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Red-hot housing market starts to dial down a few degrees

Published: Aug. 24, 2021 at 6:14 PM MST
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TUCSON, Ariz. (KOLD News 13) - The real estate market has remained red-hot for more than a year but local industry experts say it’s starting to dial down a few degrees.

”The stay-at-home orders and things in place, that’s when real estate took off,” said Kevin Kaplan with Long Realty in Tucson.

He says the scorching market was partially due to people spending more time at home and deciding they wanted a different environment to live in. He says that’s slowly changing.

“It would go around 100 miles an hour to now 85. It’s still speeding and very strong but starting to normalize just a bit,” he said.

Tucson Association of Realtors President Diane Marzonie said the market started to see a small shift a few weeks ago. She says it could be due to people being busy with school starting and things happening in the community.

“Now there’s so many things to talk about versus how much will I pay for this house?” she said.

Long Realty expects home prices will continue to stay high but will climb at a slower rate. The agency foresees more inventory to become available, all which are good signs for buyers who have struggled to find homes over the past year.

“Some of them were selling before they hit the market,” Kaplan said. “It was very hard, challenging and frustrating and even a little draining at times to lose out a lot.”

These industry experts noticing homes aren’t being bought up quite as fast.

“Houses are staying on the market just a hair longer about two to five days longer than a month ago,” Marzonie said.

For now, it’s too difficult to say when real estate will fully level out or if it will ever become as scorching hot as it did during the pandemic.

“Whether we have a run-up like this again or not, we don’t see in the short term, but the long term is really hard to predict,” Kaplan said.

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