TUCSON, ARIZONA -- The Tucson Multiple Listing Service is reporting the U.S. housing market remains robust, with strong activity reported across both rental and residential housing fronts. Single-family rent prices are increasing rapidly, as demand for single-family housing and inventory constraints forces some buyers to rent, increasing competition and pushing rents up across the nation. Meanwhile, sales of new construction single-family homes recently hit a six-month high, rising 14% to a seasonally adjusted rate of 800,000, according to the latest data from the U.S. Department of Housing and Urban Development.
New Listings decreased 1.8 percent for Single Family and 9.6 percent for Townhouse/Condo. Pending Sales increased 7.5 percent for Single Family and 5.3 percent for Townhouse/Condo. Inventory decreased 4.4 percent for Single Family and 39.6 percent for Townhouse/Condo.
Median Sales Price increased 22.3 percent to $340,000 for Single Family and 17.2 percent to $211,000 for Townhouse/Condo. Days on Market decreased 18.2 percent for Single Family and 31.8 percent for Townhouse/Condo. Month’s Supply of Inventory decreased 13.3 percent for Single Family and 46.2 percent for Townhouse/Condo.As temperatures drop, existing home sales continue to be plentiful, buoyed by strong demand, low interest rates, and a slight uptick in new listings in recent months, according to the National Association of REALTORS®. With interest rates inching upward, and experts expecting further rate increases on the horizon, motivated buyers are hoping to lock in their home purchases to take advantage of what are still historically low rates.
Full report here.