This past month, many long term trends have continued. Home prices have continued to rise while days on market fell. Does this mean rates are dropping? Not quite yet. Let's see what happened!
The average home price for a single family home in Tucson was up from $467,081 in February to $493,347 in March. The average price a year ago for a home was $406,747. Although in some ways this year in real estate has been slower than the past few years before it, prices are still climbing. Waiting for rates to come down before buying a home could be a costly mistake.
Days on market is down. This is typical for this time of year. In this past month, homes sold in an average of 47 days compared to 54 days the month before. Although the days on market has fluctuated throughout the year, it was also right at 47 last month.
In March there were 1,131 homes sold compared to 1,016 in February. While this is definitely an improvement, it's not quite where we need to be. Last March, there were 1,580 closed sales and 2,138 the March before that! While it's definitely true that buyers are having a harder time with affordability, what's causing the low amount of sales is the low inventory. We need sellers to sell their homes! Let me know if you want to!
All in all, no huge shifts or surprises this month. Since the inflation report that came out today was not as good as was expected, I don't know what that means for rates coming down anytime soon. But, I think that is a great advantage to buyers. When rates do come down, prices will rise even quicker than they are now. Better to find your house now and refinance later. Let me know if you have any questions about buying or selling in today's market!