Real estate market marching into spring with increased home sales

The real estate market is marching into spring with increased home sales according to the March RE/MAX National Housing Report. February sales saw a jump from both January and last February. Over the last twelve months, the average year-over-year increase in home sales has been 5.8 percent. The Median Sales Price of all homes sold in February was $198,000 or 5.9 percent higher than the price this time last year.

“So far in 2016, January and February have both seen home sales at a pace higher than one year ago, and last year was one of the best our industry has seen in quite some time. Consumers are benefiting from price increases that have been moderating, but many will still be dealing with an inventory lower than we’d like to see. Serious homebuyers who choose to work with an experienced agent will have a much easier time navigating this market,” - Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.

The inventory of homes for sale remains very tight in many markets across the country, with February seeing a level that is 13.3 percent lower than a year ago. At the rate of home sales in February, the national Month’s Supply of inventory was 4.0, down from 4.7 in February 2015. “A lack of inventory continues to affect home values, as eager buyers compete for a small selection of homes,” adds Bob Walters, Quicken Loans, Chief Economist. “We’re seeing the benefits of this virtuous cycle in rising home prices, which are also being greatly aided by historically low mortgage rates.”

Although price increases have been moderating over the last few months, low inventory supply continues to be the most significant factor pressuring prices. Among the fifty-three metro areas surveyed in February, forty-five reported higher prices than last year. Also the average Days on Market for all homes sold in February was seventy-six, up five days from the average in January. Click here to download a copy of the RE/MAX March 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

The Russo Team

RE/MAX Professionals


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