Wednesday, October 28, 2020 10:03 am

Housing strength in Tucson, increases prices, home values

Image by leonardwei from Pixabay

By Mike Sunnucks | Rose Law Group Reporter

The Tucson housing market continues to show summer strength as buyers focus on historically low mortgage interest rates rather than the impacts of the COVID-19 pandemic.

The latest numbers from Belfiore Real Estate Consulting show a record number of new homes sales in Tucson. They are also up 14 percent compared to last summer, the previous high.

“Things are moving very well, very similar to what’s happening in Phoenix at the moment,” said Steven Hensley, an analyst with Belfiore Real Estate Consulting.

Hensley said the current sale volume is the highest since 2012 when Belfiore first started collecting data in the Tucson market.

The demand is pushing prices up, Hensley said.

The median price for a new home in Tucson stands at $306,000 up from $286,000 a year ago. The median price for an existing / resale home is $250,000 up from $230,000 a year ago, Hensley said.

Low mortgage interest rates are driving home sales even with Arizona’s summer heat and all the effects of the COVID-19 pandemic.

Hensley said like in Phoenix the Tucson market is seeing strong demand for entry level and first-time home buyers.

“Builders are very busy,” Hensley said. “The affordable product is flying off the shelf,”

And like in other markets, the supply of homes for sale is low including resale homes with some owners reticent to list during the pandemic.

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