June National Housing Report shows Sales Rising with the Temperature

The heat isn’t the only thing rising in Arizona this summer. According to RE/MAX, the June National Housing report shows sales rising with the temperature during the hot summer month. Home sales in May were greater than in any other May since the RE/MAX National Housing Report began in 2008. This spring has now experienced a four-month trend in which sales were higher than both the previous month and the same month in the previous year.

Completed transactions in May were 8.9 percent higher than in April and 3.5 percent higher than in May 2014. The Median Sales Price of a home sold in May was $212,910, which was 7.8 percent above the price seen in May 2014. The inventory of homes for sale also continued a positive trend, with a 0.4 percent increase from April’s inventory. With a growing rate of home sales, the resulting Months Supply of Inventory in May was 3.6 on a scale where 6.0 months indicates a market balanced equally between buyers and sellers.

“Many positive factors are contributing to a strong housing market this year. Job growth and wages are slowly improving, while rents are increasing rapidly and mortgages are becoming much more accessible. When these factors are coupled with continuing low interest rates, the result is a growing number of consumers with the confidence to buy or sell a home.”

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

 

Click here to download your copy of the June 2015 RE/MAX National Housing Report.

Looking to buy an Arizona home 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

www.RussoTeam.com
602-864-1200

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