During the month of September, we got the great news that the federal reserve would be lowering the federal funds rate! You're probably wondering how this news has affected real estate stats here in Tucson. Looking at September's numbers probably won't tell us much, since most sales take about 30 days to close. October and beyond will be much more telling. But, let's see what happened last month!
Last month, the average single family home price was $445,269. This is up slightly from the previous month's average of $442,962. While we didn't see any dramatic changes yet due to the fed's announcement, the market stayed steady due to low inventory. In fact, the average price has hardly changed in the past year, with the average price in September, 2023 being $442,652!
The average number of days on market for single family homes in September remained the same as the month before at 50 days. However, this is up from 38 days last September. Things are taking just under 2 weeks longer on average to sell. But, as home buyers may know, certain price points and areas are still flying off the shelves with multiple offers! If you're thinking about house shopping, it's a good idea to know what to expect for the type of homes you'll be looking for. It really helps to know what kind of offer to make on your home.
The grand total of homes sold in September was 964. A little lower than August's 1,071 and almost identical to last September's 966. I don't have proof of this, but my theory is that many people pause or slow their home search in August to accommodate back to school.
This might be one of the least interesting monthly stats posts I've ever written. Virtually nothing has changed within the past year as far as home prices, the pace of the market, or inventory. I feel that the market is picking up and this has been confirmed by higher numbers of new mortgage applications recently. I'm excited to see what October brings! Hopefully more affordability for buyers!
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