First Half of 2017 Ends with Record Sales and Prices

The first half of 2017 ends with record sales and prices according to the July 2017 RE/MAX National Housing Report. The U.S. housing market is on pace for another record year as four of the last six months have topped same month sales from 2016. June home sales were 1.4 percent higher than June 2016, which was previously the month with the most home sales in the nine-year history of the report.

The combination of increased sales and a record low inventory that slipped further to 2.8 months resulted in higher sales prices. June’s median sales price of $245,000, up 7.5 percent over last June, also set a RE/MAX National Housing report record. In fact, prices increased in fifty of the report’s fifty-three markets. The average number of Days on Market dropped to a report-record low of 47, while inventory dropped year-over-year in 87 percent of the markets.

“Sellers continue to benefit from limited inventory, getting top-dollar for their homes, and as a result, overall sales are at a record high,” said Adam Contos, RE/MAX Co-CEO. “But buyers shouldn’t be discouraged. Mortgage rates are still relatively low and the market may be taking a positive turn, albeit subtle, as recent Labor Department data showed a decline in open construction jobs which could mean more workers focused on new home builds.”

In June 2017, the median of all 53 metro Median Sales Prices was $245,000, up 5.6 percent from May 2017 and up 7.5 percent from June 2016. In June 2017, 52 of the 53 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. Please click here to download a copy of the July 2017 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, 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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