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RE/MAX National Housing Report September 2018

by Melissa Dierks

RE/MAX National Housing Report September 2018

The RE/MAX National Housing Report for September 2018 showed the trends of fewer closings and stabilizing inventory continued through September, punctuated by a surprisingly big 11.6 percent year-over-year drop in home sales. At the same time, the RE/MAX National Housing Report for September 2018 posted a Median Sales Price of $241,000 that marked the 30th consecutive month of year-over-year price increases. It is the highest September price in the 10-year history of the report. To access the housing report infographic, visit: https://rem.ax/2phKHWT.

The decline in home sales year-over-year was the largest since May of 2011, as September became the seventh month of 2018 to record lower sales than 2017. Even so, year-to-date 2018 home sales resemble 2017’s.

“The big drop in September closings catches your attention. The market is clearly rebalancing as buyers and sellers continue to process the increasing interest rate environment and what that means to them,” said RE/MAX CEO Adam Contos. “The slower drop in inventory – a visible trend for nearly half a year – further illustrates the ongoing shift toward market equilibrium, and that’s healthy in the long-term.”

Active inventory dropped for the 119th consecutive month, the decline of 4.7 percent from September 2017 was the smallest year-over-year decrease since August 2014. In addition, the September year-over-year inventory drop was the fifth consecutive month in 2018 to post single-digit percent declines rather than the double-digit monthly drops consistently seen over the previous three years.

“It’s a little surprising to see prices staying so strong, but it’s hardly shocking in such a tight market,” said Contos. “The headwinds of rising prices and interest rates amid already tight inventory levels have been crimping affordability and slowing sales for most of the year, but it varies by geography.  In circumstances like these, where the market is tricky to navigate, both buyers and sellers can benefit by aligning themselves with a professional agent – a local expert who can cut through the noise and advocate on their behalf.”

Home prices rose by 5.6 percent over September 2017, more than twice the year-over-year price increase of 2.3 percent from September 2016 to September 2017. That reversed a trend seen in the previous three months, when year-over-year price increases trailed 2017’s rate of growth.

Months Supply of Inventory totaled 3.7, which is the second-lowest for September in report history, second only to 3.6 months in September 2017. Days on Market of 46 was a September record for the report – three days less than September 2017. Of the 54 metro areas surveyed in September 2018, the overall average number of home sales is down 1.1percent compared to August 2018, and down 11.6 percent compared to September 2017.

Click here to download your copy of the RE/MAX National Housing Report for September 2018. Looking to sell your Phoenix home or buy a home in Phoenix? Contact the Regal Team today! We offer unparalleled service to all clients in the Phoenix real estate market. Your complete satisfaction with our service and representation is our number one priority!

Melissa Dierks

The Regal Team of RE/MAX Professionals

7111 W Bell Road, Suite 101

Glendale, AZ 85308

(623) 229-0154

www.theregalteam.com

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August 2017 RE/MAX National Housing Report

by Melissa Dierks

August 2017 RE/MAX National Housing Report

While July home sales decreased slightly, homes sold at a faster rate than any month in nearly a decade, according to the August RE/MAX National Housing Report that analyzes housing data in fifty-four metro areas. July home sales declined 0.8 percent year-over-year, and the Median Sales Price of $239,950 – while slightly lower than June’s – was 7.4 percent higher year-over-year. Homes sold quickly in July, with an average forty-five Days on Market, a record low for the report.

Other notable numbers from this month’s RE/MAX National Housing Report include:

  • Sales increased in nineteen metro areas even as home sales declined 0.8 percent compared to July 2016.
  • The Median Sales Price of $239,950 was the highest for any July in the nine-year history of the report.
  • Inventory dropped 14.1 percent year-over-year, with forty-six metro areas seeing fewer homes for sale or remaining unchanged. Year-over-year, inventory has declined every month since November 2008.
  • Months Supply of Inventory hovered at 3.1 months, a new July low in the report. 

“After a jump in home sales in May and June, it’s not unusual to see a dip in sales in July,” said Adam Contos, RE/MAX Co-CEO. “This summertime slowdown is a national trend that we sometimes see this time of year, even though this month’s decrease was razor thin. Low inventory continues to constrain the market. Successful buyers will have to be prepped and ready to act fast to purchase listings that, on average, are selling in record time.”

Want to know more about the current real estate market? Click here to download your copy of the August 2017 RE/MAX National Housing Report. If you are looking to sell your Arizona home or are ready to buy a Phoenix home, please contact The Regal Team today.

Melissa Dierks

The Regal Team of RE/MAX Professionals

7111 W Bell Road, Suite 101

Glendale, AZ 85308

(623) 229-0154

www.theregalteam.com

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July 2016 RE/MAX National Housing Report

by Melissa Dierks

July 2016 RE/MAX National Housing Report

Just as the temperature is rising so are home sales and prices this summer. According to the July RE/MAX National Housing Report buyer demand in June showed sales above last year by 0.7 percent with an increase of 9.4 percent over May sales. There was also an inventory rate of 3.2, which is a slight improvement from the May supply rate of 3.0.

“Last year was the best we’d seen in a long time for home sales. So, it’s encouraging that sales this year are remaining above last year’s levels. Moderating prices are a good thing for this market. Homeowners are still seeing improvement in their equity, while there’s less chance of homebuyers being priced out. We have to wait out the ongoing inventory challenges, but the month-over-month stabilization we’re seeing is a very good sign,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.

 

The average was 53 Metro Areas of Days on the Market: The June average was 54 days on the market, which was down from 58 days in both May 2016 and June 2015.  

Sales Prices were up too.  Up 3.0 percent from May as well as being 2.2 percent over June 2015, the median of all 53 Metro Areas was $229,900 in June 2016. In fact, for 53 consecutive months there has been no drop in price from the previous year and the average price increase was 7.6 percent in 2015. 

Closed Transactions Year-Over-Year Change:  Closed transaction were slightly higher than June of 2015. In the 53 metro areas surveyed in June the average number of home sales was 0.7% higher than one year ago, making it 9.4 percent higher than the previous month. 

Stabilization of inventory is a positive sign, especially during the summer months. Based on the rate of home sales in June, the Month's Supply of Inventory was 3.2, which is comparable to last month and last year, with June 2016 at 3.0 and June 2015 at 3.6.  A 6.0 month supply indicates a market balanced equally between sellers and buyers.  

For the full report, click here to download your copy of the 2016 RE/MAX National Housing Report.  

If you're in the market to buy or sell your home in the Phoenix area contact The Regal Team! We have in-depth knowledge of the market and can provide you with the information you need on purchasing, selling, investing, financing and owning real estate in the Valley of the Sun!

Melissa Dierks                                                                    
The Regal Team of RE/MAX Professionals       
7111 W Bell Road, Suite 101
Glendale, AZ 85308
(623) 229-0154 

www.theregalteam.com

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RE/MAX March 2016 National Housing Report

by Melissa Dierks

RE/MAX March 2016 National Housing Report

The RE/MAX March 2016 National Housing Report is right on track for the spring season according to the most recent real estate data. Here are some of the most pertinent real estate market details at a glance:

  • The average year-over-year increase in home sales has been 5.8 percent over the last twelve months.
  • The Median Sales Price of all homes sold in February was $198,000 or 5.9 percent higher than the price this time last year.
  • The national Month’s Supply of inventory was 4.0, down from 4.7 in February 2015.
  • Among the fifty-three metro areas surveyed in February, forty-five reported higher prices than last year.
  • The average Days on Market for all homes sold in February was seventy-six, up five days from the average in January.

Although price increases have been moderating over the last few months, low inventory supply continues to be the most significant factor pressuring prices. Click here to download a copy of the RE/MAX March 2016 National Housing Report.

Looking to sell your home or buy a home in Phoenix? Contact the Regal Team today! We offer unparalleled service to all clients in the Phoenix, Arizona real estate market. The Regal Team has in-depth knowledge of the market and can provide you with the information you need on purchasing, selling, investing, financing and owning real estate in the Valley of the Sun. Your complete satisfaction with our service and representation is our number one priority!

Melissa Dierks

The Regal Team of RE/MAX Professionals

7111 W Bell Road, Suite 101

Glendale, AZ 85308

(623) 229-0154

www.theregalteam.com

Follow us on Facebook!

 

National Housing Report on track for seasonal trends

by Melissa Dierks

National Housing Report on track for seasonal trends

The real estate market is right on track for seasonal trends according to the most recent RE/MAX National Housing Report. According to the January data, home sales were 6.3 percent higher than those from one year ago with anticipated seasonal trends resulting in 31.7 percent fewer sales in January than December. The Median price of all homes sold in January was $200,714, or 6.7 percent higher than January 2015.

The inventory of homes for sale remains very tight in many metros across the country, at a level that is 14.7 percent lower than one year ago. At the rate of home sales in January, the national Month’s Supply of inventory was 4.6, down from 5.2 one year ago. Over the last twelve months, the average year-over-year increase in sales has been 5.6 percent and only two months, November and October, did not rise above year-ago sales.

The average Days on Market for all homes sold in January was seventy-one, up four days from the average in December. January becomes the thirty-fourth consecutive month with a Days on Market average of eighty or less.

“While home sales in the month of January are usually a little slow, it’s nice to start the year with stronger sales than we saw last January. Mortgage interest rates remain about the same as one year ago and very close to historic lows. More reasonable price appreciation is giving current homeowners improved equity, while not significantly impacting affordability for buyers,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.

For a copy of this month’s national housing report infographic, visit http://rem.ax/216Glx3 or click here to download your copy of the RE/MAX February 2016 National Housing Report. Looking to sell your home or buy a home in Phoenix? Contact the Regal Team today! We offer unparalleled service to all clients in the Phoenix, Arizona real estate market. The Regal Team has in-depth knowledge of the market and can provide you with the information you need on purchasing, selling, investing, financing and owning real estate in the Valley of the Sun. Your complete satisfaction with our service and representation is our number one priority!

Melissa Dierks

The Regal Team of RE/MAX Professionals

7111 W Bell Road, Suite 101

Glendale, AZ 85308

(623) 229-0154

www.theregalteam.com

Follow us on Facebook!

 

 

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Melissa Dierks
The Regal Team of RE/MAX Professionals
7111 W Bell Road, Suite 101,
Glendale AZ 85308
Direct: (623)229-0154
Office: (623)643-1092
Fax: (623)201-7562

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