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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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The Regal Team: Responsive to your real estate needs

by Melissa Dierks

The Regal Team: Responsive to your real estate needs

The Regal Team of RE/MAX Professionals offers unparalleled service to ALL clients in the Phoenix, Arizona real estate market. In 2014 alone our team assisted over 100 Phoenix homeowners in buying, selling, and investing and we can assist you with your particular real estate goals as well. Here at the Regal Team, we are proud of our strong commitment to helping you reach complete satisfaction with our real estate services and we have a proven track record to support this. Read what one of our many valued clients had to say about our service:

“I found Melissa on Zillow and read her wonderful reviews, so I hired her and was not disappointed. She was very responsive to all my questions throughout the process and made sure as a seller what all my options were. Melissa had my house sold within ten days of listing with two offers. She also has great contacts to help with the closing. For example, through Melissa, I got a great deal from a handyman she knew who also did a wonderful job after the inspection. If you want a highly professional, knowledgeable real estate agent who cares about their clients Melissa in a no brainer. Thank you Melissa!!” -Rob H.

At The Regal Team, we believe each and every client deserves professional and friendly service. From our first discussion through closing, my expectation is to make the real estate experience the best it can be for Arizona buyers and sellers. If you’d like to know more about buying or selling a home in the greater Phoenix area, 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

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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