Steady increase in Tucson home prices good news for economy

Steady increase in Tucson home prices good news for economy
(Source: KOLD News 13)

TUCSON, AZ (Tucson News Now) - More and more people are buying homes in Tucson.

The Tucson Association of Realtors released its housing statistics for December, and the association president said the numbers reveal good news for Tucson's economy.

Ginny Huffman said there is steady uptick in home prices. She said the reason behind the increase is jobs.

She said Caterpillar, Inc. most recently made Tucson its home and she is hopeful more businesses will follow.

As companies bring in hundreds, if not thousands, of jobs home, home sellers are happy.

And people are buying; they're not running away from sticker shock.

"I'm really pleased. I'm quite confident in what I'm seeing and how the movement is happening," Huffman said. "Having been watching this for the last 15 years and having experienced that massive downtick, to see things pick up again (is) very encouraging."

Huffman adds there's a possibility Tucson may have a housing shortage. She said builders don't want to overextend themselves and have the same problems they experienced during the housing bubble.

But she said Tucson's housing market and economy look promising for 2018.

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