According to the Tucson Association of Realtors, The TAR Scorecard, Lawrence Yun included Tucson as a real estate ”market to watch” for a turnaround. “Nationally Yun said existing home sales will remain flat but prices will rise an average 6%.The top 10 markets on his watch list however, are likely to exceed those predictions. In additon to Tucson, those markets include Seattle; Denver;Boise;Salt Lake City; Houston; Atlanta; Charlotte; and Tampa and Naples, FL.”
As of the end of October 2013, residential home unit sales are up 4% over the same year to date period in 2012, The median home sales price is up 8.4%, to $155,000 for the month of October, down a bit from the year to date median of $156,239. Tucson home sales price per square foot has improved 13% over the year to $105 a square foot. All of these figures cover the entire Tucson area, individual neighborhoods vary considerably in their appreciation and in some cases depreciation over last year.
An indicative interest rate at the end of October 2012 for a 30 year fixed conventional mortgage for a home purchase in Tucson was 3.625%, at the end of October 2013, it was much closer to 4.625%. For an 80% loan to value mortgage on a house priced at $155,000, that increases the monthly mortgage by $71. Buyers should keep that in mind when they consider if they should wait to buy a home.
Tucson Market Conditions seem to be rising prices and mortgage rates are trending up too. Better to buy sooner than later to keep your house payment affordable, if you are thinking of buying a new home in Tucson.
This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Other limitations may apply.
Minette Goldsmith, your Tucson Mortgage Loan Officer-Fairway Independent Mortgage Corp. 5401 N. Oracle Road Tucson AZ 85704
L.O. NMLS# 261487 AZ L.O. License #0912618, FIMC # 2289, AZ BK #0904162 Equal Housing Lender