Tucson-area home sales and selling prices dipped slightly in August while inventory continued to stabilize at about 5,200 units, according to the August housing report by the Tucson Association of Realtors.
The report listed only 18 fewer sales in August compared to July, according to TAR. The average selling price was only $175 lower than in July; although the median selling price dropped $7,000. For the third consecutive month, the region’s housing inventory has hovered in the 5,200 listings range, ending August at 5,155 units.
August 2014 housing highlights:
• Sales: 1,158 homes were 1.5% lower than July (1,176 homes)
Year-over-year: 3.9% lower than August 2013 (1,205 sales)
• Total Sales Volume of $237.5 million was 1.6% less than July ($241.4 million)
Year-over-year: 3% lower than August 2013 ($230.5 million)
• Medium Sales Price of $163,000 was 4.1% lower than July ($170,000)
Year-over-year: 1.6% higher than August 2013 ($160,500)
• Average Sales Price of $205,084 was basically flat compared to July ($205,259)
Year-over-year: 7.2% higher than August 2013 ($191,283)
• Active Listings of 5,155 units were flat compared to July (5,149)
Year-over-year: 21.3% higher than August 2013 (4,249 units)
• Conventional Loan Sales were 38.5%; cash sales were 26%
To read the full TAR/MLS Residential Report, click here.