Tucson Real Estate News Roundup July 5, 2018
This afternoon we have had some Monsoon rains around town. The featured images is in honor of the rains.
A compilation of recent articles from various media sources with information about what influences and drives the Tucson real estate market.
Tucson, still hasn’t quite recovered all the jobs it lost during the recession of 2007-09
A National Association of Realtors report on housing trends shows single-family home prices went up in cities nationwide in the first quarter of the year. Tucson’s median sales price rose by 6.4 percent compared to this time last year.
It’s the highest it’s ever been to purchase a new home in the Old Pueblo.
The Tucson real estate market hasn’t recovered from the Great Recession as quickly as Phoenix. However it is making progress, even though it is slower than Phoenix. Signs of this recovery are being reflected in the job market with expansions by Caterpillar, Raytheon, and the new Amazon Distribution center being built on Kolb road.
These additional jobs as well as other companies in the area continuing to expand increase the demand for housing. Tucson is now experiencing the highest median home price for new construction in history. The median price is now over $300,000.
The available inventory of homes on the resale market are is at the lowest level seen in over a decade with barely 3000 properties available in the Tucson Multiple Listing Service.
There is an increased need for new home construction in the lower and moderate price ranges if the Tucson market is to be affordable for the average family.