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RE/MAX National Housing Report for October 2018

by Lisa Bray

RE/MAX National Housing Report for October 2018

The third consecutive month of lower year-over-year home sales in October contributed to the first year-over-year inventory increase in a decade according to the RE/MAX National Housing Report for October 2018. Meanwhile, the Median Sales Price recorded one of its lowest increases of 2018.

The RE/MAX National Housing Report for October saw sales decline 4.6 percent from a year ago – compared to sales drops of 11.6 percent in September and 1.1 percent in August – and was the eighth month of 2018 to record lower sales than 2017.

As a result, inventory is slowly being replenished, with the number of homes for sale in October increasing 1.0 percent over October 2017. October 2018 was the first month to show a year-over-year increase in inventory since October 2008 when two and a half times as many homes were for sale. The Months Supply of Inventory is now 3.5, compared to 3.3 a year ago.

“The market continues to move toward equilibrium. The modest inventory increase is a much welcome sign for buyers,” said RE/MAX CEO Adam Contos. “Although home sales were down year-over-year, it’s encouraging to see the magnitude of the decline decrease from the sharp drop we witnessed in September. The trend of easing price increases remains and that’s also a positive.”

October’s Median Sales Price of $236,000 marked the 31st consecutive month of year-over-year price increases and was the highest October price in the 10-year history of the report. Even so, the 4.9 percent gain was the third-lowest year-over-year growth of 2018.

Days on Market of 48 was an October record for fewest days and compares to 51 days in October 2017.

“The imbalance that has defined this market for so long continues to moderate,” said Contos. “However, it will take some time to recalibrate. Rising prices and interest rates and tight inventory levels continue. Buyer and seller expectations still appear to be a bit mismatched suggesting a choppy market remains in place.”

Click here to download your copy of the RE/MAX National Housing Report for October 2018. Looking to sell your Phoenix home or buy a home in the West Valley? Contact Lisa Bray today.I will be happy to provide a free market analysis of your home, and I am deeply committed to helping you reach your real estate goals on step at a time!

Lisa Bray

RE/MAX Professionals

www.LisaBray.com

602-762-3691
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RE/MAX National Housing Report September 2018

by Lisa Bray

RE/MAX National Housing Report September 2018

The RE/MAX National Housing Report for September 2018 showed the trends of fewer closings and stabilizing inventory continued through September, punctuated by a surprisingly big 11.6 percent year-over-year drop in home sales. At the same time, the RE/MAX National Housing Report for September 2018 posted a Median Sales Price of $241,000 that marked the 30th consecutive month of year-over-year price increases. It is the highest September price in the 10-year history of the report. To access the housing report infographic, visit: https://rem.ax/2phKHWT.

The decline in home sales year-over-year was the largest since May of 2011, as September became the seventh month of 2018 to record lower sales than 2017. Even so, year-to-date 2018 home sales resemble 2017’s.

“The big drop in September closings catches your attention. The market is clearly rebalancing as buyers and sellers continue to process the increasing interest rate environment and what that means to them,” said RE/MAX CEO Adam Contos. “The slower drop in inventory – a visible trend for nearly half a year – further illustrates the ongoing shift toward market equilibrium, and that’s healthy in the long-term.”

Active inventory dropped for the 119th consecutive month, the decline of 4.7 percent from September 2017 was the smallest year-over-year decrease since August 2014. In addition, the September year-over-year inventory drop was the fifth consecutive month in 2018 to post single-digit percent declines rather than the double-digit monthly drops consistently seen over the previous three years.

“It’s a little surprising to see prices staying so strong, but it’s hardly shocking in such a tight market,” said Contos. “The headwinds of rising prices and interest rates amid already tight inventory levels have been crimping affordability and slowing sales for most of the year, but it varies by geography.  In circumstances like these, where the market is tricky to navigate, both buyers and sellers can benefit by aligning themselves with a professional agent – a local expert who can cut through the noise and advocate on their behalf.”

Home prices rose by 5.6 percent over September 2017, more than twice the year-over-year price increase of 2.3 percent from September 2016 to September 2017. That reversed a trend seen in the previous three months, when year-over-year price increases trailed 2017’s rate of growth.

Click here to download your copy of the RE/MAX National Housing Report for September 2018. Looking to sell your Phoenix home or buy a home in Phoenix? Contact Lisa Bray today! I will be happy to provide a free market analysis of your home, and I am deeply committed to helping you reach your real estate goals on step at a time.

Lisa Bray

RE/MAX Professionals

www.LisaBray.com

602-762-3691

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RE/MAX National Housing Report for August 2018

by Lisa Bray

RE/MAX National Housing Report for August 2018

The RE/MAX National Housing Report for August 2018 shows increasing home prices, low inventory and a reduction in days on market. These combined factors made August 2018 the sixth time this year that home sales lagged behind last year’s pace—but only slightly at -1.1 percent. To access the housing report infographic, visit: https://rem.ax/2phKHWT.

Home prices rose by 3.7 percent over August 2017, much lower than the year-over-year price increase of 5.4 percent from August 2016 to August 2017. In fact, the past three months of 2018 have trailed 2017’s rate of price growth year-over-year—compare that to four of the first five months of 2018 when year-over-year price increases easily topped those posted in 2017.

The Median Sales Price of $248,500 marked the twenty-ninth consecutive month of year-over-year price increases.

Even though active inventory dropped for the 118th consecutive month, the decline of 5.4 percent from August 2017 marked the smallest year-over-year decrease since August 2014. In addition, the August 2018 inventory drop marked the fourth consecutive month in 2018 to post single-digit percent declines, rather than the double-digit monthly drops consistently seen in early 2018 and over the previous three years.

“It varies by market, but we’re hearing that buyers are being more selective and sellers are becoming more pragmatic,” said RE/MAX CEO Adam Contos. “That dynamic could bring inventory levels up, especially in the most overheated markets, where we expect to see the clearest signs of equilibrium returning. The economy is strong and potential buyers are out there—they just need more listings, at the right price points, to consider. We believe that balance will return, which will be good for everyone in the long run. It’s just a matter of when.”

Contos added that although the lack of inventory continues to be a challenge, the trends suggest that the market finally appears to be rebalancing.

“The moderation we are experiencing seems to be a bit more than the normal seasonal lull we’d expect this time of year,” said Contos.

Want to know more about the current real estate market? Click here to download your copy of the RE/MAX National Housing Report for August 2018. If you would like to sell your Arizona home or find the perfect home for sale in the West Valley, please contact Lisa Bray. I will be happy to provide a free market analysis of your home, and I am deeply committed to helping you reach your real estate goals on step at a time.

Lisa Bray

RE/MAX Professionals

www.LisaBray.com

602-762-3691

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July 2018 RE/MAX National Housing Report

by Lisa Bray

July 2018 RE/MAX National Housing Report

July home sales rose 1.8 percent year-over-year, making it the second month of 2018 to post a sales increase year-over-year, according to the RE/MAX National Housing Report. To access the housing report infographic, visit: https://rem.ax/2phKHWT.

In the July 2018 report, 37 of the report’s 54 metro areas posted sales increases over July 2017—April was the first month of 2018 where more homes were sold than the same month in 2017. The report also marks the 28th consecutive month of year-over-year price increases.

The Median Sales Price of $250,575 was up 4.4 percent from July 2017, and represents the third-highest price in report history—topped only by May and June of this year. Months Supply of Inventory was at 2.9 – the smallest total ever recorded for July.

Forty-two of the 54 metro areas reported a year-over-year drop in inventory. The Days on Market dropped to 41 – four days less than July 2017 and one day under the previous nine-year low set in June 2018.

“Because we’ve faced challenging inventories and increasing home prices for some time now, a seasonal slowdown that rebalances the market a bit might actually be a positive in the months ahead,” said RE/MAX CEO Adam Contos. “It could level affordability to some extent and create more opportunity for buyers who’ve been priced out of hot markets.”

The average Days on Market for homes sold in July 2018 was 41, down one day from the average in June 2018, and down 4 days from the July 2017 average. The number of homes for sale in July 2018 was down 0.3 percent from June 2018, and down 7.8 percent from July 2017. Based on the rate of home sales in July, the Months Supply of Inventory increased to 2.9 from 2.7 in June 2018, and decreased from 3.1 in July 2017. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In July 2018, all but one of 54 metro areas surveyed reported a months supply at or less than 6.0, which is typically considered a seller’s market.

Want to know more? Click here to download your copy of the July 2018 RE/MAX National Housing Report. If you would like to sell your Phoenix home or find the perfect home for sale in the West Valley of Goodyear, Litchfield Park, Avondale, and the surrounding areas, please contact Lisa Bray. I will be happy to provide a free market analysis of your home, and I am deeply committed to helping you reach your real estate goals on step at a time.

Lisa Bray

RE/MAX Professionals

www.LisaBray.com

602-762-3691

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Search the MLS Now!

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June 2018 RE/MAX National Housing Report

by Lisa Bray

June 2018 RE/MAX National Housing Report

We’re already halfway through 2018 and the housing prices are at record highs, while inventory is at record lows and home sales are trailing 2017’s pace, according to the RE/MAX National Housing Report. June sales were 5.5 percent lower than June 2017 in the fifty-four metro areas surveyed, marking the seventh consecutive month of year-over-year declines.

Headed in the opposite direction, the June Median Sales Price of $258,500 was an all-time high in the nine-year history of the report. It was 5.1 percent higher than the $245,000 recorded last June, bringing the consecutive months of year-over-year price increases to 27. In each of the previous five years – going back to June 2013’s $193,750 – June has posted the highest Median Sales Price of the year.

“Year-over-year prices have been climbing for more than two years now, which is great news for homeowners and sellers,” said RE/MAX CEO Adam Contos. “In the hottest markets, demand is especially high because there simply aren’t that many homes for sale. The slower sales figures we’re seeing are tied to inventory more than anything else.”

Forty-two of the fifty-four metro areas reported a year-over-year drop in inventory. That years-long trend is reflected in Months Supply of Inventory dropping to 2.7 – down 8.8 percent year-over-year and the smallest figure ever recorded for June. Fewer houses for sale generally results in a faster process: Homes sold in June averaged just forty-two Days on Market – five days less than June 2017 and three days under the previous nine-year low of forty-five days.

“Lack of inventory has become a theme for the year,” Contos said. “Having fewer homes to choose from poses a challenge for buyers, who need to be ready to act decisively and quickly. Working with a full-time, professional RE/MAX agent can prepare them for that.”

To access the housing report infographic, visit: https://rem.ax/2phKHWT or click here to download your copy of the June 2018 RE/MAX National Housing Report. If you would like to sell your Arizona home or find the perfect home for sale in Goodyear, Litchfield Park, Surprise, Avondale or the surrounding Phoenix areas, please contact Lisa Bray. I will be happy to provide a free market analysis of your home, and I am committed to helping you reach your real estate goals on step at a time!

Lisa Bray

RE/MAX Professionals

www.lisabray.com

602-762-3691
Join me on Facebook!

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June National Housing Report

by Lisa Bray

June National Housing Report

Homes sold faster in May than at virtually any other time in the past decade, according to the latest RE/MAX National Housing Report. Low inventory and high demand in May cut Days on Market to 46, the second-lowest monthly number in the nearly 10-year history of the report. May home sales topped April sales by 14.5 percent, and were down by 2.8 percent from May 2017. The median sales price of $251,673 was up 7.8%. By comparison, homes averaged five more days on the market (51) in May 2017, 12 more days (58) in May 2016 and 18 more days (64) in 2015.0

“Even with low inventory and the Federal Reserve raising interest rates, homes are going from ‘for sale’ to sold 28 percent faster than three years ago,” said RE/MAX CEO Adam Contos.

With eleven metro areas increasing the median sales price year-over-year by double digits, May is still a seller’s market, and homebuyers should expect to compete with other buyers when they are ready to make an offer on a home.

“Be prepared — that’s my message to potential homebuyers in this summer selling season,” added Contos. “Make sure you are pre-approved with a lender, try to make a clean offer with no contingencies and, if possible, consider offering favorable concessions to the seller such as a flexible closing date. Pairing today’s real estate technology with the guidance of a professional RE/MAX agent, can help you find the right home.”

Want to know more about the current real estate market? Click here to download your copy of the May2018 RE/MAX National Housing Report or access the housing report infographic here. If you would like to sell your Arizona home or find the perfect home for sale in the West Valley, please contact Lisa Bray. I will be happy to provide a free market analysis of your home, and I am deeply committed to helping you reach your real estate goals on step at a time!

Lisa Bray

RE/MAX Professionals

www.LisaBray.com

602-762-3691

Join me on Facebook!

Search the MLS Now!

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Spring Housing Report Reflects Rising Prices and Fewer Sales

Spring has sprung and according to the April 2018 RE/MAX National Housing Report, home prices continued to climb year-over-year for the twenty-fourth consecutive month in March, while home sales continued to decline for a fourth consecutive month, making it a seller’s market in most regions of the country.

“Homebuyers shouldn’t be discouraged by the record-breaking numbers — even with higher prices and closed transactions, this March marks the second-highest in sales in the history of the RE/MAX National Housing Report,” said RE/MAX CEO Adam Contos. “It’s more important than ever to work with an experienced RE/MAX agent who is invested and involved in their community. They are dialed into the nuances of a neighborhood, making your home search or sale easier and quicker.”

When the Months Supply of Inventory falls below six months, it’s a seller’s market, and all 54 metro areas surveyed for the monthly housing reported under six months of inventory. Of the fifty-four metro areas surveyed in March 2018, the overall average number of home sales increased +36.6 percent compared to February 2018 and decreased -5.3 percent compared to March 2017. In March 2018, the median of all fifty-four metro Median Sales Prices was $236,000, up +3.2 percent from February 2018 and up +4.9 percent from March 2017. The average Days on Market for homes sold in March 2018 was sixty, down two days from the average in February 2018, and down four days from the March 2017 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.

To access the housing report infographic, visit: https://rem.ax/2phKHWT or click here to download a copy of the RE/MAX April 2018 National Housing Report.  If you’re ready to buy a home in the West Valley or sell your Goodyear, Litchfield Park or Avondale home, please contact  Lisa Bray today!

Lisa Bray

RE/MAX Professionals

www.LisaBray.com

602-762-3691

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January 2018 RE/MAX National Housing Report

by Lisa Bray

January 2018 RE/MAX National Housing Report

The January RE/MAX National Housing Report shows the median home price rose 8.1 percent year-over-year, with fifty of the report’s fifty-four markets posting increases. At the same time, December sales dropped 3.3 percent from December 2016, with thirty-nine markets reporting fewer transactions. Making sales harder was a Months Supply of Inventory of 3.7 which is the lowest December figure in the nine-year history of the report. That corresponds with a 14.6 percent decline in inventory, lengthening a streak of monthly declines that began in November 2008.

Also setting a report record for December was the speed of home sales: Fifty-seven days. That figured into an overall 2017 median for Days on Market of 52.5 — nearly a week less than the 2016 median of 58.5 days.

Home buyers paid record prices in 2017, led by June’s Median Price Sold of $245,000. Prices increased year-over-year in every month of 2017, with December marking the 21st consecutive month of year-over-year price increases dating back to April 2016.

“We see the median sales price of homes across the country rising every month, year-over-year, but the days on market and the supply of homes for sale hit record lows in December,” said Adam Contos, RE/MAX Co-CEO. “If inventory keeps getting tighter across the country it’ll be interesting to see how it might affect sales.”

While sales dropped slightly from a year ago, December capped off a 2017 of record home prices, speedy sales and low inventory. Of the 54 metro areas surveyed in December 2017, the overall average number of home sales decreased 2.5 percent compared to November 2017. For more information, download your copy of the January 2018 RE/MAX National Housing Report here.

Whether you are considering buying a home, selling a home or both, Lisa Bray has the experience and skill you need to make an educated, informed decision. Contact Lisa today and receive a complimentary analysis of your home’s approximate present value on the market today.

Lisa Bray

RE/MAX Professionals

www.LisaBray.com

602-762-3691
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November 2017 RE/MAX National Housing Report

by Lisa Bray

November 2017 RE/MAX National Housing Report

Despite record low inventory for the month, October home sales increased 2.5 percent year-over-year and kept 2017 prices ahead of 2016, according to this month’s RE/MAX National Housing Report. Thirty-seven of the fifty-three metro markets in the November RE/MAX National Housing Report posted sales increases over October 2016. Meanwhile, inventory gauges were at their lowest point for an October in the report’s nine year history. The Months Supply of Inventory dropped to 3.3 – the lowest for any October in this housing report. It was mirrored by the Days on Market average of fifty-one days, also a new low for October for the report and a full week faster than the selling rate of homes in October of last year.

The Median Sales Price of $224,000 increased 3.3 percent over last October and was $19,000 higher than the same month in 2015. The median price remained on a par with the prices of last spring that kicked off the peak summer selling season.

“The housing market is steady and at least somewhat predictable with record-low inventory and increasing prices in markets across the country,” said Adam Contos, RE/MAX Co-CEO. “With job growth and increased household formation, buyers will struggle and may even be priced out of the market until home building catches up.”

The average Days on Market for homes sold in October 2017 was fifty-one, up two days from the average in September 2017, and down seven days from the October 2016 average. To access the housing report infographic, visit: rem.ax/2cYFT50. If you would like to sell your Arizona home or find the perfect home for sale in the West Valley, please contact Lisa Bray. I will be happy to provide a free market analysis of your home, and I am deeply committed to helping you reach your real estate goals on step at a time.

Lisa Bray

RE/MAX Professionals

www.LisaBray.com

602-762-3691

Join me on Facebook!

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September 2017 RE/MAX National Housing Report

by Lisa Bray

September 2017 RE/MAX National Housing Report

The September 2017 RE/MAX National Housing Report shows August sales topping July by 2.8 percent, but finishing 0.84 percent below August 2016 which remains the best August in the report’s nine year history. Houston, where Hurricane Harvey made landfall on August 25, already experienced a 21.3 percent drop in sales from July and a 27.5 percent decline year-over-year.

U.S. home sales in August extended a summer of strong demand and weak inventory that once again resulted in listings with short shelf lives. In addition to the normal late summer real estate trends, a primary focus during the next month will be on housing in specific markets affected by natural disasters like devastating wildfires and hurricanes Harvey and Irma. Other notable numbers include:

  • Inventory in the report’s fifty-four markets declined 3.9 percent from July and 13.7 percent from a year ago
  • Days on Market have dropped to forty-seven – the fastest listing-to-sale average for any August.
  •  The Months Supply of Inventory, while continuing to rebound from a May low of 2.6, settled at 3.1 months and set another report record for August.
  • After hitting $239,950 in July, the median sales price dipped to $236,475 in August but still finished 5.4 percent higher year-over-year.

“Overall, we’re still seeing home prices rise year-over-year at just above historical averages -- even with slightly declining nationwide prices in August, which is an expected annual pattern,” said Adam Contos, RE/MAX Co-CEO. “The data shows that home hunters continue to experience very limited inventory and increased competition, and home sellers are benefiting from quick sales for top dollar.”

Want to know more about the current real estate market? Click here to download your copy of the September 2017 RE/MAX National Housing Report. If you would like to sell your Arizona home or find the perfect home for sale in the West Valley, please contact Lisa Bray. I will be happy to provide a free market analysis of your home, and I am deeply committed to helping you reach your real estate goals on step at a time.

Lisa Bray

RE/MAX Professionals

www.LisaBray.com

602-762-3691

Join me on Facebook!

Search the MLS Now!

“Delivering More than Just a Home”

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