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RE/MAX National Housing Report for October 2018

by Melissa Dierks

RE/MAX National Housing Report for October 2018

The third consecutive month of lower year-over-year home sales in October contributed to the first year-over-year inventory increase in a decade according to the RE/MAX National Housing Report for October 2018. Meanwhile, the Median Sales Price recorded one of its lowest increases of 2018.

The RE/MAX National Housing Report for October saw sales decline 4.6 percent from a year ago – compared to sales drops of 11.6 percent in September and 1.1 percent in August – and was the eighth month of 2018 to record lower sales than 2017.

As a result, inventory is slowly being replenished, with the number of homes for sale in October increasing 1.0 percent over October 2017. October 2018 was the first month to show a year-over-year increase in inventory since October 2008 when two and a half times as many homes were for sale. The Months Supply of Inventory is now 3.5, compared to 3.3 a year ago.

“The market continues to move toward equilibrium. The modest inventory increase is a much welcome sign for buyers,” said RE/MAX CEO Adam Contos. “Although home sales were down year-over-year, it’s encouraging to see the magnitude of the decline decrease from the sharp drop we witnessed in September. The trend of easing price increases remains and that’s also a positive.”

October’s Median Sales Price of $236,000 marked the 31st consecutive month of year-over-year price increases and was the highest October price in the 10-year history of the report. Even so, the 4.9 percent gain was the third-lowest year-over-year growth of 2018.

Days on Market of 48 was an October record for fewest days and compares to 51 days in October 2017.

“The imbalance that has defined this market for so long continues to moderate,” said Contos. “However, it will take some time to recalibrate. Rising prices and interest rates and tight inventory levels continue. Buyer and seller expectations still appear to be a bit mismatched suggesting a choppy market remains in place.”

Click here to download your copy of the RE/MAX National Housing Report for October 2018. Looking to sell your Phoenix home or buy a home in Phoenix? Contact the Regal Team today! We will be happy to provide a free market analysis of your home, and I am deeply committed to helping you reach your real estate goals on step at a time.

Melissa Dierks

The Regal Team of RE/MAX Professionals

20241 N 67th Ave A1

Glendale, AZ 85308

(623) 229-0154

www.theregalteam.com

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Sales Increase Despite Record Prices and Sinking Inventory

by Melissa Dierks

Sales Increase Despite Record Prices and Sinking Inventory

July home sales rose 1.8 percent year-over-year, making it the second month of 2018 to post a sales increase year-over-year, according to the RE/MAX National Housing Report. To access the housing report infographic, visit: https://rem.ax/2phKHWT.

In the July 2018 report, 37 of the report’s 54 metro areas posted sales increases over July 2017—April was the first month of 2018 where more homes were sold than the same month in 2017. The report also marks the 28th consecutive month of year-over-year price increases.

The Median Sales Price of $250,575 was up 4.4 percent from July 2017, and represents the third-highest price in report history—topped only by May and June of this year. Months Supply of Inventory was at 2.9 – the smallest total ever recorded for July.

Forty-two of the 54 metro areas reported a year-over-year drop in inventory. The Days on Market dropped to 41 – four days less than July 2017 and one day under the previous nine-year low set in June 2018.

“Because we’ve faced challenging inventories and increasing home prices for some time now, a seasonal slowdown that rebalances the market a bit might actually be a positive in the months ahead,” said RE/MAX CEO Adam Contos. “It could level affordability to some extent and create more opportunity for buyers who’ve been priced out of hot markets.”

The average Days on Market for homes sold in July 2018 was 41, down one day from the average in June 2018, and down 4 days from the July 2017 average. The number of homes for sale in July 2018 was down 0.3 percent from June 2018, and down 7.8 percent from July 2017. Based on the rate of home sales in July, the Months Supply of Inventory increased to 2.9 from 2.7 in June 2018, and decreased from 3.1 in July 2017. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In July 2018, all but one of 54 metro areas surveyed reported a months supply at or less than 6.0, which is typically considered a seller’s market.

Want to know more? Click here to download your copy of the July 2018 RE/MAX National Housing Report. 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, Arizona 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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June 2018 RE/MAX National Housing Report

by Melissa Dierks

June 2018 RE/MAX National Housing Report

We’re already halfway through 2018 and the housing prices are at record highs, while inventory is at record lows and home sales are trailing 2017’s pace, according to the RE/MAX National Housing Report. June sales were 5.5 percent lower than June 2017 in the fifty-four metro areas surveyed, marking the seventh consecutive month of year-over-year declines.

Headed in the opposite direction, the June Median Sales Price of $258,500 was an all-time high in the nine-year history of the report. It was 5.1 percent higher than the $245,000 recorded last June, bringing the consecutive months of year-over-year price increases to 27. In each of the previous five years – going back to June 2013’s $193,750 – June has posted the highest Median Sales Price of the year.

Forty-two of the fifty-four metro areas reported a year-over-year drop in inventory. That years-long trend is reflected in Months Supply of Inventory dropping to 2.7 – down 8.8 percent year-over-year and the smallest figure ever recorded for June. Fewer houses for sale generally results in a faster process: Homes sold in June averaged just forty-two Days on Market – five days less than June 2017 and three days under the previous nine-year low of forty-five days.

“Year-over-year prices have been climbing for more than two years now, which is great news for homeowners and sellers,” said RE/MAX CEO Adam Contos. “In the hottest markets, demand is especially high because there simply aren’t that many homes for sale. The slower sales figures we’re seeing are tied to inventory more than anything else. Lack of inventory has become a theme for the year. Having fewer homes to choose from poses a challenge for buyers, who need to be ready to act decisively and quickly. Working with a full-time, professional RE/MAX agent can prepare them for that.”

Visit: https://rem.ax/2phKHWT to access the housing report infographic, or click here to download your copy of the June 2018 RE/MAX National Housing Report. 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, Arizona 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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Strong March Home Sales, Low Inventory Means Tougher Market for Buyers

Strong March home sales and low inventory means tougher market for buyers according to this month’s RE/MAX National Housing Report. March launched the home-buying season with post-recession records for increasing home sales and prices and decreasing inventory. Last month, home sales were 6.6 percent higher than the nine-year-old report’s previous March record, set in 2016. Thirty-eight of the fifty-three metro areas in the report showed year-over-year increases.

“We expect a seasonal uptick in sales this time of year and March certainly met and somewhat exceeded that expectation,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “We don’t anticipate the tightening inventory to ease up in most markets until new home construction can catch up to its pre-recession pace. Until then, sellers will enjoy a fast-paced market and buyers will need to work with their agents to get in the right home.”

The Months Supply of Inventory dropped below three months for the first time in the history of the report, indicating a market that greatly favors sellers, as six months is considered a balanced market. Active inventory continued to decline, dropping 17 percent year-over-year. As a result, the Median Sales Price of $225,000—also a March record—was up eleven percent year-over-year. This was the twelfth consecutive month of year-over-year price increases.

Want to know more about the current real estate market? Click here to download your copy of the April 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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March 2017 RE/MAX National Housing Report

by Melissa Dierks

March 2017 RE/MAX National Housing Report

February home prices reached a new high as steady demand combined with record low inventory drove prices up, according to the March 2017 RE/MAX National Housing Report that surveys fifty-three metro areas every month.

Last month saw a negligible decline in home sales from February 2016, which posted the most sales in the nine-year history of the report. Less than half of the markets experienced an increase in sales year-over-year. Meanwhile, active inventory reached a record low for February, dropping 17.9 percent year-over-year. This marks the 100th consecutive month of year-over-year declines dating back to October 2008. As a result, the Median Sales Price of $212,000 – another February record – was up six percent year-over-year. This is the eleventh consecutive month of year-over-year price increases.

“Inventory, not the rise in interest rates, remains the principal constraint on home sales,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “The resale market is driven dramatically by the availability of new homes. Most U.S. markets have a high demand for new home construction, and although it’s good to see housing starts trending upward, we still need more.”

The average Days on Market for homes sold in February 2017 was sixty-eight, up two days from the average in January 2017, but down seven days from the February 2016 average. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Click here to download your copy of the March 2017 RE/MAX National Housing Report. 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, Arizona 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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February 2017 RE/MAX National Housing Report

by Melissa Dierks

February 2017 RE/MAX National Housing Report

Home sales in January set a record pace according to the February 2017 RE/MAX National Housing Report. With the tug-of-war between rising home sales and shrinking inventory intensifying, last month topped all other Januarys in the report’s nine-year history with the most sales, highest sales price and fewest days on market.

Over two-thirds of the fifty-three metro areas experienced an increase in sales year-over-year, with twelve experiencing double-digit increases. Based on the rate of home sales in January, the Months Supply of Inventory was 3.8, compared to December 2016 at 4.2 and January 2016 at 4.6. A 6.0-month supply indicates a market balanced equally between buyers and sellers.

In the 53 metro areas surveyed, total sales were up 4.5 percent over January 2016, which was previously the January with the most sales. The Median Sales Price of $208,500 was up 4.3 percent and marked the tenth consecutive month of year-over-year price increases. The new January low of sixty-six Days on Market underscores the fact that inventory has declined year-over-year for ninety-nine consecutive months dating back to October 2008.

“January may have set the tone for the coming home-buying season with homes selling faster and at higher prices,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “Home-buyer demand is strong, and not enough sellers are listing to keep up with the demand, despite rising prices. At any rate, the beginning of 2017 continued the strong pace of 2016.”

Click here to download your copy of the February 2017 RE/MAX National Housing Report. 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, Arizona 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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June 2016 RE/MAX National Housing Report

by Melissa Dierks

June 2016 RE/MAX National Housing Report  

Summer home sales are heating up despite the still tight home inventory in many markets across the country. The June 2016 RE/MAX National Housing Report reflected an inventory of 14.8 percent lower than May 2015. At the rate of home sales in May, the national Months Supply of Inventory was 3.0, down from 3.2 in April.

Fortunately, May saw a 10.3 percent jump in sales over April and a 5.1 percent increase over May last year. The Median Sales Price in May was $222,475, a 4.2 percent rise from price levels one year ago and 3.5 percent above the median price in April.

“May home sales increased at a rate that’s slightly higher than the average monthly increase. This is despite the fact that inventory in many markets remains very low. At the same time, interest rates appear to have stabilized, which helps encourage potential homebuyers. Price increases continue to moderate and are rising at a more sustainable rate. This market is offering current homeowners more incentive to sell, which could have a positive impact on overall inventory levels,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.

Among the 52 metro areas surveyed in May, only five had a year-over-year drop in prices. The average Days on Market for all homes sold in May was 58, down six days from the average of 64 in both April 2016 and May 2015. Click here to download your copy of the June 2016 RE/MAX National Housing Report.

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, Arizona 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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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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