May 5th, 2016 3:42 PM by Sharon Mason
3 things you need to know about the spring National Housing Report
Want to stay on top of the current real estate market and real estate trends? Here are 3 things you need to know about the spring National Housing Report.
1.) Home sales are up: March started off strong with a 33.4 percent jump in sales from February according to the April 2016 RE/MAX National Housing Report. Like February, March home sales appeared to be especially strong with sales that were 3.6 percent greater than sales from March 2015. The average year-over-year increase in home sales has been 4.9 percent.
2.) Home inventory is low: At the rate of home sales in March, the National Months Supply of inventory was 3.2, down from 3.7 in March 2015. The average loss of inventory on a year-over-year basis in 2015 was 12.2 percent. The inventory of homes for sale remains very tight in many markets across the country, with March seeing a level that is 13.3 percent lower than a year ago.
3.) Days on the market are down: Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed. March becomes the thirty-sixth consecutive month with a Days on Market average of eighty or less. The average Days on Market for homes sold in the metro areas in the survey March was seventy-one, down four days from the average in February, and seven days lower than the average in March 2015.
Want to know more about the current real estate market? Click here to download your copy of the April 2016 RE/MAX National Housing Report. If you are looking to sell your Arizona home or are ready to buy a home in a luxury Arizona retirement community, please contact Sharon Mason today.
Your Arizona Retirement Expert,
Sharon Mason, Associate Broker
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