Most sectors of the Tucson area’s housing market continued to flatten out in June, resulting in relatively minor changes in sales prices and active listings. Since May, the median sales price rose only 1.1% in June; and the average sales price only 3.4% higher.
Housing inventory decreased only 2% from May to June, according to the Tucson Association of REALTORS® Multiple Listing Service.
On a 12-month basis, the pace of price increases also continued to flatten. Since June 2013, the median sales price has risen 5.5% and the average is 7.7% higher. Since June 2013, the market’s most dynamic change is in inventory, where listings have increased 33.7%.
June 2014 housing highlights:
• Unit Sales of 1,297 homes were 6.7% higher than May (1,215 homes)
Year-over-year: 7.3% lower than June 2013 (1,399 sales)
• Total Sales Volume of $274.4 million was 10.4% more than May ($248.5 million)
Year-over-year: basically flat at $274.7 million in June 2013
• Median Sales Price of $168,815 was 1.1% higher than May ($167,000)
Year-over-year: 5.5% higher than June 2013 ($160,000)
• Average Sales Price of $211,600 was 3.4% higher than May ($204,561)
Year-over-year: 7.7% higher than June 2013 ($196,376)
• Active Listings of 5,284 were 2% lower than May (5,394)
Year-over-year: 33.7% higher than June 2013 (3,953 units)
• Conventional Loan Sales were 42%; cash sales were 26%