Tucson Housing Market Report - April 2023

U.S. existing-home sales declined 2.4 percent month-over-month as of last measure, according to the National Association of REALTORS® (NAR), reversing February’s sales gain of 14.5%. Fluctuations in mortgage interest
rates have caused buyers to pullback, with pending sales dropping 5.2% month-over-month. Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9% nationally from the
same time last year, the largest year-over-year decline since January 2012, according to NAR.

New Listings decreased 34.5 percent for Single Family and 37.4 percent for Townhouse/Condo. Pending Sales decreased 12.7 percent for Single Family and 18.1 percent for Townhouse/Condo. Inventory increased 22.2 percent for Single Family and 12.4 percent for Townhouse/Condo.

Median Sales Price increased 1.3 percent to $380,000 for Single Family and 9.3 percent to $274,900 for Townhouse/Condo. Days on Market increased 141.2 percent for Single Family and 250.0 percent for Townhouse/Condo. Months Supply of Inventory increased 70.0 percent for Single Family and42.9 percent for Townhouse/Condo.

Housing inventory remains tight nationwide, with only 980,000 units available for sale heading into April, a 5.4% increase from one year earlier, although the number of homes for sale is down compared to the same period in 2019, prior to the pandemic. The lack of existing inventory continues to impact home sales, and with only 2.6 months’ supply of homes at last measure, competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties, according to NAR.