From Roger Yohem, Communications Director, Tucson Association of Realtors
As typically happens with each new year, the Tucson region’s housing market slowed in January. The key measurements of total home sales and selling prices dropped more than normal expectations, according to the Tucson Association of REALTORS® Multiple Listing Service (TAR/MLS).
In contrast, the number of homes under a purchase contract and new listings soared. Pending sales in January were 35.3% higher than December, and only 2% off the January 2014 pace. New listings spiked 64% in January, making the inventory 6% larger than one year ago.
These two factors indicate that future sales in February likely will be higher than normal.
Yes, the housing market’s performance in January was a bit uneven. That’s why a longer-term view is a better measurement of where the market is headed. On a quarterly basis, the statistics tend to smooth out to form a better trend line going forward. And for 2015, the economic fundamentals remain in place for another year of modest improvement in the region’s housing market.
January 2015 housing highlights:
- Sales: 805 homes were 25.2% less than December (1,076 homes)
Year-over-year: 5.7% lower than January 2014 (854 sales)
- Total Sales Volume of $156.8 million was 29% less than December ($220.1 million)
Year-over-year: 6.9% lower than January 2014 ($168.5 million)
- Medium Sales Price of $160,250 was 2.9% lower than December ($165,000)
Year-over-year: 1.9% higher than January 2014 ($157,250)
- Average Sales Price of $194,878 was 4.9% lower than December ($205,015)
Year-over-year: 1.2% lower than January 2014 ($197,262)
- Active Listings of 5,803 units were 4% more than December (5,577)
Year-over-year: 5.6% higher than January 2014 (5,477 units)
- Conventional Loan Sales were 37.5%; cash sales were 34.8%
Quick Click: Full TAR/MLS Residential Report