TUCSON, ARIZONA -- Tucson Association of Realtors and MLS is reporting November saw the Dow Jones Industrial Average top 30,000 for the first time, while mortgage rates reached new record lows again. These new records have provided encouragement for buyers to move forward on home purchases, which continued to remain strong overall for the month.
New Listings decreased 7.7 percent for Single Family and 10.1 percent for Townhouse/Condo. Pending Sales increased 28.5 percent for Single Family and 45.6 percent for Townhouse /Condo. Inventory decreased 51.5 percent for Single Family and 46.6 percent for Townhouse/Condo. Median Sales Price increased 20.8 percent to $290,000 for Single Family and 29.7 percent to $201,000 for Townhouse/Condo.
Days on Market decreased 44.4 percent for Single Family and 14.8 percent for Townhouse/Condo. Months Supply of Inventory decreased 54.5 percent for Single Family and 52.9 percent for Townhouse/Condo.Showing activity remains higher than the same period a year ago across most of the country, suggesting that strong buyer demand is likely to continue into what is typically the slowest time of year. With inventory remaining constrained in most market segments, sellers continue to benefit from the tight market condition.
See full report here.