As a home buyer in Tucson, AZ, are you wondering how the market is doing? The S&P CoreLogic Case-Shiller National Home Price Index results just came out and there is good news for home buyers. Home buyers are pulling back, and prices are finally following. Home prices are still rising, but the gains are shrinking. In June, prices nationally rose 6.2 percent year over year, according to the S&P CoreLogic Case-Shiller Index. That is down from the 6.4 percent annual gain in May.
“We’ve been running faster than we should be able to sustain for quite some time,” said David Blitzer, managing director at S&P Dow Jones Indices. Mr. Blitzer said that, over the next year or so, price gains are likely to ease until they are more in line with wages and inflation.
Home prices in the nation's 10 largest housing markets rose 6 percent annually, down from 6.2 percent in the previous month. In the 20 largest markets, prices were up 6.3 percent, down from 6.5 percent in May. Home-price growth slowed in June for the third straight month, this welcome news for Tucson, AZ home buyers.
The housing market has been slowing in recent months, a result of rising mortgage rates, a lack of inventory and a run-up in prices that has strained affordability. Existing-home sales have declined for four straight months, the National Association of Realtors said last week. Sales of new homes declined for the second straight month in July, the Commerce Department said Thursday. You can read more about these results at the Wall Street Journal.
If you have been on the fence as to whether you should buy a home in Tucson, now is a great time! When you are ready, contact an experienced Tucson, AZ Real Estate agent. I'm committed to providing you with the highest quality service. You deserve to have all the latest market information and the very best advice, both of which I can provide you with. I hope to speak with you soon!
Golden Sun Realty LLC