According to the Tucson Association of REALTORS®, “Healthy buyer demand and constrained supply continue to be the story for much of the country. Nationally, showing activity in July remained substantially higher than a year before and multiple offer situations are a frequent experience in many markets. With the inventory of homes for sale still constrained, a competitive market for buyers shows little sign of waning.
New Listings decreased 5.9 percent for Single Family but increased 17.3 percent for Townhouse/Condo. Pending Sales increased 6.5 percent for Single Family and 29.9 percent for Townhouse/Condo. Inventory decreased 48.1 percent for Single Family and 19.6 percent for Townhouse/Condo.
Median Sales Price increased 8.5 percent to $271,250 for Single Family but decreased 4.2 percent to $158,000 for Townhouse/Condo. Days on Market decreased 10.5 percent for Single Family but increased 3.6 percent for Townhouse/Condo. Months Supply of Inventory decreased 50.0 percent for Single Family and 15.4 percent for Townhouse/Condo.
While the number of unemployment insurance weekly initial claims have been far lower in recent weeks than their peak in March and April, more than 1 million new claims are still being filed each week and more 31 million were claiming benefits in all programs as of early July, compared to fewer than 2 million in July 2019. Despite this significant economic impact, home buyers remain extremely resilient. With mortgage rates remaining near record-low levels and home purchase mortgage applications up from a year ago, high buyer activity is expected to continue into the late summer and early fall market.”