September 15, 2015 / Modified sep 15, 2015 5:10 a.m.

Number of Tucson Homes For Sale Continues to Drop

Housing inventory under 5,000, but prices not rising significantly, yet.

Realty Update 617x347
AZPM

There are 4,758 homes for sale in the Tucson area. That's about a four-month supply, which is lower than normal.

"A six month supply is a number where we're stable," said Henry Zipf, president of the Tucson Association of Realtors Multiple Listing Service.

Traditionally, a low number of homes for sale would, in turn, cause an increase in prices, but that is not happening.

“Prices haven’t adjusted like they would normally," Zipf said. "If this were another part of the year, if we were in our peak season, then we might see an increase in prices. But fortunately for the consumer, home prices are still stable and increasing a little bit.”

That phenomenon might not change for the rest of 2015.

“So I don’t expect large increases in value due to short supply in the next three or four months,” Zipf said.

Zipf added current home prices are still low enough that it is keeping many of those interested in selling out of the market.

As prices continue to rise, those potential sellers may put their homes up for sale, thus building up inventory to more typical levels.

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