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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