Tucson Housing Market Update: Summer 2022
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Are you interested in hearing a quick market update for southern Arizona? Read on to know where the state of the market is currently.
Today we’re gonna go over four categories to get you updated on the state of the market in southern Arizona.
Closed Sales
Let’s talk about the year to date closed sales from May 2021-May 2022. There were 1,272 closed sales which is actually only a .6% increase from May 2021. So, after two years of housing record-setting activity, there are signs the housing market might be cooling down a bit. High home prices and a surge in mortgage interest rates are slowing buyer activity, with home sales declining for the third consecutive month under the weight of soaring homeownership costs.
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New Pending Sales
The pending sales are actually down 2% from May 2021. This past May, there were a total of 1,276 homes pending compared to last May, there was 1,302 homes pending.
New Home Listings
In May 2022, there were a total of 1,432 new listings that became available on the market compared to last May 2021, there were a total of 1,383 new listings . The new Listings increased 3.5% for Single Family but decreased 6.3% for Townhouse/Condo.
Median Sales Price
The Median Sales Price increased 17.9% to $385,000 for Single Family and 25.0% to $257,500 for Townhouse/Condo. Days on Market increased 30.8% for Single Family but remained flat for Townhouse/Condo.
The slowdown in sales has provided a much-needed lift to housing supply, with inventory up 10.8% from the previous month according to the National Association of Realtors, although supply remains down 10.4% compared to this time last year, with only 2.2 months’ supply of homes at the current sales pace.
It is still a competitive market for the majority of home buyers, so if you have any questions about buying or selling, I would love to send you more information about the state of the market! If you have any questions about real estate in Tucson, I invite you to call, email or text me!
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Rachel Clark
Hi, I'm Rachel!
As a Tucson native, I have been fortunate enough to experience everything Tucson has to offer! I love being able to speak to people on a daily basis who are either looking to move to Tucson or are fortunate enough to already live here! You can reach out too. Send me a text, give me a call or shoot me an email. I'm here to help however I can when it comes to moving to Tucson!
