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Big housing demand in Tucson

Posted by   /  March 6, 2020  /  No Comments

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By Mike Sunnucks | Rose Law Group Reporter

The Tucson housing market is seeing its most demand since 2006.

That is according to latest research on Tucson metro area market from Belfiore Real Estate Consulting.

Demand for new homes in Tucson ended 2019 up 24 percent from 2018. Home builders sold the most new homes in the Tucson market since 2006, according to Steven Hensley, an analyst specializing in the Pima County market for Belfiore Real Estate Consulting.

“Interest rates are have an effect on buyers and making people feel comfortable,” Hensley said referring to historically low mortgage interest rates spurring the market.

Resale home sales in Tucson were also up 18 percent in January compared to a year ago.

The median price for a new home sold in Tucson is $290,990 up from $288,277 a year ago.

The median price in the Tucson metro for an a resale home stands at $225,000 up from $210,000 a year ago.

Tucson added 8,800 jobs last year, according to the U.S. Bureau of Labor Statistics. That is a 2.3 percent growth rate.

Moody’s Analytics expects the Tucson region to add 5,400 in 2020.

Hensley said it is still early to see the potential impact of the Coronavirus on home buyers confidence.

The top selling subdivisions in Tucson are Cantera by LGI Homes, Paseo at Linda Vista by Meritage Homes and Copper Ridge at Rancho Del Lego by Meritage Homes.

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