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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