RE/MAX National Housing Report November 2018
Years of shrinking inventory gave way in November to a second consecutive month of year-over-year growth in the number of homes for sale, according to the RE/MAX National Housing Report. The apparent reason: Home sales declined for the fourth consecutive month when compared to the same months in 2017. Even so, home prices remained strong.
Across the 53 metro areas surveyed, inventory rose 3.0 percent – the highest monthly year-over-year gain in the 10-year history of the report, following October’s 1.0 percent increase that ended a streak of 119 months of year-over-year declines dating back to November 2008. The Months Supply of Inventory rose to 3.9, the highest for any month since 4.2 in December 2016.
November home sales, meanwhile, declined 6.9 percent, which was the second-largest year-over-year decline of 2018 and the biggest year-over-year sales decline for November in five years. This year only April and July sales exceeded 2017 totals for the corresponding months.
“The road to market normalization can be bumpy,” said RE/MAX CEO Adam Contos. “It’s good to see the small uptick in inventory, and the drop in November sales isn’t too surprising – given the recent trends, the mid-term elections, and the earlier-than-usual Thanksgiving holiday. As we near year-end, three main themes appear clear – buyers are grappling with affordability issues and tight inventory; sellers are unsure how to react to the cooling market; and homes priced properly are still selling rather quickly. All three underscore the fact that the guidance of a professional agent is even more critical in times like these.”
November’s Median Sales Price of $235,000 was 4.0 percent higher than November 2017 and was the highest November price in the report’s history. It marked the 32nd consecutive month of year over-year price increases. Comparing the first 11 months of 2018 to 2017, home prices are up 6.0 percent. Even with declining sales, homes sold at record speed for November. Homes spent an average of 51 Days on Market, compared to the previous November low of 54 days set last year.
Click here to download your copy of the RE/MAX National Housing Report for November 2018. If you would like to sell your home or find the perfect home for sale in one of the many Arizona retirement communities please contact Sharon Mason today!
Your Arizona Retirement Expert,
Sharon Mason - Associate Broker
Join Sharon on Facebook or Twitter!
Client Testimonials Click Here
RE/MAX National Housing Report for October 2018
The third consecutive month of lower year-over-year home sales in October contributed to the first year-over-year inventory increase in a decade according to the RE/MAX National Housing Report for October 2018. Meanwhile, the Median Sales Price recorded one of its lowest increases of 2018.
The RE/MAX National Housing Report for October saw sales decline 4.6 percent from a year ago – compared to sales drops of 11.6 percent in September and 1.1 percent in August – and was the eighth month of 2018 to record lower sales than 2017.
As a result, inventory is slowly being replenished, with the number of homes for sale in October increasing 1.0 percent over October 2017. October 2018 was the first month to show a year-over-year increase in inventory since October 2008 when two and a half times as many homes were for sale. The Months Supply of Inventory is now 3.5, compared to 3.3 a year ago.
“The market continues to move toward equilibrium. The modest inventory increase is a much welcome sign for buyers,” said RE/MAX CEO Adam Contos. “Although home sales were down year-over-year, it’s encouraging to see the magnitude of the decline decrease from the sharp drop we witnessed in September. The trend of easing price increases remains and that’s also a positive.”
October’s Median Sales Price of $236,000 marked the 31st consecutive month of year-over-year price increases and was the highest October price in the 10-year history of the report. Even so, the 4.9 percent gain was the third-lowest year-over-year growth of 2018.
Days on Market of 48 was an October record for fewest days and compares to 51 days in October 2017.
“The imbalance that has defined this market for so long continues to moderate,” said Contos. “However, it will take some time to recalibrate. Rising prices and interest rates and tight inventory levels continue. Buyer and seller expectations still appear to be a bit mismatched suggesting a choppy market remains in place.”
Click here to download your copy of the RE/MAX National Housing Report for October 2018. 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!
July 2018 RE/MAX National Housing Report
July home sales rose 1.8 percent year-over-year, making it the second month of 2018 to post a sales increase year-over-year, according to the RE/MAX National Housing Report. To access the housing report infographic, visit: https://rem.ax/2phKHWT.
In the July 2018 report, 37 of the report’s 54 metro areas posted sales increases over July 2017—April was the first month of 2018 where more homes were sold than the same month in 2017. The report also marks the 28th consecutive month of year-over-year price increases.
The Median Sales Price of $250,575 was up 4.4 percent from July 2017, and represents the third-highest price in report history—topped only by May and June of this year. Months Supply of Inventory was at 2.9 – the smallest total ever recorded for July.
Forty-two of the 54 metro areas reported a year-over-year drop in inventory. The Days on Market dropped to 41 – four days less than July 2017 and one day under the previous nine-year low set in June 2018.
“Because we’ve faced challenging inventories and increasing home prices for some time now, a seasonal slowdown that rebalances the market a bit might actually be a positive in the months ahead,” said RE/MAX CEO Adam Contos. “It could level affordability to some extent and create more opportunity for buyers who’ve been priced out of hot markets.”
The average Days on Market for homes sold in July 2018 was 41, down one day from the average in June 2018, and down 4 days from the July 2017 average. The number of homes for sale in July 2018 was down 0.3 percent from June 2018, and down 7.8 percent from July 2017. Based on the rate of home sales in July, the Months Supply of Inventory increased to 2.9 from 2.7 in June 2018, and decreased from 3.1 in July 2017. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In July 2018, all but one of 54 metro areas surveyed reported a months supply at or less than 6.0, which is typically considered a seller’s market.
Want to know more? Click here to download your copy of the July 2018 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.
Sharon Mason, Associate Broker
June 2018 RE/MAX National Housing Report
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 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.
November Home Sales Defy
Seasonal Trend: National Housing Report
Despite the typical
winter slowdown, November home sales finished 19.1 percent above a year ago and
prices increased 1.4 percent over October. Last month saw more homes sold than
any other November in the eight-year history of the National Housing Report from RE/MAX. All
but one of the fifty-three markets surveyed posted an increase in sales over
November 2015, with nearly half of the markets at least 20 percent higher.
“The continued decline of inventory and talk of
rising interest rates may have contributed to November’s surge of home sales,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and
Co-Founder. “Over the past 11 months, the majority of markets have seen
home prices return to their pre-recession levels, reaffirming that 2016 has
been the best year for the housing market since the recession.”
The 2017 Housing Forecast by the experts at
realtor.com are predicting that the Phoenix-metro area will be number one with
a projected increase in home values by 5.94 percent and a sales growth of 7.24
A strong housing economy is good for homeowners,
especially those who are considering Arizona as their retirement destination in
2017. If you would like to learn more about retirement in Arizona, please give
me a call today. I can help you successfully navigate all your retirement
options, and help you make the right decision for your golden years. I look
forward to hear from you soon – Sharon
Join Sharon on Facebook or Twitter!
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
Housing Report from RE/MAX
According to the October National Housing Report from RE/MAX,
the median sales price for September was 5.1 percent above last year, coming in
at $219,780. In a rare occurrence, not a single metro posted a year-over-year
price drop. The
average Month’s Supply of Inventory rose from 3.4 in August to 3.9, the highest
since February. We are still far below
the six month’s supply considered to be a market balanced equally between
buyers and sellers. Eight markets, predominantly in the Northeast, have a six
or more month supply. Meanwhile, nineteen have three months or less, with the
majority being in the West.
“The market usually sees fewer home sales in
September, as buyers make a seasonal transition from summer to fall,” said Dave Liniger, RE/MAX CEO, Chairman of the Board
and Co-Founder. “Even so, sales were the highest of any
September since we launched our Housing Report in 2008. Also, price increases continue to be in the moderate 5-percent
year-over-year range. Overall, this is a market that most everyone can be
To read the full October National Housing Report
from RE/MAX click here. Are you considering a move but unsure of
your home values? I can help! Give me a call today to receive a complimentary
market analysis and a written plan to get your home sold for top dollar in
today’s market. Sharon
Your Arizona Retirement
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.