Brisk Home Sales Set Post-Recession Records

After a brief dip in April home sales, the U.S. housing market returned to seasonally high sales in May, increasing 20.6% from the previous month and 4.3% from May 2016, according to the June RE/MAX National Housing Report. In fact, it was the strongest May in terms of home sales in the nine-year history of the report.

The average Days on Market for homes sold in May 2017 was fifty-one, down six days from the average in April 2017, and down seven days from the May 2016 average. The number of homes for sale in May 2017 was down 0.6 percent from April 2017, and down 16.2 percent from May 2016.

Based on the rate of home sales in May, the Months Supply of Inventory was 2.6, compared to April 2017 at 2.8 and May 2016 at 3.0. This is the third month in a row months supply has been below 3.0. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In May 2017, fifty-two of the fifty-three metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market.

Want to know more about the current real estate market? Click here to download your copy of the June 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

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