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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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The Russo Team Newsletter July 2018

by The Russo Team

The Russo Team Newsletter July 2018

Please enjoy The Russo Team Newsletter for July 2018.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See the full newsletter here: https://mailchi.mp/42115616a014/the-russo-team-july-2018-newsletter

Frank Russo

Russo Team

RE/MAX Professionals

www.RussoTeam.com

602-864-1200

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The Russo Team February 2018 Newsletter

by The Russo Team

Please enjoy The Russo Team Newsletter for February 2018.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Download a full copy of The Russo Team newsletter here:  http://www.russoteam.com/agent_files/180118_RussoNewsletter_FEB18_4UP_v1.pdf

 

Frank Russo

Russo Team

RE/MAX Professionals

www.RussoTeam.com

602-864-1200

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September 2017 RE/MAX National Housing Report

by The Russo Team

September 2017 RE/MAX National Housing Report

The September 2017 RE/MAX National Housing Report shows August sales topping July by 2.8 percent, but finishing 0.84 percent below August 2016 which remains the best August in the report’s nine year history. Houston, where Hurricane Harvey made landfall on August 25, already experienced a 21.3 percent drop in sales from July and a 27.5 percent decline year-over-year.

U.S. home sales in August extended a summer of strong demand and weak inventory that once again resulted in listings with short shelf lives. In addition to the normal late summer real estate trends, a primary focus during the next month will be on housing in specific markets affected by natural disasters like devastating wildfires and hurricanes Harvey and Irma.

Inventory in the report’s fifty-four markets declined 3.9 percent from July and 13.7 percent from a year ago, driving Days on Market to drop to forty-seven – the fastest listing-to-sale average for any August. The Months Supply of Inventory, while continuing to rebound from a May low of 2.6, settled at 3.1 months and set another report record for August.

“Overall, we’re still seeing home prices rise year-over-year at just above historical averages -- even with slightly declining nationwide prices in August, which is an expected annual pattern,” said Adam Contos, RE/MAX Co-CEO. “The data shows that home hunters continue to experience very limited inventory and increased competition, and home sellers are benefiting from quick sales for top dollar.”

After hitting $239,950 in July, the median sales price dipped to $236,475 in August but still finished 5.4 percent higher year-over-year. Download your copy of the September 2017 RE/MAX National Housing Report here. 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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July 2017 RE/MAX National Housing Report

by The Russo Team

July 2017 RE/MAX National Housing Report

Halfway through 2017, the U.S. housing market is on pace for another record year as four of the last six months have topped same month sales from 2016, according to the July 2017 RE/MAX National Housing Report. June home sales were 1.4 percent higher than June 2016, which was previously the month with the most home sales in the nine-year history of the report.

The combination of increased sales and a record low inventory that slipped further to 2.8 months resulted in higher sales prices. June’s median sales price of $245,000, up 7.5 percent over last June, also set a RE/MAX National Housing report record. In fact, prices increased in fifty of the report’s fifty-three markets. The average number of Days on Market dropped to a report-record low of forty-seven, while inventory dropped year-over-year in eighty-seven percent of the markets. The June 2017 average Days on Market was 47, the lowest Days on Market in the history of the report.

“Sellers continue to benefit from limited inventory, getting top-dollar for their homes, and as a result, overall sales are at a record high,” said Adam Contos, RE/MAX Co-CEO. “But buyers shouldn’t be discouraged. Mortgage rates are still relatively low and the market may be taking a positive turn, albeit subtle, as recent Labor Department data showed a decline in open construction jobs which could mean more workers focused on new home builds.”

Download a copy of the July 2017 RE/MAX National Housing Report here.

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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Real estate market marching into spring with increased home sales

by The Russo Team

Real estate market marching into spring with increased home sales

The real estate market is marching into spring with increased home sales according to the March RE/MAX National Housing Report. February sales saw a jump from both January and last February. Over the last twelve months, the average year-over-year increase in home sales has been 5.8 percent. The Median Sales Price of all homes sold in February was $198,000 or 5.9 percent higher than the price this time last year.

“So far in 2016, January and February have both seen home sales at a pace higher than one year ago, and last year was one of the best our industry has seen in quite some time. Consumers are benefiting from price increases that have been moderating, but many will still be dealing with an inventory lower than we’d like to see. Serious homebuyers who choose to work with an experienced agent will have a much easier time navigating this market,” - Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.

The inventory of homes for sale remains very tight in many markets across the country, with February seeing a level that is 13.3 percent lower than a year ago. At the rate of home sales in February, the national Month’s Supply of inventory was 4.0, down from 4.7 in February 2015. “A lack of inventory continues to affect home values, as eager buyers compete for a small selection of homes,” adds Bob Walters, Quicken Loans, Chief Economist. “We’re seeing the benefits of this virtuous cycle in rising home prices, which are also being greatly aided by historically low mortgage rates.”

Although price increases have been moderating over the last few months, low inventory supply continues to be the most significant factor pressuring prices. Among the fifty-three metro areas surveyed in February, forty-five reported higher prices than last year. Also the average Days on Market for all homes sold in February was seventy-six, up five days from the average in January. Click here to download a copy of the RE/MAX March 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

Frank Russo

The Russo Team

RE/MAX Professionals

www.RussoTeam.com

602-864-1200

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RE/MAX National Housing Report reflects moderating prices

by The Russo Team

RE/MAX National Housing Report reflects moderating prices

Happy New Year! Wondering how the real estate market has been fairing over the winter? The most recent RE/MAX National Housing Report reflects moderating prices. The inventory of homes for sale remains a challenge in many metros across the country, at a level that averages 13.3 percent below November 2014. While prices remain higher than those in 2014, for the last three months the increases in home sales have been shrinking.

 “Moderating prices help keep homeownership more affordable as we approach the end of a year that saw prices reach pre-recession levels in many markets. Even with anticipated rate hikes, mortgage rates are near historic lows, which also helps home affordability. Many home buyers find better availability and affordability in the winter months, before the traditional spring buying season starts,” -Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder

At the rate of home sales in November, the national Month’s Supply of inventory was 5.0, down from 5.6 in November 2014. November’s median price of $200,950 was 4.1 percent above the median price seen this time last year. Click here to download a copy of the December RE/MAX National Housing Report.

If you’re ready to buy a Phoenix home or sell your Arizona home in 2016, 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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September 2015 Real Estate Market Update

by The Russo Team

Check out our video above for your September 2015 real estate market update summary! Active listings are down 25% compared to this time last year. The median sale price is just under $240,000. The days on the market continue to decrease - and are down 17% compared to this time last year. Don't hesitate to call The Russo Team with any questions!

July 2015 Market Update

by The Russo Team

What's going on in the greater Phoenix real estate market? Check out our video with July 2015 statistics below!

Some important points:

 

  • Inventory is down almost 30% compared to July 2014
  • The number of days on the market continues to decrease
  • Prices are continuing to rise

 


April National Housing Report

by The Russo Team

April National Housing Report

According to the April National Housing Report , homes sales are beginning to bloom. March home sales rose a significant 33.9 percent over sales in February. The total number of home sales in March was the largest total of any previous March. When compared with sales last March, the increase was 9.9 percent.  This marks the third largest single month increase since the RE/MAX National Housing Report began in August 2008.

“The prime selling season this year is starting with a bang. After a harsh winter, it appears many consumers are eager to get out and shop for a new home, despite lingering inventory issues and rising prices. The many positive stories we’re hearing from our agents across the country are reflected in these very impressive March numbers.”

-Dave Liniger, RE/MAX, LLC CEO, Chairman and Co-Founder

Nearly every metro experienced double-digit month-over-month sales increases with the exception of Baltimore, which saw an 8.4 percent monthly increase. The Median Sales Price of $204,000 in March was also higher than last year by 8.5 percent.  With a higher rate of sales, the resulting Months Supply of inventory fell further to 3.7 on a scale where 6.0 months indicates a market balanced equally between buyers and sellers.

In March, forty-three of the fifty-three metro areas surveyed reported higher sales on a year-over-year basis, and thirty-one of those saw increases in double-digits. Click here to download your copy of the April National Housing Report.

If you’re looking to sell your Arizona home or to purchase an Arizona home this year, please 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

www.RussoTeam.com
602-864-1200

Search the MLS Now!

Join us on Facebook and Twitter

Displaying blog entries 1-10 of 13

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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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