June 2016 RE/MAX National Housing Report
Summer is heating up and so is homebuyer demand according to the June 2016 RE/MAX National Housing Report. May saw a 10.3 percent jump in sales over April and a 5.1 percent increase over May last year. The Median Sales Price in May was $222,475, a 4.2 percent rise from price levels one year ago and 3.5 percent above the median price in April. The inventory of homes for sale remains very tight in many markets across the country, with the May inventory 14.8 percent lower than May 2015. At the rate of home sales in May, the national Months Supply of Inventory was 3.0, down from 3.2 in April.
“May home sales increased at a rate that’s slightly higher than the average monthly increase. This is despite the fact that inventory in many markets remains very low. At the same time, interest rates appear to have stabilized, which helps encourage potential homebuyers. Price increases continue to moderate and are rising at a more sustainable rate. This market is offering current homeowners more incentive to sell, which could have a positive impact on overall inventory levels,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.
Like previous months this year, home sales continued to be strong in the Northeast. Across the nation in May, 34 of the 52 metro areas surveyed reported home sales higher than one year ago. Among the 52 metro areas surveyed in May, only five had a year-over-year drop in prices. The average Days on Market for all homes sold in May was 58, down six days from the average of 64 in both April 2016 and May 2015. Click here to download a copy of the RE/MAX June 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