RE/MAX National Housing Report reflects moderating prices

Happy New Year! Wondering how the real estate market has been fairing over the winter? The most recent RE/MAX National Housing Report reflects moderating prices. The inventory of homes for sale remains a challenge in many metros across the country, at a level that averages 13.3 percent below November 2014. While prices remain higher than those in 2014, for the last three months the increases in home sales have been shrinking.

 “Moderating prices help keep homeownership more affordable as we approach the end of a year that saw prices reach pre-recession levels in many markets. Even with anticipated rate hikes, mortgage rates are near historic lows, which also helps home affordability. Many home buyers find better availability and affordability in the winter months, before the traditional spring buying season starts,” -Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder

At the rate of home sales in November, the national Month’s Supply of inventory was 5.0, down from 5.6 in November 2014. November’s median price of $200,950 was 4.1 percent above the median price seen this time last year. Click here to download a copy of the December RE/MAX National Housing Report.

If you’re ready to buy a Phoenix home or sell your Arizona home in 2016, 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

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