Tucson Home Prices Up 12.45% – Inventory Low

TARIconTucson Association of Realtors released their stats for July 2013. Here are the highlights from the July Residential Sales Report:

Roughly 21 percent more residential properties changed hands in the Tucson area last month vs. a year ago, extending the streak of year-over-year gains in monthly home sales to two years.

Observers see the 1,263 home closings reported for July a very slight decrease of .06 percent in median price for a single family median home price from June.

At the end of July, about a 3-month overall inventory of residential properties in the Tucson area, or 3,933 properties were available, up 11.59 percent vs. a year ago. But concerns remain about the low inventory, which declined by 1.54 percent in July — a level Tucson Realtors haven’t seen since before the recession.

On average, residential properties spent 53 days on the market here, the shortest time since November 2012. With 2,226 sales pending at the end of July, down 20 percent from a year ago.

The median price for a single-family home in the Tucson market was up 12.45 percent at $159,900 in July, up from $140,000 a year ago.

Year-to-date, there have been 8,586 home closings in the greater Tucson area, a 3 percent increase from the 8,321 closings reported through July 2012.

Conventional loan sales accounted for 40 percent of the sales, continuing to exceed cash sales of 29 percent, according to TAR’s tracking.

FULL JULY SALES REPORT >>   https://tucsonrealtors.org/tar-v2/statsJuly2013.pdf

>>  https://tucsonrealtors.org/tar-v2/statsRentJuly2013.pdf