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Price of Tucson homes on the rise

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Arizona had one of the fastest increases in house prices across the nation this past quarter, according to data from the Federal Housing of Finance Agency.

"We purchased this home for $233,000 and I think we did pretty good because it had everything that we needed," Nancy Bigham said.

Bigham says she sold her old home and bought a new one because of the housing market.

"We had a home that had become too large for us and so we felt the market was right and we decided to put it up for sale," Bigham said. "Therefore downsize into another home and so we felt that the time was right we could tell the market was doing well."

George Hammond Director of the Economic and Business Research Center in the Eller College of Management at the University of Arizona says just this October the median house price in Tucson was $250,000. He predicts those numbers will grow as we go into the year 2020.

"It's due to the fact that we're seeing solid job gains also solid population growth," Hammond said. "Overall housing building activity has kind of been gradually rebounding from it's low from the big downturn in 2007 to 2009."

Even with Arizona showing as one of the states with the biggest increase in housing prices he says we still are more affordable than most states.

"When we compare to metropolitan areas in most of California. The major metros in California, Portland, Washington," Hammond said. "Single-family housing remains more affordable in Tucson then it is in those major markets."

As for Bigham, she's happy to make the profit on her former home.

"We could tell the prices were going up. We saw that what we had left to pay and what we were able to sell for was going to give us a pretty good chunk of money," Bigham said.

Denelle Confair

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