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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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“Delivering More than Just a Home”

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!

Search the MLS Now!

“More than Just a Home”

Displaying blog entries 1-2 of 2

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