Strong new housing activity expected to continue into 2021
The 2020 housing market was the best the Old Pueblo has seen in more than a decade.
With interest rates at historic lows and homes taking on new meaning — becoming offices and classrooms during the COVID-19 pandemic — 4,336 new home permits were issued for the year.
That was a 17.28% increase over 2019, according to the Tucson-Southern Arizona Housing Market Letter year-end report.
New home permits pulled in 2007 totaled 5,098 before the housing market began its sharp decline.
“Barring some catastrophic event there is little reason not to anticipate a continuation of strong new housing activity over the next several months and potentially all of 2021 in Tucson,” housing analyst Jim Daniel said.
While many of the national homebuilders have focused on putting more amenities into smaller spaces to keep new home prices down, the median price rose almost 5% to $322,015 in 2020. The resale market saw an 11.8% increase in median sales price to $250,00, which makes it a good time to sell.