Sources: Freddie Mac; TRE
Phoenix Metro Home Sales
Phoenix's home sales tumbled by 27% in April 2020 compared to its year-ago level. Lower mortgage rates may help demand presently, but the COVID-19 lockdown is hurting demand more.
Sources: Tucson Association of Realtors; TRE.
In Q2 2020, Arizona's homeownership rate highest (71.7%) since Q1 2007 (72.1%).
Existing Home Sales
Tucson's existing home sales were off by 3% in June 2020 compared its year-ago level as the COVID-19 lockdown took its toll on the home purchase market, but the June reading bounced back substantially from May. In May, sales were the lowest since November 2015 (946 units, seasonally adjusted).
Home Appreciation in Arizona Continues to Outpace the Nation
Arizona housing prices appreciated by 9.4% on a year-over-year basis through May 2020 with all of the state's key metros participating in housing-price gains by varying degrees. The Phoenix Metro area's home prices appreciated the most through May 2020 with a hefty 10.6% gain on a year-over-year basis followed by a 7.3% year-over-year home price appreciation for the Tucson metro area. The Lake Havasu City-Kingman metro posted an 7.2% home appreciation over the year through May. The smallest gain was in the Sierra Vista-Douglas metro area with its 4.3% year-over-year increase--just shy of the U.S. average of 4.9%.