“Steady does it” says the Tucson Association of REALTORS® Multiple Listing Service about the Tucson-area housing market for May 2014. Although selling prices are trending steadily higher year-over-year, values are still seeking consistency from month to month.
Since January, the Median Selling Price has increased slightly each month, rising from $157,250 to $167,000 in May. One year ago, the Median Sales Price was $156,500.
The Average Selling Price has bounced down and up since January, starting at $197,262 and ending at $204,561 currently. One year ago, the Average Sales Price was $190,156.
In May, 1,215 homes sold, 86 fewer than in April. Year-to-date, 5,462 homes have sold, 462 fewer than during the same 2013 period.
May 2014 housing highlights:
• Unit Sales of 1,215 homes were 6.6% lower than April (1,301 homes)
Year-over-year: 15.5% lower than May 2013 (1,437 sales)
• Total Sales Volume of $248.5 million was 3% less than April ($256.4 million)
Year-over-year: 9% less than May 2013 ($273.3 million)
• Median Sales Price of $167,000 was 1.3% higher than April ($164,900)
Year-over-year: 6.7% higher than May 2013 ($156,500)
• Average Sales Price of $204,561 was 3.8% higher than April ($197,066)
Year-over-year: 7.6% higher than May 2013 ($190,156)
• Active Listings of 5,394 were 1.3% lower than April (5,466)
Year-over-year: 36.5% higher than May 2013 (3,953 units)
• Conventional Loan Sales were 40%; cash sales were 31%