Suppressed homeowners will create demand for new housing this year, which will lead to increases in both home prices and rental rates, a national economist predicts.
Sale prices of Tucson homes were up nearly 4 percent in November compared to October.
Tucson's most expensive homes are beginning to sell again, but the wave of foreclosures housing-market observers expected to have slowed hasn't let up much.
About 200 real estate agents toured a model home during A.J. Sterling Homes' Ventana Reserve luxury-home subdivision's grand opening on Thursday. Seventeen of the 31 homes have been sold, with the remaining properties expected to be under contract by year's end.
A.J. Sterling Homes' Ventana Reserve luxury-home subdivision marked its grand opening on Thursday. The opening reflects a re-emergence of homebuilding in Tucson.
Homebuilding is on the rise, as evidenced by a new subdivision in the Foothills that opened Thursday.
They are not facing foreclosure or struggling to pay their mortgages.
The median sale price of a Tucson home rose in August to $145,000 after holding flat at $140,000 for the previous three months.
Though home prices stabilized nationally and rose in some markets in the first quarter of the year, average home prices in the Tucson metropolitan area fell 4.9 percent from 2011 and are expected to keep falling over the next year, a new report says.
The median price of Tucson homes for sale held steady at $140,000 in June, according to statistics from the Tucson Association of Realtors Multiple Listing Service.
The "shadow inventory" of homes held up in the foreclosure process while lenders weathered the robo-signing scandal may be coming into the light.
Tucson-area home prices rose more than 6 percent in March as unit sales rose nearly 19 percent compared with the same month in 2011, according to the latest data from the Tucson Association of Realtors Multiple Listing Service.