August National Housing Report from RE/MAX 

Do you know what your home is worth? According to the August National Housing Report from RE/MAX we have seen inventory tighten, while property values level off.  In the RE/MAX National Housing Report analysis of 53 U.S. cities, July sales fell in 49 markets by 8.8% from July 2015 and by 13.1% from June. The Median Sales Price dropped slightly from June to $225,000, which is still 4.7% higher than one year ago.

At the same time, inventory continued to tighten by dropping 3.0% lower than June and 16.6% lower than a year ago, resulting in a Months Supply of just 3.5. Five metro areas reported an inventory supply of less than two months. Meanwhile, the average Days on Market dropped to 53 which is just one day less than the average in June and four days below last year.

“After a June jump in home sales, it's quite common to see July sales make a correction. This is a summertime pattern that we often see on a national level. Of course, one month doesn't make a trend and we still have a couple more months ahead in the traditional home-buying season. At the same time, it's important to note that, on a year-over-year basis, prices are rising at a moderate rate that's very much in line with historical averages," said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. 

To read the full August National Housing Report from RE/MAX click here. Are you considering a move? To find out what your Arizona home values are, email the Russo Team today. Frank

Frank Russo
The Russo Team
RE/MAX Professionals

www.RussoTeam.com
602-864-1200

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