Local sales of single-family homes fell 15 percent in July compared to June and dropped below 2015 levels for the first time this year, the Tucson Association of Realtors reported Wednesday.
Sales totaled 1,395, 5 percent fewer than in July 2015.
Year-to-date sales of 9,535 homes are an increase of 9 percent over the first 7 months of 2015.
“Our most popular sales price point in July was $100,000 to $159,000, accounting for 26 percent of total sales,” the Realtors association said in a news release. “This is the typical purchase price of a home for a first-time buyer and demonstrates that market segment is performing strongly.”
The price range of $200,000 to $299,000 accounted for 23 percent of total sales, followed by $160,000 to $199,000 with 21 percent.
The average home took 50 days to sell in July, a week less than in June.
In July the average listing price for existing inventory was $224,771, down 7 percent from July 2015.
The average sales price for the month was 97 percent of the average listing price, the same as in July 2015.
“Pending sales, our only forward-looking indicator, were 2,231 at the end of July. This is an increase of 12 percent from 2015 and down 7 percent from June. Pending sales are those transactions that did not close in the previous month but will likely close in the next,” the association noted.