Tucson Housing Market Slows for Holidays But Inventory Still Needed
As typically happens this time of year, the Tucson housing market is experiencing a small dip. However, even though demand is steady, the lack of inventory may kill any momentum on real estate transactions if new build homes aren’t offered, according to Arizona Public Media.
New statistics from the Tucson Association of Realtors (TAR) reveal that October numbers were down from the previous month. The total home sales volume of $288,890,599 dipped from September’s $300,150,958 by 3.8 percent while median sale price decreased by 3.4 percent from $206,915 to $199,900.
Though active listings were up 2.84 percent from 3,587 in September to 3,689 in October, inventory relative to the increased demand from this time last year is low.
Year over year, however, the numbers are thriving. Total home sales volume increased 12.5 percent from October 2016 while median sale price jumped 12.3 percent.
Not only are homebuyers feeling the inventory burden, renters are as well. Knowing rents are rising, owners are passing on renters with good history to take their chance on renters willing to pay higher rents, according to the Arizona Public Media report. The good news with the small seasonal dip is that it gives the city a chance to build back up inventory, which still requires builders to pick up the pace on new homes.
Currently, multiple builders are scooping up lots around the Tucson Metro area to keep up with demand.