Belfiore: Tucson housing shows continued strength

By Mike Sunnucks | Rose Law Group Reporter

The Tucson housing market continues to show strength, according to new data from Belfiore Real Estate Consulting.

“It’s really been a good year down there,” said Steven Hensley, an analyst with Belfiore Real Estate Consulting.

The latest Tucson data from Belfiore is from mid-September to mid-November over a 60-day period. It shows new homes sales are up 14.6 percent compared to year-ago during the same period.

3,146 new homes sold in the Tucson metro area, from December 2018 through November 2019. That is up 19.7 percent, compared to sales from the previous year at 2,629 new homes sold during the same time frame.

“A few master planned communities down there have been really strong,” Hensley said.

Those include subdivisions from LGI Homes, Meritage Homes and Lennar.

Hensley said the Vail East submarket in southeast Tucson has been performing well. The area posted 16.6 percent more new closings in the third quarter than a year ago.

Hensley said like in metro Phoenix there is not a large supply of homes for sale. There are currently 2.3 months of homes in the for sale pipeline in Tucson.

Job gains are also up in Tucson, although not at the same growth levels of Phoenix. From November 2018 to November 2019, the Tucson area has added 6,600 jobs. That compares to 4,400 new jobs in Tucson for all of 2018.

“Job growth is higher than the national average,” Hensley said of Tucson’s economy. “The economy has been growing.

Hensley expects the strong dynamics to continue into 2020 with Tucson expecting to grow its population by 1.4 percent (or 14,100 new residents).

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