An Arizona home.Tucson's housing market took a notable drop from June to July, according to the Tucson Association of Realtors.
The total sales volume, or the amount of money that exchanged hands, went down 20.56 percent month-to-month.
Average list price and average sales price dropped 6.57 percent and 6.72 percent, respectively, and sales of single-family homes decreased by 15 percent.
Sales dropped below July 2015's total, marking the first time the number had decreased year-to-year in eight months.
“We did hit a bump in the road there," said Tucson Association of Realtors President Eric Gibbs. "I like to say we kind of expected it because the summer months, especially July and August, we tend to see a little bit of a downward trend in purchases."
That trend was a little more pronounced this year.
"So we kind of figured that may be coming. We didn’t know it would really affect the market,” he said.
Gibbs said an annual drop is understandable. Realtors often attribute the decrease to warm weather, monsoon storms and summer vacations.
In recent years total sales typically decrease in the fall and rebound in November.
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