RE/MAX May 2016 National Housing Report
The 2016 home-buying season is just beginning and the real estate market is already off to a good start! April sales saw a 7.5 percent increase over March and a 3.2 percent rise over April last year according to the RE/MAX May 2016 National Housing Report. The Median Sales Price in April was $215,000, which was 5.4 percent higher than one year ago.
The inventory of homes for sale remains very tight in many markets across the country, with the April inventory 15.2 percent lower than April 2015. At the rate of home sales in April, the national Months Supply of Inventory was 3.2, down from 3.7 in March. While inventory remains much lower than last year, there are signs of stabilization month-to-month. Based on the rate of home sales in April, the Month’s Supply of Inventory was 3.2, which is nearly identical to last month and last year, 3.7 and 3.6 respectively.
“Even though inventory remained tight, April still saw a demand for homes at a level higher than one year ago. Homebuyers realize that interest rates are historically low and mortgage accessibility appears to be improving along with the overall economy. Price increases make it possible for homeowners to feel comfortable selling, but they aren’t at a level that keeps first-time buyers out of the market,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.
Click here to download a copy of the RE/MAX May 2016 National Housing Report. If you’re ready to buy a Phoenix home or sell your Arizona home, contact the Russo Team today and receive a complimentary analysis of your home’s approximate present value on the market today. Your complete satisfaction with our service and representation is always our number one priority! -Frank
The Russo Team