May 2018 RE/MAX National Housing Report

Have you heard? Homes sold faster in May than at virtually any other time in the past decade, according to the latest RE/MAX National Housing Report. Low inventory and high demand in May cut Days on Market to 46, the second-lowest monthly number in the nearly 10-year history of the report.

May home sales topped April sales by 14.5 percent, and were down by 2.8 percent from May 2017. The median sales price of $251,673 was up 7.8%. To access the housing report infographic, visit: https://rem.ax/2phKHWT.  By comparison, homes averaged five more days on the market (51) in May 2017, 12 more days (58) in May 2016 and 18 more days (64) in 2015.

“Even with low inventory and the Federal Reserve raising interest rates, homes are going from ‘for sale’ to sold 28 percent faster than three years ago,” said RE/MAX CEO Adam Contos.

With eleven metro areas increasing the median sales price year-over-year by double digits, May is still a seller’s market, and homebuyers should expect to compete with other buyers when they are ready to make an offer on a home.

“Be prepared — that’s my message to potential homebuyers in this summer selling season,” added Contos. “Make sure you are pre-approved with a lender, try to make a clean offer with no contingencies and, if possible, consider offering favorable concessions to the seller such as a flexible closing date. Pairing today’s real estate technology with the guidance of a professional RE/MAX agent, can help you find the right home.”

 The average Days on Market for homes sold in May 2018 was 46, down six days from the average in April 2018, and down five days from the May 2017 average. The number of homes for sale in May 2018 was up 4 percent from April 2018, and down 9.5 percent from May 2017.

Based on the rate of home sales in May, the Months Supply of Inventory remained unchanged from April 2018 at 2.5, and slightly decreased compared to 2.6 in May 2017. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In May 2018, all 54 metro areas surveyed reported a months supply at or less than 6.0, which is typically considered a seller’s market. For more information or to download a copy of the  May 2018 National Housing Report click here.

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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