RE/MAX National Housing Report for August, 2016 

According to the RE/MAX National Housing Report for August 2016, inventory has continued to tighten by dropping 3.0 percent lower than June and 16.6 percent lower than a year ago, resulting in a month’s supply of just 3.5. The average Days on Market dropped to fifty-three which is just one day less than the average in June and four days below last year.

“After a June jump in home sales, it's quite common to see July sales make a correction. This is a summertime pattern that we often see on a national level. Of course, one month doesn't make a trend and we still have a couple more months ahead in the traditional home-buying season. At the same time, it's important to note that, on a year-over-year basis, prices are rising at a moderate rate that's very much in line with historical averages," said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.

While there was a midsummer slowdown in sales, the national median sales price is still 4.7 percent higher this time last year, at $225,000. Click here for more information or to download your own copy of RE/MAX National Housing Report for August 2016.

If you are interested in learning what your Phoenix or surrounding metro-area home is worth, give The Regal Team a call today!

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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