Tucson Housing Market Report - June 2023

Temperatures are heating up, yet the U.S. housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer homebuying season. According to the latest data from the National Association of REALTORS® (NAR), national existing-home sales climbed 0.2% from the previous month but were down 20.4% compared to the
same time last year, as fluctuating mortgage rates and a near all-time low level of inventory continue to influence home sales.

New Listings decreased 35.1 percent for Single Family and 44.5 percent for Townhouse/Condo. Pending Sales decreased 0.3 percent for Single Family and 15.7 percent for Townhouse/Condo. Inventory decreased 13.4 percent for Single Family and 28.6 percent for Townhouse/Condo.

Median Sales Price increased 3.5 percent to $398,650 for Single Family and 2.0 percent to $270,250 for Townhouse/Condo. Days on Market increased 156.3 percent for Single Family and 118.2 percent for Townhouse/Condo. Months Supply of Inventory increased 20.0 percent for Single Family but decreased 9.1 percent for Townhouse/Condo.

Nationwide, total housing inventory increased 3.8% from the previous month, for a 3-month’s supply at the current sales pace. The shortage of homes for sale has kept prices high for remaining buyers, with a national median sales price of $396,100 as of last measure, a 3.1% decline from the same time last year and the largest annual decrease since December 2011, according to NAR. As demand continues to outpace supply, properties are selling quickly, with the majority of homes listed for sale on the market for less than a month.