Price of Home in Tucson Rise House Value of AZ Property Increase

Arizona Price of Homes Increase

Kiplinger analyzed U.S. metro areas (with populations of more than half a million) to find those that enjoyed the largest percentage price of home increases last year. Kiplinger.com published the top dozen price increases of homes…

The markets in most of these cities of Arizona peaked and busted, and we are now well into our recovery. Most of Arizona cities have rates of unemployment at or below the national average, which is indicative of healthy economies that fuel Arizona home buyer confidence and Arizona house value demand. Supply in most of these Arizona cities is low.

The percentage increases are for the year ending, the most recent period available. Arizona home sales, supply and other market data reflect the latest Arizona house sales data available from regional associations of Realtors and multiple-listing services. Months’ supply is how long it would take to sell every Arizona property listed for sale at the current pace of Arizona home sales — an Arizona house market with four to six months’ supply is considered balanced between seller and buyer. Unemployment rates are from the Bureau of Labor Statistics, and foreclosure rates are from RealtyTrac. Home prices are from Clear Capital. Distressed sales and negative-equity statistics are from CoreLogic.

12. Tucson, Arizona Price of Homes

One-year change in Tucson home prices: +13.3%

Median Tucson home price: $145,000

Change in Tucson home price since peak: -44.3%

Tucson’s unemployment rate: 7%

Tucson’s foreclosure rate: 1 in every 331 households (0.30%)

Investors have helped propel home prices in Tucson higher. Now, with supply tightening, sellers should be able to command handsome prices. As Brenda O’Brien, a local real estate agent, writes in her blog: “There are no killer deals here anymore.” She notes that nice homes now often receive multiple offers, and buyers who dither lose out. After the holidays and with the snowbirds in town, she expects the beginning of a “gangbusters” spring season in January. In October, sales increased by 9.4% from the year before. Months’ supply stands at 3.9 months, and homes are selling in an average of 49 days for 97% of their list price.

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1. Phoenix Price of Homes

One-year change in Phoenix home prices: +28.4%

Median Phoenix home price: $160,000

Change in price of Phoenix homes since peak: -51.2%

Unemployment rate (natl. avg. is 7.7%): 6.9%

Foreclosure rate (natl. avg. is 0.40%): 1 in every 384 households (0.26%)

This city is living up to its name, rising from the ashes of the real estate bust. In the third quarter, Maricopa County’s housing market favored sellers, with just 2.7 months’ supply of inventory. More than one-fourth of all sales were distressed properties (short sales and foreclosures), often snatched up by investors, but that’s down by more than 40% from last year, which has helped boost prices again. With tighter supply, sellers got 100% of their original list price — no discounting needed — and sold in an average of 45 days.

Tucson, AZ price of homes usually follows the trends that Phoenix sets earlier. So we see an incredible opportunity for those looking to own a home or invest in the Tucson property sector.

We are here to make a long-term successful experience for you in Arizona. Contact me for the next most powerful step for us to take together.

My best,
Carl F. Pepper, Realtor
carl@MyOwnArizona.com
www.MyOwnArizona.com
(520) 822-6575