Sales of existing homes in the Tucson market rose in May as prices edged upward, according to the latest figures from the Tucson Association of Realtors Multiple Listing Service.
The number of home sales rose more than 14 percent in May compared with the same month last year, and the overall value of sales in May rose 3 percent from April and 21 percent on a year-over-year basis, the Realtors said.
May’s average sale price of $216,517 was 5.8 percent higher than May 2014, while the median price — a measure that minimizes the effect of very high- and low-priced sales — was 2.5 percent higher than a year ago at $171,250.
In other highlights from the May data:
- New listings declined 2.5 percent from April, while total active listings fell 4.3 percent to 5,250.
- The average number of days on market fell to 62 in May from 66 in April.
- The number of home sales under contract — where an offer is pending — fell 3.6 percent from April, to 2,252.