For Star subscribers: Despite high interest from homebuilders in the Tucson area, at the current rate of construction, Tucson is at least five years away from catching up with demand.
Gabriela Rico After a rough start to the year, sales of new homes in Tucson have taken an upswing to levels not seen since 2007.
Homebuilders, apparently feeling the optimism, pulled 329 new-home permits in June, an 18.77% increase over June 2022. New housing has been helped by the lack of resale homes on the market, as owners cling to low mortgage rates.That is driving homebuyers to new homes, which impacts the price.“I don’t see prices coming down because the market is so lopsided,” said Craig Thompson, president of the Tucson Association of Realtors. “If we stay on a steady pace, we won’t be able to catch up with demand for at least five years.
Balancing growth, resourcesThe Tucson housing market has outperformed other comparable metro areas in the nation because of strong population and economic growth, most notably due to the “trials and tribulations” of the California market, said local housing analyst Jim Daniel, with R.L. Brown Reports.
Getting in on the actionWith the exception of a few new-home developments, such as Westbridge at Silverbell, near Silverbell and Grant roads; Corbett Village, near 29th Street and Wilmot Road; and Bella Tierra, near Irvington Road and Camino Seco, the majority of new building permits have been issued for the periphery of Tucson.
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