Tucson, AZ - Local Housing Data - Summary

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Tucson, AZ Local News

  • ClareHome Declares Standardized Home Automation

    Pepper Viner Homes will partner with Clare Controls to offer whole-home automation as a standard feature in its Stonebridge community outside Tucson, Ariz.

  • Mattamy Homes Enters Tucson Market

    Mattamy Homes, the nation's 34th largest home builder moved into Tucson last week. The company's new Tucson division will be piloted by 20-year Pulte vet Josh Robinson. Here's more information from Mattamy's news release on Reuters.

  • No Gridlock in Home Buyer Traffic

    Home buyer traffic is down slightly, but data shows people are still looking for homes.

New Home Closings and Prices in Tucson Decline According to Freshest Figures

Posted on: Aug 08, 2014 11:53:52 AM

Closings of new homes in the Tucson, AZ market fell year-over-year in May, but there were suggestions that the market may be leveling out with a percentage drop less steep than in April 2014. There was a 36.9% fall in new home closings from a year earlier. This was after the housing market saw a 66.7% fall year-over-year in April.

A total of 1,070 new homes were sold during the 12 months that ended in May, down from 1,118 for the year that ended in April.

Of the total number of closings, new home closings made up 5.7%. As a part of the whole, new home closings were 6.5% a year earlier. For new and existing homes, closings declined in May after also declining in April year-over-year.

Pricing and Mortgage Trends

Average price of newly sold homes had a 9.8% decline year-over-year to $248,149 per unit in May. This fall compares to a 2.5% gain in April year-over-year.

The average mortgage size on newly sold homes slid year-over-year in contrast to the average price of new homes. In May 2014, there was a 12.6% decline in the average mortgage size on new homes to $207,626. In April 2014, average mortgage size declined 3.7% from a year earlier.


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