RE/MAX National Housing Report November 2018

RE/MAX National Housing Report November 2018

Years of shrinking inventory gave way in November to a second consecutive month of year-over-year growth in the number of homes for sale, according to the RE/MAX National Housing Report. The apparent reason: Home sales declined for the fourth consecutive month when compared to the same months in 2017. Even so, home prices remained strong.

Across the 53 metro areas surveyed, inventory rose 3.0 percent – the highest monthly year-over-year gain in the 10-year history of the report, following October’s 1.0 percent increase that ended a streak of 119 months of year-over-year declines dating back to November 2008. The Months Supply of Inventory rose to 3.9, the highest for any month since 4.2 in December 2016.

November home sales, meanwhile, declined 6.9 percent, which was the second-largest year-over-year decline of 2018 and the biggest year-over-year sales decline for November in five years. This year only April and July sales exceeded 2017 totals for the corresponding months.

“The road to market normalization can be bumpy,” said RE/MAX CEO Adam Contos. “It’s good to see the small uptick in inventory, and the drop in November sales isn’t too surprising – given the recent trends, the mid-term elections, and the earlier-than-usual Thanksgiving holiday. As we near year-end, three main themes appear clear – buyers are grappling with affordability issues and tight inventory; sellers are unsure how to react to the cooling market; and homes priced properly are still selling rather quickly. All three underscore the fact that the guidance of a professional agent is even more critical in times like these.”

November’s Median Sales Price of $235,000 was 4.0 percent higher than November 2017 and was the highest November price in the report’s history. It marked the 32nd consecutive month of year over-year price increases. Comparing the first 11 months of 2018 to 2017, home prices are up 6.0 percent. Even with declining sales, homes sold at record speed for November. Homes spent an average of 51 Days on Market, compared to the previous November low of 54 days set last year.

Click here to download your copy of the RE/MAX National Housing Report for November 2018. If you would like to sell your Phoenix home or find the perfect home for sale in Phoenix, please contact the The Voss Team. We will be happy to provide a free market analysis of your home and are committed to helping you reach your real estate goals on step at a time!

Roberta Voss

The Voss Team

RE/MAX Professionals

20241 N 67th Ave A1

Glendale, AZ 85308

(602)-697-0730

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RE/MAX National Housing Report for August 2018

RE/MAX National Housing Report for August 2018

The RE/MAX National Housing Report for August 2018 shows increasing home prices, low inventory and a reduction in days on market. These combined factors made August 2018 the sixth time this year that home sales lagged behind last year’s pace—but only slightly at -1.1 percent. To access the housing report infographic, visit: https://rem.ax/2phKHWT.

Home prices rose by 3.7 percent over August 2017, much lower than the year-over-year price increase of 5.4 percent from August 2016 to August 2017. In fact, the past three months of 2018 have trailed 2017’s rate of price growth year-over-year—compare that to four of the first five months of 2018 when year-over-year price increases easily topped those posted in 2017.

The Median Sales Price of $248,500 marked the twenty-ninth consecutive month of year-over-year price increases.

Even though active inventory dropped for the 118th consecutive month, the decline of 5.4 percent from August 2017 marked the smallest year-over-year decrease since August 2014. In addition, the August 2018 inventory drop marked the fourth consecutive month in 2018 to post single-digit percent declines, rather than the double-digit monthly drops consistently seen in early 2018 and over the previous three years.

“It varies by market, but we’re hearing that buyers are being more selective and sellers are becoming more pragmatic,” said RE/MAX CEO Adam Contos. “That dynamic could bring inventory levels up, especially in the most overheated markets, where we expect to see the clearest signs of equilibrium returning. The economy is strong and potential buyers are out there—they just need more listings, at the right price points, to consider. We believe that balance will return, which will be good for everyone in the long run. It’s just a matter of when.”

Contos added that although the lack of inventory continues to be a challenge, the trends suggest that the market finally appears to be rebalancing.

“The moderation we are experiencing seems to be a bit more than the normal seasonal lull we’d expect this time of year,” said Contos.

Want to know more? Click here to download your copy of the August 2018 RE/MAX National Housing Report. If you would like to sell your Arizona home or find the perfect home for sale in Phoenix, please contact The Voss Team. We will be happy to provide a free market analysis of your home and are committed to helping you reach your real estate goals on step at a time!

Roberta Voss

The Voss Team

(602)-697-0730

7111 West Bell Road Ste 101

Glendale, Arizona 85308

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Sales Increase Despite Record Prices and Sinking Inventory

Sales Increase Despite Record Prices and Sinking Inventory

July home sales rose 1.8 percent year-over-year, making it the second month of 2018 to post a sales increase year-over-year, according to the RE/MAX National Housing Report. To access the housing report infographic, visit: https://rem.ax/2phKHWT.

In the July 2018 report, 37 of the report’s 54 metro areas posted sales increases over July 2017—April was the first month of 2018 where more homes were sold than the same month in 2017. The report also marks the 28th consecutive month of year-over-year price increases.

The Median Sales Price of $250,575 was up 4.4 percent from July 2017, and represents the third-highest price in report history—topped only by May and June of this year. Months Supply of Inventory was at 2.9 – the smallest total ever recorded for July.

Forty-two of the 54 metro areas reported a year-over-year drop in inventory. The Days on Market dropped to 41 – four days less than July 2017 and one day under the previous nine-year low set in June 2018.

“Because we’ve faced challenging inventories and increasing home prices for some time now, a seasonal slowdown that rebalances the market a bit might actually be a positive in the months ahead,” said RE/MAX CEO Adam Contos. “It could level affordability to some extent and create more opportunity for buyers who’ve been priced out of hot markets.”

The average Days on Market for homes sold in July 2018 was 41, down one day from the average in June 2018, and down 4 days from the July 2017 average. The number of homes for sale in July 2018 was down 0.3 percent from June 2018, and down 7.8 percent from July 2017. Based on the rate of home sales in July, the Months Supply of Inventory increased to 2.9 from 2.7 in June 2018, and decreased from 3.1 in July 2017. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In July 2018, all but one of 54 metro areas surveyed reported a months supply at or less than 6.0, which is typically considered a seller’s market.

Want to know more? Click here to download your copy of the July 2018 RE/MAX National Housing Report. If you are looking to sell your Phoenix home or are ready to buy a home in Phoenix and the surrounding areas, please contact The Voss Team today.

Roberta Voss

The Voss Team

(602)-697-0730

7111 West Bell Road Ste 101

Glendale, Arizona 85308

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Spring 2018 RE/MAX National Housing Report Reflects Home Sales Increase

Spring 2018 RE/MAX National Housing Report Reflects Home Sales Increase  

REMAX National Housing ReportHome sales increased 2.3 percent year-over-year in April 2018 in the face of record low inventory and the second-highest median sales price in the nine-year history of the RE/MAX National Housing Report. The $243,000 Median Sales Price was a record for April and was second only in report history to $245,000 in June 2017. In each of the last five years, June has produced the year’s highest Median Sales Price, with July or August posting the second-highest monthly price each year.

Thirty-eight of the fifty-three markets in the report posted more sales than in April 2017, while the 2.5 months supply of inventory tied March as the lowest ever, in the history of the report. The average Days on Market in April was fifty-two — that’s five days less than April 2017 and a RE/MAX National Housing Report record for the month.

“If 2018 is like recent years, we’re only two months away from home prices peaking — we’re already seeing some impressive prices moving up in markets throughout the U.S.,” said RE/MAX CEO Adam Contos. “As we head into summer, we’ll watch several housing markers like home starts, mortgage applications and sales price to gauge the effect they’ll have on inventory across the country — the good news is that the rate of sales helps accommodate a shrinking inventory and buyers can still find opportunities.”

In April 2018, the median of all 53 metro Median Sales Prices was $243,000, up 3.0 percent from March 2018 and up 7.5 percent from April 2017. The average Days on Market for homes sold in April 2018 was 52, down eight days from the average in March 2018, and down five days from the April 2017 average. The number of homes for sale in April 2018 was up 3.4 percent from March 2018, and down 11.3 percent from April 2017.

Based on the rate of home sales in April, the Months Supply of Inventory remained at 2.5 from March 2018, and decreased compared to April 2017 at 2.8. A 6.0-months supply historically indicates a market that’s balanced equally between buyers and sellers. In April 2018, all 53 metro areas surveyed reported a months supply at or less than 6.0, which is typically considered a seller’s market. Please click here to download a copy of the most recent RE/MAX National Housing Report or visit https://rem.ax/2phKHWT  to access the housing report infographic.

Looking to sell your house in Phoenix or buy a home in Phoenix? Contact The Voss Team today and receive a complimentary analysis of your home’s approximate present value on the market today!

Roberta Voss

The Voss Team

(602)-697-0730

7111 West Bell Road Ste 101

Glendale, Arizona 85308

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March 2018 RE/MAX National Housing Report

March 2018 RE/MAX National Housing Report

March 2018 REMAX National Housing ReportOne word sums up February home sales across the country – inventory. The lack of homes for sale continues to be the key factor as February marks the third consecutive month of year-over-year declines in home sales, coupled with quick sales and record prices.

According to the March RE/MAX National Housing Report, home sales dropped 0.2 percent from February 2017, while the Days on Market average of sixty-two days was the lowest of any February in the report’s nine-year history.

“We shared our outlook of the real estate market in the new year and it seems that even two months into 2018 we’re already seeing records break,” said RE/MAX CEO Adam Contos. “The February 2018 median sales price of $228,700 marks the 22nd consecutive month of year-over-year price increases.”

The Months Supply of Inventory was 3.1 – also a RE/MAX National Housing Report February record – and underscored an average decline in inventory of 13.7 percent among the fifty-two markets reporting.

“While the hot markets like Denver and San Francisco continue to see low supplies of inventory, we’re also watching more homebuyers migrate into unexpected markets,” added Contos. “In one year, Billings, Montana, saw a 59 percent increase in home sales, along with Boise, Idaho, with a 25 percent increase in sales.”

To access the March National Housing Report infographic, visit: https://rem.ax/2phKHWT.Looking to sell your Phoenix home or buy a home in Phoenix? Contact The Voss 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!

Roberta Voss

The Voss Team

(602)-697-0730

7111 West Bell Road Ste 101

Glendale, Arizona 85308

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Speed of Winter Home Sales Felt More Like Spring Selling Season

Speed of  Winter Home Sales Felt More Like Spring Selling Season

Speed of January Sales Felt More Like Spring Selling SeasonDespite home sales being down 2.8 percent year-over-year, the February RE/MAX National Housing Report shows homes sold in a mere sixty days last month, marking the fewest Days on Market of any January in the nine-year history of the report. The record speed of January home sales may signal that buyers aren’t waiting around for the typical spring selling season to begin.

Days on Market typically decline each month leading into the heart of the spring and summer buying season in July and start increasing monthly as fall progresses into winter. The number of homes for sale in January 2018 was down 4.8 percent from December 2017, and down 14.8 percent from January 2017. Based on the rate of home sales in December, the Months Supply of Inventory decreased to 3.4 from December 2017 at 3.7, as well as decreased compared to January 2017 at 3.8.

A 6.0-months supply indicates a market balanced equally between buyers and sellers. In January 2018, 49 of the 53 metro areas surveyed reported a months supply at or less than 6.0, which is typically considered a seller’s market. The Median Sales Price of $224,000 also set a January record — up 6.7 percent year-over-year. Out of fifty-three markets, fifty-one posted gains, marking January as the 22nd consecutive month of year-over-year price increases dating back to April 2016.

“We recently saw the groundhog predict six more weeks of winter, but January housing numbers are telling a different story,” said RE/MAX CEO Adam Contos. “It looks like the spring selling season may have arrived early because home buyers are not slowing down. The speed of this market is on pace with what we saw in the prime of the 2017 selling season.”

Want to know more about real estate market trends? Click here to download a copy of the February 2018 RE/MAX National Housing Report. If you are looking to sell your Phoenix home or are ready to buy a Phoenix home, please contact The Voss Team today. The Voss Team has the reputation, experience and local knowledge you need to find the right property, or successfully sell a property for top-dollar. Please feel free to browse our website or let us guide you every step of the way, by calling or e-mailing to set up an appointment today!

Roberta Voss

The Voss Team

(602)-697-0730

7111 West Bell Road Ste 101

Glendale, Arizona 85308

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Sales Up Despite Years of Rising Prices, Falling Inventory

Sales Up Despite Years of Rising Prices, Falling Inventory

December National Housing Report 2017November became the sixth month of 2017 to post an increase in year-over-year home sales, bucking prolonged trends of home price increases and inventory declines, according to the December RE/MAX National Housing Report.

The sales increase of 1.1 percent came on the strength of increased transaction closings in thirty-six of the report’s fifty-four markets. At the same time, buyers felt increasing headwinds as the Median Sales Price rose to $227,500 and marked the 20th consecutive month of year-over-year home price increases. In fact, the Median Sales Price has increased year-over-year in sixty-nine of the last seventy months dating back to February 2012.

“The end of the year is typically a slower selling season with low inventory, but our numbers are telling a different story,” said Adam Contos, RE/MAX Co-CEO. “We don’t see any sign of home buyers slowing down their house hunting. In fact, many are taking advantage of lower competition for available homes in the ‘slow season.’”

November’s inventory decline of 14.5 percent extended the streak of consecutive months of fewer homes on the market to 108. The current streak started nine years ago, in November 2008, shortly after the RE/MAX National Housing Report was introduced. Setting new report lows for November were Days on Market at 54 and Months Supply of Inventory at 3.6

In November 2017, the median of all 54 metro Median Sales Prices was $227,500, up 1.7 percent from October 2017 and up 3.7 percent from November 2016. Only five metro areas saw a year-over-year decrease in Median Sales Price. Download a copy of the December 2017 RE/MAX National Housing Report here.

Looking to sell your Phoenix home or buy a home in Phoenix? Contact The Voss 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!

Roberta Voss

The Voss Team

(602)-697-0730

7111 West Bell Road Ste 101

Glendale, Arizona 85308

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First Half of 2017 Ends with Record Sales

First Half of 2017 Ends with Record Sales

First Half of 2017 Ends with Record SalesHalfway through 2017, the U.S. housing market is on pace for another record year as four of the last six months have topped same month sales from 2016, according to the July 2017 RE/MAX National Housing Report. June home sales were 1.4 percent higher than June 2016, which was previously the month with the most home sales in the nine-year history of the report.

The combination of increased sales and a record low inventory that slipped further to 2.8 months resulted in higher sales prices. June’s median sales price of $245,000, up 7.5 percent over last June, also set a RE/MAX National Housing report record. In fact, prices increased in fifty of the report’s fifty-three markets. The average number of Days on Market dropped to a report-record low of forty-seven, while inventory dropped year-over-year in eighty-seven percent of the markets. The June 2017 average Days on Market was 47, the lowest Days on Market in the history of the report.

“Sellers continue to benefit from limited inventory, getting top-dollar for their homes, and as a result, overall sales are at a record high,” said Adam Contos, RE/MAX Co-CEO. “But buyers shouldn’t be discouraged. Mortgage rates are still relatively low and the market may be taking a positive turn, albeit subtle, as recent Labor Department data showed a decline in open construction jobs which could mean more workers focused on new home builds.”

Download a copy of the July 2017 RE/MAX National Housing Report here.

Looking to sell your Phoenix home or buy a home in Phoenix? Contact the Voss 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!

Roberta Voss

The Voss Team

(602)-697-0730

7111 West Bell Road Ste 101

Glendale, Arizona 85308

thevossteam.com

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Strong March Home Sales, Low Inventory Means Tougher Market for Buyers

Strong March Home Sales, Low Inventory Means Tougher Market for Buyers Strong March Home Sales, Low Inventory Means Tougher Market for Buyers

March launched the home-buying season with post-recession records for increasing home sales and prices and decreasing inventory, according to this month’s RE/MAX National Housing Report that surveys 53 metro areas.

“We expect a seasonal uptick in sales this time of year and March certainly met and somewhat exceeded that expectation,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder“We don’t anticipate the tightening inventory to ease up in most markets until new home construction can catch up to its pre-recession pace. Until then, sellers will enjoy a fast-paced market and buyers will need to work with their agents to get in the right home.”

Based on the rate of home sales in March, the Months’ Supply of Inventory was 2.7, compared to February 2017 at 3.6 and March 2016 at 3.2. This is the first time in the history of the RE/MAX National Housing Report that months’ supply has hit below 3.0. A 6.0-month supply indicates a market balanced equally between buyers and sellers. In March 2017, 52 of the 53 metro areas surveyed reported a months’ supply of less than 6.0, which is typically considered a seller’s market.

To read the full April 2017 National Housing Report from RE/MAX, please click here. If you or someone you know is ready to sell their home, but not sure what the property values are, please give me a call today.

Roberta L. Voss, JD, e-Pro, CNE, SFR, CDPE
The Voss Team
602-697-0730
roberta@thevossteam.com
www.thevossteam.com

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