By Julie Luchetta
Tucson home sales have outperformed the national average in the first five months of 2016, and home prices in the area have gradually risen, the Tucson Association of Realtors reported Tuesday.
The monthly sales report said 1,529 single-family homes were sold in May, a 6.5 percent increase from last year.
The median price for houses sold last month was $179 000. Almost one-third of the sales were for homes between $100,000 and $159,000, a typical price range for first-time buyers.
This follows a three-year trend of steadily rising prices, caused mostly by a decline in available homes and a stabilizing housing market.
The Association of Realtors predicted the slow increase in market value - between 3 percent and 6 percent - will continue for the rest of the year.
By the end of May, 4,400 houses were still listed for sale, with the association saying a balanced market comes when inventory is at least 5,000.
Homes for sale in Tucson stayed on the market on average 55 days before being sold.
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