June 2017 RE/MAX National Housing Report

After a brief dip in April home sales, the U.S. housing market returned to seasonally high sales in May, increasing 20.6 percent from the previous month and 4.3 percent from May 2016, according to the June RE/MAX National Housing Report. In fact, it was the strongest May in terms of home sales in the nine-year history of the report.

“In May, we saw an uptick of both loan applications and home sales, which is encouraging in terms of more people getting into the market for homes,” said Adam Contos, RE/MAX Co-CEO. “We don’t expect that the Federal Reserve’s announcement on Wednesday to raise interest rates a quarter of a point will greatly affect the market’s momentum. But housing demand only intensifies the tug-of-war with tight inventories driving prices up.”

In addition, the average number of Days on Market dropped to a record low of fifty-one, consistent with the Months Supply of Inventory shrinking to 2.6 months – both records for the report. Of the fifty-three metro areas surveyed in May 2017, the overall average number of home sales increased 4.3 percent compared to May 2016. Thirty-nine of the fifty-three metro areas experienced an increase in sales year-over-year.

Want to know more about the current real estate market? Click here to download your copy of the June 2017 RE/MAX National Housing Report. If you are looking to sell your Phoenix 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

Follow us on Facebook