February 2016 National Housing Report

We’re halfway through the month of love and the real estate market is right on track for seasonal trends according to the January data on the February 2016 National Housing Report. January home sales were 6.3 percent higher than those from one year ago with anticipated seasonal trends resulting in 31.7 percent fewer sales in January than December. Over the last twelve months, the average year-over-year increase in sales has been 5.6 percent and only two months, November and October, did not rise above year-ago sales.

The Median price of all homes sold in January was $200,714, or 6.7 percent higher than January 2015. The inventory of homes for sale remains very tight in many metros across the country, at a level that is 14.7 percent lower than one year ago. At the rate of home sales in January, the national Month’s Supply of inventory was 4.6, down from 5.2 one year ago.

“While home sales in the month of January are usually a little slow, it’s nice to start the year with stronger sales than we saw last January. Mortgage interest rates remain about the same as one year ago and very close to historic lows. More reasonable price appreciation is giving current homeowners improved equity, while not significantly impacting affordability for buyers,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.

The average Days on Market for all homes sold in January was seventy-one, up four days from the average in December. January becomes the 34th consecutive month with a Days on Market average of eighty or less. For a copy of this month’s national housing report infographic, visit http://rem.ax/216Glx3 or click here to download your copy of the RE/MAX February 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

Russo Team

RE/MAX Professionals

www.RussoTeam.com

602-864-1200

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