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Tucson Housing Market Report - October 2022

Interest Rates On The Rise Which Is Slow Down The Housing Market!

What is the state of the Tucson housing market doing for October 2022?

In October 2022, the median home sales price was $380,000 up 12.7% year-over-year. While the average days on market was 30 days and home inventory is up 35.8% year-over-year.

Single Family Home Sellers Getting 98.50% Of Their List Price in October 2022

Existing home sales declined nationwide for the eighth consecutive month, falling 1.5% as of last measure, according to the National Association of REALTORS® (NAR), with sales down nearly 24% from the same period last
year. Pending home sales also declined, dropping 10.9% month-to-month, exceeding economists’ expectations. Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the
market to cool rapidly this year.

New Listings decreased 32.5 percent for Single Family and 21.8 percent for Townhouse/Condo. Pending Sales decreased 41.3 percent for Single Family and 44.7 percent for Townhouse/Condo. Inventory increased 35.8 percent for Single Family and 71.7 percent for Townhouse/Condo. Median Sales Price increased 12.7 percent to $380,000 for Single Family
and 20.7 percent to $250,000 for Townhouse/Condo. Days on Market increased 76.5 percent for Single Family and 66.7 percent for Townhouse/Condo. Months Supply of Inventory increased 53.3 percent for Single Family and 88.9 percent for Townhouse/Condo.

The US housing market is undergoing a major shift, and affordability continues to be an obstacle for buyers and sellers. Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes, although price gains are slowing at a quickening pace. As a result, many homeowners are waiting until market conditions improve to
sell their home, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers.

Transitioning from a Sellers Market to a Balanced Market

Check out what home prices are doing in Tucson, AZ for October 2022.

Average days on market for single family homes... 30 Days!

Tucson Market Report Year-over-Year Highlights For October 2022:

New Listings decreased 32.5 percent for Single Family and 21.8 percent for Townhouse/Condo.
Pending Sales decreased 41.3 percent for Single Family and 44.7 percent for Townhouse/Condo.
Inventory increased 35.8 percent for Single Family and 71.7 percent for Townhouse/Condo.
Median Sales Price increased 12.7 percent to $380,000 for Single Family and 20.7 percent to $250,000 for Townhouse/Condo.
Days on Market increased 76.5 percent for Single Family and 66.7 percent for Townhouse/Condo.
Months Supply of Inventory increased 53.3 percent for Single Family and 88.9 percent for Townhouse/Condo.

Mortgage Interest Rate Update

These numbers can be positive or negative depending on which side of the fence you are on… Buyer or Seller?

Below are some important charts of data to give you a visual of how the Tucson housing market is trending for October 2022.

CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.

Closed Home Sales

Total real estate sales in Tucson for the month of October 2022 were 713 single-family homes sold and 141 townhouses/condos sold.

Which was -37.1% year-over-year change for single-family homes and -14.0% year-over-year change for townhouses/condos from the previous year as shown in the chart above.

Average Home Sales Price

In October 2022, the average sales price in Tucson of a single-family home was $455,796 and $265,438 for townhouses/condos.

Which was a +13.1% year-over-year change for single-family homes and a +15.0% year-over-year change for townhouses/condos from the previous year shown in the chart above.

Median Home Sales Price

In October 2022, the median sales price in Tucson of a single-family home was $380,000 and $250,000 for townhouses/condos.

Which was a +12.7% year-over-year change for single-family homes and a +20.7% year-over-year change for townhouses/condos as shown in the chart above.

Days On Market Until Sale

In October 2022, the average days it took a single-family home to sell was 30 days and 25 days for townhouses/condos as shown in the chart above.

This was a year-over-year change of +76.5% for a single-family home and +66.7% for a townhouse/condo.

Active Home Listings - Inventory of Tucson Homes For Sale

In October 2022, the number of active listings in Tucson, Arizona for single-family homes was 2,526 and 316 for townhouses/condos.

This was a +35.8% year-over-year change for single-family homes and a +71.7% change year-over-year change for townhouse/condos as shown in the chart above.

Active listings and home inventory numbers are a key indicator to keep an eye on.

If this downward or even slight increase in inventory continues, look for the Tucson housing market to continue to be strong and home prices to move up creating a sellers’ market in Tucson, Arizona.

HOME BUYERS

As home inventory levels begin to decrease there is less to chose from. So when you see a home that you like that is properly priced moving quickly is key to getting your offer accepted.

HOME SELLERS

As the number of listings decreases, sellers are poised to sell their home faster and for more money. Marketing and making your home look great are the keys to selling your home FAST and for MORE MONEY.

As a seller, your home is one of three listings:

A home that sells!
One that gets showings but sells the house down the road.
Or the home that gets no showings and does not sell.

Which type of listing do you want to be?

SOLUTION

Having a skilled real estate team is the key to saving thousands of dollars when buying or selling a home with the least amount of hassles. Put the Tyler Ford Real Estate Team powered by eXp Realty in Tucson to work for you. We would love to earn your business!

Will well sell your home in 90 Days Guaranteed or it’s FREE!

There are tons of good reasons now is a good time to buy a home in Tucson, AZ. Give us a call about home ownership today.