This week in the June 2022 Tucson Real Estate Market update. We’re talking about why home prices are appreciating at the same time that interest rates are rising.
Rising interest rates don’t equal housing market crash. Housing correction perhaps. Even so, home prices are expected to rise by 4 to 6% in 2022.
How can this be? Because interest rates can’t change the most important fact about Tucson, Arizona Housing or US Housing and that is we are three million homes short of what’s needed. It can also be said that our housing supply of homes is far less than demand from those who want to buy them.
So with that said, let’s move to interest rates…..
They have spiked from 3.1% to 5.25% in five months–
So what does this mean if you are a Home Buyer or Home Seller in Tucson, Arizona?
Tucson Home Buyers: Good news! Housing inventory is finally starting to go up for the first time in over two years and I’ve seen quite a few price reductions which means the homes you’re looking at are staying on the market for much longer than 72 hours.
Tucson Home Sellers: This is a BIG shift for you, and here’s why. The Buyers for your home are paying $420 per months for their mortgage than they did five months ago for the same $350,000 home which is the average price in Tucson in June of 2022.
Tucson Home Buyers and Sellers are in a shifting market. Educate yourself, seek good counsel to make intelligent decisions about one of your most valuable assets–your home.
See you in the next video!
-Kevin Wood, EXP Realty (Tucson, Arizona)
Here are 7 Key Statistics: Tucson Arizona Real Estate Market Report - June 2022
- The Average Sales Price of $445,524 is an increase of 12.3% from $396,769 of last year.
- Total Under Contract of 1,312 decreased 9.7% compared to last year of 1,453.
- Total Unit Sales of 1,310 decreased 22.0% from last year of 1,680.
- The Median Sale Price of $370,000 is an increase of 14.4% since last year’s number of $323,500.
- New Listings of 1,833 increased 3.7% from 1,768 last year.
- Average Days on Market is 14 which is an increase of 16.7% from last years 12.
- Active Listings of 1,792 increased from 1,283 of last year’s numbers by 39.7%
If you’re interested in a complimentary market evaluation with no obligation give us a call or request a meeting at our website. We’ll provide 3 key pieces of information. First, a detailed and accurate market analysis and value. Second, a net cost sheet so you’ll know all the financial details and costs. Lastly, we’ll share the 3 to 5 most critical updates your home needs to achieve maximum value.