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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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Spring 2018 RE/MAX National Housing Report Reflects Home Sale Increase

Home sales increased 2.3 percent year-over-year in April 2018 in the face of record low inventory and the second-highest median sales price in the nine-year history of the RE/MAX National Housing Report. To access the housing report infographic, visit: https://rem.ax/2phKHWT.   

“If 2018 is like recent years, we’re only two months away from home prices peaking — we’re already seeing some impressive prices moving up in markets throughout the U.S.,” said RE/MAX CEO Adam Contos. “As we head into summer, we’ll watch several housing markers like home starts, mortgage applications and sales price to gauge the effect they’ll have on inventory across the country — the good news is that the rate of sales helps accommodate a shrinking inventory and buyers can still find opportunities.”

The $243,000 Median Sales Price was a record for April and was second only in report history to $245,000 in June 2017. In each of the last five years, June has produced the year’s highest Median Sales Price, with July or August posting the second-highest monthly price each year.

Thirty-eight of the fifty-three markets in the report posted more sales than in April 2017, while the 2.5 months supply of inventory tied March as the lowest ever, in the history of the report. The average Days on Market in April was fifty-two — that’s five days less than April 2017 and a RE/MAX National Housing Report record for the month.

In April 2018, the median of all 53 metro Median Sales Prices was $243,000, up 3.0 percent from March 2018 and up 7.5 percent from April 2017. The number of homes for sale in April 2018 was up 3.4 percent from March 2018, and down 11.3 percent from April 2017. Based on the rate of home sales in April, the Months Supply of Inventory remained at 2.5 from March 2018, and decreased compared to April 2017 at 2.8. A 6.0-months supply historically indicates a market that’s balanced equally between buyers and sellers. In April 2018, all 53 metro areas surveyed reported a months supply at or less than 6.0, which is typically considered a seller’s market. Please click here to download a copy of the most recent RE/MAX National Housing Report.

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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RE/MAX October National Housing Report

by The Russo Team

RE/MAX October National Housing Report

September became the fifth month this year to post a decline in home sales compared to a record-setting 2016, while marking the 71st consecutive month of rising sale prices year-over-year, according to the October RE/MAX National Housing Report. Joining August, July, April and February, September home sales dropped 4.2 percent year-over-year in the report’s monthly analysis of housing data in 54 metro areas. Going in the opposite direction, the Median Sales Price increased to $225,000. Though the lowest price since March, it was 2.3 percent higher than September 2016. The last month when home prices did not increase year-over-year was October 2011.

Three-quarters of the way through 2017, other notable numbers from the RE/MAX National Housing Report include:

  • In the wake of Hurricane Irma in early September, Miami saw home sales drop 35.2 percent year-over-year. Houston, meanwhile, posted a 3.2 percent gain despite the impact of Hurricane Harvey in late August.
  • Days on Market declined by one week, from 56 in September 2016 to 49.
  • At 3.6, the Months Supply of Inventory was the lowest of any September in the report’s 9-year history. Twenty-three markets are at 3 months or less.
  • Mirroring this, inventory dropped 14.1 percent year-over-year, with 46 metro areas seeing fewer homes for sale. Year-over-year, inventory has declined every month since November 2008.

Of the 54 metro areas surveyed in September 2017, the overall average number of home sales decreased 14.9 percent compared to August 2017 and decreased 4.2 percent compared to September 2016. Download your copy of the October 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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August 2017 RE/MAX National Housing Report

by The Russo Team

August 2017 RE/MAX National Housing Report

While July home sales decreased slightly, homes sold at a faster rate than any month in nearly a decade, according to the August RE/MAX National Housing Report that analyzes housing data in fifty-four metro areas. July home sales declined 0.8 percent year-over-year, and the Median Sales Price of $239,950 – while slightly lower than June’s – was 7.4 percent higher year-over-year. Homes sold quickly in July, with an average forty-five Days on Market, a record low for the report.

Other notable numbers from this month’s RE/MAX National Housing Report include:

  • Sales increased in nineteen metro areas even as home sales declined 0.8 percent compared to July 2016.
  • The Median Sales Price of $239,950 was the highest for any July in the nine-year history of the report.
  • Inventory dropped 14.1 percent year-over-year, with forty-six metro areas seeing fewer homes for sale or remaining unchanged. Year-over-year, inventory has declined every month since November 2008.
  • Months Supply of Inventory hovered at 3.1 months, a new July low in the report. 

“After a jump in home sales in May and June, it’s not unusual to see a dip in sales in July,” said Adam Contos, RE/MAX Co-CEO. “This summertime slowdown is a national trend that we sometimes see this time of year, even though this month’s decrease was razor thin. Low inventory continues to constrain the market. Successful buyers will have to be prepped and ready to act fast to purchase listings that, on average, are selling in record time.”

Click here to download a copy of the August 2017 RE/MAX National Housing Report. 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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June 2017 RE/MAX National Housing Report

by The Russo Team

June 2017 RE/MAX National Housing Report

After a brief dip in April home sales, the U.S. housing market returned to seasonally high sales in May, increasing 20.6% from the previous month and 4.3 percent from May 2016, according to the RE/MAX National Housing Report. In fact, it was the strongest May in terms of home sales in the nine-year history of the report. In addition, the average number of Days on Market dropped to a record low of fifty-one, consistent with the Months Supply of Inventory shrinking to 2.6 months – both records for the report.

Other notable numbers:

  • Over two-thirds of the metro areas experienced an increase in transactions.
  • The May 2017 Median Sales Price of $232,500 was the second highest in the history of the report, only behind the August 2008 Media Sales Price of $236,062.
  • Decreasing 16.2 percent from May 2016, inventory continued to decline year-over-year. This is the 103rd consecutive month of year-over-year declines dating back to October 2008.
  • The U.S. continues to enjoy rising home values as fifty-two of the fifty-three metro areas experienced a price increase.

“In May, we saw an uptick of both loan applications and home sales, which is encouraging in terms of more people getting into the market for homes,” said Adam Contos, RE/MAX Co-CEO. “We don’t expect that the Federal Reserve’s announcement on Wednesday to raise interest rates a quarter of a point will greatly affect the market’s momentum. But housing demand only intensifies the tug-of-war with tight inventories driving prices up.”

Download a copy of the June 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
The Russo Team
RE/MAX Professionals

www.RussoTeam.com
602-864-1200

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April 2017 RE/MAX National Housing Report

by The Russo Team

April 2017 RE/MAX National Housing Report

March launched the home-buying season with post-recession records for increasing home sales and prices and decreasing inventory, according to this month’s RE/MAX National Housing Report that surveys fifty-three metro areas. Last month, home sales were 6.6 percent higher than the nine-year-old report’s previous March record, set in 2016. Thirty-eight of the fifty-three metro areas in the report showed year-over-year increases.

Meanwhile, Months Supply of Inventory dropped below three months for the first time in the history of the report, indicating a market that greatly favors sellers, as six months is considered a balanced market. Active inventory continued to decline, dropping 17 percent year-over-year. As a result, the Median Sales Price of $225,000—also a March record—was up eleven percent year-over-year. This was the twelth consecutive month of year-over-year price increases.

“We expect a seasonal uptick in sales this time of year and March certainly met and somewhat exceeded that expectation,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “We don’t anticipate the tightening inventory to ease up in most markets until new home construction can catch up to its pre-recession pace. Until then, sellers will enjoy a fast-paced market and buyers will need to work with their agents to get in the right home.”

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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February 2017 RE/MAX National Housing Report

by The Russo Team

February 2017 RE/MAX National Housing Report

Home sales in January set a record pace according to the February 2017 RE/MAX National Housing Report. With the tug-of-war between rising home sales and shrinking inventory intensifying, last month topped all other Januarys in the report’s nine-year history with the most sales, highest sales price and fewest days on market.

Over two-thirds of the fifty-three metro areas experienced an increase in sales year-over-year, with twelve experiencing double-digit increases. Based on the rate of home sales in January, the Months Supply of Inventory was 3.8, compared to December 2016 at 4.2 and January 2016 at 4.6. A 6.0-month supply indicates a market balanced equally between buyers and sellers.

In the 53 metro areas surveyed, total sales were up 4.5 percent over January 2016, which was previously the January with the most sales. The Median Sales Price of $208,500 was up 4.3 percent and marked the tenth consecutive month of year-over-year price increases. The new January low of sixty-six Days on Market underscores the fact that inventory has declined year-over-year for ninety-nine consecutive months dating back to October 2008.

“January may have set the tone for the coming home-buying season with homes selling faster and at higher prices. Home-buyer demand is strong, and not enough sellers are listing to keep up with the demand, despite rising prices. At any rate, the beginning of 2017 continued the strong pace of 2016.” - Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.

Over two-thirds of the fifty-three metro areas experienced an increase in sales year-over-year, with twelve experiencing double-digit increases. Based on the rate of home sales in January, the Months Supply of Inventory was 3.8, compared to December 2016 at 4.2 and January 2016 at 4.6. A 6.0-month supply indicates a market balanced equally between buyers and sellers.

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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3 Space Saving Hacks for Any Home

by The Russo Team

3 Space Saving Hacks for Any Home

If you’re like most homeowners, you want to make the most of the space in your home. But after years of accumulating furniture, knick knacks, and clutter it’s no wonder so many homes feel unorganized, cramped, and cluttered. Try these 3 space saving hacks for any home, and you’ll find the extra space and sanity you’ve been looking for in your home.

1.) Think small: That grandiose china cabinet. Your massive California King bed. The dining room table that seats twelve even though only four people live at home. Don’t be afraid to scale back and incorporate smaller furniture pieces so you can to open up your rooms and get your space back.

2.) Built-in Storage: These days, it’s easy to find stylish furniture and accessories with built-in storage that saves you space. Think comfy ottomans with storage inside, coffee tables with niches for magazines and coasters, and dining room tables with built-in drawers.  Even books with hollow cores are making a comeback on shelves serving as stylish organizers for odds and ends that don’t have a place.

3.) Bedroom boosters: The bedroom is one of the top places where homeowners complain about not having enough space. But thinking outside the box and adding dual purpose pieces will give you even more space. The space under your bed can make the perfect little nook for plastic storage containers for out of season clothes or shoes. Creating a headboard out of shallow shelves is a modern look that buys you extra space.

Which of these 3 space saving hacks for any home can best benefit your home? If you’re looking for more space saving tips for your home or ready to buy or sell your Phoenix home, please contact the Russo team today!

Frank Russo

Russo Team

RE/MAX Professionals

www.RussoTeam.com

602-864-1200

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July 2013 National Housing Report from RE/MAX

by The Russo Team

July 2013 National Housing Report from RE/MAX

June marks the seventeenth month in a row that both home sales and prices have been higher than the same month last year. The median price of homes sold in June was $193,750, which is 12.6% higher than the median price last June. The RE/MAX Housing Report, a survey of MLS data in 52 metropolitan areas, also found that home sales in June were 4.1% greater than sales in June 2012.

“Summer sales are traditionally the strongest of the year, but this year we’re seeing sales at a double-digit pace above last summer. Even after the recession, interest in homeownership remains quite high. Low mortgage rates and attractive home prices are still creating opportunities with the best home affordability the market has seen in years.” Margaret Kelly, CEO of RE/MAX, LLC.

At the current sales rate, it will only take 3.9 months to clear the entire inventory of homes on the market – these conditions make it very favorable for sellers. In the first quarter, over 800,000 homeowners regained positive equity. If you are considering a move, but have a home to sell, now is a good time to look at your property values.

To read the July 2013 National Housing Report from RE/MAX, click here. If you or someone you know is considering a home purchase or sale, please call the Russo Team today.

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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