RE/MAX National Housing Report for June 2019
Typically the strongest month for home sales, June saw closings decline 4.7 percent from May and 7.8 percent from June 2018, according to the RE/MAX National Housing Report. Going in the opposite direction, June’s Median Sales Price of $276,000 was an all-time high in the 10-year history of the report.
June has recorded the most sales each of the last five years (July led 2013 sales). This is only the second June in report history to have fewer sales than May. With sales slowing, June inventory increased 1.3 percent over June 2018, marking the first year-over-year rise in June inventory in the report’s history. Moreover, inventory grew for the ninth consecutive month, and the report’s 54 metro areas had the most units for sale since August 2016.
“Record prices appear to have kept June sales figures from topping a strong May,” said RE/MAX CEO Adam Contos. “Nevertheless, there are indications, including the return of very favorable mortgage rates, that the pace could pick up in July. Several encouraging longer-term trends—ongoing demand, improving inventory levels, low interest rates—are helping the market make incremental progress on multiple fronts. But supply remains a concern, so we need more homes to be built.”
Starting in 2013, June has also produced the highest Median Sales Price of each year. June’s record $276,000 was 6.7 percent higher than the $259,000 recorded in June 2018. June’s price increase accelerated compared to the prior three months, each of which had a year-over-price increase of less than 3.5 percent. Contos continued, “The jump in sales price after months of moderation is worth watching for its impact on affordability.”
June’s Days on Market total of forty-four meant that sales happened three days faster than in May but took three days longer than June 2018. Months of Inventory in June 2019 was 2.8, the same as May’s and below June 2018’s 3.1. Of the fifty-four metro areas surveyed in June 2019, the overall average number of home sales is down 4.7 percent compared to May 2019, and down 7.8 percent compared to June 2018.
In June 2019, the median of all fifty-four metro Median Sales Prices was $276,000, up 6.2 percent from May 2019, and up 6.7 percent from June 2018. The average Days on Market for homes sold in June 2019 was forty-four, down three days from the average in May 2019, and up three days from the June 2018 average. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed. The number of homes for sale in June 2019 was down 0.6 percent from May 2019 and up 1.3 percent from June 2018. Based on the rate of home sales in June 2019, the Months Supply of Inventory held steady at 2.8 from May 2019, and decreased compared to 3.1 in June 2018. A six months supply indicates a market balanced equally between buyers and sellers. Click here to download a copy of the RE/MAX National Housing Report for June 2019.
Looking to sell your Phoenix home? Searching for the perfect home for sale in Phoenix? Contact the Nate Martinez Team today! Our commitment is to provide you the quality of service and communication you desire and deserve. Our goal is to leverage our knowledge and experience to help you get the best price the market will support while still selling your home in a reasonable period of time.
Nate Martinez, RE/MAX Professionals
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