May 2016 RE/MAX National Housing Report

The 2016 home-buying season is just beginning and the real estate market is already off to a good start! April sales saw a 7.5 percent increase over March and a 3.2 percent rise over April last year according to the RE/MAX May 2016 National Housing Report. The Median Sales Price in April was $215,000, which was 5.4 percent higher than one year ago.

The number of homes for sale in April was 0.2 percent lower than in March and 15.2 percent lower than in April 2015. The average loss of inventory on a year-over-year basis in 2015 was 12.2 percent. While inventory remains much lower than last year, there are signs of stabilization month-to-month. Based on the rate of home sales in April, the Month’s Supply of Inventory was 3.2, which is nearly identical to last month and last year.

“Even though inventory remained tight, April still saw a demand for homes at a level higher than one year ago. Homebuyers realize that interest rates are historically low and mortgage accessibility appears to be improving along with the overall economy. Price increases make it possible for homeowners to feel comfortable selling, but they aren’t at a level that keeps first-time buyers out of the market,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.

Click here to download your copy of the May2016 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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