driven by new fiscal and economic policies under the Trump Administration in 2025.
A quick “internet” review of mortgage rates in Arizona as of November 10, 2024, shows a 30-year fixed rate as low as 6.687%. A 15-year fixed rate at 5.925% and a 5/1 ARM at 7.062%.
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
October 2024 sales of 1,015 were DOWN 5.0% from the prior year. The sales price to list price ratio was at 98.05%. Under 100% but suggesting demand remains strong in the Tucson, AZ market.
It will be interesting to see if election results will spur home sales. It has been suggested that mortgage rates under 6.00% will spur the housing market quickly.
> Inventory Of Homes for Sale
New listings came in at 1,844 in October. An increase of 11.7% from the prior year.
> Prices
Prices continue to increase year over year as shown by the increase of 2.0 % in the Average Sales Price for October 2023. The median sales price was essentially flat from October 2023.
> The Bottom Line
Mortgage rates have increased back into the mid 6.0% range and detour homeowners from selling unless they have to.
No change in the near-term outlook! Continued demand, prices up slightly and home inventory at historical low levers. Even 55+ communities are continuing to see a slowdown in sales.
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 a Realtor represent you when buying a new construction home purchase will help.
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Conclusion
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