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Tucson housing market as hot as the weather

Posted at 2:59 PM, Aug 10, 2020
and last updated 2020-08-10 21:25:58-04

TUCSON, Ariz. — The housing market is unseasonably strong across the country with asking prices in July up 13 percent compared to the same time last year.

“It’s hot! I always tell my sellers it's a great time to sell and when we go to buy its going to be a bit rocky,” said Tucson Redfin Real Estate Agent Kristi Penrod.

Penrod says the pandemic has brought down supply and boosted demand. According to a Redfin report, prices are up in the summer when things normally start to lag. There are fewer houses on the market, record low interest rates, and pandemic precautions are creating bottlenecks.

“Every transaction right now is a little harder too.”

Penrod says another trend is picking up steam. People working from home moving out of expensive cities.

“People that can cash out of really expensive markets with a great income, and they don't necessarily have to be in San Francisco or Seattle, or Denver. They have decided to come into our market.”

For locals buyers that means competing with out-of-towners paying in cash.

“I’m getting 4,5,6 calls a week from out of town buyers, we have a lot of buyers doing facetime or virtual tours and not even seeing properties until they close.”

There will always be ups and downs in real estate. Penrod says so far, the pricing surge has been relatively stable.

“I think that Tucson will continue to be desirable. It will continue to be a place that is affordable. Even though our prices are going up our median home price is still well under 300,000.”