Updated: Feb 8
The Tucson October market stats are in! With inventory even lower than last month and interest rates still lower than last year at this time, the Tucson market is holding strong. Sales are considerably up from last month and days on market are down. If you are considering buying or selling, now could be a great time! Here is a snap shot of Tucson's October market stats.
In October, mortgage rates increased slightly from the three-year lows seen in September. While the Federal Reserve reduced the federal-funds target rate by .25%, this decline was widely expected and largely factored into mortgage rates already, which are still approximately 1% lower than this time last year. Fannie Mae is predicting that continued low rates, and possibly lower rates, are expected in 2020.
*New Listings increased 2.8 percent for Single Family but decreased 2.3 percent for Townhouse/Condo.
*Pending Sales increased 17.9 percent for Single Family and 19.3 percent for Townhouse/Condo.
*Inventory decreased 19.9 percent for Single Family and 13.4 percent for Townhouse/Condo.
*Median Sales Price increased 8.7 percent to $250,000 for Single Family but decreased 3.0 percent to $160,000 for Townhouse/Condo.
*Days on Market decreased 5.1 percent for Single Family and 22.9 percent for Townhouse/Condo.
*Months Supply of Inventory decreased 25.0 percent for Single Family and 12.5 percent for Townhouse/Condo.
Information provided by Tucson Association of Realtors