Spring Home Sales Back on Pace as Price Increases Moderate
April home sales finished just one percent below a year ago as selling times shortened and tight inventory held steady, according to the RE/MAX National Housing Report. Meanwhile, April’s median home price of $255,000 in the report’s 54 markets was up a mere 3.6 percent – the smallest year-over-year April increase in eight years.
April’s year-over-year sales decline of one percent marked the ninth consecutive month of year-over-year decreases, but April’s sales dip was the smallest during that time. At the same time, inventory increased 0.8 percent and marked the seventh consecutive month of year-over-year growth in number of homes for sale. Compared to March, home sales in April sped up by a full week, taking an average of 52 days instead of 59. The average in April 2018 was 51 days. The Months Supply of Inventory in April dropped year-over-year from 3.0 to 2.6.
While the March-over-February increase in home sales of 28.8 percent was the smallest in five years, the April-over-March increase of 10.5 percent was the largest in five years.
“April’s home sales blossomed, suggesting the typical seasonal jump in spring sales arrived later than usual this year,” said RE/MAX CEO Adam Contos. “Solid buyer interest and sellers with realistic price expectations advanced the market’s march toward equilibrium last month. That said, inventory remains constricted, and prices continue to climb, albeit at a slower rate. All in all, April’s results were encouraging, and we continue to be cautiously optimistic about the prospects of a healthy spring selling season.”
Of the 54 metro areas surveyed in April 2019, the overall average number of home sales is up 10.5 percent compared to March 2019, and down 1.0 percent compared to April 2018. In April 2019, the median of all 54 metro Median Sales Prices was $255,000, up 2.0 percent March 2019, and up 3.6 percent from April 2018.
The average Days on Market for homes sold in April 2019 was 52, down seven days from the average in March 2019, and up one day from the April 2018 average. The metro areas with the lowest Days on Market were Omaha, NE, at 27, and Denver, CO, and San Francisco, CA, both at 30. The highest Days on Market averages were in Augusta, ME, at 116, Hartford, CT, at 89, and Miami, FL, at 86. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.
Looking to sell your Phoenix home? Searching for the perfect Phoenix home to buy? 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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