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  • Writer's pictureRachel Barrasso

June Market Stats

June was another slow month in Tucson real estate. While there were no huge dramatic changes, the average single family home price did drop slightly and the number of total homes sold was down as well. My personal experience is that May can be a busy month for many people and house hunting can get put on the back burner. However, people are also still waiting on a rate drop that seems like it will never come. Others are hesitant to make big financial moves heading into a presidential election season. June's stats largely reflect May's activity, since many real estate transactions take 30 days or longer to close. I predict that July and August's numbers will pick up slightly as June and July are typically more active months here in Tucson. But, only time will tell!

Last month, like I said, the average home price was down slightly from $471,529 in May to $467,150 in June. Prices are still up from June, 2023's average price of $456,848.  So, should you buy now or wait for prices to continue coming down? It's hard to say what will happen in the next few months, but my prediction is that even if prices continue to dip slightly over the short term, prices will continue to rise in the long term, especially if rates eventually do start making their way down!

Days on market remained unchanged at 43 days. This is also pretty similar to June, 2023's average of 44 days. However, this can vary widely depending on the area of town or even neighborhood that you're looking to buy in. There are still plenty of homes that are selling before hitting the market and others that sit on the market for months on end. A knowledgable buyer's agent can help you navigate the market (location, price point, specific amenities) that you're looking in and let you know how hot that market is.

The total number of homes sold dropped to 1,045 sold in June. In May, 1,305 homes sold while in June of 2023, 1,299 homes sold. Again, while this is not a dramatic drop or change in the market, it is interesting to look at these numbers and how they change over time. It will be interesting to see how many homes sell over the rest of the summer and whether those numbers rebound or if maybe buyers are just getting tired of low inventory, high prices, and high rates.

There's no doubt that this is a tough market, especially for buyers. Like I mentioned above, high prices, high rates, and low inventory can make for a frustrating combination for even the most patient real estate purchasers. However, I really do believe that real estate is the best long term investment and the best way to build wealth for yourself and your family for generations to come. So, don't give up! I have been working on my motivational speeches in case you need a little bit of encouragement! :)

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