For the first time ever, the median sales price for new construction homes in Tucson hit the $300,000 mark. Increases in materials, mortgage rates and regulatory costs, coupled with labor shortages, has led to the increase.
The cost of resale homes is also rising. The median resale price has increased from $200,000 to $216,500. Lack of inventory has led to homes in certain price ranges receiving multiple offers.
For a recent story about the changes in the housing market, check out this article
in the Daily Star.
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