RE/MAX National Housing Report for December 2018
December’s declining home sales and growing inventory solidified 2018 as the year the red-hot seller’s market moved toward a balanced market. Price growth also moderated, though December was the 33rd consecutive month of year-over-year increases in home prices, according to the RE/MAX National Housing Report, which includes fifty-three metro areas.
“December’s inventory gain, continuing the three-month growth trend, is welcome news,” said RE/MAX CEO Adam Contos. “The market remains choppy and there’s still a long way to go, but these gains represent steps toward a balanced market, which in the long run is healthy for both buyers and sellers.”
Most telling was December’s 4.6 percent growth in inventory, which was also a report record. December’s year-over-year inventory increase marked the third consecutive month of growth – a trend reversing a decade-long streak of year-over-year inventory declines.
While fifty-four Days on Market was a record low for December sold listings, the 4.1 Months Supply of Inventory was higher than December 2017’s 3.7 months and ahead of November 2018’s 3.9 months’ supply.
Home buyers paid record amounts throughout 2018 as prices grew year-over-year in every month last year, led by June’s Median Sold Price of $258,500 – an all-time report high. Even so, December’s year-over-year increase of 2.1% was 2018’s smallest, and far lower than the 8.1 percent price growth from December 2016 to December 2017.
“Home sales have cooled, especially during the second half of 2018, but that was inevitable given the strong seller’s market that has persisted for nearly a decade,” Contos said. “We believe sales activity can pick back up if the pace of price escalation continues to moderate, interest rates tick further downward, and wage growth continues.”
Click here to download your copy of the RE/MAX National Housing Report for December 2018. Are you considering a retirement home in Arizona? Or want to upgrade your current retirement home? Please contact me today for a full market analysis. I can help you successfully navigate any market condition!
Your Arizona Retirement Expert,
Sharon Mason - Associate Broker RE/MAX Professionals 623-810-9988
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National Housing Report for November 2016
Last month saw the
second-most sales – and the smallest inventory – of any October in the 9-year
history of the RE/MAX National Housing Report. Despite a slight decrease in the number of
transactions, this October is the second best in the history of the report. The
markets with the largest increase in sales include Phoenix, AZ +12.2%, Seattle,
WA +7.7%, Nashville, TN +6.9%, Milwaukee, WI +6.2%, Boise, ID +5.8% and Raleigh
& Durham, NC, +4.9%.
October sales weren’t quite as robust as what we've tracked so far in 2016,
it's only the second month this year that didn’t exceed the strong levels set
in 2015. But finishing just 1 percent below October 2015 sales is still a
very solid performance,” said Dave
Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “It’s the 13th consecutive month of
double-digit decline in inventory year-over-year, and that appears to have
pushed prices up in all but one market.”
If you or someone you know is
considering an upgrade in your retirement home but not sure what your home is
worth, please give me a call today. I will provide you with a comprehensive
look at market values, and a plan to help you successfully sell your home for
top-dollar. I look forward to hearing from you soon.
Your Arizona Retirement
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