May 15, 2018

Low Inventory, Spike in Demand Push Tucson Home Prices Up

A national report shows Tucson prices went up 6.4 percent since the first quarter of 2017.

real_estate_kb_new_development_hero New homes going up in a development in northwest Tucson, February 2018. (PHOTO: C Greer)

Lower home inventory and stagnant wage growth are combining to create a frustrating housing market for 2018.

A National Association of Realtors report on housing trends shows single-family home prices went up in cities nationwide in the first quarter of the year. Tucson's median sales price rose by 6.4 percent compared to this time last year.

George Ratiu, the association's director of housing and commercial research, said some people moving to Arizona for new jobs are unable to find homes they can afford.

"Wages have appreciated by 2 percent, yearly, adjusted for inflation," he said. "By contrast, home prices in general, at the national level, appreciated by over 6 percent."

According to the report, the median sales price for a single-family home in Tucson stood at just under $216,000 dollars.

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