By: Roger Yohem, Communications Director, Tucson Association of Realtors
As typically happens entering the holiday season, the Tucson region’s November housing market slowed down. Total home sales, the average and median selling price, and new listings all decreased from October, according to the Tucson Association of REALTORS® Multiple Listing Service (TAR/MLS).
The most notable gain was in listings. The November inventory climbed 3% higher than in October.
The annualized, year-over-year data showed that almost all key sectors were higher as the market continues to recover and strengthen. And although total home sales were down 6.2% year-over-year, the pace is only 797 fewer closings than last year.
November 2014 housing highlights:
>> Sales: 917 homes were 13.5% less than October (1,060 homes)
Year-over-year: 1.7% lower than November 2013 (933 sales)
>> Total Sales Volume of $189.7 million was 15% less than October ($223.1 million)
Year-over-year: 6% lower than November 2013 ($178.9 million)
>> Medium Sales Price of $165,000 was 0.9% lower than October ($166,500)
Year-over-year: 3.5% higher than November 2013 ($159,500)
>> Average Sales Price of $206,882 was 1.7% lower than October ($210,454)
Year-over-year: 7.9% higher than November 2013 ($191,763)
>> Active Listings of 5,820 units were 3% more than October (5,649)
Year-over-year: 10.1% higher than November 2013 (5,286 units)
>> Conventional Loan Sales were 38.2%; cash sales were 26.3%
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