Tucson Home Prices Declined 3.18% September – Still Up By 6.72% Y-O-Y

Tucson Association of Realtors have released stats for September 2013. Here are the highlights from the September Residential Sales Report:
Home unit sales decreased by roughly 10.8 percent residential properties changing hands in the Tucson area last month vs. a year ago. While total sales volume of $198.7 million decreased 13.8 percent from August’s number of $230.5 million, an increase of 16.36 percent since September 2012.

Observers see the 1,051 home closings reported for September showing a decrease from August’s median sale price, a 3.18 percent decrease from August’s median sale price for a single family home.

At the end of September, there was about a 4-1/2 month overall inventory of residential properties in the Tucson area, or 4,717 properties available, up by 18.5 percent vs. a year ago, and up by 9.9 percent from August. Still a normal inventory level for the area.

On average, residential properties spent 47 days on the market, down one day from August and the shortest market time since September 2012. With 1.868 sales pending at the end of September, down 29 percent from a year ago.

The median price for a single-family home in the Tucson market was still up 6.72 percent at $155,399 in September, up from $144,900 a year ago.

Year-to-date, there have been 10.842 home closings in the greater Tucson area, a 3.8 percent increase from the 10,438 closings reported through September 2012.

Conventional loan sales accounted for 37.2 percent of the sales, continuing to exceed cash sales of 29.8 percent, according to TAR’s tracking.

FULL SEPTEMBER SALES REPORT >> Click Here 
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