Spring 2018 RE/MAX National Housing Report
Home sales increased 2.3 percent year-over-year in April 2018 in the face of record low inventory and the second-highest median sales price in the nine-year history of the RE/MAX National Housing Report. Thirty-eight of the fifty-three markets in the report posted more sales than in April 2017, while the 2.5 months supply of inventory tied March as the lowest ever, in the history of the report. The average Days on Market in April was fifty-two — that’s five days less than April 2017 and a RE/MAX National Housing Report record for the month.
“If 2018 is like recent years, we’re only two months away from home prices peaking — we’re already seeing some impressive prices moving up in markets throughout the U.S.,” said RE/MAX CEO Adam Contos. “As we head into summer, we’ll watch several housing markers like home starts, mortgage applications and sales price to gauge the effect they’ll have on inventory across the country — the good news is that the rate of sales helps accommodate a shrinking inventory and buyers can still find opportunities.”
The $243,000 Median Sales Price was a record for April and was second only in report history to $245,000 in June 2017. In each of the last five years, June has produced the year’s highest Median Sales Price, with July or August posting the second-highest monthly price each year. In April 2018, the median of all 53 metro Median Sales Prices was $243,000, up 3.0 percent from March 2018 and up 7.5 percent from April 2017. The average Days on Market for homes sold in April 2018 was 52, down eight days from the average in March 2018, and down five days from the April 2017 average. The number of homes for sale in April 2018 was up 3.4 percent from March 2018, and down 11.3 percent from April 2017.
Based on the rate of home sales in April, the Months Supply of Inventory remained at 2.5 from March 2018, and decreased compared to April 2017 at 2.8. A 6.0-months supply historically indicates a market that’s balanced equally between buyers and sellers. In April 2018, all 53 metro areas surveyed reported a months supply at or less than 6.0, which is typically considered a seller’s market. To access the housing report infographic, visit: https://rem.ax/2phKHWT or download your copy of the REMAX National Housing Report here.
If you’d like more information about the current real estate market or if you’re looking to buy or sell a home in the Phoenix area, please contact the Nate Martinez Team today.