TUCSON, Ariz. (KGUN) — The Tucson Association of REALTORS® is reporting a 20.5% increase in year-to-date median sales price for a home.
This largest trade association in Southern Arizona lists the new, average price at $336,300.
Norada Real Estate Investments ran the numbers.
Their analysis reveals a total of 2,059 single-family homes were sold from Jan. to Feb. That's a slight decrease of 0.6% from 2021
The real estate firm believes this decline in sales is because of an increase in mortgage interest rates, which briefly exceeded 4% in February.
Mortgage interest rates have not been this high since since May 2019.
Across Pima County, the median list price of homes is up 18.6% compared to last year at $350,000.
According to Norada, Tanque Verde has a median listing price of $699,000, making it the most expensive neighborhood.
Flowing Wells has a median listing price of $239,500, making it the most affordable neighborhood around.
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Caleb Fernández is a digital content producer for KGUN 9. After earning his bachelor's degree from Penn State in Advertising/Public Relations, Caleb went to New York where he learned production assistance, photography and art direction. Share your story ideas and important issues with Caleb by emailing caleb.fernandez@kgun9.com or by connecting on LinkedIn, Instagram, and Twitter.
