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Tucson Housing Market Resilience: A Look at Prices and Future Outlook

Challenging Assumptions: Exploring the Tucson Housing Market’s Resilience

Tucson Housing Market Resilience: A Look at Prices and Future Outlook

Will the Tucson housing market crash? This is the question on many buyers’ and sellers’ minds. In this blog post, we delve into the current scenario, expert opinions, and market data to provide you with a comprehensive understanding of the Tucson housing market’s resilience.
Current Market Scenario:
Rest assured, the Tucson housing market has demonstrated remarkable resilience, dispelling concerns of a potential crash. While minimal depreciation in home prices has occurred, it is important to note that a significant downturn has not transpired. In fact, we are already observing encouraging signs of rebounding prices in Tucson. The market’s vitality is reflected in the numbers.
May ’23 Market Data:
May ’23 witnessed the highest median sold price in the past two years, surpassing January ’23 by 7% and May ’22 by 3.9%. This indicates a positive upward trajectory and showcases the market’s strength in the face of various challenges. Buyers and sellers alike can take confidence in these figures.
Expert Opinion:
Drawing on my extensive industry experience and insights from trusted experts, we can navigate the Tucson housing market with confidence. Mark Zandi, Chief Economist at Moody’s Analytics, expects a modest decline in prices, ranging from 10% to 15%. It is crucial to understand that this anticipated decline is not indicative of a market crash but rather a necessary correction. You can read more about Zandi’s expert opinion [here](insert link to expert opinion article).
Additionally, Goldman Sachs Research shares a positive outlook on the global housing market, highlighting the resilience of house prices. This aligns with the upward trend seen in Tucson. The research supports the notion that the Tucson market is part of this stabilizing landscape. You can find further details on Goldman Sachs Research.
Market Indexes:
As a realtor deeply immersed in the Tucson market, I rely on trusted market indexes to provide accurate insights. Let’s explore two key indexes and their implications for the Tucson housing market:
Case-Shiller Index: The Case-Shiller Index, a respected measure of U.S. home prices, underscores the stability of Tucson’s housing market. Recent data indicates that prices have remained relatively steady, with only minor fluctuations.
FHFA Index: The Federal Housing Finance Agency (FHFA) Index, focusing on mortgage-backed securities, offers valuable insights into the housing market. The most recent data from the FHFA Index supports the notion of a moderate adjustment in Tucson’s housing prices, ensuring a balanced and healthy market.

“The global housing market seems to be stabilizing faster than expected despite months of rising mortgage rates, according to Goldman Sachs Research. House prices are defying expectations and are rising in major economies such as the U.S.,. . . ”
Those claims from Goldman Sachs were verified by the release last week of two indexes on home prices: Case-Shiller and the FHFA. Here are the numbers each reported:
Remember, the combination of lower demand and lower supply has resulted in selling prices maintaining their strength, and in fact, they are increasing. May ’23 recorded the highest median sold price in the last two years, surpassing not only the figures from earlier this year but also outperforming May ’22 by a significant 3.9%. These numbers reflect the continued resilience of the Tucson housing market.
As we move forward, it is important to consider the insights provided by experts like Mark Zandi and Goldman Sachs Research. Their positive outlook aligns with the upward trajectory we are witnessing in Tucson. While the market may experience a modest decline in prices, this adjustment is a part of a natural correction, rather than a cause for alarm.
In addition to expert opinions, market indexes such as the Case-Shiller Index and the FHFA Index further support the stability and health of the Tucson housing market. The Case-Shiller Index highlights the market’s resilience, with prices remaining relatively steady despite minor fluctuations. On the other hand, the FHFA Index offers valuable insights into the moderate adjustment in housing prices in Tucson.
Looking ahead, we anticipate the Tucson housing market to continue displaying stability and potential for growth. While prices may experience slight fluctuations, the overall outlook remains optimistic. As a seasoned realtor, I am committed to providing personalized advice and guidance to help you navigate the market effectively.
In conclusion, the Tucson housing market showcases resilience and promising prospects. With prices maintaining strength and the market favoring both buyers and sellers, it is an opportune time to engage in real estate transactions. If you have any questions or need assistance with buying or selling a property in Tucson, please do not hesitate to reach out. Together, let’s make the most of the resilient Tucson housing market and achieve your real estate goals.

I expect housing prices fall 10% to 15%, and the housing prices are accelerating on the downside.”

Jeremy Siegel, Russell E. Palmer Professor Emeritus of Finance at the Wharton School of Business:

Future Outlook:
Based on my extensive experience and data from trusted sources, I predict continued stability and growth in the Tucson housing market. While a slight decline in prices may occur, there is no cause for undue concern. It is always advisable to seek guidance from professionals for personalized advice tailored to your specific needs.
In conclusion, the Tucson housing market exudes resilience and presents exciting opportunities for buyers and sellers alike. As a seasoned realtor committed to serving my clients with care, I invite you to join me on this journey through the Tucson market. Stay tuned for more insightful blog updates, where we will explore the ever-evolving Tucson market. Whether you are a buyer or seller, rest assured that the current trends indicate a market that remains favorable for both parties.

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