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

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