Home Sales Decreased in July, but Sold at Faster Pace
Home sales decreased in July, but sold at a faster pace according to the August RE/MAX National Housing Report. In fact, homes sold at a faster rate than any month in nearly a decade. July home sales declined 0.8 percent year-over-year, and the Median Sales Price of $239,950 – while slightly lower than June’s – was 7.4 percent higher year-over-year. Homes sold quickly in July, with an average forty-five Days on Market, a record low for the report.
“After a jump in home sales in May and June, it’s not unusual to see a dip in sales in July,” said Adam Contos, RE/MAX Co-CEO. “This summertime slowdown is a national trend that we sometimes see this time of year, even though this month’s decrease was razor thin. Low inventory continues to constrain the market. Successful buyers will have to be prepped and ready to act fast to purchase listings that, on average, are selling in record time.”
Of the fifty-four metro areas surveyed in July 2017, the overall average number of home sales decreased 15.8 percent compared to June 2017 and 0.8 percent compared to July 2016. In July 2017, the median of all fifty-four metro Median Sales Prices was $239,950, down 1.0 percent from June 2017 but up 7.4 percent from July 2016. The average Days on Market for homes sold in July 2017 was forty-five, down two days from the average in June 2017, and down eight days from the July 2016 average.
Want to know more about the current real estate market? Click here to download your copy of the August 2017 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!
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