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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How Your Retirement Can Affect the Holidays
December is officially here and if you’ve recently retired, you may find that your holiday celebration might look a little different. Thanks to reduced obligations and increased free time, Arizona retirees may be better able to enjoy the season. However, older adults need to be wary of common pitfalls that can trip up holiday celebrations later in life. Here’s what the holidays look like after retirement.
It's a common mistake for older adults to continue lavishing gifts on their grandchildren after retirement during the holidays. While retirees with plenty in savings think they can afford to splurge, many don't take into consideration how it will affect the long-term value of their portfolio. Having a budget is essential for avoiding overspending on gifts.
Gifts aren't the only thing that might change after retirement. Travel may need to be adjusted. If older adults choose to retire in a different state from their family, the cost of holiday travel may become a cost burden. Seniors may need to budget more for airfare. They may also need to rent a vehicle or book extra nights in a hotel if they want to return home at a more leisurely pace. Because driving extra hours can wreak havoc on aging bodies, the easier and more cost efficient your holiday travel plans are, the better.
Regardless of how or where you’re spending your holidays after retirement, it’s important to make smart financial choices so that you’ll have less to worry about during this busy, festive season. If you’d like more tips on adjusting to retirement or if you’re an active adult seeking an Arizona retirement community to call home, please contact Sharon Mason today!
Sharon Mason - Associate Broker
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