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June 2018 RE/MAX National Housing Report

by The Russo Team

June 2018 RE/MAX National Housing Report

We’re already halfway through 2018 and 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.

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.

“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. Lack of inventory has become a theme for the year. 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.”

Visit: https://rem.ax/2phKHWT to access the housing report infographic, or click here to download your copy of the June 2018 RE/MAX National Housing Report. Looking to sell your Phoenix home or buy a home in Phoenix this summer? 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

Frank Russo

Russo Team

RE/MAX Professionals

www.RussoTeam.com

602-864-1200

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May 2018 RE/MAX National Housing Report

by The Russo Team

May 2018 RE/MAX National Housing Report

Have you heard? Homes sold faster in May than at virtually any other time in the past decade, according to the latest RE/MAX National Housing Report. Low inventory and high demand in May cut Days on Market to 46, the second-lowest monthly number in the nearly 10-year history of the report.

May home sales topped April sales by 14.5 percent, and were down by 2.8 percent from May 2017. The median sales price of $251,673 was up 7.8%. To access the housing report infographic, visit: https://rem.ax/2phKHWT.  By comparison, homes averaged five more days on the market (51) in May 2017, 12 more days (58) in May 2016 and 18 more days (64) in 2015.

“Even with low inventory and the Federal Reserve raising interest rates, homes are going from ‘for sale’ to sold 28 percent faster than three years ago,” said RE/MAX CEO Adam Contos.

With eleven metro areas increasing the median sales price year-over-year by double digits, May is still a seller’s market, and homebuyers should expect to compete with other buyers when they are ready to make an offer on a home.

“Be prepared — that’s my message to potential homebuyers in this summer selling season,” added Contos. “Make sure you are pre-approved with a lender, try to make a clean offer with no contingencies and, if possible, consider offering favorable concessions to the seller such as a flexible closing date. Pairing today’s real estate technology with the guidance of a professional RE/MAX agent, can help you find the right home.”

 The average Days on Market for homes sold in May 2018 was 46, down six days from the average in April 2018, and down five days from the May 2017 average. The number of homes for sale in May 2018 was up 4 percent from April 2018, and down 9.5 percent from May 2017.

Based on the rate of home sales in May, the Months Supply of Inventory remained unchanged from April 2018 at 2.5, and slightly decreased compared to 2.6 in May 2017. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In May 2018, all 54 metro areas surveyed reported a months supply at or less than 6.0, which is typically considered a seller’s market. For more information or to download a copy of the  May 2018 National Housing Report click here.

Looking to sell your Phoenix home or buy a home in Phoenix this summer? 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

Frank Russo

Russo Team

RE/MAX Professionals

www.RussoTeam.com

602-864-1200

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Join us on Facebook and Twitter

February 2018 RE/MAX National Housing Report

by The Russo Team

February 2018 RE/MAX National Housing Report

3The record speed of January home sales may signal that buyers aren’t waiting around for the typical spring selling season to begin. Despite home sales being down 2.8 percent year-over-year, the February RE/MAX National Housing Report shows homes sold in a mere sixty days last month, marking the fewest Days on Market of any January in the nine-year history of the report. Days on Market typically decline each month leading into the heart of the spring and summer buying season in July and start increasing monthly as fall progresses into winter.

The number of homes for sale in January 2018 was down 4.8 percent from December 2017, and down 14.8 percent from January 2017. Based on the rate of home sales in December, the Months Supply of Inventory decreased to 3.4 from December 2017 at 3.7, as well as decreased compared to January 2017 at 3.8. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In January 2018, 49 of the 53 metro areas surveyed reported a months supply at or less than 6.0, which is typically considered a seller’s market.

“We recently saw the groundhog predict six more weeks of winter, but January housing numbers are telling a different story,” said RE/MAX CEO Adam Contos. “It looks like the spring selling season may have arrived early because home buyers are not slowing down. The speed of this market is on pace with what we saw in the prime of the 2017 selling season.”

The Median Sales Price of $224,000 also set a January record — up 6.7 percent year-over-year. Out of fifty-three markets, fifty-one posted gains, marking January as the 22nd consecutive month of year-over-year price increases dating back to April 2016.

Please click here to download a copy of the February 2018 RE/MAX National Housing Report. Ready to sell your Phoenix home or buy a home in Phoenix? 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 Russo

Russo Team

RE/MAX Professionals

www.RussoTeam.com

602-864-1200

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January 2018 RE/MAX National Housing Report

by The Russo Team

January 2018 RE/MAX National Housing Report

The January RE/MAX National Housing Report shows the median home price rose 8.1 percent year-over-year, with fifty of the report’s fifty-four markets posting increases. At the same time, December sales dropped 3.3 percent from December 2016, with thirty-nine markets reporting fewer transactions. Making sales harder was a Months Supply of Inventory of 3.7 which is the lowest December figure in the nine-year history of the report. That corresponds with a 14.6 percent decline in inventory, lengthening a streak of monthly declines that began in November 2008.

Also setting a report record for December was the speed of home sales: Fifty-seven days. That figured into an overall 2017 median for Days on Market of 52.5 — nearly a week less than the 2016 median of 58.5 days.

Home buyers paid record prices in 2017, led by June’s Median Price Sold of $245,000. Prices increased year-over-year in every month of 2017, with December marking the 21st consecutive month of year-over-year price increases dating back to April 2016.

“We see the median sales price of homes across the country rising every month, year-over-year, but the days on market and the supply of homes for sale hit record lows in December,” said Adam Contos, RE/MAX Co-CEO. “If inventory keeps getting tighter across the country it’ll be interesting to see how it might affect sales.”

While sales dropped slightly from a year ago, December capped off a 2017 of record home prices, speedy sales and low inventory. Of the 54 metro areas surveyed in December 2017, the overall average number of home sales decreased 2.5 percent compared to November 2017. For more information, download your copy of the January 2018 RE/MAX National Housing Report here.

Looking to sell your Phoenix home or buy a home in Phoenix? Contact the RussoTeam 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 Russo

Russo Team

RE/MAX Professionals

www.RussoTeam.com

602-864-1200

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December 2017 REMAX National Housing Report

by The Russo Team

December 2017 REMAX National Housing Report

November became the sixth month of 2017 to post an increase in year-over-year home sales, bucking prolonged trends of home price increases and inventory declines, according to the December RE/MAX National Housing Report.

The sales increase of 1.1 percent came on the strength of increased transaction closings in thirty-six of the report’s fifty-four markets. At the same time, buyers felt increasing headwinds as the Median Sales Price rose to $227,500 and marked the 20th consecutive month of year-over-year home price increases. In fact, the Median Sales Price has increased year-over-year in sixty-nine of the last seventy months dating back to February 2012.

“The end of the year is typically a slower selling season with low inventory, but our numbers are telling a different story,” said Adam Contos, RE/MAX Co-CEO. “We don’t see any sign of home buyers slowing down their house hunting. In fact, many are taking advantage of lower competition for available homes in the ‘slow season.’”

November's inventory decline of 14.5 percent extended the streak of consecutive months of fewer homes on the market to 108. The current streak started nine years ago, in November 2008, shortly after the RE/MAX National Housing Report was introduced. Setting new report lows for November were Days on Market at 54 and Months Supply of Inventory at 3.6

 In November 2017, the median of all 54 metro Median Sales Prices was $227,500, up 1.7 percent from October 2017 and up 3.7 percent from November 2016. Only five metro areas saw a year-over-year decrease in Median Sales Price. Download a copy of the December 2017 RE/MAX National Housing Report here.

Looking to sell your Phoenix home or buy a home in Phoenix? Contact the RussoTeam 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 Russo

Russo Team

RE/MAX Professionals

www.RussoTeam.com
602-864-1200

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November 2017 RE/MAX National Housing Report

by The Russo Team

November 2017 RE/MAX National Housing Report

Despite record low inventory for the month, October home sales increased 2.5 percent year-over-year and kept 2017 prices ahead of 2016, according to this month’s RE/MAX National Housing Report. Thirty-seven of the fifty-three metro markets in the November RE/MAX National Housing Report posted sales increases over October 2016. Meanwhile, inventory gauges were at their lowest point for an October in the report’s nine year history.

The Months Supply of Inventory dropped to 3.3 – the lowest for any October in this housing report. It was mirrored by the Days on Market average of fifty-one days, also a new low for October for the report and a full week faster than the selling rate of homes in October of last year.

The Median Sales Price of $224,000 increased 3.3 percent over last October and was $19,000 higher than the same month in 2015. The median price remained on a par with the prices of last spring that kicked off the peak summer selling season.

“The housing market is steady and at least somewhat predictable with record-low inventory and increasing prices in markets across the country,” said Adam Contos, RE/MAX Co-CEO. “With job growth and increased household formation, buyers will struggle and may even be priced out of the market until home building catches up.”

The average Days on Market for homes sold in October 2017 was fifty-one, up two days from the average in September 2017, and down seven days from the October 2016 average. To access the housing report infographic, visit: rem.ax/2cYFT50.

Looking to sell your Phoenix home or buy a home in Phoenix? 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 Russo

Russo Team

RE/MAX Professionals

www.RussoTeam.com

602-864-1200

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Join us on Facebook and Twitter

May 2017 RE/MAX National Housing Report

by The Russo Team

May 2017 RE/MAX National Housing Report

The brisk start to the 2017 home-selling season slowed down in April with home sales dropping 4.1 percent below March and 4.5 percent below the previous April, according to this month’s RE/MAX National Housing Report. More than three quarters of the report’s fifty-three metro areas saw April home sales decline year-over-year. By contrast, March posted a 6.6 percent year-over-year spike in sales. Even so, April saw homes sell for more than they did in March in 81 percent of the markets, while 92 percent of the markets saw higher year-over-year sale prices.

Yet the narrative of the ever-tightening inventory coupled with increased prices persisted, as the fifty-three metro area report saw the trends of a seller’s market continuing:

  • The average number of Days on Market declined for the third consecutive month and April’s fifty-seven days set a new low for April in the report’s nine-year history.
  • The Median Sales Price of $226,000 was the highest price for any April and marked the 13th consecutive month of year-over-year price increases.
  • Months Supply of Inventory, which dropped below three months in March for the first time in the report’s history, was 2.8. A months supply of less than 6.0 is considered a seller’s market.
  • Inventory was down 17.6 percent from April 2016.

“We may be seeing some frustration from buyers,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “Inventory is tighter than ever, while strong demand keeps driving up home prices. At the same time, many potential sellers may also be reluctant to list their homes because the tight inventory might impact them as buyers. Home buyers and sellers will need to work with experienced real estate agents to navigate this tough market.”

Looking to sell your Phoenix home or buy a home in Phoenix? 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 Russo

Russo Team

RE/MAX Professionals

www.RussoTeam.com
602-864-1200

Search the MLS Now!

Join us on Facebook and Twitter

March 2017 RE/MAX National Housing Report

by The Russo Team

March 2017 RE/MAX National Housing Report

February home prices reached a new high as steady demand combined with record low inventory drove prices up, according to the March 2017 RE/MAX National Housing Report that surveys fifty-three metro areas every month.

Last month saw a negligible decline in home sales from February 2016, which posted the most sales in the nine-year history of the report. Less than half of the markets experienced an increase in sales year-over-year. Meanwhile, active inventory reached a record low for February, dropping 17.9 percent year-over-year. This marks the 100th consecutive month of year-over-year declines dating back to October 2008. As a result, the Median Sales Price of $212,000 – another February record – was up six percent year-over-year. This is the eleventh consecutive month of year-over-year price increases.

“Inventory, not the rise in interest rates, remains the principal constraint on home sales,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “The resale market is driven dramatically by the availability of new homes. Most U.S. markets have a high demand for new home construction, and although it’s good to see housing starts trending upward, we still need more.”

The average Days on Market for homes sold in February 2017 was sixty-eight, up two days from the average in January 2017, but down seven days from the February 2016 average. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Click here to download your copy of the March 2017 RE/MAX National Housing Report. Looking to sell your Phoenix home or buy a home in Phoenix? Contact the RussoTeam 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 Russo

Russo Team

RE/MAX Professionals

www.RussoTeam.com

602-864-1200

Search the MLS Now!

Join us on Facebook and Twitter

Home Sales Defy Seasonal Trend December National Housing Report

by The Russo Team

Home Sales Defy Seasonal Trend: December National Housing Report

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. Despite the typical winter slowdown, November home sales finished 19.1 percent above a year ago and prices increased 1.4 percent over October.

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.”

Are you thinking of making a move in 2017 but not sure what your home is worth? Give us a call today. We will help you successfully navigate the home selling process. We look forward to hearing from you soon – Frank

Frank Russo
The Russo Team
RE/MAX Professionals
www.RussoTeam.com
602-864-1200

RE/MAX National Housing Report for November

by The Russo Team

RE/MAX National Housing Report for November

According to the RE/MAX National Housing Report for November, Phoenix, Arizona saw a +12.2% increase in property values! Despite a slight decrease in the number of transactions, this October is the second best in the history of the National Housing Report.

“Although 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 are considering a move in 2017, but not sure if now is a good time please give us a call today. We can help you determine the value of your home, and create a plan that will meet your real estate goals. We look forward to hearing from you soon.

Frank Russo
The Russo Team
RE/MAX Professionals
www.RussoTeam.com
602-864-1200

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The Russo Team
RE/MAX Professionals
7111 West Bell Rd. Ste 101
Glendale AZ 85308
602-864-1200
602-739-2727
Fax: 623-643-1008

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